Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UHAL	Amerco	242,865	$62.42M	17.4%	$21.49	+28.6%	Common	023586100
—	Mannkind	29,885,000	$32.87M	9.2%	$1.06	—	Cv 5.75%	56400PAC6
IBM	IBM	118,500	$22.18M	6.2%	$114.82	-0.4%	Common	459200101
ALL	Allstate	327,000	$19.91M	5.5%	$41.10	+14.2%	Common	020002101
—	Flotek	784,335	$19.84M	5.5%	$17.94	—	Common	343389102
—	Merck	265,000	$15.55M	4.3%	$44.42	—	Common	589331107
ABBV	Abbvie	231,300	$13.24M	3.7%	$26.55	+32.5%	Common	00287Y109
—	Phoenix Cos.	235,352	$13.19M	3.7%	$50.93	—	Common	71902E604
PFE	Pfizer	452,000	$13.14M	3.7%	$16.51	+5.7%	Common	717081103
—	Nextera Energy	124,000	$11.74M	3.3%	$77.68	—	Common	302571104
ABT	Abbott	229,300	$9.447M	2.6%	$29.23	+16.7%	Common	002824100
—	Diamond Foods	323,000	$9.341M	2.6%	$20.75	—	Common	252603105
—	Petroquest	203,000	$8.729M	2.4%	$33.00	—	Pfd 6.875%	716748207
—	Bunge	100,000	$8.249M	2.3%	$73.88	—	Common	G16962105
—	XM Sirius	4,000,000	$7.6M	2.1%	$1.90	—	Cv 7%	98375YAU0
—	Direct TV	86,500	$7.491M	2.1%	$61.62	—	Common	25490A101
—	Calpine	294,849	$6.448M	1.8%	$21.23	—	Common	131347304
RLI	RLI	149,600	$6.438M	1.8%	$12.47	+13.6%	Common	749607107
—	Sandridge Energy	60,000	$6M	1.7%	$93.00	—	Pfd 8.5%	80007P604
—	C&J Energy	200,000	$5.864M	1.6%	$19.37	—	Common	12467B304
—	Titan Wheel	425,000	$4.913M	1.4%	$16.87	—	Common	88830m102
—	Omega Protein	341,000	$4.224M	1.2%	$8.98	—	Common	68210P107
—	Bunge	37,400	$4.044M	1.1%	$106.98	—	Pfd 4.875%	032549322
SUPN	Supernus	400,000	$3.476M	1.0%	$9.00	+0.3%	Common	868459108
—	Astrotech	1,070,073	$3.017M	0.8%	$0.70	—	Common	846243400
—	BPZ Resources	3,000,000	$2.9M	0.8%	$0.83	—	Cv 6.5%	055639aa6
—	Supernus	1,500,000	$2.55M	0.7%	$1.25	—	Cv 7.5%	868459AA6
—	Ashland	25,000	$2.515M	0.7%	$97.00	—	Common	044209104
—	AES	46,400	$2.379M	0.7%	$50.00	—	Pfd 6.75%	00808N202
—	Actua	153,300	$2.374M	0.7%	$11.40	—	Common	46059C205
—	Intrepid Potash	150,000	$2.211M	0.6%	$15.46	—	Common	46121Y102
—	Gainsco	240,727	$2.166M	0.6%	$8.75	—	Common	363127200
EDAP	Edap	1,565,494	$2.113M	0.6%	$2.73	—	Common	268311107
—	Durect	1,215,973	$1.726M	0.5%	$1.05	—	Common	266605104
—	Pepco Holding	60,900	$1.638M	0.5%	$18.98	—	Common	713291102
—	Integrys Energy	24,594	$1.605M	0.4%	$58.43	—	Common	92931B106
—	Titan Wheel	1,000,000	$1.56M	0.4%	$1.90	—	Cv 5.625%	888305aa7
—	Perrigo	9,926	$1.476M	0.4%	$153.44	—	Common	BGH1M56
XEL	XEL Energy	47,511	$1.452M	0.4%	$20.73	+5.0%	Common	98389B100
DUK	Duke Energy	19,000	$1.437M	0.4%	$45.64	0.0%	Common	26441C204
—	Gevo	2,000,000	$1.26M	0.4%	$0.75	—	Cv 7.5%	374396AA7
—	US Ecology	25,300	$1.145M	0.3%	$26.52	—	Common	91732J102
KGC	Kinross	344,848	$1.144M	0.3%	$5.82	-32.5%	Common	496902404
—	DeCode Genetics	24,787,000	$867K	0.2%	$0.03	—	Cv 3.5%	243586AB0
—	Sandridge Energy	182,168	$765K	0.2%	$4.76	—	Common	80007P307
—	Agenus	233,515	$709K	0.2%	$3.79	—	Common	00847G705
AVA	Avista	20,000	$616K	0.2%	$20.15	0.0%	Common	05379B107
CMS	CMS Energy	20,000	$599K	0.2%	$21.23	0.0%	Common	125896100
—	Endeavor	11,750,000	$587K	0.2%	$0.61	—	Cv 5.5%	29257MAD2
—	Hospira	10,000	$519K	0.1%	$31.20	—	Common	441060100
XOM	Exxon	5,184	$483K	0.1%	$53.69	+14.6%	Common	30231G102
XPL	Solitario	254,040	$309K	0.1%	$1.22	+17.0%	Common	8342EP107
—	Escalera	156,919	$298K	0.1%	$3.92	—	Common	258570209
—	Kellogg	4,436	$269K	0.1%	$38.95	+4.0%	Common	487836108
—	Oscient Pharm Corp	2,499,575	$129K	0.0%	$0.05	—	Cv 12.5%	68812RAD7