The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AEGON N V NY REGISTRY SH 007924103 38,896 5,256,249 SH   SOLE 0 5,256,249 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 36,029 1,818,706 SH   SOLE 0 1,818,706 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 20,798 564,542 SH   SOLE 0 564,542 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 27,234 750,446 SH   SOLE 0 750,446 0 0
BANK NEW YORK MELLON CORP COM 064058100 36,528 1,209,923 SH   SOLE 0 1,209,923 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,408 20 SH   SOLE 0 20 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 41,999 370,000 SH   SOLE 0 370,000 0 0
BP PLC SPONSORED ADR 055622104 24,689 587,417 SH   SOLE 0 587,417 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 728 71,719 SH   SOLE 0 71,719 0 0
CENVEO INC COM 15670S105 11,821 4,007,270 SH   SOLE 0 4,007,270 0 0
CISCO SYS INC COM 17275R102 10,409 444,241 SH   SOLE 0 444,241 0 0
CNA FINL CORP COM 126117100 50,368 1,319,214 SH   SOLE 0 1,319,214 0 0
CNO FINL GROUP INC COM 12621E103 42,702 2,965,397 SH   SOLE 0 2,965,397 0 0
COMCAST CORP NEW CL A 20030N101 7,091 157,184 SH   SOLE 0 157,184 0 0
COMCAST CORP NEW CL A SPL 20030N200 26,588 613,339 SH   SOLE 0 613,339 0 0
CROWN HOLDINGS INC COM 228368106 12,422 293,808 SH   SOLE 0 293,808 0 0
DARLING INTL INC COM 237266101 12,491 590,300 SH   SOLE 0 590,300 0 0
EXCEL TR INC COM 30068C109 36,786 3,065,530 SH   SOLE 0 3,065,530 0 0
GENERAL COMMUNICATION INC CL A 369385109 24,949 2,620,711 SH   SOLE 0 2,620,711 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 51,833 1,665,580 SH   SOLE 0 1,665,580 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 654 24,637 SH   SOLE 0 24,637 0 0
HUDSON PAC PPTYS INC COM 444097109 13,851 712,132 SH   SOLE 0 712,132 0 0
HUNTSMAN CORP COM 447011107 2,335 113,292 SH   SOLE 0 113,292 0 0
ISTAR FINL INC COM 45031U101 303 25,130 SH   SOLE 0 25,130 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,125 2,015,000 SH   SOLE 0 2,015,000 0 0
JOHNSON & JOHNSON COM 478160104 12,007 138,510 SH   SOLE 0 138,510 0 0
JPMORGAN CHASE & CO COM 46625H100 43,745 846,303 SH   SOLE 0 846,303 0 0
KEMPER CORP DEL COM 488401100 12,723 378,653 SH   SOLE 0 378,653 0 0
L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 7,965 7,309,000 SH   SOLE 0 7,309,000 0 0
L-3 COMMUNICATIONS HLDGS INC COM 502424104 14,032 148,483 SH   SOLE 0 148,483 0 0
LEUCADIA NATL CORP COM 527288104 30,766 1,129,437 SH   SOLE 0 1,129,437 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 299 3,766 SH   SOLE 0 3,766 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 11,991 158,970 SH   SOLE 0 158,970 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 5,313 36,106 SH   SOLE 0 36,106 0 0
LIVE NATION ENTERTAINMENT IN NOTE 2.875% 7/1 538034AB5 4,376 4,277,000 SH   SOLE 0 4,277,000 0 0
LOEWS CORP COM 540424108 31,031 663,907 SH   SOLE 0 663,907 0 0
MERCK & CO INC NEW COM 58933Y105 15,083 316,800 SH   SOLE 0 316,800 0 0
METLIFE INC COM 59156R108 35,701 760,409 SH   SOLE 0 760,409 0 0
METLIFE INC UNIT 99/99/9999 59156R116 13,500 471,041 SH   SOLE 0 471,041 0 0
MICROSOFT CORP COM 594918104 36,097 1,084,650 SH   SOLE 0 1,084,650 0 0
NASH FINCH CO COM 631158102 6,299 238,491 SH   SOLE 0 238,491 0 0
NAVISTAR INTL CORP NEW COM 63934E108 5,861 160,661 SH   SOLE 0 160,661 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 3,975 3,892,000 SH   SOLE 0 3,892,000 0 0
NEWCASTLE INVT CORP COM 65105M108 1,802 320,698 SH   SOLE 0 320,698 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 54,315 5,852,898 SH   SOLE 0 5,852,898 0 0
NUVEEN DIVER CURRENCY OPPOR COM 67090N109 9,988 953,061 SH   SOLE 0 953,061 0 0
OWENS ILL INC COM NEW 690768403 45,677 1,521,564 SH   SOLE 0 1,521,564 0 0
PARK OHIO HLDGS CORP COM 700666100 20,521 534,116 SH   SOLE 0 534,116 0 0
PARKWAY PPTYS INC COM 70159Q104 34,999 1,969,545 SH   SOLE 0 1,969,545 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 6,982 163,407 SH   SOLE 0 163,407 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 13,874 799,179 SH   SOLE 0 799,179 0 0
REDWOOD TR INC COM 758075402 3,439 174,657 SH   SOLE 0 174,657 0 0
ROCK-TENN CO CL A 772739207 29,967 295,908 SH   SOLE 0 295,908 0 0
SAFEWAY INC COM NEW 786514208 58,289 1,822,092 SH   SOLE 0 1,822,092 0 0
SANDRIDGE ENERGY INC COM 80007P307 10,073 1,718,884 SH   SOLE 0 1,718,884 0 0
SIERRA BANCORP COM 82620P102 11,810 750,798 SH   SOLE 0 750,798 0 0
SUPERVALU INC COM 868536103 381 46,250 SH   SOLE 0 46,250 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 12,382 300,610 SH   SOLE 0 300,610 0 0
TESORO CORP COM 881609101 21,672 492,780 SH   SOLE 0 492,780 0 0
TOWER GROUP INTL LTD COM G8988C105 19,292 2,756,033 SH   SOLE 0 2,756,033 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 4,367 627,384 SH   SOLE 0 627,384 0 0
TRAVELERS COMPANIES INC COM 89417E109 33,419 394,233 SH   SOLE 0 394,233 0 0
VALERO ENERGY CORP NEW COM 91913Y100 41,788 1,223,660 SH   SOLE 0 1,223,660 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 46,528 1,322,558 SH   SOLE 0 1,322,558 0 0
WASHINGTON BKG CO OAK HBR WA COM 937303105 564 40,148 SH   SOLE 0 40,148 0 0
WELLS FARGO & CO NEW COM 949746101 36,689 887,931 SH   SOLE 0 887,931 0 0
XEROX CORP COM 984121103 32,686 3,176,512 SH   SOLE 0 3,176,512 0 0
XL GROUP PLC SHS G98290102 32,461 1,053,249 SH   SOLE 0 1,053,249 0 0