# EDGAR Filing Document

**Accession Number:** 0001502745
**File Stem:** 0000910472-26-000850
**Filing Date:** 2026-1
**Character Count:** 27910
**Document Hash:** 3093be979dea476e29960726f945c666
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000850.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000910472-26-000850

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Copeland Trust
- **CENTRAL INDEX KEY:** 0001502745

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22483
- **FILM NUMBER:** 26568993

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 PEOPLES PLAZA
- **STREET 2:** SUITE 104
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19702
- **BUSINESS PHONE:** 617-399-6935

**MAIL ADDRESS:**
- **STREET 1:** 1400 PEOPLES PLAZA
- **STREET 2:** SUITE 104
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Edgartown Trust
- **DATE OF NAME CHANGE:** 20101004

## Series and Classes Contracts Data

### COPELAND INTERNATIONAL SMALL CAP FUND (Series ID: S000074827)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000233044 | COPELAND INTERNATIONAL SMALL CAP FUND Class A Shares |  |
| C000233045 | COPELAND INTERNATIONAL SMALL CAP FUND Class I Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Copeland Trust

- **b. Investment Company Act file number:** 811-22483

- **c. CIK number of Registrant:** 0001502745

- **d. LEI of Registrant:** 5493005MVJ95H6N82870

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

  - **Street Address 1:** 1400 PEOPLES PLAZA

  - **City:** NEWARK

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19702

  - **Telephone number:** 617-399-6935

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

- **a. Name of Series:** Copeland International Small Cap Fund

- **b. EDGAR series identifier (if any):** S000074827

- **c. LEI of Series:** 549300NF6EWQK2SMZN38

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

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

- **b. Date as of which information is reported:** 2025-11-30

**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:** $889124.06

**Total Liabilities:** $184719.66

**Net Assets:** $704404.40

**Cash Not Reported:** $9160.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233045 | -0.66%               | -2.55%               | 0.80%                |
| Class ID C000233044 | -0.66%               | -2.56%               | 0.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1.23                   | $-6027.92                                  |
| Month 2  | $-256.16                 | $-17389.88                                 |
| Month 3  | $-6918.03                | $11969.74                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| USS Co Ltd.                                       | USS Co Ltd                | CUSIP: J9446Z105<br>LEI: 5299000RRQD6UZXG4W72 | Long             | EC               | CORP              | JP        |       853 | NS      | $9511.37      | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Loomis AB                                         | LOOMIS AB                 | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |       256 | NS      | $10318.36     | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Alzchem Group Ag                                  | ALZCHEM GROUP AG          | CUSIP: D0R02K100<br>LEI: 8945004EL7WZK3ERG181 | Long             | EC               | CORP              | DE        |        55 | NS      | $8230.60      | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventia Services Group Ltd.                        | VENTIA SERVICES           | CUSIP: Q9394Q109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      3197 | NS      | $12346.57     | 1.75%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Technip Energies N V                              | TECHNIP ENERGIES          | CUSIP: N8486R101<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | NL        |       212 | NS      | $8278.17      | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Misumi Group Inc.                                 | MISUMI GROUP INC          | CUSIP: J43293109<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |       476 | NS      | $6889.87      | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Santen Pharmaceutical Co Ltd.                     | SANTEN PHARM              | CUSIP: J68467109<br>LEI: 529900TPT3I7C17MIM03 | Long             | EC               | CORP              | JP        |       687 | NS      | $7031.97      | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Steadfast Group Ltd.                              | STEADFAST GROUP           | CUSIP: Q8744R106<br>LEI: 9845003B6BEAA12DBD91 | Long             | EC               | CORP              | AU        |      3036 | NS      | $10300.98     | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Addtech AB                                        | ADDTECH AB-B SH           | CUSIP: W4260L147<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |       274 | NS      | $9428.57      | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Generali S.p.A.                             | Banca Generali SpA        | CUSIP: T3000G115<br>LEI: 815600903231FA2E7698 | Long             | EC               | CORP              | IT        |       167 | NS      | $10635.32     | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Virbac SA                                         | VIRBAC SA                 | CUSIP: F97900116<br>LEI: 969500QQ1X5XHG649644 | Long             | EC               | CORP              | FR        |        27 | NS      | $11535.87     | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                            | GILDAN ACTIVEWEA          | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |       177 | NS      | $10156.52     | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweco AB (publ)                                   | SWECO AB-B                | CUSIP: W31065225<br>LEI: 549300Q4Y55VICYV6U90 | Long             | EC               | CORP              | SE        |       528 | NS      | $9003.13      | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Granite Real Estate Investment Trust              | GRANITE REAL EST          | CUSIP: 387437205<br>LEI: 549300A6I7CLE0ZC0396 | Long             | EC               | CORP              | CA        |       171 | NS      | $9371.72      | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Wihlborgs Fastigheter AB                          | WIHLBORGS FASTIG          | CUSIP: W9899F163<br>LEI: 549300RC1YDJPITF8X06 | Long             | EC               | CORP              | SE        |       838 | NS      | $8165.96      | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd                                     | MARUWA CO LTD             | CUSIP: J40573107<br>LEI: 3538009BXGIG8PFXNI29 | Long             | EC               | CORP              | JP        |        67 | NS      | $20407.62     | 2.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Recordati Industria Chimica e Farmaceutica S.p.A. | Recordati SpA             | CUSIP: T78458139<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |       215 | NS      | $12711.28     | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexans SA                                         | NEXANS SA                 | CUSIP: F65277109<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |        52 | NS      | $7541.16      | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottomatica Group SpA                             | LOTTOMATICA GROU          | CUSIP: T64384109<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |       546 | NS      | $13944.63     | 1.98%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bravida Holding AB                                | BRAVIDA HOLDING           | CUSIP: W2R16Z106<br>LEI: 549300H88IJGPNNL3T61 | Long             | EC               | CORP              | SE        |       863 | NS      | $7323.74      | 1.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Asahi Intecc Co Ltd.                              | ASAHI INTECC CO           | CUSIP: J0279C107<br>LEI: 353800J3AV2SCNIO8L39 | Long             | EC               | CORP              | JP        |       573 | NS      | $10737.77     | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| NSD Co Ltd                                        | NSD CO LTD                | CUSIP: J56107105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       361 | NS      | $8382.01      | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| TFI International Inc                             | TFI INTERNATIONAL INC     | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |        79 | NS      | $6889.30      | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SOL S.p.A                                         | SOL SPA                   | CUSIP: T8711D103<br>LEI: 81560096A9AEBBBD4B25 | Long             | EC               | CORP              | IT        |       192 | NS      | $11105.15     | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Rohto Pharmaceutical Co Ltd                       | ROHTO PHARM               | CUSIP: J65371106<br>LEI: 353800Q1CW5OS81OUM12 | Long             | EC               | CORP              | JP        |       646 | NS      | $10463.53     | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Opap SA                                           | OPAP SA                   | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |       446 | NS      | $9113.40      | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| JCU Corp.                                         | JCU CORP                  | CUSIP: J2810V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       399 | NS      | $11551.82     | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Unibrew A/S                                 | ROYAL UNIBREW             | CUSIP: K8390X122<br>LEI: 529900D69KFL8IAP8Q63 | Long             | EC               | CORP              | DK        |       108 | NS      | $9368.85      | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Hall Group                                | CHARTER HALL GROUP        | CUSIP: Q2308A138<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       749 | NS      | $12200.55     | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Planisware SA                                     | PLANISWARE SA             | CUSIP: F7S918135<br>LEI: 969500356FAUM2X41Q59 | Long             | EC               | CORP              | FR        |       373 | NS      | $9225.32      | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                        | ASICS CORP                | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |       453 | NS      | $10849.44     | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Breedon Group PLC                                 | BREEDON GROUP PL          | CUSIP: G131AN104<br>LEI: 213800DQGNQE3X76WS92 | Long             | EC               | CORP              | GB        |      1564 | NS      | $6809.54      | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc.                                 | OR ROYALTIES INC          | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |       412 | NS      | $14360.40     | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Gas Co Ltd                                 | NIPPON GAS                | CUSIP: J50151117<br>LEI: 549300N3DC5V2XON9C60 | Long             | EC               | CORP              | JP        |       482 | NS      | $9399.12      | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Viscofan SA                                       | VISCOFAN                  | CUSIP: E97579192<br>LEI: 95980020140005684765 | Long             | EC               | CORP              | ES        |       100 | NS      | $6220.15      | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Breville Group Ltd.                               | BREVILLE GROUP L          | CUSIP: Q1758G108<br>LEI: 529900MM4WH0KSB3KW37 | Long             | EC               | CORP              | AU        |       358 | NS      | $7264.23      | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EURONEXT                                          | EURONEXT NV               | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |        53 | NS      | $8119.73      | 1.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bytes Technology Group PLC                        | BYTES TECHNOLOGY          | CUSIP: G1824W104<br>LEI: 213800LA4DZLFBAC9O33 | Long             | EC               | CORP              | GB        |      1369 | NS      | $6282.69      | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Corporation             | BROOKFIELD INFRA          | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | CA        |       230 | NS      | $10569.38     | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Toromont Industries Ltd.                          | TOROMONT INDS             | CUSIP: 891102105<br>LEI: 5493008W5EPRSLQ0B737 | Long             | EC               | CORP              | CA        |        68 | NS      | $7951.31      | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA                      | GAZTRANSPORT ET TECHNIGA  | CUSIP: F42674113<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |        56 | NS      | $11192.04     | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| VZ Holdings                                       | VZ HOLDING AG             | CUSIP: H9239A111<br>LEI: 529900JMJUZCFUVQ0Q82 | Long             | EC               | CORP              | CH        |        50 | NS      | $9286.23      | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Mainstreet Equity Corp.                           | MAINSTREET EQUIT          | CUSIP: 560915100<br>LEI: 984500FB1BA3F6U3DB35 | Long             | EC               | CORP              | CA        |        61 | NS      | $8116.22      | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi HC Capital Inc.                        | MITSUBISHI HC CA          | CUSIP: J4706D100<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | EC               | CORP              | JP        |      1193 | NS      | $9544.93      | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Aica Kogyo Co Ltd.                                | AICA KOGYO CO             | CUSIP: J00252106<br>LEI: 353800I589BKZAOJD116 | Long             | EC               | CORP              | JP        |       370 | NS      | $8454.05      | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| NICHIAS Corporation                               | NICHIAS CORP              | CUSIP: J49205107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       258 | NS      | $10276.94     | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Chiba Bank Ltd.                                   | CHIBA BANK LTD            | CUSIP: J05670104<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |      1407 | NS      | $14829.46     | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Real Estate Holdings Inc.                  | Nomura Real Estate Holdin | CUSIP: J5893B104<br>LEI: 353800UZ91CT24OL9P59 | Long             | EC               | CORP              | JP        |      1067 | NS      | $6546.62      | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Simplex Holdings Inc                              | SIMPLEX HOLDINGS          | CUSIP: J7550Z101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1296 | NS      | $9132.32      | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Montea NV                                         | MONTEA NV                 | CUSIP: B6214F103<br>LEI: 5493006K5LQDD0GK1T60 | Long             | EC               | CORP              | BE        |       112 | NS      | $9299.35      | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcadis NV                                        | Arcadis NV                | CUSIP: N0605M147<br>LEI: 7245000UZH70GO047N03 | Long             | EC               | CORP              | NL        |       220 | NS      | $9736.06      | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SMS Co Ltd.                                       | SMS Co Ltd                | CUSIP: J7568Q101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       619 | NS      | $5446.44      | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| BRP Inc.                                          | BRP INC/CA-SUB V          | CUSIP: 05577W200<br>LEI: 529900EPQGESIRCPY551 | Long             | EC               | CORP              | CA        |       141 | NS      | $9836.27      | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Diploma PLC                                       | DIPLOMA PLC               | CUSIP: G27664112<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |       153 | NS      | $11082.30     | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Hensoldt AG                                       | HENSOLDT AG               | CUSIP: D3R14P109<br>LEI: 894500686FYLLZD3M624 | Long             | EC               | CORP              | DE        |        89 | NS      | $7060.16      | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                  | SPIRAX-SARCO ENG          | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |        99 | NS      | $8786.23      | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Safestore Holdings PLC                            | SAFESTORE HOLDIN          | CUSIP: G77733106<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |      1025 | NS      | $10050.88     | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakus Co Ltd.                                     | RAKUS CO LTD              | CUSIP: J6S879103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1130 | NS      | $8947.65      | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Hill & Smith PLC                                  | HILL & SMITH HLD          | CUSIP: G45080101<br>LEI: 2138003A3ISGQZBOWI83 | Long             | EC               | CORP              | GB        |       446 | NS      | $13336.29     | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Tourmaline Oil Corp.                              | TOURMALINE OIL C          | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |       215 | NS      | $9895.46      | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Howden Joinery Group PLC                          | HOWDEN JOINERY GROUP PLC  | CUSIP: G4647J102<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |       691 | NS      | $7698.70      | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Interpump Group S.p.A.                            | INTERPUMP SPA             | CUSIP: T5513W107<br>LEI: 815600C79D0F31F4D395 | Long             | EC               | CORP              | IT        |       197 | NS      | $10028.89     | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                         | HALMA PLC                 | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |       270 | NS      | $12741.57     | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Stella Jones Inc                                  | STELLA-JONES INC          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |       146 | NS      | $9098.56      | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hulic Co Ltd.                                     | HULIC CO LTD              | CUSIP: J23594112<br>LEI: 3538002E12E7IHAKTB10 | Long             | EC               | CORP              | JP        |       826 | NS      | $9109.75      | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotobuki Spirits Co Ltd.                          | KOTOBUKI SPIRITS          | CUSIP: J36383107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       870 | NS      | $10255.35     | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstService Corp.                                | FIRSTSERVICE-WI           | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |        47 | NS      | $7390.24      | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd.                                    | TMX GROUP LTD             | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |       334 | NS      | $12260.70     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                             | AIR LEASE C               | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |       133 | NS      | $8502.69      | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Borregaard ASA                                    | BORREGAARD ASA            | CUSIP: R1R79W105<br>LEI: 5967007LIEEXZXGYXC05 | Long             | EC               | CORP              | NO        |       473 | NS      | $8883.00      | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Vidrala SA                                        | VIDRALA                   | CUSIP: E9702H109<br>LEI: 95980020140005399488 | Long             | EC               | CORP              | ES        |        84 | NS      | $8175.19      | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaguchi Financial Group Inc                     | YAMAGUCHI FINANCIAL GROUP | CUSIP: J9579M103<br>LEI: 353800898JPV95YSY548 | Long             | EC               | CORP              | JP        |       614 | NS      | $8017.24      | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kurita Water Industries Ltd.                      | KURITA WATER IND          | CUSIP: J37221116<br>LEI: 52990086GS2ON69UMX34 | Long             | EC               | CORP              | JP        |       243 | NS      | $9675.74      | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                                        | SCOUT24 SE                | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |        88 | NS      | $8998.82      | 1.28%             |  |  |  | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

**Name of Applicant:** Copeland Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer