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Fees and Expenses of the Fund.  This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below</span>. You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund’s Class A shares. More information about these and other discounts and waivers is available from your financial professional and under “<span style="text-decoration: underline;">Shareholder Information – Class A Sales Charge Reductions and Waivers</span>” beginning on page 35 of the Smead Funds’ Statutory Prospectus, under “<span style="text-decoration: underline;">Exhibit A – Sales Charge Waivers</span>” beginning on page 64 of the Smead Funds’ Statutory Prospectus, and under “<span style="text-decoration: underline;">Additional Purchase and Redemption Information – Sales Charges on Class A Shares</span>” beginning on page 45 of the Smead Funds’ Statement of Additional Information (“SAI”). You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund’s Class A shares. 25000 Shareholder Fees (fees paid directly from your investment) 0 0.0575 0 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0025 0.0025 0.0075 0 0 0 0 0.0017 0.0025 0.0015 0.0010 0 0.0182 0.0029 0.0052 0.0029 0.0029 0.0025 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0283 0.0147 0.0228 0.0120 0.0115 0.0101 -0.0157 -0.0004 -0.0027 -0.0004 -0.0004 0.0000 0.0126 0.0143 0.0201 0.0116 0.0111 0.0101 A 1.00% deferred sales charge, also known as a contingent deferred sales charge (CDSC), applies to Class A purchases of $1,000,000 or more that are redeemed within 18 months of purchase. A CDSC of 1.00% also applies on redemptions of Class C shares within 12 months of purchase. Total Annual Fund Operating Expenses (before fee waivers/expense reimbursements) may not correlate to the ratio of expenses to average net assets (before waivers and recoupment of expenses) as reported in the “Financial Highlights” section of this Prospectus because (i) the financial highlights reflect actual shareholder servicing fees incurred by the Fund for each share class and this fee table reflects the shareholder servicing fee currently authorized by the Fund for each share class, and (ii) the financial highlights do not include Acquired Fund Fees and Expenses. March 31, 2027 Class I2 shares have not commenced operations. These expenses are estimated based on the other expenses of the Class I1 shares for the fiscal year ended November 30, 2025. Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same and the Fund’s expense limitation agreement remains in force through March 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 128 728 1355 3043 128 728 1355 3403 712 1009 1328 2228 712 1009 1328 2228 204 687 1196 2595 204 687 1196 2595 118 377 656 1451 118 377 656 1451 113 361 629 1394 113 361 629 1394 103 322 558 1236 103 322 558 1236 Portfolio Turnover.  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio. 0.30 Principal Investment Strategies.  To achieve its investment objective, under normal market circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in the stock of non-U.S. companies. For this purpose, a “non-U.S.” company means (i) a company whose primary listing is on a non-U.S. exchange or (ii) a company whose stock is U.S.-listed but that derives a majority of its revenue from products, investments or services outside the U.S. <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Fund intends to maintain approximately 25-30 companies in its portfolio and will invest primarily in the common stocks of large capitalization (“large-cap”) non-U.S. companies in developed countries. The Fund considers large-cap companies to be those publicly traded companies with market capitalizations exceeding $5 billion at the time of purchase. The Fund may also invest in mid-cap and small-cap companies. The Fund considers mid-cap companies to be those publicly traded companies with market capitalizations between $3 billion and $5 billion at the time of purchase, and small-cap companies to be those publicly traded companies with market capitalizations between $1 billion and $3 billion at the time of purchase. In addition to common stocks, the Fund may also invest in convertible securities, consisting primarily of warrants that are convertible into or exchangeable for equity securities. A warrant gives the holder the right to purchase at any time during a specified period a predetermined number of shares of common stock at a fixed price.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Fund intends to invest in multiple countries outside the United States. The Fund may invest significantly (more than 10% of its net asset value) in Canada, Germany, Italy and the United Kingdom.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Fund may invest a large percentage of its assets in a few sectors, including consumer discretionary (goods and services considered non-essential by consumers), financials (financial services provided to retail and commercial customers), media (music production and telecom services), materials (mining and metals, chemicals and forest products), energy (services related to the production and supply of energy) and real estate (services related to real estate development and leasing).</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Adviser selects the Fund’s investments by screening non-U.S. companies, regardless of capitalization, using the following eight criteria:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold;"><span style="font-style: italic;">Required over entire holding period:</span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">products or services that meet a clear economic need;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">strong competitive advantage (barriers to entry);</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">long history of profitability and strong metrics;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">generates high levels of cash flow;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">available at a low price in relation to intrinsic value (the perception of value based on all factors of business, tangible and intangible);</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold;"><span style="font-style: italic;">Favored, but not required:</span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">management’s history of shareholder friendliness (dividends, buybacks, earnings quality, reporting transparency, executive compensation and acquisition history);</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">strong balance sheet; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">strong management (directors and officers) ownership (preferably with recent purchases).</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Fund’s portfolio is built around high-quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term. When a security is purchased, the Adviser frequently monitors the security for large price declines in an effort to protect from single stock risk on new investments. The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Fund is classified as a non-diversified mutual fund. This means that the Fund may invest a relatively high percentage of its assets in a small number of issuers.</div> Remember that in addition to possibly not achieving your investment goals, <span style="font-weight: bold;">you could lose money by investing in the Fund</span>. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Foreign Securities Risk.</span> Investments in securities of foreign companies involve additional risks, including less liquidity, currency-rate fluctuations, political and economic instability, differences in financial reporting standards and securities market regulation, and the imposition of foreign withholding taxes.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Currency Risk.</span> The value of the Fund’s foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates. The Fund may also incur costs in connection with conversions between various currencies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Foreign Tax Risk.</span> Investing in foreign countries presents risks that the Fund or its investments may be subject to taxes that may adversely affect the Fund’s investment performance. Such taxes may be imposed suddenly or in an unpredictable manner, or pursuant to new interpretations. Dividends payable on the foreign securities contained in the Fund’s portfolio may be subject to foreign withholding taxes, thus reducing the Fund’s income.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Geographic Risk.</span> To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Europe and United Kingdom Risk</span>. The value of the Fund’s assets may be adversely affected by, among other things, social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). Many countries in Europe are member states of the European Union (“EU”) and will be significantly affected by the fiscal and monetary controls of the EU. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies of other European countries. The European financial markets have experienced significant volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic downturns. In addition, acts of war may amplify already existing geopolitical tensions and could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Canadian Risk.</span> Investments in Canadian issuers may subject the Fund to economic risk specific to Canada. Among other things, the Canadian economy is heavily dependent upon trading with its key partners, including the United States. Any reduction in this trading may cause an adverse impact on the economy in which the Fund invests. Past demands for sovereignty by the province of Quebec have significantly affected equity valuations and foreign currency movements in the Canadian market.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Management Risk</span>. The Adviser’s investment strategies for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Non-Diversification Risk.</span> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund’s performance may depend on the performance of a small number of issuers.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Value Style Risk.</span> Undervalued stocks may not realize their perceived value for extended periods of time or may never realize their perceived value. Value stocks may respond differently to market and other developments than other types of stocks. Value-oriented funds will typically underperform when growth investing is in favor.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Convertible Securities Risk</span>. The risks associated with an investment in warrants, which are a form of convertible security, include the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Sector Weightings Risk.</span> To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector. If the Fund invests in only a few sectors, it will have more exposure to the price movements of those sectors.</div> </td> </tr> </table> <div style="margin-top: 13pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Consumer Discretionary Sector Risk.</span> Industries in the consumer discretionary sector, such as consumer durables, hotels, restaurants, media, retailing and automobiles, may be significantly impacted by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Financials Sector Risk.</span> The financials sector is subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Media Sector Risk.</span> The media sector is subject to government regulation and can be significantly affected by intense competition and technology changes, which may make the products and services of certain companies obsolete. The wireless telecommunication services industry can be significantly affected by failures to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and heavy debt burdens. The media and entertainment industry can be significantly affected by technological advances and government regulation.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Materials Sector Risk.</span> The materials sector is subject to changes in world events, political, environmental and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in currency exchange rates, imposition of import and export controls, increased competition, and labor relations, which may adversely affect companies engaged in the production and distribution of materials. Other risks may include liabilities for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. Companies in the chemicals industry may be subject to risks associated with the production, handling and disposal of hazardous components. Metals and mining companies could be affected by supply and demand, operational costs, and liabilities for environmental damage.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Energy Sector Risk.</span> The energy sector is subject to swift fluctuations in the price and supply of energy fuels caused by events relating to international politics, energy conservation initiatives, the success of exploration projects, the supply of, and demand for, specific energy-related products or services, and tax and other governmental regulatory policies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Real Estate Sector Risk.</span> The real estate sector is subject to rental income fluctuation, depreciation, property tax value changes, differences in real estate market values, overbuilding and extended vacancies, increased competition, costs of materials, operating expenses or zoning laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers and tenants.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">General Market Risk; Recent Market Events.</span> The Fund’s investments are subject to market risk, which may cause the value of the Fund’s investments to decline. If the value of the Fund’s investments goes down, the share price of the Fund will go down, and you may lose money. U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including elevated inflation levels and conflicts in Europe and the Middle East. Uncertainties regarding interest rate levels, political events, trade tensions and tariffs, and the possibility of a national or global recession have also contributed to market volatility. Under these circumstances, the Fund may experience high levels of shareholder redemptions and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities may be difficult to value during such periods.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Equity Market Risk.</span> Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. These investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. If the Fund holds common stocks of any given issuer, it would generally be exposed to greater risk than if it held preferred stocks and debt obligations of the issuer because common shareholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred shareholders, bondholders and other creditors of such issuers. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline. Non-U.S. equity markets tend to reflect local economic and financial conditions, and therefore, trends often vary from country to country and region to region.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Company Risk.</span> The risk that the issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in the security’s value over short or extended periods of time.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Large-Capitalization Companies Risk.</span> Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. For purposes of the Fund’s investment policies, the market capitalization of a company is based on its market capitalization at the time the Fund purchases the company’s securities. Market capitalizations of companies change over time.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Mid-Capitalization and Small-Capitalization Companies Risk.</span> Small-capitalization and medium-capitalization companies are often more volatile and less liquid than larger companies. Securities of these companies may be subject to greater and more abrupt price fluctuations and may be more susceptible to market pressures and business failures. Stocks of small- and medium-sized companies may underperform the stocks of larger companies as an asset class.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Correlation Risk.</span> U.S. and non-U.S. markets often rise and fall at different times or by different amounts due to economic or other developments particular to a given country or region. Thus, investing in both U.S.-listed securities (albeit for companies that derive a majority of their revenue from products, investment or services outside the U.S.) and non-U.S. listed securities may lower the portfolio volatility of the Fund. Sometimes, however, global events will cause the U.S. and non-U.S. markets to move in the same direction, reducing or eliminating the benefit of such diversification.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Volatility Risk.</span> The value of the Fund’s assets may fluctuate significantly over a short period of time. Accordingly, investors should understand that the results of a particular period will not necessarily be indicative of results in future periods. Changes in the degree of volatility of the market from the Adviser’s expectations may produce material losses to the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Trading Suspensions Risk.</span> The United States, other governments, and U.S. and non-U.S. securities exchanges retain the right to suspend or limit trading in securities. Such a suspension might render it impossible for the Adviser to liquidate certain positions promptly and, accordingly, could expose the Fund to losses.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Access to Information Risk.</span> The Adviser, particularly in the context of international stocks, is not in a position to confirm the completeness, genuineness or accuracy of the information and data it considers in making investment decisions, and in some cases, complete and accurate information is not available because certain information may be considered proprietary or otherwise confidential. These factors make it more difficult for investments to be evaluated and for the value of securities to be accurately determined.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Cybersecurity Risk.</span> Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices utilized by the Fund and its service providers can be potentially breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.</div> </td> </tr> </table> Performance. The Fund commenced operations as a mutual fund on January 12, 2022. The Fund succeeded to substantially all of the assets and liabilities of the International Value Predecessor Fund, in exchange solely for Class I1 shares of the Fund, on January 11, 2022 (the “Reorganization”). Smead Private Fund Advisers, LLC, an affiliate of the Adviser, was the General Partner for the International Value Predecessor Fund since its inception on January 12, 2015. The International Value Predecessor Fund was managed by the same individuals who currently serve as the Fund’s portfolio managers. The Fund’s investment objectives, policies, guidelines and restrictions are materially equivalent to those of the International Value Predecessor Fund. Prior to the Reorganization, the International Value Predecessor Fund was an unregistered entity that did not qualify as a regulated investment company for federal income tax purposes and did not pay dividends and distributions. As a result, the International Value Predecessor Fund was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940 (the “1940 Act”) or Subtitle A, Chapter 1, Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), which if applicable, might have adversely affected the performance of the International Value Predecessor Fund. The International Value Predecessor Fund used a unitized net asset value (NAV) method to compute the performance on a net return-basis which is different from the SEC standard formula for calculating performance. For periods prior to the date of the Reorganization, the performance of each share class presented below represents the performance of the International Value Predecessor Fund as a whole, restated to account for sales charges, distribution (12b-1) fees and/or shareholder servicing fees applicable to each share class (if any). For periods on and after the date of the Reorganization, the performance of each share class represents the actual performance of each such share class of the Fund. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">Please note that the bar charts and the best and worst performance quarters shown below do not reflect sales charges applicable to certain classes of Fund shares. Returns of different Fund share classes will differ depending on the sales charges, distribution (12b-1) fees and/or shareholder servicing fees applicable to each class (if any). Fees and expenses of Class I1 shares are lower than those of Investor Class shares, Class A shares and Class C shares. As a result, the performance for the Investor Class shares, Class A shares and Class C shares would be lower than the performance shown for Class I1 shares. For the remaining two share classes – Class 12 and Class Y – because the fees and expenses for these share classes are lower than those of the Class I1 shares, the performance for the Class 12 and Class Y shares would be higher than the performance shown for Class I1.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and since inception periods compare with those of a broad measure of market</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds. Remember, past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at <span style="text-decoration: underline;">https://smeadcap.com/smead-international-value-fund/</span> or by calling the Fund toll-free at 877-807-4122.</div> Please note that the bar charts and the best and worst performance quarters shown below do not reflect sales charges applicable to certain classes of Fund shares. Returns of different Fund share classes will differ depending on the sales charges, distribution (12b-1) fees and/or shareholder servicing fees applicable to each class (if any). The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and since inception periods compare with those of a broad measure of marketperformance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds. Remember, past performance is not necessarily an indication of how the Fund will perform in the future. https://smeadcap.com/smead-international-value-fund/ 877-807-4122 Class I1 Shares Calendar Year Returns as of December 31, 2025 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">During the period shown in the bar chart, the best performance for a quarter was 35.40% (for the quarter ended December 31, 2020) and the worst performance was (38.99)% (for the quarter ended March 31, 2020).</div> best performance 0.3540 2020-12-31 worst performance -0.3899 2020-03-31 Average Annual Total Returns(Periods Ended December 31, 2025) 0.3926 0.1920 0.1174 0.1129 0.3900 0.2398 0.3909 0.1906 0.1160 0.1115 0.3086 0.1746 0.1077 0.1038 0.3804 0.1820 0.1079 0.1034 0.3927 0.1925 0.1177 0.1132 0.3944 0.1937 0.1189 0.1144 0.3122 0.0892 0.0818 0.0758 0.3238 0.0791 0.0841 0.0728 2015-01-12 2015-01-12 2015-01-12 2015-01-12 2015-01-12 2015-01-12 2015-01-12 2015-01-12 As of the date of this Prospectus, the Class I2 shares have not commenced operation. The performance shown for this share class has been created using the performance of Investor Class shares, adjusted to reflect Class I2 expenses. <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">After-tax returns are shown for Class I1 shares only for periods after the Reorganization, and will vary for the other share classes. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">In certain instances, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures because the sale of Fund shares gives rise to an assumed tax benefit that increases the after-tax return.</div> After-tax returns are shown for Class I1 shares only for periods after the Reorganization, and will vary for the other share classes. After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). In certain instances, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures because the sale of Fund shares gives rise to an assumed tax benefit that increases the after-tax return. Fund Summary – Smead Value Fund Investment Objective.  The investment objective of the Smead Value Fund (the “Fund”) is long-term capital appreciation. Fees and Expenses of the Fund.  This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund’s Class A shares. More information about these and other discounts and waivers is available from your financial professional and under “<span style="text-decoration: underline;">Shareholder Information – Class A Sales Charge Reductions and Waivers</span>” beginning on page 35 of the Smead Funds’ Statutory Prospectus, under “<span style="text-decoration: underline;">Exhibit A – Sales Charge Waivers</span>” beginning on page 64 of the Smead Funds’ Statutory Prospectus, and under “<span style="text-decoration: underline;">Additional Purchase and Redemption Information – Sales Charges on Class A Shares</span>” beginning on page 45 of the Smead Funds’ Statement of Additional Information (“SAI”). You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund’s Class A shares. 25000 Shareholder Fees (fees paid directly from your investment) 0 0.0575 0 0 0 0 0 0 0 0.0100 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0025 0.0025 0.0075 0 0 0.0050 0.0050 0 0.0017 0.0017 0.0025 0.0015 0.0010 0.0025 0.0010 0 0.0005 0.0005 0.0006 0.0005 0.0005 0.0140 0.0040 0.0005 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0123 0.0123 0.0182 0.0096 0.0091 0.0291 0.0176 0.0081 0 0 0 0 0 -0.0131 -0.0031 0 0.0123 0.0123 0.0182 0.0096 0.0091 0.0160 0.0145 0.0081 A 1.00% deferred sales charge, also known as a contingent deferred sales charge (CDSC), applies to Class A purchases of $1,000,000 or more that are redeemed within 18 months of purchase. A CDSC of 1.00% also applies on redemptions of Class C shares within 12 months of purchase. Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of this Prospectus because (i) the financial highlights reflect actual shareholder servicing fees incurred by the Fund for each share class and this fee table reflects the shareholder servicing fee currently authorized by the Fund for each share class, and (ii) the financial highlights do not include Acquired Fund Fees and Expenses. March 31, 2027 Class I2 shares have not commenced operations. These expenses are estimated based on the other expenses of the Class I1 shares for the fiscal year ended November 30, 2025. Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same and the Fund’s expense limitation agreement remains in force through March 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 125 390 676 1489 125 390 676 1489 693 943 1212 1978 693 943 1212 1978 185 573 985 2137 185 573 985 2137 98 306 531 1178 98 306 531 1178 93 290 504 1120 93 290 504 1120 163 777 1418 3139 163 777 1418 3139 148 524 925 2048 148 524 925 2048 83 259 450 1002 83 259 450 1002 Portfolio Turnover.  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies.  To achieve its investment objective, the Fund intends to maintain approximately 25-30 companies in its portfolio and will invest primarily in the common stocks of large capitalization (“large-cap”) U.S. companies. The Fund considers large-cap companies to be those publicly traded companies with market capitalizations exceeding $5 billion at the time of purchase. The Fund may also invest in mid-cap and small-cap companies. The Fund considers mid-cap companies to be those publicly traded companies with market capitalizations between $3 billion and $5 billion at the time of purchase, and small-cap companies to be those publicly traded companies with market capitalizations between $1 billion and $3 billion at the time of purchase. In addition to common stocks, the Fund may also invest in convertible securities, consisting primarily of warrants that are convertible into or exchangeable for equity securities. A warrant gives the holder the right to purchase at any time during a specified period a predetermined number of shares of common stock at a fixed price.<div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Fund may invest a large percentage of its assets in a few sectors, including consumer discretionary (goods and services considered non-essential by consumers), energy (services related to the production and supply of energy), financials (financial services provided to retail and commercial customers), health care (medical services, goods and equipment), real estate (services related to real estate development and operation) and telecommunication services (telecom services, goods and equipment).</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Adviser selects the Fund’s investments by screening U.S. companies, regardless of capitalization, using the following eight criteria:</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold;"><span style="font-style: italic;">Required over entire holding period:</span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">products or services that meet a clear economic need;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">strong competitive advantage (barriers to entry);</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">long history of profitability and strong metrics;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">generates high levels of cash flow;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">available at a low price in relation to intrinsic value (the perception of value based on all factors of business, tangible and intangible);</div> </td> </tr> </table><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold;"><span style="font-style: italic;">Favored, but not required:</span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">management’s history of shareholder friendliness (dividends, buybacks, earnings quality, reporting transparency, executive compensation and acquisition history);</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">strong balance sheet; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">strong management (directors and officers) ownership (preferably with recent purchases).</div> </td> </tr> </table><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Fund’s portfolio is built around high quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term. When a security is purchased, the Adviser frequently monitors the security for large price declines in an effort to protect from single stock risk on new investments. The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years.</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The Fund is classified as a non-diversified mutual fund. This means that the Fund may invest a relatively high percentage of its assets in a small number of issuers.</div> Remember that in addition to possibly not achieving your investment goals, <span style="font-weight: bold;">you could lose money by investing in the Fund</span>. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Management Risk</span>. The Adviser’s investment strategies for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Non-Diversification Risk</span>. The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund’s performance may depend on the performance of a small number of issuers.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">General Market Risk; Recent Market Events</span>. The Fund’s investments are subject to market risk, which may cause the value of the Fund’s investments to decline. If the value of the Fund’s investments goes down, the share price of the Fund will go down, and you may lose money. U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including elevated inflation levels and conflicts in Europe and the Middle East. Uncertainties regarding interest rate levels, political events, trade tensions and tariffs, and the possibility of a national or global recession have also contributed to market volatility. Under these circumstances, the Fund may experience high levels of shareholder redemptions and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities may be difficult to value during such periods.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Equity Market Risk</span>. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. These investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. If the Fund holds common stocks of any given issuer, it would generally be exposed to greater risk than if it held preferred stocks and debt obligations of the issuer because common shareholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred shareholders, bondholders and other creditors of such issuers. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Large-Capitalization Companies Risk.</span> Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. For purposes of the Fund’s investment policies, the market capitalization of a company is based on its market capitalization at the time the Fund purchases the company’s securities. Market capitalizations of companies change over time.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Mid-Capitalization and Small-Capitalization Companies Risk.</span> Small-capitalization and medium-capitalization companies are often more volatile and less liquid than larger companies. Securities of these companies may be subject to greater and more abrupt price fluctuations and may be more susceptible to market pressures and business failures. Stocks of small- and medium-sized companies may underperform the stocks of larger companies as an asset class.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Company Risk.</span> The risk that the issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in the security’s value over short or extended periods of time.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Value Style Risk.</span> Undervalued stocks may not realize their perceived value for extended periods of time or may never realize their perceived value. Value stocks may respond differently to market and other developments than other types of stocks. Value-oriented funds will typically underperform when growth investing is in favor.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Convertible Securities Risk</span>. The risks associated with an investment in warrants, which are a form of convertible security, include the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Sector Weightings Risk.</span> To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector. If the Fund invests in only a few sectors, it will have more exposure to the price movements of those sectors.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Consumer Discretionary Sector Risk.</span> Industries in the consumer discretionary sector, such as consumer durables, hotels, restaurants, media, retailing and automobiles, may be significantly impacted by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Energy Sector Risk.</span> The energy sector is subject to swift fluctuations in the price and supply of energy fuels caused by events relating to international politics, energy conservation initiatives, the success of exploration projects, the supply of, and demand for, specific energy-related products or services, and tax and other governmental regulatory policies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Financials Sector Risk.</span> The financials sector is subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Health Care Sector Risk.</span> Health care companies are strongly affected by worldwide scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also subject to significant government regulation and may be affected by changes in government policies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Real Estate Sector Risk.</span> The real estate sector is subject to rental income fluctuation, depreciation, property tax value changes, differences in real estate market values, overbuilding and extended vacancies, increased competition, costs of materials, operating expenses or zoning laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers and tenants.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 14%; font-size: 11pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Telecommunication Services Sector Risk.</span> The telecommunication services sector is subject to government regulation and can be significantly affected by intense competition and technology changes, which may make the products and services of certain companies obsolete. The wireless telecommunication services industry can be significantly affected by failures to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and heavy debt burdens. The media and entertainment industry can be significantly affected by technological advances and government regulation.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Volatility Risk.</span> The value of the Fund’s assets may fluctuate significantly over a short period of time. Accordingly, investors should understand that the results of a particular period will not necessarily be indicative of results in future periods. Changes in the degree of volatility of the market from the Adviser’s expectations may produce material losses to the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;"><span style="font-style: italic;">Cybersecurity Risk.</span> Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices utilized by the Fund and its service providers can be potentially breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.</div> </td> </tr> </table> Performance.  The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and since inception periods compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds. Remember, past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at https://smeadcap.com/smead-value-fund/ or by calling the Fund toll‑free at 877-807-4122. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">The annual returns shown in the bar chart are for Investor Class shares. The other classes of shares, net of any applicable sales charges, would have substantially similar annual returns to those of Investor Class shares because all of the classes of shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have different sales charges, distribution fees and/or service fees and expenses.</div> The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and since inception periods compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds. Remember, past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. https://smeadcap.com/smead-value-fund/ 877-807-4122 Investor Class Shares Calendar Year Returns as of December 31, 2025 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">During the period shown in the bar chart, the best performance for a quarter was 21.86% (for the quarter ended June 30, 2020) and the worst performance was (32.02)% (for the quarter ended March 31, 2020).</div> best performance 0.2186 2020-06-30 worst performance -0.3202 2020-03-31 Average Annual Total Returns(Periods Ended December 31, 2025) 0.0506 0.1224 0.1089 0.0946 0.0465 0.1173 0.1013 0.0884 0.0329 0.0974 0.0879 0.0789 -0.0094 0.1095 0.1027 0.0902 0.0447 0.1159 0.1057 0.0928 0.0538 0.1256 0.1120 0.0971 0.0536 0.1259 0.1124 0.0980 0.0463 0.1192 0.1058 0.0917 0.0478 0.1200 0.1101 0.0942 0.0546 0.1265 0.1132 0.0973 0.1788 0.1442 0.1482 0.1114 0.1591 0.1133 0.1053 0.0817 As of the date of this Prospectus, the Class I2 shares have not commenced operation. The performance shown for this share class has been created using the performance of Investor Class shares, adjusted to reflect Class I2 expenses. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">Investor Class shares of the Fund commenced operations on January 2, 2008. Class I1 shares of the Fund commenced operations on December 18, 2009. Performance shown for Class I1 shares prior to its inception (Since Inception) reflects the performance of Investor Class shares, adjusted to reflect Class I1 expenses. Class A shares of the Fund commenced operations on January 27, 2014. Performance shown for Class A shares prior to its inception (Since Inception) reflects the performance of Investor Class shares, adjusted to reflect Class A expenses. Class C shares commenced operations on April 16, 2020. Performance shown for Class C shares prior to its inception (Ten Years and Since Inception) reflects the performance of Investor Class shares, adjusted to reflect Class C expenses. Class R1 shares, Class R2 shares and Class Y shares each commenced operations on November 25, 2014. Performance shown for Class R1 shares, Class R2 shares and Class Y shares prior to inception of each such share class (Since Inception) reflects the performance of Investor Class shares, adjusted to reflect the expenses of Class R1 shares, Class R2 shares and Class Y shares, respectively.</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">After-tax returns are shown for Investor Class shares only and will vary for the other share classes. After‑tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; text-align: justify;">In certain instances, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures because the sale of Fund shares gives rise to an assumed tax benefit that increases the after-tax return.</div> 2008-01-02 2008-01-02 2008-01-02 2008-01-02 2009-12-18 2014-01-27 2020-04-16 2014-11-25 2014-11-25 2014-11-25 After-tax returns are shown for Investor Class shares only and will vary for the other share classes. After‑tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). In certain instances, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures because the sale of Fund shares gives rise to an assumed tax benefit that increases the after-tax return. A 1.00% deferred sales charge, also known as a contingent deferred sales charge (CDSC), applies to Class A purchases of $1,000,000 or more that are redeemed within 18 months of purchase. A CDSC of 1.00% also applies on redemptions of Class C shares within 12 months of purchase. The since inception date is that of the International Value Predecessor Fund, which commenced operations on January 12, 2015. Prior to the Reorganization, the International Value Predecessor Fund was an unregistered entity that did not qualify as a regulated investment company for federal income tax purposes and did not pay dividends and distributions. As a result of the different tax treatment, the International Value Predecessor Fund is unable to show after-tax returns for periods prior to the Reorganization. As of the date of this Prospectus, the Class I2 shares have not commenced operation. The performance shown for this share class has been created using the performance of Investor Class shares, adjusted to reflect Class I2 expenses. A 1.00% deferred sales charge, also known as a contingent deferred sales charge (CDSC), applies to Class A purchases of $1,000,000 or more that are redeemed within 18 months of purchase. A CDSC of 1.00% also applies on redemptions of Class C shares within 12 months of purchase. Class I2 shares have not commenced operations. These expenses are estimated based on the other expenses of the Class I1 shares for the fiscal year ended November 30, 2025. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of investing in shares of one or more underlying investment companies. Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of this Prospectus because (i) the financial highlights reflect actual shareholder servicing fees incurred by the Fund for each share class and this fee table reflects the shareholder servicing fee currently authorized by the Fund for each share class, and (ii) the financial highlights do not include Acquired Fund Fees and Expenses. Pursuant to the terms of an operating expense limitation agreement between the Fund and Smead Capital Management, Inc. (the “Adviser”), the Adviser has agreed to waive its fees and/or reimburse expenses of the Fund to ensure that Total Annual Operating Expenses (excluding any taxes, expenses of leverage, interest, brokerage commissions, dividends and interest on short positions, acquired fund fees and expenses and extraordinary expenses such as litigation) do not exceed 1.26% for Investor Class shares, 1.26% for Class A shares, 1.84% for Class C shares, 0.99% for Class I1 shares, 1.59% for Class R1 shares, 1.44% for Class R2 shares and 0.84% for Class Y shares. The Adviser is permitted to recoup management fee waivers and/or expense payments made in the three calendar years from the date fees were waived or expenses were reimbursed, but only if such recoupment does not cause the Fund’s total expense ratio (taking into account the recoupment) to exceed the expense cap at the time such amounts were waived or the Fund’s then current expense cap. The Fund must pay its current ordinary operating expenses before the Adviser is entitled to any recoupment of management fees and/or expenses. The current version of the OELA will go into effect April 1, 2026 for a one year period ending March 31, 2027 and, thereafter, will continue for additional successive terms of one year each, unless sooner terminated by the Board of Trustees, provided that such continuation is approved at least annually by the Board. The OELA may only be terminated prior to the end of a term by, or with the consent of, the Board of Trustees. As of the date of this Prospectus, the Class I2 shares have not commenced operation. The performance shown for this share class has been created using the performance of Investor Class shares, adjusted to reflect Class I2 expenses. Class I2 shares have not commenced operations. These expenses are estimated based on the other expenses of the Class I1 shares for the fiscal year ended November 30, 2025. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of investing in shares of one or more underlying investment companies. Total Annual Fund Operating Expenses (before fee waivers/expense reimbursements) may not correlate to the ratio of expenses to average net assets (before waivers and recoupment of expenses) as reported in the “Financial Highlights” section of this Prospectus because (i) the financial highlights reflect actual shareholder servicing fees incurred by the Fund for each share class and this fee table reflects the shareholder servicing fee currently authorized by the Fund for each share class, and (ii) the financial highlights do not include Acquired Fund Fees and Expenses. The fee waivers/expense reimbursements shown in the table above do not correlate to the fee waivers/expense reimbursements and recoupments shown in the Smead Funds’ SAI because the Fund’s Shareholder Servicing Fee is accrued at the maximum rate possible for each share class, but is then adjusted at the end of the Fund’s fiscal year to reflect the amount actually incurred by each share class. This results in higher Total Annual Fund Operating Expenses being shown in the table above, which in turn impacts the fee waiver/expense reimbursement shown. Pursuant to the terms of an operating expense limitation agreement between the Fund and Smead Capital Management, Inc. (the “Adviser”), the Adviser has agreed to waive its fees and/or reimburse expenses of the Fund to ensure that Total Annual Operating Expenses (excluding any taxes, expenses of leverage, interest, brokerage commissions, dividends and interest on short positions, acquired fund fees and expenses and extraordinary expenses such as litigation) do not exceed 1.25% for Investor Class shares, 1.42% for Class A shares, 2.00% for Class C shares, 1.15% for Class I1 shares, 1.10% for Class I2 shares and 1.00% for Class Y shares. The Adviser is permitted to recoup management fee waivers and/or expense payments made in the three calendar years from the date fees were waived or expenses were reimbursed, but only if such recoupment does not cause the Fund’s total expense ratio (taking into account the recoupment) to exceed the expense cap at the time such amounts were waived or the Fund’s then current expense cap. The Fund must pay its current ordinary operating expenses before the Adviser is entitled to any recoupment of management fees and/or expenses. The current version of the OELA will go into effect April 1, 2026 for a one year period ending March 31, 2027 and, thereafter, will continue for additional successive terms of one year each, unless sooner terminated by the Board of Trustees, provided that such continuation is approved at least annually by the Board. The OELA may only be terminated prior to the end of a term by, or with the consent of, the Board of Trustees.