Instuitional Investor - Smead Capital Management, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Simon Property Group Inc	SPG	2,062,019	$331,490,200	6.64%
2.	American Express Co	AXP	884,732	$282,211,703	5.65%
3.	Macerich Co	MAC	16,074,002	$260,077,352	5.21%
4.	Merck & Co. Inc.	MRK	3,267,318	$258,640,884	5.18%
5.	Amgen Inc	AMGN	922,968	$257,701,821	5.16%