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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PICO HOLDINGS, INC.
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(Name of Issuer)
Common Stock $0.001 par value per share
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(Title of Class of Securities)
693366205
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(CUSIP Number)
December 31, 2000
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Date of event which requires filing of this statement
Check the appropriate box to designate the
rule pursuant to which this schedule is filed
[X] Rule 13d - 1(b)
[ ] Rule 13d - 1(c)
[ ]) Rule 13d - 1(d)
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP No. 693366205 13G Page 2 of 4 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (entities only)
PICO Equity Investors, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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5 SOLE VOTING POWER
NUMBER OF 3,333,333
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH 3,333,333
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,333,333
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
27% (based on 12,390,096 shares outstanding at December 31, 2000)
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13G
CUSIP NO. 693366205 Page 3 of 4
ITEM 1. NAME OF ISSUER AND ADDRESS
(a) The name of the issuer is PICO Holdings Inc., a California
corporation ("Issuer").
(b) The principal executive offices of Issuer are located at 875
Prospect Avenue, Suite 301, La Jolla, CA 92037.
ITEM 2. IDENTIFY, ADDRESS, CITIZENSHIP, TITLE OF CLASS OF SECURITIES AND
CUSIP NUMBER
Items 2(a), (b), (c)
This statement on Schedule 13G ("Statement") is filed by PICO
Equity Investors, L.P. ("Investors"). The principal business address of
Investors is 875 Prospect Avenue, Suite 301, La Jolla, CA 92037 ("Fund").
Item 2(d), (e)
This Statement relates to the Common Stock, $0.001 par value per
share (the "Issuer Common Stock"), of Issuer. The CUSIP number for the Issuer
Common Stock is 693366106.
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13d-1(b) OR
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP
Item 4(a), (b) (All amounts are based on 12,390,096 shares outstanding, as of
December 31, 2000)
Investors own 3,333,333 shares of Issuer Common Stock,
representing 27% of Issuer's issued and outstanding shares.
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SCHEDULE 13G
CUSIP NO. 693366205 Page 4 of 4
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: February 12, 2001 PICO EQUITY INVESTORS, L.P.
By: PICO Equity Investors Management,
L.L.C., General Partner
By: /s/ JOHN R. HART
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John R. Hart, President