| ý | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|------------------------------------------------------------------------------------------------|

| ¨ | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|----------------------------------------------------------------------------------------------------|

| California                                                          | 94-2723335                                |
|---------------------------------------------------------------------|-------------------------------------------|
| (State      or Other Jurisdiction of Incorporation or Organization) | (I.R.S.      Employer Identification No.) |

| Large accelerated filer Yes       ý | Accelerated      filer ¨ | Non-accelerated      filer ¨ | Smaller      reporting company ¨ |
|-----------------------------------------------|-------------------------------|-----------------------------------|---------------------------------------|

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PART IV

EXHIBITS AND FINANCIAL STATEMENTSCHEDULES

| ExhibitNumber |   | Description                                    |
|---------------|--------|------------------------------------------------|
|          | 3(i)   |                                           | Amended      and Restated Articles of Incorporation of PICO.(1) |
| 3(ii)         |   | Amended      and Restated By-laws of PICO. (2) |
|          | 4.1    |                                           | Form      of Securities Purchase Agreement between PICO Holdings, Inc. and the      Purchasers. (3) |
|          | 4.3    |                                           | Form      of Indenture relating to Debt Securities. (4) |
|          | 10.1   |                                           | PICO      Holdings, Inc. Long-Term Incentive Plan. (5) (11) |
|          | 10.4   |                                           | Bonus      Plan of Dorothy A. Timian-Palmer. (6) (11) |
|          | 10.5   |                                           | Bonus      Plan of Stephen D. Hartman. (6) (11) |
|          | 10.7   |                                           | Employment      Agreement of Ronald Langley. (7) (11) |
|          | 10.15  |                                           | Employment      Agreement of John R. Hart. (8) (11) |
|          | 10.17  |                                           | Pyramid      Lake Paiute Tribe Settlement Agreement with Fish Springs Ranch, LLC.      (9) |
|          | 10.18  |                                           | Infrastructure      Dedication Agreement between Fish Springs Ranch, LLC. and Washoe County,      Nevada. (10) |
|          | 10.19  |                                           | Amendment      to Employment Agreement of John R. Hart. (11) (12) |
|          | 10.20  |                                           | Trust      for PICO Holdings, Inc. Executive Deferred Compensation, dated December      31, 2007, between PICO Holdings, Inc. and Huntington National Bank, N.A.,      as trustee. (11) (13) |
|          | 10.21  |                                           | Trust      for PICO Holdings, Inc. Non-Employee Director Deferred Compensation, dated      September 25, 2001, between PICO Holdings, Inc. and Huntington National      Bank, N.A., as trustee. (11) (13) |
|          | 10.22  |                                           | Employment      Agreement, dated as of March 3, 2009, by and between the Company and      Richard H. Sharpe. (11) (14) |
|          | 10.23  |                                           | Employment      Agreement, dated as of March 3, 2009, by and between the Company and Maxim      C.W. Webb. (11) (14) |
|          | 10.24  |                                           | Employment      Agreement, dated as of March 3, 2009, by and between the Company and      Damian C. Georgino. (11) (14) |
|          | 10.25  |                                           | Form      of Restricted Stock Units Agreement. (11) (14) |
|          | 10.26  |                                           | Form      of Notice of Grant of Restricted Stock Units. (11) (14) |
|          | 10.27  |                                           | Amendment      to PICO Holdings, Inc. 2005 Long-Term Incentive Plan 2009 Restricted Stock      Unit Award Agreement, dated as of April 2, 2009, by and between the      Company and W. Raymond Webb. (11) (15) |
|          | 21.1   |                                           | Subsidiaries      of PICO. (12) |
|          | *23.1  |                                           | Consent      of Independent Registered Public Accounting Firm - Deloitte & Touche      LLP. |
|          | *31.1  |                                           | Certification      of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) as adopted      pursuant to Section 302 of the Sarbanes-Oxley Act of  2002. |
|          | *31.2  |                                           | Certification      of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) as adopted      pursuant to Section 302 of the Sarbanes-Oxley Act of  2002. |
|          | 32.1   |                                           | Certification      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 (Section 906      of the Sarbanes-Oxley Act of 2002). (12) |
|          | 32.2   |                                           | Certification      of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (Section 906      of the Sarbanes-Oxley Act of 2002).(12) |

|   |  * | Filed      herewith. |
|--------|---------|----------------------|

|   | (1) | Incorporated by reference to      exhibit of same number filed with Form 10-Q dated November 7,      2007. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (2) | Incorporated by reference to Form      8-K filed with the SEC on November 5,  2007. |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (3) | Incorporated by reference to Form      8-K filed with the SEC on March 2,2007. |
|--------|-----|--------------------------------------------------------------------------------|

|   | (4) | Incorporated by reference to Form      S-3 filed with SEC on November 20,2007. |
|--------|-----|--------------------------------------------------------------------------------|

|   | (5) | Incorporated by reference to      Proxy Statement for Special Meeting of Shareholders on December 8, 2005,      dated November 8, 2005 and filed with the SEC on November 8,      2005. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Incorporated by reference to Form      8-K filed with the SEC on February 25,  2005. |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (7) | Incorporated by reference to      exhibit of same number filed with Form 10-Q for the quarterly period ended      September 30,      2005. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (8) | Incorporated by reference to Form      8-K filed with the SEC on May 9,2007. |
|--------|-----|------------------------------------------------------------------------------|

|   | (9) | Incorporated by reference to Form      8-K filed with the SEC on June 5,2007. |
|--------|-----|-------------------------------------------------------------------------------|

|   | (10) | Incorporated by reference to      exhibit of same number filed with Form 10-Q for the quarterly period ended      September 30, 2007. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (11) | Indicates compensatory plan,      contract or arrangement in which directors or executive officers may      participate.  |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (12) | Incorporated      by reference to Form 10-K for the fiscal year ended December 31, 2008      filed with the Securities and Exchange Commission on March 2,      2009. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (13) | Incorporated      by reference to Form 10-Q filed with the Securities and Exchange      Commission on May 9, 2008. |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

|   | (14) | Incorporated      by reference to the Current Report on Form 8-K filed with the Securities      and Exchange Commission on March 9,2009. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (15) | Incorporated      by reference to the Current Report on Form 8-K filed with the Securities      and Exchange Commission on April 7,2009. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------|

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