2016 YEAR-END DISTRIBUTIONS

877.701.2883 SMEADCAP.COM

Smead Value Fund2016 Distributions

RECORDDATE

EX-DIVIDENDAND

REINVESTMENTDATE PAYABLE DATE

NETINVESTMENT

INCOME(PER SHARE)

SHORT-TERM CAPITAL

GAIN DISTRIBUTION

(PER SHARE)

LONG-TERM CAPITAL

GAIN DISTRIBUTION

(PER SHARE)

OVERALL DISTRIBUTION

(PER SHARE)

INVESTOR SHARE CLASS(SMVLX) 12/14/2016 12/15/2016 12/16/2016 $0.193209 — $1.030455 $1.223664

A SHARE CLASS(SVFAX) 12/14/2016 12/15/2016 12/16/2016 $0.260933 — $1.030455 $1.291388

I1 SHARE CLASS(SVFFX) 12/14/2016 12/15/2016 12/16/2016 $0.354015 — $1.030455 $1.384470

R1 SHARE CLASS(SVFDX) 12/14/2016 12/15/2016 12/16/2016 $0.240408 — $1.030455 $1.270863

R2 SHARE CLASS(SVFKX) 12/14/2016 12/15/2016 12/16/2016 $0.188689 — $1.030455 $1.219144

Y SHARE CLASS(SVFYX) 12/14/2016 12/15/2016 12/16/2016 $0.407392 — $1.030455 $1.437847

This notice is provided to you for informational purposes only and should not be considered tax advice. Smead Capital Management does not offer tax or legal advice. Please consult with your tax advisor regarding your personal circumstances.Mutual fund investing involves risk. Principal loss is possible. Past performance is not guarantee of future results. Consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The statutory and summary prospectuses contain this and other information about the Fund and is available at www.smeadcap.com or by calling 877-807-4122. Read carefully before investing.The Smead Value Fund is distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. and Smead Capital Management are not affiliated. SVF000237 Exp 4/30/2018