Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

SMEAD FUNDS TRUST

(Exact name of registrant as specified in charter)

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is included herewith.

(b) Not Applicable.

Smead Value Fund

Class A/SVFAX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead Value Fund (Class A/SVFAX)	$ 65	1.23 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $10,000

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 3,882,307,601
Total number of portfolio holdings	27
Portfolio turnover rate	4.10 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead Value Fund

Class C/SVFCX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead Value Fund (Class C/SVFCX)	$ 96	1.81 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $2 00

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 3,882,307,601
Total number of portfolio holdings	27
Portfolio turnover rate	4.10 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead Value Fund

Class I1/SVFFX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead Value Fund (Class I1/SVFFX)	$ 50	0.95 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 3,882,307,601
Total number of portfolio holdings	27
Portfolio turnover rate	4.10 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead Value Fund

Class R1/SVFDX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31,

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead Value Fund (Class R1/SVFDX)	$ 84	1.59 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $25,000

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 3,882,307,601
Total number of portfolio holdings	27
Portfolio turnover rate	4.10 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead Value Fund

Class R2/SVFKX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead Value Fund (Class R2/SVFKX)	$ 76	1.44 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $25,000

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 3,882,307,601
Total number of portfolio holdings	27
Portfolio turnover rate	4.10 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead Value Fund

Class Y/SVFYX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead Value Fund (Class Y/SVFYX)	$ 42	0.80 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $10,000,000

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 3,882,307,601
Total number of portfolio holdings	27
Portfolio turnover rate	4.10 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

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smeadcap.com/smead-funds/forms/

Smead Value Fund

Investor Class/SMVLX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead Value Fund (Investor Class/SMVLX)	$ 65	1.23 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $10,000

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 3,882,307,601
Total number of portfolio holdings	27
Portfolio turnover rate	4.10 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead International Value Fund

Class A/SVXAX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead International Value Fund (Class A/SVXAX)	$ 76	1.35 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $10,000

The performance data reflected in the graph and table above prior to January 12, 2022 is that of the International Value Predecessor Fund.

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 303,978,739
Total number of portfolio holdings	29
Portfolio turnover rate	8.81 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead International Value Fund

Class C/SVXCX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead International Value Fund (Class C/SVXCX)	$ 112	2.00 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $25,000

The Fund commenced operations on January 12, 2022 after succeeding to substantially all of the assets and liabilities of a private fund managed by an affiliate of Smead Capital Management, Inc. (the "International Value Predecessor Fund"). The performance data reflected in the graph and table above prior to January 12, 2022 is that of the International Value Predecessor Fund.

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 303,978,739
Total number of portfolio holdings	29
Portfolio turnover rate	8.81 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead International Value Fund

Class I1/SVXFX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead International Value Fund (Class I1/SVXFX)	$ 60	1.06 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $1,000,000

The Fund commenced operations on January 12, 2022 after succeeding to substantially all of the assets and liabilities of a private fund managed by an affiliate of Smead Capital Management, Inc. (the "International Value Predecessor Fund"). The performance data reflected in the graph and table above prior to January 12, 2022 is that of the International Value Predecessor Fund.

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 303,978,739
Total number of portfolio holdings	29
Portfolio turnover rate	8.81 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead International Value Fund

Class Y/SVXYX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead International Value Fund (Class Y/SVXYX)	$ 56	1.00 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $10,000,000

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 303,978,739
Total number of portfolio holdings	29
Portfolio turnover rate	8.81 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

Smead International Value Fund

Investor Class/SVXLX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2026

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. You can find additional information about the Fund at . You can also request this information by contacting us at 877-807-4122.

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment 1
Smead International Value Fund (Investor Class/SVXLX)	$ 70	1.25 %

1

Expense ratio is expressed on an annualized basis.

GROWTH OF $10,000

The Fund commenced operations on after succeeding to substantially all of the assets and liabilities of a private fund managed by an affiliate of Smead Capital Management, Inc. (the "International Value Predecessor Fund"). The performance data reflected in the graph and table above prior to January 12, 2022 is that of the International Value Predecessor Fund.

Performance data quoted represents past performance; past performance does not guarantee future results.

Visit 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.

Fund Net Assets	$ 303,978,739
Total number of portfolio holdings	29
Portfolio turnover rate	8.81 %

Availability of Additional Information

You can find additional information about the Fund, such as the prospectus, financial information, fund holdings and proxy voting information, at . You can also request this information by contacting us at 877-807-4122.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 877-807-4122 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

smeadcap.com/smead-funds/forms/

May 31, 2026

Investment Adviser

Smead Capital Management, Inc.

2502 East Camelback Road

Suite 210

Phoenix, AZ 85016

Phone: 877-807-4122

www.smeadfunds.com

May 2026 Semi-Annual Letter: Smead Value Fund

The first half of the fiscal year has been anything but boring. A permanent geopolitical risk premium has, in our view, reset through-cycle oil from the low $70s toward $80, a shift the market still hasn't fully priced in.

The Smead Value Fund (SMVLX; the "Fund") gained 12.33% versus a gain in the S&P 500 Index of 11.34% and a gain in the Russell 1000 Value Index of 14.45%.

The contributors for the first half of the fiscal year were more diverse than one might expect. Our biggest contributors were Cenovus Energy, Inc. (CVE CN), APA Corp. (APA), and Macerich Co. (MAC). The detractors were Lennar Corp. (LEN), NVR, Inc. (NVR), and American Express Co. (AXP).

Additionally, we aim to remain tax-efficient for our investors. As a result, investors should expect to see the use of in-kind redemptions in our financial reports. This is to the long-term advantage of our shareholders.

Patience in a Speculative Era

This is a good time to remind everyone that we seek to "get rich slowly," as Warren Buffett would say. We are doing this in a much different world than the one that used to exist. In the other six decades of my lifetime, investors had dramatically fewer choices and significantly less willingness to take risks with their money. Between exciting tech and AI stocks, options, sports betting and a wide variety of additional financial vehicles, Americans have become one big set of virtual casino participants. Much of this is done with dollars which they expect to be there when they get much older.

We operate under the assumption that Sir John Templeton shared: "Bull markets follow bear markets and bear markets follow bull markets." As long as this is still true (and we think it is), investors are trapping themselves with high expectations in investments which we believe have a low probability of succeeding over five to ten years. Since we haven't had a multi-year bear market since 2007-2009, today's aggressive investors/gamblers haven't been reminded of history for a very long time.

Secondarily, investors have learned to trust the S&P 500 Index. Its virtue is its low expense, but its original strength was that the low expense was combined with diversification via owning 500 stocks. As the chart below shows, the S&P 500 Index is no longer a diversified portfolio, but rather a glorified concentrated growth stock portfolio at the height of a growth mania.

In addition to the index begging for trouble, the active managers, regardless of growth or value orientation, are being forced to bend to the will of the mania. The good news is that very little price discovery is being done via professional security analysis. As Buffett and Munger have said many times, "The key to life is weak competition!" We believe we have very good absolute and relative bargains in our portfolio that have netted our investors 13%-plus returns over the last 15 years. We will not stray from our discipline practiced via our eight criteria for stock selection.

We finished the quarter with strong positions in oil stocks, home builders, banks, healthcare and mall REITs. We anticipate that the S&P 500 Index will get a major multi-year comeuppance at some point and investors will flee popular stocks for real bargains and the safety of bond investments. We believe this will usher in another era in which our investors can regain their full confidence in our discipline. Thank you for your ongoing trust and investment with us as we play the long game.

Play The Long Game,

William Smead	Cole Smead, CFA
Lead Portfolio Manager	Co-Portfolio Manager

May 2026 Semi-Annual Letter: Smead International Value Fund

As we close the first half of the 2026 fiscal year for the Smead International Value Fund (the Fund; SVXLX), we feel fortunate to be side-by-side with our investors and pleased with our portfolio's position.

The Fund gained 25.29% during the first half of the fiscal year versus a gain of 12.65% for the MSCI EAFE Net Return Index and a gain of 17.79% for the MSCI ACWI ex-U.S. Net Return Index.

Our largest contributors for the first half were Tamarack Valley Energy Ltd. (TVE CN), Bawag Group AG (BG AV), and Cenovus Energy, Inc. (CVE CN). Higher oil prices drove strong performance among our high-torque names, generating the greatest returns for our investors. The banking environment in Europe has sustained a trajectory of consolidation, led by names like Bawag Group AG.

The largest detractors in the portfolio were Pandora AS (PNDORA DC), Subaru Corp. (7270 JP), and Autotrader Group PLC (AUTO LN). Continued economic and geopolitical uncertainty helped us in some parts of the portfolio but detracted in others. Pandora AS was hit by a sustained increase in silver prices.

Capital Discipline in a Golden Era

The first six months of the fiscal year saw a large swing in sentiment of the winners and losers in the portfolio. Last year's winners included European banks like Bawag Group AG (BG AV), UniCredit SpA (UCG IM), Barclays PLC (BARC LN), Bankinter SA (BKT SM) and NatWest Group PLC (NWG LN), Glencore PLC (GLEN LN) in the mining space, and Tamarack Valley Energy Ltd., which the Fund acquired near the deepest fears of oil prices in the spring. The fiscal year 2026 has been dominated by our energy stocks, plain and simple.

Shareholders need to understand two major items that have taken place in this industry. First, $100 oil is causing new production. Below is a chart of the Baker Hughes Rig Counts. When we saw $100 oil during the 2010s, over 1,000 rigs were used. That cost a lot of cash as capex was big back then. Today, despite the current oil price seeming favorable for the industry, the rig count continues to hover in the 400 to 500 realm. What drives increased production in the US isn't hard to figure out. It's as easy as Aesop's fable: one bird in the hand versus two in the bush.

Oil people get out of bed early to drill when there are two in the bush. What drives this behavior is the expectation of higher oil prices in the future. The industry has trouble seeing this, though, as the WTI (West Texas Intermediate) futures curve is in a large backwardation where current prices are high (around $100) and prices two years or more out drop to $70 or lower. Economics would teach us that higher future prices would cause the petroleum engineers of the world to meet the needs of tomorrow. They don't get that price, so the two in the bush aren't there.

The second part that shareholders need to understand is the bird in the hand. This bird is better than investors anticipate. Because of the price spikes in 2022 and 2026, the capital structures of the energy industry have very little in debt as cash gushes on their balance sheet from the standoff over Hormuz. Oil companies in 2022 bought back debt to de-lever. We are watching Cenovus Energy, Inc. buy back preferred equity currently, a vastly different problem than in the past. Neither of these transactions changes the capital needed to run the business, they just change the cost of capital. The most expensive form of capital at these valuations is still the common stock of these companies. Strathcona Resources Ltd. announced its first-ever buyback at 5% of its shares. Tamarack Valley Energy Ltd. (TVE CN), Cenovus Energy, Inc. (CVE CN), Imperial Oil Ltd. (IMO CN), International Petroleum Corp. (IPCO CN) and Occidental Petroleum Corp. (OXY US) will all be buying back stock in this environment.

The market may not recognize value to the fullest extent. These companies do. The returns on capital of this heavy asset industry are some of the highest returns on capital (25-30%) you'll find for an industry in the world thus far in 2026. That's the bird in the hand. The cash that is flowing to the owners, who judiciously allocate the capital to reward the patient investors.

We could see more consolidation. The most likely acquirers in the portfolio are Strathcona Resources Ltd., Tamarack Valley Energy Ltd. and Occidental Petroleum Corp. The most likely to get acquired are Tamarack Valley Energy Ltd. and Occidental Petroleum Corp. For this bird, it could eat or be eaten. To finish this picture of the fable, above is a chart showing the duration of equities by sector. What it shows is that energy has the lowest duration of sectors. It's the bird in the hand. While everyone is going to space, we are trying to rip oil out of the ground. They can have two in the bush. Smead investors have come to know the heron that represents our firm logo, which has been our identifying mark since our founding. A bird in the hand is a great place to be. Speaking on behalf of the shareholders of the Fund, it's who we are.

Play The Long Game,

Cole Smead, CFA	William Smead
Lead Portfolio Manager	Co-Portfolio Manager

The information contained herein represents the opinion of Smead Capital Management, Inc. and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

Consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The statutory and summary prospectuses contain this and other information about the Funds and are available at www.smeadcap.com or by calling 877-807-4122. Read carefully before investing.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877-807-4122.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible.

Foreign Securities Risk. Investments in securities of foreign companies involve additional risks, including less liquidity, currency rate fluctuations, political and economic instability, differences in financial reporting standards and securities market regulation, and the imposition of foreign withholding taxes.

MSCI EAFE NR Index is a broad-based, unmanaged equity market index designed to measure the equity market performance of 21 developed markets, excluding the U.S. and Canada. An index cannot be invested in directly. This benchmark calculates reinvested dividends net of withholding taxes using Luxembourg tax rates. MSCI ACWI ex-U.S. Index (Net) is a free float-adjusted market capitalization index that is designed to large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. This benchmark calculates reinvested dividends net of withholding taxes using Luxembourg tax rates. One cannot invest directly in an index.

The S&P 500^® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The Russell 1000^® Value Index measures the performance of those Russell 1000^® Index companies with lower price-to-book ratios and lower forecasted growth values. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group. One cannot invest directly in an index.

The Smead Funds are distributed by Smead Funds Distributors, LLC. Smead Funds Distributors, LLC and Smead Capital Management are not affiliated.

	Shares		Value
Retailing 8.98%
eBay, Inc.	676,274		$73,896,460
Home Depot, Inc. (The)	240,581		76,297,858
Target Corp.	1,169,009		148,545,974
Ulta Beauty, Inc. (a)	97,800		49,765,530
			348,505,822
Transportation 2.26%
U-Haul Holding Co. (Non Voting)	1,684,940		87,650,579
TOTAL COMMON STOCKS (Cost $2,422,964,787)			3,607,647,576
SHORT-TERM INVESTMENTS 7.36%
Money Market Fund 7.36%
Northern Institutional Treasury Portfolio - Premier Class, 3.48% (c)	285,740,296		285,740,296
TOTAL SHORT-TERM INVESTMENTS (Cost $285,740,296)			285,740,296
TOTAL INVESTMENTS (Cost $2,708,705,083) 100.29%			3,893,387,872
Other Assets in Excess of Liabilities (0.29)%			(11,080,271)
TOTAL NET ASSETS 100%			$3,882,307,601

(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate shown is the 7-day annualized yield as of May 31, 2026.

REIT	- Real Estate Investment Trust

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI and S&P and has been licensed for use by Smead Capital Management, Inc. for the purpose of Industry Classification in the Schedule of Investments.

	Shares		Value
WARRANTS 0.67%
United States 0.67%
Energy 0.67%
Occidental Petroleum Corp., Exp. 7/6/2027, Strike $22.00 (b)	58,382		2,020,018
TOTAL WARRANTS (Cost $1,206,535)			2,020,018
SHORT-TERM INVESTMENTS 10.20%
Money Market Fund 10.20%
Northern Institutional Treasury Portfolio - Premier Class, 3.48% (c)	31,014,620		31,014,620
TOTAL SHORT-TERM INVESTMENTS (Cost $31,014,620)			31,014,620
TOTAL INVESTMENTS (Cost $202,469,799) 101.82%			309,503,362
Other Assets in Excess of Liabilities (1.82)%			(5,524,623)
TOTAL NET ASSETS 100.00%			$303,978,739

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2026, the value of this security totaled $39,043,737 or 12.84% of net assets.
(b)	Non-income producing security.
(c)	The rate shown is the 7-day annualized yield as of May 31, 2026.

REIT	- Real Estate Investment Trust

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS^® is a service mark of MSCI and S&P and has been licensed for use by Smead Capital Management, Inc. for the purpose of Industry Classification in the Schedule of Investments.

Class I1 Shares
Net assets	$2,997,825,954
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)	32,442,460
Net asset value, offering price and redemption price per share	$92.40
Class R1 Shares
Net assets	$114,454
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)	1,273
Net asset value, offering price and redemption price per share	$89.90(3)
Class R2 Shares
Net assets	$410,824
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)	4,396
Net asset value, offering price and redemption price per share	$93.45
Class Y Shares
Net assets	$348,691,425
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)	3,766,369
Net asset value, offering price and redemption price per share	$92.58

(1)	A 1.00% deferred sales charge (CDSC) applies to Class A purchases of $1,000,000 or more that are redeemed within 18 months of purchase. A CDSC of 1.00% also applies on redemptions of Class C shares within 12 months of purchase.
(2)	Reflects a maximum sales charge of 5.75%.
(3)	Calculated NAV may not equal actual NAV shown due to rounding of the net assets and shares.

Class C Shares
Net assets	$845,839
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)	10,021
Net asset value, offering price and redemption price per share(2)	$84.41
Class I1 Shares
Net assets	$178,612,565
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)	1,956,780
Net asset value, offering price and redemption price per share	$91.28
Class Y Shares
Net assets	$98,717,565
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)	1,068,653
Net asset value, offering price and redemption price per share	$92.38

(1)	Calculated NAV may not equal actual NAV shown due to rounding of the net assets and shares.
(2)	A 1.00% deferred sales charge (CDSC) applies to Class A purchases of $1,000,000 or more that are redeemed within 18 months of purchase. A CDSC of 1.00% also applies on redemptions of Class C shares within 12 months of purchase.
(3)	Reflects a maximum sales charge of 5.75%.

			Income from investment operations						Less distributions paid
	Net Asset Value, Beginning of Period		Net investment income (loss)(1)		Net realized and unrealized gain/(loss) on investments		Total from investment operations		Distributions from net investments income		Distributions from net realized gain on investments		Total distributions paid
Class R2
Six Months Ended May 31, 2026 (Unaudited)	$84.47		$0.43		$9.75		$10.18		$(1.20)		$-		$(1.20)
November 30, 2025	86.69		0.85		(2.33)		(1.48)		(0.74)		-		(0.74)
November 30, 2024	71.15		0.64		16.05		16.69		(1.15)		-		(1.15)
November 30, 2023	71.80		1.06		(0.74)		0.32		(0.26)		(0.71)		(0.97)
November 30, 2022	70.62		0.33		3.49		3.85		(0.12)		(2.55)		(2.67)
November 30, 2021	50.43		0.08		20.75		20.83		(0.28)		(0.36)		(0.64)
Class Y
Six Months Ended May 31, 2026 (Unaudited)	83.93		0.72		9.62		10.34		(1.69)		-		(1.69)
November 30, 2025	86.05		1.38		(2.33)		(0.95)		(1.17)		-		(1.17)
November 30, 2024	70.34		1.17		15.85		17.02		(1.31)		-		(1.31)
November 30, 2023	71.01		1.26		(0.51)		0.75		(0.71)		(0.71)		(1.42)
November 30, 2022	69.86		0.74		3.36		4.09		(0.39)		(2.55)		(2.94)
November 30, 2021	49.86		0.40		20.51		20.91		(0.55)		(0.36)		(0.91)

(1)	Based on average shares outstanding.
(2)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Excludes the effect of sale charges applicable to Class A shares.
(3)	Not annualized for periods of less than one year.
(4)	Annualized for periods of less than one year.

						Ratio of expenses to average net assets				Ratio of net investment income (loss) to average net assets
Net Asset Value, End of Period		Total Return(2)		Net assets at end of period (000's)		Before waivers of expenses		After waivers of expenses		Before waivers of expenses		After waivers of expenses		Portfolio turnover rate
$93.45		12.23%(3)		$411		1.70%(4)		1.44%(4)		0.70%(4)		0.96%(4)		4.10%(3)
84.47		(1.69)%		356		1.65%		1.44%		0.87%		1.08%		16.25%
86.69		23.67%		344		1.46%		1.44%		0.77%		0.79%		13.30%
71.15		0.55%		291		1.41%		1.41%		1.54%		1.54%		15.60%
71.80		5.57%		74		1.38%		1.38%		0.49%		0.49%		11.15%
70.62		41.78%		95		1.40%		1.40%		0.11%		0.11%		17.40%
92.58		12.58%(3)		348,691		0.80%(4)		0.80%(4)		1.64%(4)		1.64%(4)		4.10%(3)
83.93		(1.06)%		345,091		0.80%		0.80%		1.76%		1.76%		16.25%
86.05		24.45%		505,427		0.79%		0.79%		1.45%		1.45%		13.30%
70.34		1.16%		393,738		0.81%		0.81%		1.86%		1.86%		15.60%
71.01		6.06%		392,012		0.84%		0.84%		1.12%		1.11%		11.15%
69.86		42.62%		242,387		0.84%		0.84%		0.63%		0.62%		17.40%

			Income from investment operations						Less distributions paid
	Net Asset Value, Beginning of Period		Net investment income (loss)(1)		Net realized and unrealized gain (loss) on investments		Total from investment operations		Distributions from net investments income		Net Asset Value, End of Period		Total Return(2)
Investor Class
Six Months Ended May 31, 2026 (Unaudited)	$73.33		$2.33		$15.90		$18.23		$(1.26)		$90.30		25.29%(3)
November 30, 2025	56.40		1.27		16.98		18.25		(1.32)		73.33		33.15%
November 30, 2024	52.22		1.46		3.83		5.29		(1.11)		56.40		10.33%
November 30, 2023	49.91		1.23		1.75		2.98		(0.67)		52.22		6.16%
November 30, 2022(5)	49.33		0.08		0.50		0.58		-		49.91		1.18%(3)
Class A
Six Months Ended May 31, 2026 (Unaudited)	72.34		2.22		15.74		17.96		(1.16)		89.14		25.22%(3)
November 30, 2025	55.75		1.12		16.79		17.91		(1.32)		72.34		32.92%
November 30, 2024	51.60		1.32		3.83		5.15		(1.00)		55.75		10.16%
November 30, 2023	49.32		1.34		1.52		2.86		(0.58)		51.60		5.97%
November 30, 2022(5)	48.83		0.33		0.16		0.49		-		49.32		1.00%(3)
Class C
Six Months Ended May 31, 2026 (Unaudited)	68.38		1.89		14.90		16.79		(0.76)		84.41		24.81%(3)
November 30, 2025	52.84		0.69		15.94		16.63		(1.09)		68.38		32.17%
November 30, 2024	48.95		0.85		3.74		4.59		(0.70)		52.84		9.50%
November 30, 2023	47.10		0.73		1.73		2.46		(0.61)		48.95		5.38%
November 30, 2022(5)	46.84		(0.14)(6)		0.40		0.26		-		47.10		0.58%(3)
Class I1
Six Months Ended May 31, 2026 (Unaudited)	74.11		2.54		15.96		18.50		(1.33)		91.28		25.41%(3)
November 30, 2025	57.02		1.36		17.15		18.51		(1.42)		74.11		33.30%
November 30, 2024	52.77		1.50		3.91		5.41		(1.16)		57.02		10.46%
November 30, 2023	50.41		1.47		1.59		3.06		(0.70)		52.77		6.26%
November 30, 2022(5)	49.78		0.43		0.20		0.63		-		50.41		1.27%(3)
Class Y
Six Months Ended May 31, 2026 (Unaudited)	75.04		2.40		16.35		18.75		(1.41)		92.38		25.42%(3)
November 30, 2025	57.69		1.47		17.34		18.81		(1.46)		75.04		33.51%
November 30, 2024	53.35		1.63		3.92		5.55		(1.21)		57.69		10.59%
November 30, 2023	50.91		1.62		1.55		3.17		(0.73)		53.35		6.44%
November 30, 2022(5)	50.18		0.49		0.24		0.73		-		50.91		1.45%(3)

(1)	Based on average shares outstanding.
(2)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Excludes the effect of sale charges applicable to Class A shares.
(3)	Not annualized for periods of less than one year.
(4)	Annualized for periods of less than one year.
(5)	Period from January 12, 2022, date operations commenced, through November 30, 2022.
(6)	The amount shown for a share outstanding throughout the year does not correspond with the change in aggregate gains and losses in the portfolio of securities during the year because of the timing of sales and purchases of Fund shares in relation to fluctuating values during the year.

		Ratio of expenses to average net assets				Ratio of net investment income (loss) to average net assets
Net assets at end of period (000's)		Before waivers of expenses		After waivers of expenses		Before waivers of expenses		After waivers of expenses		Portfolio turnover rate
$171		2.22%(4)		1.25%(4)		4.75%(4)		5.72%(4)		8.81%(3)
120		2.82%		1.25%		0.47%		2.04%		29.80%
87		2.24%		1.25%		1.55%		2.54%		27.92%
66		1.50%		1.25%		2.15%		2.40%		8.26%
19		1.42%(4)		1.42%(4)		0.19%(4)		0.19%(4)		20.30%(3)
25,631		1.35%(4)		1.35%(4)		5.53%(4)		5.53%(4)		8.81%(3)
18,645		1.42%		1.42%		1.81%		1.81%		29.80%
12,123		1.44%		1.42%		2.31%		2.33%		27.92%
4,967		1.70%		1.42%		2.37%		2.65%		8.26%
2,630		1.51%(4)		1.51%(4)		0.78%(4)		0.78%(4)		20.30%(3)
846		2.14%(4)		2.00%(4)		4.83%(4)		4.97%(4)		8.81%(3)
578		2.14%		2.00%		1.07%		1.21%		29.80%
528		2.17%		2.00%		1.42%		1.59%		27.92%
279		2.25%		2.00%		1.26%		1.51%		8.26%
106		2.02%(4)		2.02%(4)		(0.34)%(4)		(0.34)%(4)		20.30%(3)
178,613		1.06%(4)		1.06%(4)		6.16%(4)		6.16%(4)		8.81%(3)
113,529		1.13%		1.13%		2.16%		2.16%		29.80%
87,707		1.16%		1.15%		2.58%		2.59%		27.92%
60,968		1.39%		1.15%		2.61%		2.85%		8.26%
39,428		1.23%(4)		1.23%(4)		0.99%(4)		0.99%(4)		20.30%(3)
98,718		1.00%(4)		1.00%(4)		5.74%(4)		5.74%(4)		8.81%(3)
65,226		1.00%		1.00%		2.33%		2.33%		29.80%
54,007		1.01%		1.00%		2.78%		2.79%		27.92%
39,409		1.31%		1.00%		2.81%		3.12%		8.26%
33,351		1.15%(4)		1.00%(4)		0.97%(4)		1.12%(4)		20.30%(3)

SMEAD FUNDS

Notes to Financial Statements

May 31, 2026 (Unaudited)

(1)	Organization
	The Smead Value Fund and the Smead International Value Fund (each, a "Fund" and together, the "Funds") are non-diversified series of Smead Funds Trust, a Delaware statutory trust (the "Trust") organized on July 17, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services-Investment Companies. Each Fund's investment objective is long-term capital appreciation. The Trust may issue an unlimited number of interests (or shares) of beneficial interest, each with a par value of $0.001. The Smead Value Fund currently offers eight classes of shares: Investor Class, Class A, Class C, Class I1, Class I2, Class R1, Class R2 and Class Y shares; provided however the Class I2 shares have not commenced operation. The Smead International Value Fund currently offers six classes of shares: Investor Class, Class A, Class C, Class I1, Class I2 and Class Y shares; provided however the Class I2 shares have not commenced operation. Each class of shares of the Funds has identical rights and privileges except with respect to the distribution and shareholder servicing fees, and voting rights on matters affecting a single class of shares. The classes differ principally in their respective distribution and shareholder servicing expenses. Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares were paid by Smead Capital Management, Inc., the Funds' investment adviser (the "Adviser").
(2)	Significant Accounting Policies
	The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

(a)	Investment Valuation

The Funds value their investments at fair value. Each security owned by the Funds that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. When the security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the security is traded.

Fund securities listed on The NASDAQ Stock Market, Inc. ("NASDAQ") will be valued at the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent bid and asked prices on such day. Over-the-counter securities that are not traded on NASDAQ shall be valued at the most recent trade price. Listed securities for which market quotations are readily available are valued at the closing prices as determined by the primary exchange where the securities are traded. Unlisted securities or listed securities for which the latest sales prices are not readily available are valued at the closing bid (long positions) or ask (short positions) price in the principal market where

SMEAD FUNDS

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

such securities are normally traded. A money market fund that is an open-end investment company is valued at its reported net asset value ("NAV") per share. In both of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The Funds use a systematic valuation model, provided daily by an independent third party, to fair value their international equity securities. These valuations are considered as Level 2 in the fair value hierarchy.

Warrants for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price. Warrants not traded on a national securities exchange are valued at the last quoted bid price.

Debt securities, other than short-term instruments, are valued at the mean between the closing bid and asked prices provided by a pricing service ("Pricing Service"). If the closing bid and asked prices are not readily available, the Pricing Service may provide a price determined by matrix pricing or other analytical pricing models. Short-term debt securities, such as commercial paper, bankers' acceptances and U.S. Treasury bills having a maturity of less than 60 days, are valued at amortized cost, which approximates fair value. If a short-term debt security has a maturity of greater than 60 days, it is valued at fair value.

Redeemable securities issued by open-end, registered investment companies are valued at the NAV of such companies for purchase and/or redemption orders placed on that day.

In the absence of prices from a Pricing Service or in the event that market quotations are not readily available, fair value will be determined under the Funds' valuation policies and procedures adopted pursuant to Rule 2a-5 of the 1940 Act. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market or world events cause the Adviser to believe that a security's last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that a Fund's shares are accurately priced. Pursuant to these procedures, the Board of Trustees (the "Board" or the "Trustees") has appointed the Adviser as the Funds' valuation designee (the "Valuation Designee") to perform all fair valuations of the Funds' portfolio investments, subject to the Board of Trustees' oversight. As the Valuation Designee, the Adviser has established a valuation committee (the "Valuation Committee") to fulfill its responsibilities as Valuation Designee. When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities. In accordance with procedures adopted by the Trust's Board of Trustees, fair value pricing may be used if events materially affecting the value of foreign equity securities occur between the time the exchange on which they are traded closes and the time the Funds' NAVs are calculated.

Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined for a particular security may be materially different (higher or lower) from the price of the security quoted or published by others or the value when trading

SMEAD FUNDS

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

resumes or is realized upon sale. Therefore, if a shareholder purchases or redeems Fund shares when the Fund holds securities priced at a fair value, the number of shares purchased or redeemed may be higher or lower than would be the case if the Fund were using market value pricing.

The Funds' fair value procedures include fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below:

Level 1-unadjusted quoted prices in active markets for identical securities.

Level 2-other significant observable inputs (including unadjusted quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3-significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the valuation inputs of each Fund's investments by each fair value hierarchy level as of May 31, 2026:

	Level 1		Level 2		Level 3		Total
	Smead Value Fund
Equity(1)
Common Stocks	$3,607,647,576		$-		$-		$3,607,647,576
Total Equity	3,607,647,576		-		-		3,607,647,576
Short-Term Investments	-		285,740,296		-		285,740,296
Total Investments on Securities	$3,607,647,576		$285,740,296		$-		$3,893,387,872

SMEAD FUNDS

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

	Level 1		Level 2		Level 3		Total
	Smead International Value Fund
Equity(1)
Common Stocks	$105,062,783		$171,405,941		$-		$276,468,724
Warrants	2,020,018		-		-		2,020,018
Total Equity	107,082,801		171,405,941		-		278,488,742
Short-Term Investments	-		31,014,620		-		31,014,620
Total Investments on Securities	$107,082,801		$202,420,561		$-		$309,503,362

(1)	See the Schedules of Investments for industry classification.

No Level 3 securities were held in the Funds at May 31, 2026. For the six months ended May 31, 2026, there were no transfers into or out of Level 3 for the Funds. The Funds did not hold financial derivative instruments during the fiscal period.

(b)	Share Valuation

The NAV per share of each class is calculated by dividing the sum of the value of the proportional value of securities held by the class, plus cash and other assets, minus all liabilities (including estimated accrued expenses), by the total number of shares outstanding for the class rounded to the nearest cent. The class' shares will not be priced on the days on which the New York Stock Exchange is closed for trading.

(c)	Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(d)	Allocation of Income, Expenses and Gains/Losses

Income, expenses (other than those deemed attributable to a specific share class, such as distribution and shareholder servicing fees), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Funds. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets.

(e)	Federal Income Taxes

The Funds comply and expect to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and make the requisite distributions of income and

SMEAD FUNDS

Notes to Financial Statements (Continued)

May 31, 2026 (Unaudited)

capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

As of and during the fiscal year ended November 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the fiscal year ended November 30, 2025, the Funds did not incur any interest or penalties.

As of November 30, 2025, the components of distributable earnings on a tax basis were as follows:

	Smead Value Fund		Smead International Value Fund
Cost basis of investments for federal income tax purposes	$3,321,141,205		$132,530,884
Gross tax unrealized appreciation	1,094,314,601		65,710,171
Gross tax unrealized depreciation	(55,746,792)		(836,725)
Net tax unrealized appreciation	$1,038,567,809		$64,873,446
Undistributed ordinary income	$66,600,579		$3,268,396
Undistributed long-term capital gain	-		-
Total distributable earnings	$66,600,579		$3,268,396
Other accumulated losses	(215,493,357)1		(6,647,825)2
Total accumulated gains	$889,675,031		$61,494,017