SMEAD VALUE FUND CLASS A SHARES (SVFAX) Exchange: NMFQS

To achieve its investment objective, the Fund will maintain approximately 25-30 companies in its portfolio and will invest in the common stocks of large capitalization (“large-cap”) U.S. companies. The Fund considers large-cap companies to be those publicly traded U.S. companies with capitalizations exceeding $5 billion. For purposes of the Fund’s investment policies, the market capitalization of a company is based on its capitalization at the time the Fund purchases the company’s securities. The Adviser selects the Fund’s investments by screening large-cap companies using the following eight criteria: Required over entire holding period products or services that meet a clear economic need; strong competitive advantage (wide moats or barriers to entry); long history of profitability and strong metrics (net profit margin, return on equity and net income ratios); generates high levels of cash flow; available at a low price in relation to intrinsic value (the perception of value based on all factors of business, tangible and intangible); Favored, but not required management’s history of shareholder friendliness (dividends, buybacks, earnings quality, reporting transparency, executive compensation and acquisition history); strong balance sheet; and strong management (directors and officers) ownership (preferably with recent purchases). The Fund’s portfolio is built around high quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term. Once securities are purchased, the Adviser maintains a responsive process that is designed to manage overall portfolio risk by protecting against a significant decline in value of a security. The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years. The Fund is classified as a non-diversified mutual fund. This means that the Fund may invest a relatively high percentage of its assets in a small number of issuers. The Fund may invest a large percentage of its assets in a few sectors, including consumer discretionary (goods and services considered non-essential by consumers) and financials (financial services provided to retail and commercial customers). For temporary defensive purposes, the Adviser may from time to time invest up to 100% of the Fund’s total assets in high-quality, short-term debt securities and money market instruments in order to meet redemption requests or as a defensive measure in response to adverse market, economic, political or other conditions.