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
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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 49,723 5,245,087 SH   SOLE 0 5,245,087 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 42,569 1,821,513 SH   SOLE 0 1,821,513 0 0
APPLE INC COM 037833100 264 470 SH   SOLE 0 470 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 14,369 331,075 SH   SOLE 0 331,075 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 30,692 742,973 SH   SOLE 0 742,973 0 0
BANK NEW YORK MELLON CORP COM 064058100 41,934 1,200,173 SH   SOLE 0 1,200,173 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,558 20 SH   SOLE 0 20 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 43,752 369,032 SH   SOLE 0 369,032 0 0
BP PLC SPONSORED ADR 055622104 28,549 587,311 SH   SOLE 0 587,311 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 1,312 116,617 SH   SOLE 0 116,617 0 0
CENVEO INC COM 15670S105 13,743 3,995,028 SH   SOLE 0 3,995,028 0 0
CHAMBERS STR PPTYS COM 157842105 28,582 3,736,193 SH   SOLE 0 3,736,193 0 0
CISCO SYS INC COM 17275R102 9,926 442,536 SH   SOLE 0 442,536 0 0
CNA FINL CORP COM 126117100 54,902 1,280,055 SH   SOLE 0 1,280,055 0 0
CNO FINL GROUP INC COM 12621E103 43,558 2,462,291 SH   SOLE 0 2,462,291 0 0
COMCAST CORP NEW CL A 20030N101 8,130 156,443 SH   SOLE 0 156,443 0 0
COMCAST CORP NEW CL A SPL 20030N200 30,472 610,911 SH   SOLE 0 610,911 0 0
CROWN HOLDINGS INC COM 228368106 13,067 293,188 SH   SOLE 0 293,188 0 0
DARLING INTL INC COM 237266101 12,217 585,123 SH   SOLE 0 585,123 0 0
EXCEL TR INC COM 30068C109 36,694 3,221,615 SH   SOLE 0 3,221,615 0 0
GENERAL COMMUNICATION INC CL A 369385109 30,713 2,754,510 SH   SOLE 0 2,754,510 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 59,741 1,648,926 SH   SOLE 0 1,648,926 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 719 24,495 SH   SOLE 0 24,495 0 0
ISTAR FINL INC COM 45031U101 359 25,130 SH   SOLE 0 25,130 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,158 2,015,000 SH   SOLE 0 2,015,000 0 0
JOHNSON & JOHNSON COM 478160104 12,696 138,617 SH   SOLE 0 138,617 0 0
JPMORGAN CHASE & CO COM 46625H100 49,423 845,132 SH   SOLE 0 845,132 0 0
L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 17 14,000 SH   SOLE 0 14,000 0 0
LEUCADIA NATL CORP COM 527288104 32,043 1,130,674 SH   SOLE 0 1,130,674 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 335 3,766 SH   SOLE 0 3,766 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 13,318 157,947 SH   SOLE 0 157,947 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 5,155 35,240 SH   SOLE 0 35,240 0 0
LIVE NATION ENTERTAINMENT IN NOTE 2.875% 7/1 538034AB5 8,408 8,271,000 SH   SOLE 0 8,271,000 0 0
LOEWS CORP COM 540424108 31,847 660,175 SH   SOLE 0 660,175 0 0
MERCK & CO INC NEW COM 58933Y105 15,769 315,069 SH   SOLE 0 315,069 0 0
METLIFE INC COM 59156R108 40,934 759,162 SH   SOLE 0 759,162 0 0
METLIFE INC UNIT 99/99/9999 59156R116 6,542 207,422 SH   SOLE 0 207,422 0 0
MICROSOFT CORP COM 594918104 29,664 792,953 SH   SOLE 0 792,953 0 0
NAVISTAR INTL CORP NEW COM 63934E108 4,423 115,811 SH   SOLE 0 115,811 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 3,164 3,064,000 SH   SOLE 0 3,064,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 78,780 5,857,224 SH   SOLE 0 5,857,224 0 0
NUVEEN CA SELECT TAX FREE PR SH BEN INT 67063R103 1,203 89,099 SH   SOLE 0 89,099 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 4,552 374,056 SH   SOLE 0 374,056 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 1,180 121,292 SH   SOLE 0 121,292 0 0
NUVEEN DIVER CURRENCY OPPOR COM 67090N109 11,017 1,092,962 SH   SOLE 0 1,092,962 0 0
OWENS ILL INC COM NEW 690768403 47,688 1,332,799 SH   SOLE 0 1,332,799 0 0
PARK OHIO HLDGS CORP COM 700666100 23,821 454,594 SH   SOLE 0 454,594 0 0
PARKWAY PPTYS INC COM 70159Q104 239 12,375 SH   SOLE 0 12,375 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 672 850,000 SH   SOLE 0 850,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 7,440 157,759 SH   SOLE 0 157,759 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 34,904 2,112,809 SH   SOLE 0 2,112,809 0 0
REDWOOD TR INC COM 758075402 3,376 174,290 SH   SOLE 0 174,290 0 0
ROCK-TENN CO CL A 772739207 33,720 321,110 SH   SOLE 0 321,110 0 0
SAFEWAY INC COM NEW 786514208 38,915 1,194,797 SH   SOLE 0 1,194,797 0 0
SANDRIDGE ENERGY INC COM 80007P307 10,407 1,714,505 SH   SOLE 0 1,714,505 0 0
SIERRA BANCORP COM 82620P102 11,855 736,775 SH   SOLE 0 736,775 0 0
SUPERVALU INC COM 868536103 337 46,250 SH   SOLE 0 46,250 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 12,618 299,561 SH   SOLE 0 299,561 0 0
TESORO CORP COM 881609101 31,834 544,178 SH   SOLE 0 544,178 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 3,540 4,124,000 SH   SOLE 0 4,124,000 0 0
TOWER GROUP INTL LTD COM G8988C105 9,572 2,831,992 SH   SOLE 0 2,831,992 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 6,073 959,342 SH   SOLE 0 959,342 0 0
TRAVELERS COMPANIES INC COM 89417E109 35,678 394,061 SH   SOLE 0 394,061 0 0
VALERO ENERGY CORP NEW COM 91913Y100 61,519 1,220,622 SH   SOLE 0 1,220,622 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 51,839 1,318,730 SH   SOLE 0 1,318,730 0 0
WASHINGTON BKG CO OAK HBR WA COM 937303105 950 53,566 SH   SOLE 0 53,566 0 0
WELLS FARGO & CO NEW COM 949746101 37,031 815,657 SH   SOLE 0 815,657 0 0
XEROX CORP COM 984121103 19,379 1,592,374 SH   SOLE 0 1,592,374 0 0
XL GROUP PLC SHS G98290102 33,151 1,041,186 SH   SOLE 0 1,041,186 0 0