# EDGAR Filing Document

**Accession Number:** 0001614370
**File Stem:** 0002066578-26-001169
**Filing Date:** 2026-4
**Character Count:** 41150
**Document Hash:** 06c70f012a19cadd8f22889331171d7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001169.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0002066578-26-001169

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20261130

**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:** 26895726

**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 International Value Fund (Series ID: S000075026)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000233723 | Class I1       | SVXFX           |
| C000233724 | Class C        | SVXCX           |
| C000233725 | Class I2       | SVXIX           |
| C000233726 | Investor Class | SVXLX           |
| C000233727 | Class Y        | SVXYX           |
| C000233728 | Class A        | SVXAX           |

## Nport-Ex

SMEAD VALUE FUND

Schedule of Investments

February 28, 2026 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS 94.82%** |  |  |
| **Banks 12.08%** |  |  |
| Bank of America Corp. <br>| &nbsp;&nbsp;&nbsp;2546503 | $126892244 |
| Fifth Third Bancorp <br>| &nbsp;&nbsp;&nbsp;2612991 | &nbsp;&nbsp;&nbsp;129264665 |
| JPMorgan Chase & Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383816 | &nbsp;&nbsp;&nbsp;115259945 |
| M&T Bank Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271159 | &nbsp;&nbsp;&nbsp;&nbsp;58836080 |
| Western Alliance Bancorp <br>| &nbsp;&nbsp;&nbsp;1251733 | &nbsp;&nbsp;&nbsp;100539195 |
|  |  | &nbsp;&nbsp;&nbsp;530792129 |
| **Consumer Durables & Apparel 13.25%** |  |  |
| Crocs, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477987 | &nbsp;&nbsp;&nbsp;&nbsp;43358201 |
| DR Horton, Inc. <br>| &nbsp;&nbsp;&nbsp;1381465 | &nbsp;&nbsp;&nbsp;221573171 |
| Lennar Corp. – Class A <br>| &nbsp;&nbsp;&nbsp;1463871 | &nbsp;&nbsp;&nbsp;167408288 |
| NVR, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19879 | &nbsp;&nbsp;&nbsp;149446147 |
|  |  | &nbsp;&nbsp;&nbsp;581785807 |
| **Diversified Financials 6.00%** |  |  |
| American Express Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555920 | &nbsp;&nbsp;&nbsp;171723688 |
| Credit Acceptance Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194269 | &nbsp;&nbsp;&nbsp;&nbsp;91924206 |
|  |  | &nbsp;&nbsp;&nbsp;263647894 |
| **Energy 22.36%** |  |  |
| APA Corp. <br>| &nbsp;&nbsp;&nbsp;7656332 | &nbsp;&nbsp;&nbsp;232522803 |
| Cenovus Energy, Inc. (b)<br>| 11412967 | &nbsp;&nbsp;&nbsp;254272253 |
| ConocoPhillips <br>| &nbsp;&nbsp;&nbsp;1541764 | &nbsp;&nbsp;&nbsp;174928544 |
| Diamondback Energy, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986847 | &nbsp;&nbsp;&nbsp;171790326 |
| Occidental Petroleum Corp. <br>| &nbsp;&nbsp;&nbsp;2795343 | &nbsp;&nbsp;&nbsp;148376806 |
|  |  | &nbsp;&nbsp;&nbsp;981890732 |
| **Health Care Equipment & Services 2.14%** |  |  |
| UnitedHealth Group, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320978 | &nbsp;&nbsp;&nbsp;&nbsp;94133218 |
| **Pharmaceuticals, Biotechnology & Life Sciences 12.12%** |  |  |
| Amgen, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644022 | &nbsp;&nbsp;&nbsp;249983579 |
| Merck & Co., Inc. <br>| &nbsp;&nbsp;&nbsp;2280840 | &nbsp;&nbsp;&nbsp;282413609 |
|  |  | &nbsp;&nbsp;&nbsp;532397188 |
| **Real Estate 11.91%** |  |  |
| Macerich Co. (The) – REIT <br>| 11215899 | &nbsp;&nbsp;&nbsp;229589452 |
| Simon Property Group, Inc. – REIT <br>| &nbsp;&nbsp;&nbsp;1438809 | &nbsp;&nbsp;&nbsp;293301215 |
|  |  | &nbsp;&nbsp;&nbsp;522890667 |

---

The accompanying notes are an integral part of these financial statements.

------

SMEAD VALUE FUND

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Retailing 11.20%** |  |  |
| eBay, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;1633744 | &nbsp;&nbsp;&nbsp;$148441980 |
| Home Depot, Inc. (The) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107929171 |
| Target Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;1377494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156745042 |
| Ulta Beauty, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78916569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492032762 |
| **Semiconductors & Semiconductor Equipment 1.63%** |  |  |
| QUALCOMM, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71705308 |
| **Transportation 2.13%** |  |  |
| U-Haul Holding Co. (Non Voting) <br>| &nbsp;&nbsp;&nbsp;&nbsp;1984111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93570675 |
| **TOTAL COMMON STOCKS (Cost $2,806,662,854) <br>**  |  | &nbsp;&nbsp;&nbsp;**4164846380** |
| **SHORT-TERM INVESTMENTS 5.20%** |  |  |
| **Money Market Fund 5.20%** |  |  |
| Northern Institutional Treasury Portfolio — Premier Class, 3.54% (c)<br>| 228376215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228376215 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $228,376,215)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**228376215** |
| **TOTAL INVESTMENTS (Cost $3,035,039,069) 100.02%<br>**  |  | &nbsp;&nbsp;&nbsp;**4393222595** |
| Other Assets in Excess of Liabilities (0.02)%<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(965410) |
| **TOTAL NET ASSETS 100%<br>**  |  | **$4392257185** |

---

(a) Non-income producing security.

(b) Foreign issued security.

(c) The rate shown is the 7-day annualized yield as of February 28, 2026.

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.

The accompanying notes are an integral part of these financial statements.

------

#### SMEAD VALUE FUND

#### Notes to Financial Statements
February 28, 2026 (Unaudited)<br>

#### 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 generally accepted accounting principles in the United States of America ("GAAP").

#### Investment Valuation
The Fund value their investments at fair value. Each security owned by the Fund 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 Fund will use the price of the exchange that the Fund 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 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

------

#### SMEAD VALUE FUND

#### Notes to Financial Statements (Continued)
February 28, 2026 (Unaudited)<br>

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 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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Equity<sup>(1)</sup>** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$4164846380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4164846380 |
| **Total Equity** | &nbsp;&nbsp;&nbsp;&nbsp;4164846380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4164846380 |
| **Short-Term Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;228376215 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228376215 |
| **Total Investments on Securities** | &nbsp;&nbsp;$4164846380 | &nbsp;&nbsp;$228376215 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4393222595 |

---

<sup>(1)</sup> See the Schedule of Investments for industry classification.

No Level 3 securities were held in the Fund at February 28, 2026. For the period ended February 28, 2026, there were no transfers into or out of Level 3 for the Funds. The Funds did not hold financial derivative instruments during the reporting period.

------

SMEAD INTERNATIONAL VALUE FUND

Schedule of Investments

February 28, 2026 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS 94.97%** |  |  |
| **Australia 1.22%** |  |  |
| **Materials 1.22%** |  |  |
| Whitehaven Coal Ltd. <br>| &nbsp;&nbsp;&nbsp;&nbsp;541986 | &nbsp;&nbsp;$3007365 |
| **Austria 8.78%** |  |  |
| **Financials 8.78%** |  |  |
| BAWAG Group AG (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;138450 | &nbsp;&nbsp;&nbsp;21611598 |
| **Canada 33.55%** |  |  |
| **Consumer Discretionary 0.72%** |  |  |
| Spin Master Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;125435 | &nbsp;&nbsp;&nbsp;&nbsp;1770187 |
| **Consumer Staples 0.74%** |  |  |
| Alimentation Couche-Tard, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30181 | &nbsp;&nbsp;&nbsp;&nbsp;1831592 |
| **Energy 29.42%** |  |  |
| Cenovus Energy, Inc. <br>| 1513332 | &nbsp;&nbsp;&nbsp;33715890 |
| Imperial Oil Ltd. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62273 | &nbsp;&nbsp;&nbsp;&nbsp;7283939 |
| International Petroleum Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;252700 | &nbsp;&nbsp;&nbsp;&nbsp;5767055 |
| Strathcona Resources Ltd. <br>| &nbsp;&nbsp;&nbsp;&nbsp;598638 | &nbsp;&nbsp;&nbsp;13078269 |
| Tamarack Valley Energy Ltd. <br>| 1680113 | &nbsp;&nbsp;&nbsp;12551117 |
|  |  | &nbsp;&nbsp;&nbsp;72396270 |
| **Materials 1.88%** |  |  |
| West Fraser Timber Co. Ltd. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69502 | &nbsp;&nbsp;&nbsp;&nbsp;4614275 |
| **Real Estate 0.79%** |  |  |
| H&R Real Estate Investment Trust – REIT <br>| &nbsp;&nbsp;&nbsp;&nbsp;255300 | &nbsp;&nbsp;&nbsp;&nbsp;1952112 |
|  |  | &nbsp;&nbsp;&nbsp;82564436 |
| **Denmark 2.45%** |  |  |
| **Consumer Discretionary 2.45%** |  |  |
| Pandora AS <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76087 | &nbsp;&nbsp;&nbsp;&nbsp;6024266 |
| **Italy 8.65%** |  |  |
| **Financials 8.65%** |  |  |
| Assicurazioni Generali SpA <br>| &nbsp;&nbsp;&nbsp;&nbsp;176151 | &nbsp;&nbsp;&nbsp;&nbsp;7488870 |
| UniCredit SpA <br>| &nbsp;&nbsp;&nbsp;&nbsp;163621 | &nbsp;&nbsp;&nbsp;13799853 |
|  |  | &nbsp;&nbsp;&nbsp;21288723 |
| **Japan 2.28%** |  |  |
| **Consumer Discretionary 2.28%** |  |  |
| Subaru Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;296508 | &nbsp;&nbsp;&nbsp;&nbsp;5598032 |

---

The accompanying notes are an integral part of these financial statements.

------

SMEAD INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands 0.71%** |  |  |
| **Communications 0.71%** |  |  |
| Universal Music Group NV <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77569 | &nbsp;&nbsp;&nbsp;&nbsp;$1751413 |
| **Norway 5.59%** |  |  |
| **Industrials 5.59%** |  |  |
| Frontline PLC <br>| &nbsp;&nbsp;&nbsp;&nbsp;369749 | &nbsp;&nbsp;&nbsp;&nbsp;13758830 |
| **Spain 4.75%** |  |  |
| **Financials 4.75%** |  |  |
| Bankinter SA <br>| &nbsp;&nbsp;&nbsp;&nbsp;697185 | &nbsp;&nbsp;&nbsp;&nbsp;11686200 |
| **Switzerland 5.89%** |  |  |
| **Consumer Discretionary 1.28%** |  |  |
| Garrett Motion, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;154337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142301 |
| **Health Care 4.61%** |  |  |
| Roche Holding AG <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23758 | &nbsp;&nbsp;&nbsp;&nbsp;11341406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14483707 |
| **United Kingdom 20.25%** |  |  |
| **Communications 2.01%** |  |  |
| Autotrader Group PLC (a),(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;744372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4944541 |
| **Consumer Discretionary 5.31%** |  |  |
| Burberry Group PLC (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;438737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829255 |
| Next PLC <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13070085 |
| **Financials 7.51%** |  |  |
| Barclays PLC <br>| 1831384 | &nbsp;&nbsp;&nbsp;&nbsp;11058193 |
| NatWest Group PLC <br>| &nbsp;&nbsp;&nbsp;&nbsp;891448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18489792 |
| **Materials 5.42%** |  |  |
| Glencore PLC (b)<br>| 1853570 | &nbsp;&nbsp;&nbsp;&nbsp;13338806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49843224 |
| **United States 0.85%** |  |  |
| **Energy 0.85%** |  |  |
| Occidental Petroleum Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087743 |
| **TOTAL COMMON STOCKS (Cost $141,192,154) <br>**  |  | &nbsp;&nbsp;&nbsp;**233705537** |

---

The accompanying notes are an integral part of these financial statements.

------

SMEAD INTERNATIONAL VALUE FUND

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANTS 1.15%** |  |  |
| **United States 1.15%** |  |  |
| **Energy 1.15%** |  |  |
| Occidental Petroleum Corp., Exp. 7/6/2027, Strike $22.00 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842783 |
| **TOTAL WARRANTS (Cost $955,889) <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2842783** |
| **SHORT-TERM INVESTMENTS 5.61%** |  |  |
| **Money Market Fund 5.61%** |  |  |
| Northern Institutional Treasury Portfolio — Premier Class, 3.54% (c)<br>| 13807202 | &nbsp;&nbsp;&nbsp;&nbsp;13807202 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $13,807,202) <br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**13807202** |
| **TOTAL INVESTMENTS (Cost $155,955,245) 101.73% <br>**  |  | &nbsp;&nbsp;&nbsp;**250355522** |
| Other Assets in Excess of Liabilities (1.73)% <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4265241) |
| **TOTAL NET ASSETS 100.00% <br>**  |  | **$246090281** |

---

(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
February 28, 2026, the value of these securities totaled $28,326,326 or 11.51% of net assets.

(b) Non-income producing security.

(c) The rate shown is the 7-day annualized yield as of February 28, 2026.

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.

The accompanying notes are an integral part of these financial statements.

------

#### SMEAD INTERNATIONAL VALUE FUND

#### Notes to Financial Statements
February 28, 2026 (Unaudited)<br>

#### 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 generally accepted accounting principles in the United States of America ("GAAP").

#### Investment Valuation
The Fund value their investments at fair value. Each security owned by the Fund 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 Fund will use the price of the exchange that the Fund 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 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

------

#### SMEAD INTERNATIONAL VALUE FUND

#### Notes to Financial Statements (Continued)
February 28, 2026 (Unaudited)<br>

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 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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Equity<sup>(1)</sup>** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$92739021 | &nbsp;&nbsp;$140966516 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$233705537 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842783 |
| **Total Equity** | &nbsp;&nbsp;&nbsp;&nbsp;95581804 | &nbsp;&nbsp;&nbsp;&nbsp;140966516 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;236548320 |
| **Short-Term Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13807202 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13807202 |
| **Total Investments on Securities** | &nbsp;&nbsp;$95581804 | &nbsp;&nbsp;$154773718 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$250355522 |

---

<sup>(1)</sup> See the Schedule of Investments for industry classification.

No Level 3 securities were held in the Fund at February 28, 2026. For the period ended February 28, 2026, there were no transfers into or out of Level 3 for the Funds. The Funds did not hold financial derivative instruments during the reporting period.

## 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 International Value Fund

- **b. EDGAR series identifier (if any):** S000075026

- **c. LEI of Series:** 894500UIA880NBNT7123

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

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-27

**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:** $246055667.65

**Total Liabilities:** $513319.30

**Net Assets:** $245542348.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233723 | 2.44%                | 6.86%                | 4.23%                |
| Class ID C000233724 | 2.36%                | 6.78%                | 4.17%                |
| Class ID C000233726 | 2.42%                | 6.86%                | 4.21%                |
| Class ID C000233727 | 2.44%                | 6.87%                | 4.24%                |
| Class ID C000233728 | 2.42%                | 6.83%                | 4.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5750.01                | $4547072.32                                |
| Month 2  | $0.00                    | $13464429.74                               |
| Month 3  | $-49138.09               | $8697683.08                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Next PLC                         | Next PLC ORD GBP0.10                        | CUSIP: G6500M106<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |     34242 | NS      | $6240829.92   | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Strathcona Resources Ltd.        | Strathcona Resources Ltd. COM               | CUSIP: 862952207<br>LEI: 549300YNIUISTSZMLF56 | Long             | EC               | CORP              | CA        |    598638 | NS      | $13078268.69  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Corp.                     | Subaru Corp. NPV                            | CUSIP: J7676H100<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |    296508 | NS      | $5598032.09   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                     | Bankinter SA EUR0.30(REGD)                  | CUSIP: E2116H880<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |    697185 | NS      | $11686199.71  | 4.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                      | Pandora A/S DKK1                            | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |     76087 | NS      | $6024266.07   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                 | Roche Holding AG GENUSSCHEINE NPV           | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |     23758 | NS      | $11341405.92  | 4.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                     | Glencore PLC ORD USD0.01                    | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   1853570 | NS      | $13338806.03  | 5.43%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                   | BAWAG Group AG NPV                          | CUSIP: A0997C107<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |    138450 | NS      | $21611598.23  | 8.80%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Northern Institutional Funds     | Northern Institutional Funds TREAS PRT PRMR | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  13807202 | NS      | $13807201.76  | 5.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.                | Imperial Oil Ltd. COM NPV                   | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     62273 | NS      | $7283939.12   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.       | Occidental Petroleum Corp. COM USD0.20      | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     39332 | NS      | $2087742.56   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd.       | West Fraser Timber Co Ltd. COM NPV          | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     69502 | NS      | $4614274.49   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                     | Barclays PLC ORD GBP0.25                    | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |   1831384 | NS      | $11058192.39  | 4.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Burberry Group PLC               | Burberry Group PLC ORD GBP0.0005            | CUSIP: G1700D105<br>LEI: 213800PE1KEFCNFR1R50 | Long             | EC               | CORP              | GB        |    438737 | NS      | $6829255.02   | 2.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Assicurazioni Generali S.p.A.    | Assicurazioni Generali S.p.A. NPV           | CUSIP: T05040109<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |    176151 | NS      | $7488870.30   | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc               | Cenovus Energy Inc COM NPV                  | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |   1513332 | NS      | $33715889.80  | 13.73%            |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit S.p.A.                 | UniCredit S.p.A. NPV                        | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    163621 | NS      | $13799853.08  | 5.62%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                | NatWest Group PLC ORD GBP1.0769             | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    891448 | NS      | $7431599.24   | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc.    | Alimentation Couche-Tard Inc. COM           | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     30181 | NS      | $1831592.08   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Spin Master Corporation          | Spin Master Corporation SUB VTG NPV         | CUSIP: 848510103<br>LEI: 254900ACUT127TXKWO71 | Long             | EC               | CORP              | CA        |    125435 | NS      | $1770187.13   | 0.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| International Petroleum Corp     | International Petroleum Corp COM            | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               | CORP              | CA        |    252700 | NS      | $5767054.73   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontline Plc                    | Frontline Plc COM                           | CUSIP: M46528101<br>LEI: 5493004BCIKYU1YL3H63 | Long             | EC               | CORP              | CY        |    369749 | NS      | $13758829.93  | 5.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitehaven Coal Ltd.             | Whitehaven Coal Ltd. NPV                    | CUSIP: Q97664108<br>LEI: 529900WCZ4I6ZO3RRP86 | Long             | EC               | CORP              | AU        |    541986 | NS      | $3007365.50   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Tamarack Valley Energy Ltd       | Tamarack Valley Energy Ltd COM NPV          | CUSIP: 87505Y409<br>LEI: 549300TLKPX8BE14MH06 | Long             | EC               | CORP              | CA        |   1680113 | NS      | $12551117.24  | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc               | Garrett Motion Inc COM USD0.001             | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |    154337 | NS      | $3142301.32   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group N.V        | Universal Music Group N.V EUR10.00          | CUSIP: N90313102<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |     77569 | NS      | $1751413.00   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| H&R Real Estate Investment Trust | H&R Real Estate Investment Trust UNITS      | CUSIP: 403925407<br>LEI: 549300TGNP6B6GUVGW10 | Long             | EC               | CORP              | CA        |    255300 | NS      | $1952112.46   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP        | OCCIDENTAL PETROLEUM CORP                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     91555 | NC      | $2842782.75   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-20

**Name of Applicant:** Smead Funds Trust

**Signature:** Cole Smead

**Name of Signer:** Cole Smead

**Title:** CEO