Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UHAL	Amerco	242,865	$78.92M	20.0%	$21.49	+43.9%	Common	023586100
—	Mannkind	29,885,000	$30.48M	7.7%	$1.06	—	Cv 5.75%	56400PAC6
ALL	Allstate	333,800	$23.7M	6.0%	$41.31	+34.8%	Common	020002101
IBM	IBM	138,500	$22.16M	5.6%	$112.75	-14.4%	Common	459200101
PFE	Pfizer	455,332	$15.94M	4.0%	$16.51	+21.8%	Common	717081103
—	Merck	259,400	$15.04M	3.8%	$44.42	—	Common	589331107
ABBV	Abbvie	232,915	$13.51M	3.4%	$26.55	+46.3%	Common	00287Y109
—	Nextera Energy	125,000	$13M	3.3%	$77.68	—	Common	302571104
—	Phoenix Cos.	254,352	$12.72M	3.2%	$52.27	—	Common	71902E604
—	Flotek	784,335	$11.77M	3.0%	$17.94	—	Common	343389102
ABT	Abbott	230,915	$10.62M	2.7%	$29.23	+28.0%	Common	002824100
—	Diamond Foods	323,000	$10.34M	2.6%	$20.75	—	Common	252603105
DUK	Duke Energy	19,000	$9.163M	2.3%	$45.64	+13.5%	Common	26441C204
SUPN	Supernus	694,581	$8.334M	2.1%	$8.75	+8.0%	Common	868459108
—	XM Sirius	2,172,548	$8.299M	2.1%	$3.50	—	Common	82968B103
—	Bunge	100,000	$8.2M	2.1%	$73.88	—	Common	G16962105
CMS	CMS Energy	20,000	$7.7M	2.0%	$21.23	+20.8%	Common	125896100
RLI	RLI	147,520	$7.671M	1.9%	$12.47	+34.8%	Common	749607107
—	Direct TV	85,000	$7.225M	1.8%	$61.62	—	Common	25490A101
—	Calpine	294,849	$6.486M	1.6%	$21.23	—	Common	131347304
AVA	Avista	20,000	$5.78M	1.5%	$20.15	+11.6%	Common	05379B107
EDAP	Edap	1,565,494	$5.682M	1.4%	$2.73	—	Common	268311107
—	Petroquest	203,000	$4.77M	1.2%	$33.00	—	Pfd 6.875%	716748207
—	Omega Protein	341,000	$4.668M	1.2%	$8.98	—	Common	68210P107
—	Bunge	37,400	$3.889M	1.0%	$106.98	—	Pfd 4.875%	032549322
—	Supernus	1,500,000	$3.615M	0.9%	$1.25	—	Cv 7.5%	868459AA6
—	Astrotech	1,070,073	$3.21M	0.8%	$0.70	—	Common	846243400
—	Ashland	25,000	$3.175M	0.8%	$97.00	—	Common	044209104
—	Synergy	2,000,000	$2.9M	0.7%	$1.45	—	Cv 7.5%	871639AA8
—	Titan Wheel	300,000	$2.808M	0.7%	$16.87	—	Common	88830m102
—	Gainsco	246,541	$2.711M	0.7%	$8.78	—	Common	363127200
—	Durect	1,215,973	$2.431M	0.6%	$1.05	—	Common	266605104
—	Sandridge Energy	60,000	$2.4M	0.6%	$93.00	—	Pfd 8.5%	80007P604
—	AES	46,400	$2.366M	0.6%	$50.00	—	Pfd 6.75%	00808N202
—	Actua	140,000	$2.17M	0.6%	$11.40	—	Common	46059C205
—	Intrepid Potash	150,000	$1.725M	0.4%	$15.46	—	Common	46121Y102
—	C&J Energy	200,000	$1.65M	0.4%	$19.37	—	Common	12467B304
—	Pepco Holding	60,900	$1.644M	0.4%	$18.98	—	Common	713291102
—	Perrigo	9,926	$1.637M	0.4%	$153.44	—	Common	BGH1M56
XEL	XEL Energy	44,611	$1.561M	0.4%	$20.73	+22.2%	Common	98389B100
—	Integrys Energy	21,500	$1.548M	0.4%	$58.43	—	Common	92931B106
EBF	Ennis	97,800	$1.369M	0.3%	$6.77	0.0%	Common	293389102
—	US Ecology	25,300	$1.265M	0.3%	$26.52	—	Common	91732J102
—	Agenus	233,515	$1.167M	0.3%	$3.79	—	Common	00847G705
—	Exelexis	1,500,000	$1.14M	0.3%	$0.76	—	Cv 4.25%	30161QAC8
—	Titan Wheel	1,000,000	$1.09M	0.3%	$1.90	—	Cv 5.625%	888305aa7
—	Gevo	2,000,000	$1M	0.3%	$0.75	—	Cv 7.5%	374396AA7
—	Hospira	10,000	$870K	0.2%	$31.20	—	Common	441060100
KGC	Kinross	344,848	$772K	0.2%	$5.82	-50.0%	Common	496902404
—	BPZ Resources	3,000,000	$480K	0.1%	$0.83	—	Cv 6.5%	055639aa6
XOM	Exxon	5,184	$440K	0.1%	$53.69	+3.5%	Common	30231G102
—	Sandridge Energy	182,168	$324K	0.1%	$4.76	—	Common	80007P307
—	Kellogg	4,436	$292K	0.1%	$38.95	+7.1%	Common	487836108
—	DeCode Genetics	24,787,000	$247K	0.1%	$0.03	—	Cv 3.5%	243586AB0
XPL	Solitario	254,040	$190K	0.0%	$1.22	-30.3%	Common	8342EP107