# EDGAR Filing Document

**Accession Number:** 0001614370
**File Stem:** 0002066578-25-000902
**Filing Date:** 2025-10
**Character Count:** 25568
**Document Hash:** 2eb569a36d41fd6aec153495de1a2816
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000902.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0002066578-25-000902

**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:** 251423229

**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

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 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:** 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:** $187613688.64

**Total Liabilities:** $208349.84

**Net Assets:** $187405338.80

**Cash Not Reported:** $5.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233723 | 2.36%                | 3.81%                | 4.29%                |
| Class ID C000233724 | 2.29%                | 3.73%                | 4.23%                |
| Class ID C000233726 | 2.35%                | 3.80%                | 4.28%                |
| Class ID C000233727 | 2.38%                | 3.83%                | 4.30%                |
| Class ID C000233728 | 2.35%                | 3.79%                | 4.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3538674.25                                |
| Month 2  | $0.00                    | $6558286.33                                |
| Month 3  | $-1361098.75             | $8609746.95                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Glencore PLC                  | Glencore PLC ORD USD0.01                    | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   1739086 | NS      | $6872836.80   | 3.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds  | Northern Institutional Funds TREAS PRT PRMR | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5176778 | NS      | $5176777.63   | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.             | Imperial Oil Ltd. COM NPV                   | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     58473 | NS      | $5305934.58   | 2.83%             |  |  |  | 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        |     70702 | NS      | $5150200.66   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                  | Barclays PLC ORD GBP0.25                    | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |   1718270 | NS      | $8364447.25   | 4.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Burberry Group PLC            | Burberry Group PLC ORD GBP0.0005            | CUSIP: G1700D105<br>LEI: 213800PE1KEFCNFR1R50 | Long             | EC               | CORP              | GB        |    411638 | NS      | $7135017.26   | 3.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                      | Next PLC ORD GBP0.10                        | CUSIP: G6500M106<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |     26470 | NS      | $4278602.91   | 2.28%             |  |  |  | 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        |    165271 | NS      | $6460326.78   | 3.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc            | Cenovus Energy Inc COM NPV                  | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    707490 | NS      | $11766171.48  | 6.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                 | Volkswagen AG NON VTG PRF NPV               | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |     21606 | PA      | $2516261.72   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitehaven Coal Ltd.          | Whitehaven Coal Ltd. NPV                    | CUSIP: Q97664108<br>LEI: 529900WCZ4I6ZO3RRP86 | Long             | EC               | CORP              | AU        |    508511 | NS      | $2198174.73   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                | BAWAG Group AG NPV                          | CUSIP: A0997C107<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |    138452 | NS      | $17890666.23  | 9.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Occidental Petroleum Corp.    | Occidental Petroleum Corp. COM USD0.20      | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     39054 | NS      | $1859360.94   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit S.p.A.              | UniCredit S.p.A. NPV                        | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    163623 | NS      | $12663187.55  | 6.76%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC             | NatWest Group PLC ORD GBP1.0769             | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    836388 | NS      | $5786466.04   | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc. | Alimentation Couche-Tard Inc. COM           | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     28281 | NS      | $1433458.63   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Strathcona Resources Ltd.     | Strathcona Resources Ltd. COM               | CUSIP: 862952108<br>LEI: 549300YNIUISTSZMLF56 | Long             | EC               | CORP              | CA        |    561638 | NS      | $15613892.19  | 8.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Corp.                  | Subaru Corp. NPV                            | CUSIP: J7676H100<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |    278208 | NS      | $5426320.78   | 2.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                  | Bankinter SA EUR0.30(REGD)                  | CUSIP: E2116H880<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |    654124 | NS      | $9747987.37   | 5.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                   | Pandora A/S DKK1                            | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |     52960 | NS      | $7311770.50   | 3.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Spin Master Corporation       | Spin Master Corporation SUB VTG NPV         | CUSIP: 848510103<br>LEI: 549300JH0ZG8BVEPRY76 | Long             | EC               | CORP              | CA        |    117235 | NS      | $1930085.81   | 1.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Frontline Plc                 | Frontline Plc COM                           | CUSIP: M46528101<br>LEI: 5493004BCIKYU1YL3H63 | Long             | EC               | CORP              | CY        |    346911 | NS      | $7116990.51   | 3.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Tamarack Valley Energy Ltd    | Tamarack Valley Energy Ltd COM NPV          | CUSIP: 87505Y409<br>LEI: 549300TLKPX8BE14MH06 | Long             | EC               | CORP              | CA        |   1579613 | NS      | $6199522.39   | 3.31%             |  |  |  | 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        |     72778 | NS      | $2057419.30   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Ing H C F Porsche AG       | Dr Ing H C F Porsche AG NON-VTG PRF NPV     | CUSIP: D2R3HA114<br>LEI: 529900EWEX125AULXI58 | Long             | EP               | CORP              | DE        |     62355 | NS      | $3315146.70   | 1.77%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MEG Energy Corporation        | MEG Energy Corporation COM NPV              | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               | CORP              | CA        |    666941 | NS      | $13719068.88  | 7.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG              | Roche Holding AG GENUSSCHEINE NPV           | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |     22212 | NS      | $7251157.98   | 3.87%             |  |  |  | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP     | OCCIDENTAL PETROLEUM CORP                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     90431 | NC      | $2304181.88   | 1.23%             |  |  |  | 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