Instuitional Investor - Smead Capital Management, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Lennar Corp W	LEN, LEN.B	2,711,820	$404,169,653	7.23%
2.	Horton D R Inc	DHI	2,602,172	$395,478,101	7.08%
3.	Occidental Petroleum Corp	OXY	6,012,879	$359,029,005	6.42%
4.	Simon Property Group Inc	SPG	2,300,976	$328,211,217	5.87%
5.	Merck & Co. Inc.	MRK	2,922,472	$318,607,897	5.7%