# EDGAR Filing Document

**Accession Number:** 0001614370
**File Stem:** 0002066578-25-000903
**Filing Date:** 2025-10
**Character Count:** 27414
**Document Hash:** d46eca438b6db617267a491725c5514c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000903.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0002066578-25-000903

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Smead Funds Trust
- **CENTRAL INDEX KEY:** 0001614370

**ORGANIZATION NAME:**
- **EIN:** 261547587
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22985
- **FILM NUMBER:** 251423230

**BUSINESS ADDRESS:**
- **STREET 1:** 2502 EAST CAMELBACK ROAD, SUITE 210
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
- **BUSINESS PHONE:** 602-889-3660

**MAIL ADDRESS:**
- **STREET 1:** 2502 EAST CAMELBACK ROAD, SUITE 210
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016

## Series and Classes Contracts Data

### Smead Value Fund (Series ID: S000047006)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000146928 | Investor Class Shares | SMVLX           |
| C000146929 | Class C Shares        | SVFCX           |
| C000146930 | Class A Shares        | SVFAX           |
| C000146931 | Class I1 Shares       | SVFFX           |
| C000146932 | Class I2 Shares       | SVFIX           |
| C000146933 | Class R1 Shares       | SVFDX           |
| C000146934 | Class R2 Shares       | SVFKX           |
| C000146935 | Class R3 Shares       | SVFRX           |
| C000146936 | Class R4 Shares       | SVFLX           |
| C000146937 | Class Y Shares        | SVFYX           |
| C000198929 | Class I3 Shares       | SVFMX           |
| C000198930 | Class S Shares        | SVFSX           |

## Nport-Ex

SMEAD VALUE FUND

Schedule of Investments

August 31, 2025 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS 96.36%** |  |  |
| **Banks 11.61%** |  |  |
| Bank of America Corp. <br>| &nbsp;&nbsp;&nbsp;2942902 | &nbsp;&nbsp;&nbsp;$149322847 |
| Fifth Third Bancorp <br>| &nbsp;&nbsp;&nbsp;1411364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64598130 |
| JPMorgan Chase & Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157534149 |
| M&T Bank Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63193993 |
| Western Alliance Bancorp <br>| &nbsp;&nbsp;&nbsp;1157633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103666035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538315154 |
| **Consumer Durables & Apparel 15.76%** |  |  |
| Crocs, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48168582 |
| DR Horton, Inc. <br>| &nbsp;&nbsp;&nbsp;1596509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270576345 |
| Lennar Corp. – Class A <br>| &nbsp;&nbsp;&nbsp;1691743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225238663 |
| NVR, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186486774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730470364 |
| **Diversified Financials 7.04%** |  |  |
| American Express Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236374243 |
| Credit Acceptance Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90013409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326387652 |
| **Energy 23.12%** |  |  |
| APA Corp. <br>| &nbsp;&nbsp;&nbsp;8848147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205453973 |
| Cenovus Energy, Inc. (b)<br>| 13189611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219354655 |
| ConocoPhillips <br>| &nbsp;&nbsp;&nbsp;1522395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150671433 |
| Devon Energy Corp. <br>| &nbsp;&nbsp;&nbsp;1284549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46372219 |
| Diamondback Energy, Inc. <br>| &nbsp;&nbsp;&nbsp;1140463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169655276 |
| Occidental Petroleum Corp. <br>| &nbsp;&nbsp;&nbsp;3230477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153803010 |
| Ovintiv, Inc. <br>| &nbsp;&nbsp;&nbsp;3004748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126559986 |
|  |  | &nbsp;&nbsp;&nbsp;1071870552 |
| **Health Care Equipment & Services 1.92%** |  |  |
| UnitedHealth Group, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88853363 |
| **Pharmaceuticals, Biotechnology & Life Sciences 9.40%** |  |  |
| Amgen, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214134785 |
| Merck & Co., Inc. <br>| &nbsp;&nbsp;&nbsp;2635885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221730646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435865431 |
| **Real Estate 11.63%** |  |  |
| Macerich Co. (The) – REIT <br>| 12961810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238497304 |
| Simon Property Group, Inc. – REIT <br>| &nbsp;&nbsp;&nbsp;1662779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300397654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538894958 |

---

------

SMEAD VALUE FUND

Schedule of Investments (Continued)

August 31, 2025 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Retailing 11.28%** |  |  |
| eBay, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;1888059 | &nbsp;&nbsp;&nbsp;$171077026 |
| Home Depot, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133263954 |
| Target Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;1591920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152792482 |
| Ulta Beauty, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65622274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522755736 |
| **Semiconductors & Semiconductor Equipment 2.02%** |  |  |
| QUALCOMM, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93560451 |
| **Transportation 2.58%** |  |  |
| U-Haul Holding Co. (Non Voting) <br>| &nbsp;&nbsp;&nbsp;&nbsp;2292965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119784492 |
| **TOTAL COMMON STOCKS (Cost $3,359,334,036) <br>**  |  | &nbsp;&nbsp;&nbsp;**4466758153** |
| **SHORT-TERM INVESTMENTS 3.69%** |  |  |
| **Money Market Fund 3.69%** |  |  |
| Northern Institutional Treasury Portfolio — Premier Class, 4.11% (c)<br>| 171042900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171042900 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $171,042,900)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**171042900** |
| **TOTAL INVESTMENTS (Cost $3,530,376,936) 100.05%<br>**  |  | &nbsp;&nbsp;&nbsp;**4637801053** |
| Other Assets in Excess of Liabilities (0.05)%<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2173615) |
| **TOTAL NET ASSETS 100%<br>**  |  | **$4635627438** |

---

(a) Non-income producing security.

(b) Foreign issued security.

(c) The rate shown is the 7-day annualized yield as of August 31, 2025.

REIT — Real Estate Investment Trust

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

------

SMEAD INTERNATIONAL VALUE FUND

Schedule of Investments

August 31, 2025 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS 92.69%** |  |  |
| **Australia 1.17%** |  |  |
| **Materials 1.17%** |  |  |
| Whitehaven Coal Ltd. <br>| &nbsp;&nbsp;&nbsp;&nbsp;508511 | &nbsp;&nbsp;$2198175 |
| **Austria 9.56%** |  |  |
| **Financials 9.56%** |  |  |
| BAWAG Group AG (a),(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;138452 | &nbsp;&nbsp;&nbsp;17890666 |
| **Canada 32.64%** |  |  |
| **Consumer Discretionary 1.03%** |  |  |
| Spin Master Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;117235 | &nbsp;&nbsp;&nbsp;&nbsp;1930086 |
| **Consumer Staples 0.76%** |  |  |
| Alimentation Couche-Tard, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28281 | &nbsp;&nbsp;&nbsp;&nbsp;1433459 |
| **Energy 28.10%** |  |  |
| Cenovus Energy, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;707490 | &nbsp;&nbsp;&nbsp;11766171 |
| Imperial Oil Ltd. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58473 | &nbsp;&nbsp;&nbsp;&nbsp;5305935 |
| MEG Energy Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;666941 | &nbsp;&nbsp;&nbsp;13719069 |
| Strathcona Resources Ltd. <br>| &nbsp;&nbsp;&nbsp;&nbsp;561638 | &nbsp;&nbsp;&nbsp;15613892 |
| Tamarack Valley Energy Ltd. <br>| 1579613 | &nbsp;&nbsp;&nbsp;&nbsp;6199522 |
|  |  | &nbsp;&nbsp;&nbsp;52604589 |
| **Materials 2.75%** |  |  |
| West Fraser Timber Co. Ltd. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70702 | &nbsp;&nbsp;&nbsp;&nbsp;5150201 |
|  |  | &nbsp;&nbsp;&nbsp;61118335 |
| **Denmark 3.91%** |  |  |
| **Consumer Discretionary 3.91%** |  |  |
| Pandora AS <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52960 | &nbsp;&nbsp;&nbsp;&nbsp;7311771 |
| **Italy 10.21%** |  |  |
| **Financials 10.21%** |  |  |
| Assicurazioni Generali SpA <br>| &nbsp;&nbsp;&nbsp;&nbsp;165271 | &nbsp;&nbsp;&nbsp;&nbsp;6460327 |
| UniCredit SpA <br>| &nbsp;&nbsp;&nbsp;&nbsp;163623 | &nbsp;&nbsp;&nbsp;12663187 |
|  |  | &nbsp;&nbsp;&nbsp;19123514 |
| **Japan 2.90%** |  |  |
| **Consumer Discretionary 2.90%** |  |  |
| Subaru Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;278208 | &nbsp;&nbsp;&nbsp;&nbsp;5426321 |

---

------

SMEAD INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

August 31, 2025 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands 1.10%** |  |  |
| **Communications 1.10%** |  |  |
| Universal Music Group NV <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72778 | &nbsp;&nbsp;&nbsp;&nbsp;$2057419 |
| **Norway 3.80%** |  |  |
| **Industrials 3.80%** |  |  |
| Frontline PLC <br>| &nbsp;&nbsp;&nbsp;&nbsp;346911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7116991 |
| **Spain 5.21%** |  |  |
| **Financials 5.21%** |  |  |
| Bankinter SA <br>| &nbsp;&nbsp;&nbsp;&nbsp;654124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9747987 |
| **Switzerland 3.87%** |  |  |
| **Health Care 3.87%** |  |  |
| Roche Holding AG <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7251158 |
| **United Kingdom 17.33%** |  |  |
| **Consumer Discretionary 6.10%** |  |  |
| Burberry Group PLC (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;411638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135017 |
| Next PLC <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11413620 |
| **Financials 7.56%** |  |  |
| Barclays PLC <br>| 1718270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364447 |
| NatWest Group PLC <br>| &nbsp;&nbsp;&nbsp;&nbsp;836388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14150913 |
| **Materials 3.67%** |  |  |
| Glencore PLC (b)<br>| 1739086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32437370 |
| **United States 0.99%** |  |  |
| **Energy 0.99%** |  |  |
| Occidental Petroleum Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859361 |
| **TOTAL COMMON STOCKS (Cost $114,901,669) <br>**  |  | &nbsp;&nbsp;&nbsp;**173539068** |
| **PREFERRED STOCKS 3.11%** |  |  |
| **Germany 3.11%** |  |  |
| **Consumer Discretionary 3.11%** |  |  |
| Dr Ing hc F Porsche AG, 3.30% (a),(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315147 |
| Volkswagen AG, 6.40% (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516261 |
| **TOTAL PREFERRED STOCKS (Cost $6,130,461) <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5831408** |

---

------

SMEAD INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

August 31, 2025 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANTS 1.23%** |  |  |
| **United States 1.23%** |  |  |
| **Energy 1.23%** |  |  |
| Occidental Petroleum Corp., Exp. 7/6/2027, Strike $22.00 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304182 |
| **TOTAL WARRANTS (Cost $927,886) <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2304182** |
| **SHORT-TERM INVESTMENTS 2.77%** |  |  |
| **Money Market Fund 2.77%** |  |  |
| Northern Institutional Treasury Portfolio — Premier Class, 4.11% (d)<br>| 5176778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176778 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $5,176,778) <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5176778** |
| **TOTAL INVESTMENTS (Cost $127,136,794) 99.80% <br>**  |  | &nbsp;&nbsp;&nbsp;**186851436** |
| Other Assets in Excess of Liabilities 0.20% <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380307 |
| **TOTAL NET ASSETS 100.00% <br>**  |  | **$187231743** |

---

(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
August 31, 2025, the value of this security totaled $23,135,899 or 12.36% of net assets.

(b) Non-income producing security.

(c) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

(d) The rate shown is the 7-day annualized yield as of August 31, 2025.

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Smead Funds Trust

- **b. Investment Company Act file number:** 811-22985

- **c. CIK number of Registrant:** 0001614370

- **d. LEI of Registrant:** 549300OM716F7C5UE104

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2502 East Camelback Road

  - **City:** Phoenix

  - **State:** AZ

  - **Foreign country:** US

  - **Zip / Postal Code:** 85016

  - **Telephone number:** 877-807-4122

**Item A.2. Information about the Series.**

- **a. Name of Series:** Smead Value Fund

- **b. EDGAR series identifier (if any):** S000047006

- **c. LEI of Series:** 549300OM716F7C5UE104

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-29

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4646976154.85

**Total Liabilities:** $8760103.34

**Net Assets:** $4638216051.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146928 | 3.76%                | 3.06%                | 7.50%                |
| Class ID C000146929 | 3.72%                | 3.00%                | 7.45%                |
| Class ID C000146930 | 3.76%                | 3.05%                | 7.51%                |
| Class ID C000146931 | 3.77%                | 3.09%                | 7.52%                |
| Class ID C000146933 | 3.72%                | 3.02%                | 7.48%                |
| Class ID C000146934 | 3.73%                | 3.04%                | 7.47%                |
| Class ID C000146937 | 3.79%                | 3.09%                | 7.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10353147.77            | $163472765.90                              |
| Month 2  | $-17151330.72            | $153152747.65                              |
| Month 3  | $30593632.04             | $292251988.04                              |

### Schedule of Portfolio Investments

| Name                                      | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APA Corp.                                 | APA Corp. COM                                         | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |   8848147 | NS      | $205453973.34 | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                | Amgen Inc. COM USD0.0001                              | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    744273 | NS      | $214134784.83 | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                  | Western Alliance Bancorp COM USD0.0001                | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |   1157633 | NS      | $103666035.15 | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                        | Cenovus Energy Inc COM NPV                            | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |  13189611 | NS      | $219354654.85 | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                               | Ovintiv Inc COM                                       | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |   3004748 | NS      | $126559985.76 | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co.                        | U-Haul Holding Co. COM SER N                          | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |   2292965 | NS      | $119784491.60 | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                           | Ulta Beauty Inc COM STK USD0.01                       | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |    133181 | NS      | $65622274.13  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                    | Diamondback Energy Inc COM USD0.01                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |   1140463 | NS      | $169655275.88 | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                  | Simon Property Group Inc COM USD0.0001                | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |   1662779 | NS      | $300397654.14 | 6.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                   | UnitedHealth Group Inc. COM USD0.01                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    286744 | NS      | $88853363.28  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                          | Merck & Co., Inc COM USD0.50                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   2635885 | NS      | $221730646.20 | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                                 | Crocs Inc COM STK USD0.001                            | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |    552392 | NS      | $48168582.40  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                 | eBay Inc. COM USD0.001                                | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |   1888059 | NS      | $171077025.99 | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                       | Fifth Third Bancorp COM NPV                           | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |   1411364 | NS      | $64598130.28  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                      | M&T Bank Corporation COM USD0.50                      | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |    313369 | NS      | $63193992.54  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                   | NVR Inc COM USD0.01                                   | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |     22973 | NS      | $186486773.45 | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                           | Home Depot Inc. COM USD0.05                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    327615 | NS      | $133263953.55 | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                              | Lennar Corp. COM USD0.10 CLASS A                      | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |   1691743 | NS      | $225238663.02 | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                | Occidental Petroleum Corp. COM USD0.20                | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |   3230477 | NS      | $153803009.97 | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                             | QUALCOMM Inc. COM USD0.0001                           | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    582097 | NS      | $93560450.81  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                            | ConocoPhillips COM USD0.01                            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   1522395 | NS      | $150671433.15 | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds              | Northern Institutional Funds TREAS PRT PRMR           | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        | 171042900 | NS      | $171042900.40 | 3.69%             |  |  |  | No            |                  2 | On Loan: No      |
| American Express Company                  | American Express Company COM USD0.20                  | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    713518 | NS      | $236374243.04 | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                  | Devon Energy Corporation COM USD0.10                  | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   1284549 | NS      | $46372218.90  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                      | JPMorgan Chase & Co. COM USD1.00                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    522640 | NS      | $157534148.80 | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corporation of Michigan | Credit Acceptance Corporation of Michigan COM USD0.01 | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174875 | NS      | $90013408.75  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                         | D.R. Horton, Inc. COM USD0.01                         | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |   1596509 | NS      | $270576345.32 | 5.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                              | Target Corp. COM STK USD0.0833                        | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |   1591920 | NS      | $152792481.60 | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                     | Bank of America Corp. COM USD0.01                     | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   2942902 | NS      | $149322847.48 | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                      | The Macerich Company COM USD0.01                      | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |  12961810 | NS      | $238497304.00 | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-18

**Name of Applicant:** Smead Funds Trust

**Signature:** Steven LeMire

**Name of Signer:** Steven LeMire

**Title:** CCO