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
3M COMPANY COM 88579Y101 436 3,215 SH   SOLE   3,215 0 0
ABBOTT LABS COM COM 002824100 486 12,609 SH   SOLE   12,609 0 0
ABBVIE INC COM COM 00287Y109 316 6,155 SH   SOLE   6,155 0 0
AMERN EAGLE OUTFIT NEW COM COM 02553E106 8,319 679,691 SH   SOLE   665,641 0 14,050
AMERN EAGLE OUTFIT NEW COM COM 02553E106 51 4,150 SH   OTR   4,150 0 0
ARCOS DORADOS HOLDINGS INC SHS COM G0457F107 7,895 783,187 SH   SOLE   772,485 0 10,702
ARCOS DORADOS HOLDINGS INC SHS COM G0457F107 49 4,818 SH   OTR   4,818 0 0
BANK OF NEW YORK CO (New) COM 064058100 18,031 510,946 SH   SOLE   495,096 0 15,850
BANK OF NEW YORK CO (New) COM 064058100 491 13,900 SH   OTR   2,700 0 11,200
BERKSHIRE HATHAWAY CL B COM 084670702 396 3,168 SH   SOLE   3,168 0 0
BOEING COMPANY COM 097023105 2,782 22,170 SH   SOLE   20,750 0 1,420
BOEING COMPANY COM 097023105 38 300 SH   OTR   300 0 0
BRISTOL-MEYERS SQUIBB COM 110122108 481 9,252 SH   SOLE   9,252 0 0
CARNIVAL CORPORATION COM 143658300 13,288 350,986 SH   SOLE   343,461 0 7,525
CARNIVAL CORPORATION COM 143658300 76 2,000 SH   OTR   1,750 0 250
CATERPILLAR INC COM 149123101 255 2,565 SH   SOLE   2,565 0 0
CHEVRON CORP COM 166764100 2,922 24,577 SH   SOLE   24,452 0 125
CHEVRON CORP COM 166764100 238 2,000 SH   OTR   0 0 2,000
CHUBB CORPORATION COM 171232101 12,834 143,714 SH   SOLE   136,864 0 6,850
CHUBB CORPORATION COM 171232101 326 3,650 SH   OTR   950 0 2,700
CLOROX COMPANY COM 189054109 761 8,646 SH   SOLE   7,646 0 1,000
COCA-COLA COMPANY COM 191216100 391 10,118 SH   SOLE   10,118 0 0
COLGATE-PALMOLIVE CO COM 194162103 216 3,324 SH   SOLE   3,324 0 0
CONOCOPHILLIPS COM 20825C104 245 3,477 SH   SOLE   3,077 0 400
CORNING INCORPORATED COM 219350105 241 11,567 SH   SOLE   11,567 0 0
CST BRANDS INC COM COM 12646R105 993 31,798 SH   SOLE   30,923 0 875
CST BRANDS INC COM COM 12646R105 23 749 SH   OTR   194 0 555
CVS CAREMARK CORPORATION COM 126650100 20,302 271,195 SH   SOLE   260,870 0 10,325
CVS CAREMARK CORPORATION COM 126650100 419 5,600 SH   OTR   1,500 0 4,100
DEERE & COMPANY COM 244199105 70 768 SH   SOLE   768 0 0
DEERE & COMPANY COM 244199105 182 2,000 SH   OTR   0 0 2,000
EMERSON ELECTRIC CO COM 291011104 15,642 234,159 SH   SOLE   229,634 0 4,525
EMERSON ELECTRIC CO COM 291011104 84 1,250 SH   OTR   1,250 0 0
EXXON MOBIL CORPORATION COM 30231G102 4,772 48,853 SH   SOLE   44,628 0 4,225
EXXON MOBIL CORPORATION COM 30231G102 469 4,800 SH   OTR   0 0 4,800
GENERAL ELECTRIC CO COM 369604103 808 31,207 SH   SOLE   28,392 0 2,815
GENERAL ELECTRIC CO COM 369604103 143 5,515 SH   OTR   0 0 5,515
GENERAL MOTORS CORP. COM 37045V100 19,577 568,768 SH   SOLE   559,743 0 9,025
GENERAL MOTORS CORP. COM 37045V100 101 2,925 SH   OTR   2,925 0 0
GENUINE PARTS COMPANY COM 372460105 559 6,440 SH   SOLE   6,440 0 0
GLAXO SMITHKLINE ADS COM 37733W105 264 4,934 SH   SOLE   4,934 0 0
HSBC HLDGS PLC ADS COM 404280406 5,822 114,534 SH   SOLE   111,542 0 2,992
HSBC HLDGS PLC ADS COM 404280406 32 637 SH   OTR   637 0 0
IBM CORP COM 459200101 720 3,740 SH   SOLE   3,014 0 726
IBM CORP COM 459200101 157 814 SH   OTR   0 0 814
INTEL CORPORATION COM 458140100 9,458 366,397 SH   SOLE   355,447 0 10,950
INTEL CORPORATION COM 458140100 155 6,000 SH   OTR   0 0 6,000
JOHNSON & JOHNSON COM 478160104 1,337 13,614 SH   SOLE   13,414 0 200
JOHNSON CONTROLS INC COM 478366107 22,999 486,024 SH   SOLE   475,524 0 10,500
JOHNSON CONTROLS INC COM 478366107 474 10,025 SH   OTR   2,275 0 7,750
KOHL'S CORPORATION COM 500255104 7,082 124,683 SH   SOLE   121,833 0 2,850
KOHL'S CORPORATION COM 500255104 41 725 SH   OTR   725 0 50
LEUCADIA NATIONAL COR COM 527288104 18,121 647,183 SH   SOLE   636,383 0 10,800
LEUCADIA NATIONAL COR COM 527288104 104 3,700 SH   OTR   3,700 0 0
LIBERTY MEDIA HLDG CP A INTERA COM 53071M104 10,949 379,269 SH   SOLE   371,044 0 8,225
LIBERTY MEDIA HLDG CP A INTERA COM 53071M104 59 2,050 SH   OTR   2,050 0 0
MARKEL CORP COM COM 570535104 18,443 30,939 SH   SOLE   30,224 0 715
MARKEL CORP COM COM 570535104 104 175 SH   OTR   175 0 0
MARSH & McLENNAN COS COM 571748102 306 6,200 SH   SOLE   6,200 0 0
MCKESSON CORP COM 58155Q103 246 1,395 SH   SOLE   1,395 0 0
MERCK & CO. INC. COM 58933Y105 13,460 237,100 SH   SOLE   231,475 0 5,625
MERCK & CO. INC. COM 58933Y105 270 4,750 SH   OTR   1,750 0 3,100
MICROSOFT CORPORATION COM 594918104 22,237 542,486 SH   SOLE   526,736 0 15,750
MICROSOFT CORPORATION COM 594918104 430 10,500 SH   OTR   3,000 0 7,500
MONSANTO CO COM 61166W101 287 2,523 SH   SOLE   2,523 0 0
NATIONAL OIL WELL VARCO COM 637071101 8,859 113,772 SH   SOLE   110,147 0 3,625
NATIONAL OIL WELL VARCO COM 637071101 128 1,650 SH   OTR   650 0 1,000
NOVARTIS AG ADS COM 66987V109 490 5,759 SH   SOLE   5,759 0 0
PEPSICO INC. COM 713448108 1,105 13,230 SH   SOLE   12,730 0 500
PFIZER INC. COM 717081103 2,219 69,099 SH   SOLE   66,156 0 2,943
PFIZER INC. COM 717081103 76 2,364 SH   OTR   0 0 2,364
PROCTER & GAMBLE CO. COM 742718109 1,489 18,478 SH   SOLE   15,278 0 3,200
PROCTER & GAMBLE CO. COM 742718109 451 5,600 SH   OTR   0 0 5,600
REDWOOD TRUST INC COM 758075402 10,014 493,775 SH   SOLE   482,120 0 11,655
REDWOOD TRUST INC COM 758075402 211 10,400 SH   OTR   2,600 0 7,800
ROCKWELL COLLINS COM 774341101 1,695 21,277 SH   SOLE   20,927 0 350
ROCKWELL COLLINS COM 774341101 135 1,700 SH   OTR   600 0 1,100
ROYAL DUTCH SHELL ADR COM 780259206 717 9,810 SH   SOLE   8,385 0 1,425
ROYAL DUTCH SHELL ADR COM 780259206 73 1,000 SH   OTR   0 0 1,000
SEMPRA ENERGY COM 816851109 256 2,650 SH   SOLE   350 0 2,300
SEMPRA ENERGY COM 816851109 477 4,930 SH   OTR   0 0 4,930
STERLING RESOURCES L COM 858915101 23 40,000 SH   SOLE   40,000 0 0
TARGET CORPORATION COM 87612E106 458 7,572 SH   SOLE   3,342 0 4,230
TARGET CORPORATION COM 87612E106 377 6,230 SH   OTR   0 0 6,230
UNILEVER PLC ADR COM 904767704 7,138 166,851 SH   SOLE   162,891 0 3,960
UNILEVER PLC ADR COM 904767704 258 6,040 SH   OTR   1,000 0 5,040
UNITED TECHNOLOGIES COM 913017109 774 6,621 SH   SOLE   300 0 6,321
UNITED TECHNOLOGIES COM 913017109 739 6,321 SH   OTR   0 0 6,321
VALERO ENERGY CORP. COM 91913Y100 8,622 162,368 SH   SOLE   157,718 0 4,650
VALERO ENERGY CORP. COM 91913Y100 240 4,525 SH   OTR   975 0 3,550
WELLS FARGO & CO COM 949746101 21,020 422,594 SH   SOLE   409,994 0 12,600
WELLS FARGO & CO COM 949746101 343 6,900 SH   OTR   2,300 0 4,600