Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UHAL	AMERCO	242,865	$70.61M	16.3%	$21.49	+23.0%	Common	023586100
—	Mannkind	29,885,000	$49.01M	11.3%	$1.06	—	Cv 5.75%	56400PAC6
—	Flotek	784,335	$25.22M	5.8%	$17.94	—	Common	343389102
IBM	IBM	118,500	$21.48M	4.9%	$114.82	-2.2%	Common	459200101
ALL	Allstate	327,000	$19.2M	4.4%	$41.10	+9.2%	Common	020002101
—	Intermune	5,500,000	$18.92M	4.4%	$1.22	—	Cv 2.5%	45884XAF0
—	MERCK & CO INC	261,500	$15.13M	3.5%	$44.23	—	Common	589331107
PFE	PFIZER INC	452,000	$13.41M	3.1%	$16.51	+6.3%	Common	717081103
ABBV	Abbvie	231,300	$13.05M	3.0%	$26.55	+24.2%	Common	00287Y109
—	Nextera Energy	124,000	$12.71M	2.9%	$77.68	—	Common	302571104
—	Unisource Energy	162,100	$9.792M	2.3%	$41.00	—	Common	909205106
ABT	Abbott	229,300	$9.378M	2.2%	$29.23	+7.7%	Common	002824100
—	Petroquest	203,000	$9.266M	2.1%	$33.00	—	Pfd 6.875%	716748207
—	Diamond Foods	323,000	$9.108M	2.1%	$20.75	—	Common	252603105
—	Omega Protein	600,000	$8.208M	1.9%	$8.98	—	Common	68210P107
EDAP	EDAP	1,565,494	$7.796M	1.8%	$2.73	—	Common	268311107
—	Phoenix Cos.	157,252	$7.609M	1.8%	$48.39	—	Common	71902E604
—	XM Sirius	4,000,000	$7.6M	1.8%	$1.90	—	Cv 7%	98375YAU0
—	Bunge	100,000	$7.562M	1.7%	$73.88	—	Common	G16962105
—	Direct TV	86,500	$7.353M	1.7%	$61.62	—	Common	25490A101
—	Titan Wheel	425,000	$7.148M	1.6%	$16.87	—	Common	88830m102
—	Calpine	294,849	$7.02M	1.6%	$21.23	—	Common	131347304
RLI	RLI CORP	149,600	$6.848M	1.6%	$12.47	+12.1%	Common	749607107
—	Sandridge Energy	60,000	$6.78M	1.6%	$93.00	—	Pfd 8.5%	80007P604
—	C&J Energy	200,000	$6.756M	1.6%	$19.37	—	Common	12467B304
—	Endeavor	11,750,000	$5.875M	1.4%	$0.61	—	Cv 5.5%	29257MAD2
—	Bunge	37,400	$3.887M	0.9%	$106.98	—	Pfd 4.875%	032549322
—	Intermune	1,500,000	$3.555M	0.8%	$1.07	—	Cv 5.0%	45884XAD5
—	Astrotech	1,070,073	$3.402M	0.8%	$0.70	—	Common	846243400
—	Supernus	1,500,000	$3.27M	0.8%	$1.25	—	Cv 7.5%	868459AA6
—	INTERNET CAPITAL	153,300	$3.2M	0.7%	$11.40	—	Common	46059C205
—	BPZ Resources	3,000,000	$3.06M	0.7%	$0.83	—	Cv 6.5%	055639aa6
—	Ashland	25,000	$2.718M	0.6%	$97.00	—	Common	044209104
—	GAINSCO INC	240,727	$2.527M	0.6%	$8.75	—	Common	363127200
—	Intrepid Potash	150,000	$2.514M	0.6%	$15.46	—	Common	46121Y102
—	Integrys Energy	34,594	$2.46M	0.6%	$58.43	—	Common	92931B106
—	AES CORP Pfd. C	46,400	$2.343M	0.5%	$50.00	—	Pfd 6.75%	00808N202
—	DURECT CORP	1,215,973	$2.213M	0.5%	$1.05	—	Common	266605104
—	Titan Wheel	1,000,000	$1.78M	0.4%	$1.90	—	Cv 5.625%	888305aa7
—	Pepco Holding	60,900	$1.673M	0.4%	$18.98	—	Common	713291102
—	Perrigo	9,926	$1.446M	0.3%	$153.44	—	Common	BGH1M56
KGC	Kinross	344,848	$1.427M	0.3%	$5.82	-30.1%	Common	496902404
—	GEVO	2,000,000	$1.4M	0.3%	$0.75	—	Cv 7.5%	374396AA7
—	Sandridge Energy	182,168	$1.302M	0.3%	$4.76	—	Common	80007P307
—	US Ecology	25,300	$1.238M	0.3%	$26.52	—	Common	91732J102
SUPN	Supernus	100,000	$1.095M	0.3%	$8.91	0.0%	Common	868459108
—	DeCode Genetics	24,787,000	$867K	0.2%	$0.03	—	Cv 3.5%	243586AB0
XEL	XEL Energy	24,511	$789K	0.2%	$19.76	+8.0%	Common	98389B100
—	Agenus	233,515	$751K	0.2%	$3.79	—	Common	00847G705
XOM	Exxon	5,184	$521K	0.1%	$53.69	+15.2%	Common	30231G102
—	Hospira	10,000	$513K	0.1%	$31.20	—	Common	441060100
—	Double Eagle	156,919	$412K	0.1%	$3.92	—	Common	258570209
XPL	Solitario	254,040	$335K	0.1%	$1.22	-1.0%	Common	8342EP107
—	Kellogg	4,436	$291K	0.1%	$38.95	+7.2%	Common	487836108
—	Oscient Pharm Corp	2,499,575	$129K	0.0%	$0.05	—	Cv 12.5%	68812RAD7