Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UHAL	Amerco	242,865	$79.39M	20.5%	$21.49	+52.1%	Common	023586100
—	Mannkind	29,885,000	$30.48M	7.9%	$1.06	—	Cv 5.75%	56400PAC6
IBM	IBM	160,500	$26.11M	6.8%	$111.41	-7.6%	Common	459200101
ALL	Allstate	333,800	$21.65M	5.6%	$41.31	+31.5%	Common	020002101
ABBV	Abbvie	232,915	$15.65M	4.0%	$26.55	+59.4%	Common	00287Y109
PFE	Pfizer	455,332	$15.27M	3.9%	$16.51	+25.8%	Common	717081103
—	Merck	259,400	$14.77M	3.8%	$44.42	—	Common	589331107
—	Nextera Energy	125,000	$12.25M	3.2%	$77.68	—	Common	302571104
SUPN	Supernus	694,581	$11.79M	3.1%	$8.75	+62.7%	Common	868459108
ABT	Abbott	230,915	$11.31M	2.9%	$29.23	+34.6%	Common	002824100
—	Diamond Foods	323,000	$10.13M	2.6%	$20.75	—	Common	252603105
—	Flotek	784,335	$9.827M	2.5%	$17.94	—	Common	343389102
—	Bunge	100,000	$8.78M	2.3%	$73.88	—	Common	G16962105
DUK	Duke Energy	119,000	$8.403M	2.2%	$48.22	+1.0%	Common	26441C204
—	XM Sirius	2,172,548	$8.103M	2.1%	$3.50	—	Common	82968B103
RLI	RLI	147,520	$7.581M	2.0%	$12.47	+38.0%	Common	749607107
CMS	CMS Energy	220,000	$7.004M	1.8%	$24.18	+1.2%	Common	125896100
—	Calpine	294,849	$5.304M	1.4%	$21.23	—	Common	131347304
—	Petroquest	203,000	$5.278M	1.4%	$33.00	—	Pfd 6.875%	716748207
AVA	Avista	170,000	$5.21M	1.3%	$20.87	+0.5%	Common	05379B107
EDAP	Edap	1,565,494	$5.087M	1.3%	$2.73	—	Common	268311107
—	Supernus	1,500,000	$4.998M	1.3%	$1.25	—	Cv 7.5%	868459AA6
—	Omega Protein	341,000	$4.688M	1.2%	$8.98	—	Common	68210P107
—	Phoenix Cos.	254,352	$4.639M	1.2%	$52.27	—	Common	71902E604
—	Bunge	37,400	$4.076M	1.1%	$106.98	—	Pfd 4.875%	032549322
—	Synergy	1,500,000	$3.997M	1.0%	$1.45	—	Cv 7.5%	871639AA8
—	Gainsco	246,541	$3.599M	0.9%	$8.78	—	Common	363127200
EBF	Ennis	182,800	$3.398M	0.9%	$7.41	+9.8%	Common	293389102
—	Titan Wheel	300,000	$3.222M	0.8%	$16.87	—	Common	88830m102
—	Ashland	25,000	$3.047M	0.8%	$97.00	—	Common	044209104
—	Astrotech	1,070,073	$2.899M	0.7%	$0.70	—	Common	846243400
—	AES	46,400	$2.359M	0.6%	$50.00	—	Pfd 6.75%	00808N202
—	Durect	863,609	$2.064M	0.5%	$1.05	—	Common	266605104
—	Agenus	233,515	$2.015M	0.5%	$3.79	—	Common	00847G705
—	Actua	140,000	$1.996M	0.5%	$11.40	—	Common	46059C205
—	Perrigo	9,926	$1.834M	0.5%	$153.44	—	Common	BGH1M56
—	Intrepid Potash	150,000	$1.791M	0.5%	$15.46	—	Common	46121Y102
—	Fluidigm	2,000,000	$1.763M	0.5%	$0.88	—	Cv 2.75%	34385PAA6
—	Pepco Holding	60,900	$1.64M	0.4%	$18.98	—	Common	713291102
XEL	XEL Energy	44,611	$1.435M	0.4%	$20.73	+16.0%	Common	98389B100
—	Exelexis	1,500,000	$1.334M	0.3%	$0.76	—	Cv 4.25%	30161QAC8
—	Sandridge Energy	60,000	$1.29M	0.3%	$93.00	—	Pfd 8.5%	80007P604
—	US Ecology	25,300	$1.232M	0.3%	$26.52	—	Common	91732J102
—	Gevo	2,000,000	$1.222M	0.3%	$0.75	—	Cv 7.5%	374396AA7
—	Titan Wheel	1,000,000	$1.222M	0.3%	$1.90	—	Cv 5.625%	888305aa7
—	WEC Energy	24,252	$1.09M	0.3%	$44.94	—	Common	976657106
—	Pernix	1,000,000	$900K	0.2%	$0.90	—	Cv 4.25%	71426VAH1
—	Hospira	10,000	$887K	0.2%	$31.20	—	Common	441060100
KGC	Kinross	344,848	$800K	0.2%	$5.82	-59.0%	Common	496902404
—	BPZ Resources	3,000,000	$540K	0.1%	$0.83	—	Cv 6.5%	055639aa6
XOM	Exxon	5,184	$431K	0.1%	$53.69	+1.1%	Common	30231G102
—	Kellogg	4,436	$278K	0.1%	$38.95	+5.6%	Common	487836108
—	DeCode Genetics	24,787,000	$247K	0.1%	$0.03	—	Cv 3.5%	243586AB0
—	Sandridge Energy	182,168	$160K	0.0%	$4.76	—	Common	80007P307
XPL	Solitario	254,040	$160K	0.0%	$1.22	-39.8%	Common	8342EP107