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SMEAD FUNDS TRUST
2026-05-31
Smead Value Fund
Class A
SVFAX
This semi-annual shareholder report contains important information about the Smead Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead Value Fund<br/>(Class A/SVFAX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>65</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.23<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
65
0.0123
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead Value Fund (Class A/SV<div style="display:inline;">FAX) p</div>roduced 12.36% for the shareholders compared to 11.34% for the S&P 500 Index and 14.45% for the Russell 1000 Value Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Cenovus Energy, Inc. (CVE CN), APA Corp. (APA), and Macerich Co. (The) (MAC).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Lennar Corp. (LEN), NVR, Inc. (NVR), and American Express Co. (AXP).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $10,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3386915.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN A<div style="display:inline;">S OF</div> MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead Value Fund (Class A/SVFAX) with sales charge</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">22.89<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.92<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead Value Fund (Class A/SVFAX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">30.38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">12.58<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">S&P 500<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.78<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">15.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Russell 1000<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Value Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">28.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead Value Fund (Class A/SVFAX) with sales charge
0.2289
0.0841
0.1192
Smead Value Fund (Class A/SVFAX)
0.3038
0.097
0.1258
S&P 500® Index (Total Return)
0.2978
0.1415
0.1565
Russell 1000® Value Index (Total Return)
0.2855
0.1042
0.1137
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3,882,307,601</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">27</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
3882307601
27
0.041
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3386910.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.069
0.061
0.061
0.059
0.055
0.047
0.045
0.041
0.039
0.039
Smead Value Fund
Class C
SVFCX
This semi-annual shareholder report contains important information about the Smead Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead Value Fund<br/>(Class C/SVFCX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>96</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
96
0.0181
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Perf<div style="display:inline;">orm</div>ance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead Value Fund (Class C/SVFCX) produced 12.00% for the shareholders compared to 11.34% for the S&P 500 Index and 14.45% for the Russell 1000 Value Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Cenovus Energy, Inc. (CVE CN), APA Corp. (APA), and Macerich Co. (The) (MAC).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Lennar Corp. (LEN), NVR, Inc. (NVR), and American Express Co. (AXP).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the completed fiscal years of the Class C shares since its inception on April 16, 2020. It assumes a $25,000 initial investment at inception in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $2<div style="display:inline;">5,0</div>00</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3386974.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/>
2020-04-16
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Since<br/>Inception</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead Value Fund (Class C/SVFCX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">17.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">S&P 500<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.78<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.52<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Russell 1000<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Value Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">28.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.73<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead Value Fund (Class C/SVFCX)
0.2957
0.0903
0.1765
S&P 500® Index (Total Return)
0.2978
0.1415
0.1152
Russell 1000® Value Index (Total Return)
0.2855
0.1042
0.0873
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3,882,307,601</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">27</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
3882307601
27
0.041
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3386979.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.069
0.061
0.061
0.059
0.055
0.047
0.045
0.041
0.039
0.039
Smead Value Fund
Class I1
SVFFX
This semi-annual shareholder report contains important information about the Smead Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms/
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead Value Fund<br/>(Class I1/SVFFX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>50</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">0.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
50
0.0095
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead Value Fund (Class I1/SVFFX) produced 12.50% for the shareholders compared to 11.34% for the S&P 500 Index and 14.45% for the Russell 1000 Value Index.</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class I1 shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $<div style="display:inline;">1,000,000</div></div><img alt="Fund Performance - Growth of 10K" src="chartimages_3386987.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead Value Fund (Class I1/SVFFX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">30.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">12.86<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">S&P 500<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.78<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">15.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Russell 1000<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Value Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">28.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead Value Fund (Class I1/SVFFX)
0.307
0.0998
0.1286
S&P 500® Index (Total Return)
0.2978
0.1415
0.1565
Russell 1000® Value Index (Total Return)
0.2855
0.1042
0.1137
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3,882,307,601</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">27</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
3882307601
27
0.041
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3386982.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.069
0.061
0.061
0.059
0.055
0.047
0.045
0.041
0.039
0.039
Smead Value Fund
Class R1
SVFDX
This semi-annual shareholder report contains important information about the Smead Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms/
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead Value Fund<br/>(Class R1/SVFDX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>84</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
84
0.0159
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;"><div style="display:inline;">For </div>the first half of the fiscal year 2026, the Smead Value Fund (Class R1/SVFDX) produced 12.14% for the shareholders compared to 11.34% for the S&P 500 Index and 14.45% for the Russell 1000 Value Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Cenovus Energy, Inc. (CVE CN), APA Corp. (APA), and Macerich Co. (The) (MAC).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Lennar Corp. (LEN), NVR, Inc. (NVR), and American Express Co. (AXP).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class R1 shares. It assumes a $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $25,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3387046.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead Value Fund (Class R1/SVFDX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">12.23<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">S&P 500<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.78<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">15.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Russell 1000<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Value Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">28.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead Value Fund (Class R1/SVFDX)
0.2977
0.0935
0.1223
S&P 500® Index (Total Return)
0.2978
0.1415
0.1565
Russell 1000® Value Index (Total Return)
0.2855
0.1042
0.1137
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3,882,307,601</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">27</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
3882307601
27
0.041
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3387051.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.069
0.061
0.061
0.059
0.055
0.047
0.045
0.041
0.039
0.039
Smead Value Fund
Class R2
SVFKX
This semi-annual shareholder report contains important information about the Smead Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms/
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead Value Fund<br/>(Class R2/SVFKX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>76</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
76
0.0144
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead Value Fund (Class R2/SVFKX) produced 12.23% for the shareholders compared to 11.34% for the S&P 500 Index and 14.45% for the Russell 1000 Value Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Cenovus Energy, Inc. (CVE CN), APA Corp. (APA), and Macerich Co. (The) (MAC).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Lennar Corp. (LEN), NVR, Inc. (NVR), and American Express Co. (AXP).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class R2 shares. It assumes a $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $25,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3387059.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead Value Fund (Class R2/SVFKX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">12.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">S&P 500<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.78<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">15.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Russell 1000<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Value Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">28.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead Value Fund (Class R2/SVFKX)
0.2997
0.0943
0.1267
S&P 500® Index (Total Return)
0.2978
0.1415
0.1565
Russell 1000® Value Index (Total Return)
0.2855
0.1042
0.1137
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 1em; margin-bottom: 1em"></div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);"><div style="display:inline;">The</div> following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3,882,307,601</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">27</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
3882307601
27
0.041
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3387054.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.069
0.061
0.061
0.059
0.055
0.047
0.045
0.041
0.039
0.039
Smead Value Fund
Class Y
SVFYX
This semi-annual shareholder report contains important information about the Smead Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms/
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead Value Fund<br/>(Class Y/SVFYX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>42</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">0.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
42
0.008
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead Value Fund (Class Y/SVFYX) produced 12.58% for the shareholders compared to 11.34% for the S&P 500 Index and 14.45% for the Russell 1000 Value Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Cenovus Energy, Inc. (CVE CN), APA Corp. (APA), and Macerich Co. (The) (MAC).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Lennar Corp. (LEN), NVR, Inc. (NVR), and American Express Co. (AXP).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class Y shares. It assumes a $10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $10,000,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3387118.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead Value Fund (Class Y/SVFYX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">30.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.07<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">12.99<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">S&P 500<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.78<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">15.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Russell 1000<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Value Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">28.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead Value Fund (Class Y/SVFYX)
0.308
0.1007
0.1299
S&P 500® Index (Total Return)
0.2978
0.1415
0.1565
Russell 1000® Value Index (Total Return)
0.2855
0.1042
0.1137
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3,882,307,601</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">27</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
3882307601
27
0.041
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3387123.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.069
0.061
0.061
0.059
0.055
0.047
0.045
0.041
0.039
0.039
Smead Value Fund
Investor Class
SMVLX
This semi-annual shareholder report contains important information about the Smead Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead Value Fund<br/>(Investor Class/SMVLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>65</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.23<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
65
0.0123
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead Value Fund (Investor Class/SMVLX) produced 12.33% for the shareholders compared to 11.34% for the S&P 500 Index and 14.45% for the Russell 1000 Value Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Cenovus Energy, Inc. (CVE CN), APA Corp. (APA), and Macerich Co. (The) (MAC).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Lennar Corp. (LEN), NVR, Inc. (NVR), and American Express Co. (AXP).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $10,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3386902.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead Value Fund (Investor Class/SMVLX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">30.31<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">12.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">S&P 500<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29.78<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">15.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Russell 1000<div style=";display:inline;vertical-align: super;font-size:8.3px">®</div> Value Index (Total Return)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">28.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead Value Fund (Investor Class/SMVLX)
0.3031
0.0967
0.1255
S&P 500® Index (Total Return)
0.2978
0.1415
0.1565
Russell 1000® Value Index (Total Return)
0.2855
0.1042
0.1137
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>3,882,307,601</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">27</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
3882307601
27
0.041
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3386907.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Simon Property Group, Inc. – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">APA Corp.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Merck & Co., Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Macerich Co. (The) – REIT</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Amgen, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">DR Horton, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Diamondback Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Lennar Corp. – Class A</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">American Express Co.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.069
0.061
0.061
0.059
0.055
0.047
0.045
0.041
0.039
0.039
Smead International Value Fund
Class A
SVXAX
This semi-annual shareholder report contains important information about the Smead International Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms/
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead International Value Fund<br/>(Class A/SVXAX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>76</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
76
0.0135
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead International Value Fund (Class A/SVXAX) produced 25.22% for the shareholders compared to 12.65% for the MSCI EAFE NR Index and 17.79% for the MSCI ACWI ex-US NR Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Tamarack Valley Energy Ltd. (TVE CN), Bawag Group AG (BG AV), and Cenovus Energy, Inc. (CVE CN).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Pandora AS (PNDORA DC), Subaru Corp. (7270 JP), and Autotrader Group PLC (AUTO LN).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $10,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3387190.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead International Value Fund (Class A/SVXAX) with sales charge</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">39.20<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">15.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">13.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead International Value Fund (Class A/SVXAX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">47.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">16.89<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">13.96<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI All Country World Index ex-USA (Net-USD)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">32.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI EAFE Index Net</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">22.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead International Value Fund (Class A/SVXAX) with sales charge
0.392
0.1551
0.1329
Smead International Value Fund (Class A/SVXAX)
0.477
0.1689
0.1396
MSCI All Country World Index ex-USA (Net-USD)
0.3277
0.0877
0.0982
MSCI EAFE Index Net
0.228
0.0879
0.0928
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>303,978,739</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
303978739
29
0.0881
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3387195.jpg" style="width: 172.8pt;"/> </div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">GEOGRAPHIC ALLOCATION</div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3387169.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.097
0.092
0.078
0.058
0.053
0.051
0.045
0.044
0.042
0.037
Smead International Value Fund
Class C
SVXCX
This semi-annual shareholder report contains important information about the Smead International Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms/
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead International Value Fund<br/>(Class C/SVXCX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>112</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">2.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
112
0.02
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead International Value Fund (Class C/SVXCX) produced 24.81% for the shareholders compared to 12.65% for the MSCI EAFE NR Index and 17.79% for the MSCI ACWI ex-US NR Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Tamarack Valley Energy Ltd. (TVE CN), Bawag Group AG (BG AV), and Cenovus Energy, Inc. (CVE CN).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Pandora AS (PNDORA DC), Subaru Corp. (7270 JP), and Autotrader Group PLC (AUTO LN).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class C shares. It assumes a $25,000 initial investment at the beginning of the first fiscal year in an appropriate, br<div style="display:inline;">oad-</div>based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $25,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3387203.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead International Value Fund (Class C/SVXCX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">46.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">16.23<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">13.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI All Country World Index ex-USA (Net-USD)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">32.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI EAFE Index Net</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">22.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead International Value Fund (Class C/SVXCX)
0.4679
0.1623
0.133
MSCI All Country World Index ex-USA (Net-USD)
0.3277
0.0877
0.0982
MSCI EAFE Index Net
0.228
0.0879
0.0928
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>303,978,739</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
303978739
29
0.0881
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the <div style="display:inline;">investment </div>makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3387198.jpg" style="width: 172.8pt;"/> </div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">GEOGRAPHIC ALLOCATION</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3387224.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div>
0.097
0.092
0.078
0.058
0.053
0.051
0.045
0.044
0.042
0.037
Smead International Value Fund
Class I1
SVXFX
This semi-annual shareholder report contains important information about the Smead International Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms/
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead International Value Fund<br/>(Class I1/SVXFX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>60</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
60
0.0106
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead International Value Fund (Class I1/SVXFX) produced 25.41% for the shareholders compared to 12.65% for the MSCI EAFE NR Index and 17.79% for the MSCI ACWI ex-US NR Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Tamarack Valley Energy Ltd. (TVE CN), Bawag Group AG (BG AV), and Cenovus Energy, Inc. (CVE CN).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Pandora AS (PNDORA DC), Subaru Corp. (7270 JP), and Autotrader Group PLC (AUTO LN).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class I1 shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $1,000,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3387262.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead International Value Fund (Class I1/SVXFX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">48.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">17.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI All Country World Index ex-USA (Net-USD)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">32.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI EAFE Index Net</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">22.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead International Value Fund (Class I1/SVXFX)
0.4815
0.1722
0.1428
MSCI All Country World Index ex-USA (Net-USD)
0.3277
0.0877
0.0982
MSCI EAFE Index Net
0.228
0.0879
0.0928
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div><div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>303,978,739</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
303978739
29
0.0881
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3387267.jpg" style="width: 172.8pt;"/> </div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">GEOGRAPHIC ALLOCATION</div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3387241.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.097
0.092
0.078
0.058
0.053
0.051
0.045
0.044
0.042
0.037
Smead International Value Fund
Class Y
SVXYX
This semi-annual shareholder report contains important information about the Smead International Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund atsmeadcap.com/smead-funds/forms/. You can also request this information by contacting us at877-807-4122.
smeadcap.com/smead-funds/forms
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead International Value Fund<br/>(Class Y/SVXYX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>56</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> <table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div></td></tr></table>
56
0.01
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead International Value Fund (Class Y/SVXYX) produced 25.42% for the shareholders compared to 12.65% for the MSCI EAFE NR Index and 17.79% for the MSCI ACWI ex-US NR Index.</div> <div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Tamarack Valley Energy Ltd. (TVE CN), Bawag Group AG (BG AV), and Cenovus Energy, Inc. (CVE CN).</div> <div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Pandora AS (PNDORA DC), Subaru Corp. (7270 JP), and Autotrader Group PLC (AUTO LN).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class Y shares. It assumes a $10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $10,000,000</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3387275.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 539pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead International Value Fund (Class Y/SVXYX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">48.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">17.38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI All Country World Index ex-USA (Net-USD)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">32.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI EAFE Index Net</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">22.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead International Value Fund (Class Y/SVXYX)
0.4827
0.1738
0.1443
MSCI All Country World Index ex-USA (Net-USD)
0.3277
0.0877
0.0982
MSCI EAFE Index Net
0.228
0.0879
0.0928
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>303,978,739</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
303978739
29
0.0881
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div> <div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3387270.jpg" style="width: 172.8pt;"/> </div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">GEOGRAPHIC ALLOCATION</div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3387296.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.097
0.092
0.078
0.058
0.053
0.051
0.045
0.044
0.042
0.037
Smead International Value Fund
Investor Class
SVXLX
This semi-annual shareholder report contains important information about the Smead International Value Fund (“Fund”) for the period of December 1, 2025, to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at smeadcap.com/smead-funds/forms/. You can also request this information by contacting us at 877-807-4122.
smeadcap.com/smead-funds/forms/
877-807-4122
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Expenses for the Last Six Months</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment<div style=";display:inline;vertical-align: super;font-size:8.3px">1</div></div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">Smead International Value Fund<br/>(Investor Class/SVXLX)</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>70</td><td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; border-collapse: collapse; break-inside: avoid; width: auto;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"> </td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="font-style:italic;display:inline;">1</div></td><td style="break-inside: avoid-page; font-family: "Times New Roman"; color: rgb(0, 0, 0); padding: 0px 0px 0px 3pt; vertical-align: baseline; font-style: normal; font-size: 7.5pt; text-align: left;"><div style="margin-top: 0px; font-family: "Times New Roman"; color: rgb(44, 43, 43); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></td></tr></table>
70
0.0125
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">For the first half of the fiscal year 2026, the Smead International Value Fund (Investor Class/SVXLX) produced 25.29% for the shareholders compared to 12.65% for the MSCI EAFE NR Index and 17.79% for the MSCI ACWI ex-US NR Index.</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">Our biggest contributors for the fiscal period were Tamarack Valley Energy Ltd. (TVE CN), Bawag Group AG (BG AV), and Cenovus Energy, Inc. (CVE CN).</div><div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43); margin-bottom: 7.5pt;">The largest detractors for the fiscal period were Pandora AS (PNDORA DC), Subaru Corp. (7270 JP), and Autotrader Group PLC (AUTO LN).</div>
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="margin-top: 0; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-weight: bold;">GROWTH OF $10,000</div><img alt="Fund Performance - Growth of 10K" src="chartimages_3387131.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/>
<table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%;"><div style="font-weight:bolder;display:inline;">AVERAGE ANNUAL TOTAL RETURN AS OF MAY 31, 2026</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Smead International Value Fund (Investor Class/SVXLX)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">47.89<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">17.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI All Country World Index ex-USA (Net-USD)</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">32.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.77<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.82<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">MSCI EAFE Index Net</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">22.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
Smead International Value Fund (Investor Class/SVXLX)
0.4789
0.1708
0.1413
MSCI All Country World Index ex-USA (Net-USD)
0.3277
0.0877
0.0982
MSCI EAFE Index Net
0.228
0.0879
0.0928
Performance data quoted represents past performance; past performance does not guarantee future results.
Visit <div style="text-decoration-line: underline; color: rgb(242, 0, 31); font-family: "Times New Roman"; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">smeadcap.com/smead-funds/forms/</div> for the most recent performance information.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold; margin-top: 10pt;">Key Fund Statistics (as of<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>May 31, 2026)</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(44, 43, 43);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Fund Net Assets</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>303,978,739</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">29</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Portfolio turnover rate</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">8.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
303978739
29
0.0881
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(242, 0, 31); font-weight: bold;">Graphical Representation of Holdings (as of May 31, 2026)</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 9pt; margin-bottom: 10pt; color: rgb(44, 43, 43);">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund.</div> <div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">SECTOR ALLOCATION</div><div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3387126.jpg" style="width: 172.8pt;"/> </div><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">GEOGRAPHIC ALLOCATION</div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3387152.jpg" style="width: 172.8pt;"/>
<div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-right: 0; margin-left: 0; border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cenovus Energy, Inc.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">BAWAG Group AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Strathcona Resources Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Tamarack Valley Energy Ltd.</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Glencore PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">UniCredit SpA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Frontline PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Bankinter SA</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Barclays PLC</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td><td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.097
0.092
0.078
0.058
0.053
0.051
0.045
0.044
0.042
0.037
Expense ratio is expressed on an annualized basis.