# EDGAR Filing Document

**Accession Number:** 0001502745
**File Stem:** 0000910472-25-002523
**Filing Date:** 2025-10
**Character Count:** 56938
**Document Hash:** 7c063ae8189fab289b26b60ba6843d78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002523.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002523

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**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:** 251427563

**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 |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2%** |  |
|  | **ASSET MANAGEMENT - 4.3%** |  |
| 857 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; $441193 |
| 6771 | Brookfield Asset Management Ltd. | &nbsp;&nbsp;&nbsp; 407343 |
| 2811 | Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp; 433850 |
|  |  | &nbsp;&nbsp; 1282386 |
|  | **BANKING - 1.8%** |  |
| 1766 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 532308 |
|  | **BIOTECH & PHARMA - 2.8%** |  |
| 616 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 451269 |
| 2497 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp; 390531 |
|  |  | &nbsp;&nbsp; 841800 |
|  | **CHEMICALS - 1.6%** |  |
| 1264 | Sherwin-Williams Company (The) | &nbsp;&nbsp;&nbsp; 462409 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.6%** |  |
| 1567 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 329117 |
| 2476 | Waste Connections, Inc. | &nbsp;&nbsp;&nbsp; 457590 |
|  |  | &nbsp;&nbsp; 786707 |
|  | **CONSTRUCTION MATERIALS - 1.3%** |  |
| 1379 | Vulcan Materials Company | &nbsp;&nbsp;&nbsp; 401510 |
|  | **DATA CENTER REIT - 1.2%** |  |
| 460 | Equinix, Inc. | &nbsp;&nbsp;&nbsp; 361647 |
|  | **E-COMMERCE DISCRETIONARY - 1.4%** |  |
| 4566 | eBay, Inc. | &nbsp;&nbsp;&nbsp; 413725 |
|  | **ELECTRIC UTILITIES - 1.2%** |  |
| 5045 | NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 363492 |
|  | **ELECTRICAL EQUIPMENT - 3.6%** |  |
| 5339 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 581203 |
| 3625 | Vertiv Holdings Company | &nbsp;&nbsp;&nbsp; 462369 |
|  |  | &nbsp;&nbsp; 1043572 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 1.3%** |  |
| 10950 | Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp; $398799 |
|  | **GAS & WATER UTILITIES - 1.3%** |  |
| 2745 | American Water Works Company, Inc. | &nbsp;&nbsp;&nbsp; 393935 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.8%** |  |
| 1400 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 408254 |
| 3971 | Encompass Health Corporation | &nbsp;&nbsp;&nbsp; 483509 |
| 3260 | Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 560002 |
|  |  | &nbsp;&nbsp; 1451765 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.2%** |  |
| 1007 | Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp; 369690 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.5%** |  |
| 2100 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp; 461664 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.5%** |  |
| 3793 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 570770 |
| 5151 | Nasdaq, Inc. | &nbsp;&nbsp;&nbsp; 488006 |
|  |  | &nbsp;&nbsp; 1058776 |
|  | **INSURANCE - 3.9%** |  |
| 2163 | Allstate Corporation (The) | &nbsp;&nbsp;&nbsp; 440063 |
| 3813 | Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp; 369670 |
| 815 | Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp; 372822 |
|  |  | &nbsp;&nbsp; 1182555 |
|  | **INTERNET MEDIA & SERVICES - 4.1%** |  |
| 1930 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 410915 |
| 73 | Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp; 408731 |
| 554 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 409240 |
|  |  | &nbsp;&nbsp; 1228886 |
|  | **LEISURE FACILITIES & SERVICES - 4.0%** |  |
| 930 | Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp; 426220 |
| 1473 | Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp; 394558 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 4.0% (Continued)** |  |
| 1159 | Wingstop, Inc. | &nbsp;&nbsp;&nbsp; $380291 |
|  |  | &nbsp;&nbsp; 1201069 |
|  | **MACHINERY - 1.0%** |  |
| 1369 | Nordson Corporation | &nbsp;&nbsp;&nbsp; 308148 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.7%** |  |
| 1484 | ResMed, Inc. | &nbsp;&nbsp;&nbsp; 407373 |
| 1661 | STERIS PLC | &nbsp;&nbsp;&nbsp; 407045 |
|  |  | &nbsp;&nbsp; 814418 |
|  | **METALS & MINING - 1.3%** |  |
| 2229 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp; 400284 |
|  | **OIL & GAS PRODUCERS - 2.7%** |  |
| 1714 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp; 414479 |
| 2675 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 397933 |
|  |  | &nbsp;&nbsp; 812412 |
|  | **PUBLISHING & BROADCASTING - 2.9%** |  |
| 6489 | New York Times Company (The), Class A | &nbsp;&nbsp;&nbsp; 388302 |
| 2330 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 476555 |
|  |  | &nbsp;&nbsp; 864857 |
|  | **RESIDENTIAL REIT - 1.3%** |  |
| 6341 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp; 382299 |
|  | **RETAIL - CONSUMER STAPLES - 2.7%** |  |
| 825 | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp; 407979 |
| 3751 | PriceSmart, Inc. | &nbsp;&nbsp;&nbsp; 402332 |
|  |  | &nbsp;&nbsp; 810311 |
|  | **RETAIL - DISCRETIONARY - 2.8%** |  |
| 1014 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 412465 |
| 2997 | Ross Stores, Inc. | &nbsp;&nbsp;&nbsp; 441038 |
|  |  | &nbsp;&nbsp; 853503 |
|  | **SEMICONDUCTORS - 8.7%** |  |
| 2716 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 807711 |
| 3492 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 349724 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **SEMICONDUCTORS - 8.7% (Continued)** |  |
| 564 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; $471369 |
| 5402 | Power Integrations, Inc. | &nbsp;&nbsp;&nbsp; 243630 |
| 1797 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;&nbsp; 414873 |
| 2393 | Universal Display Corporation | &nbsp;&nbsp;&nbsp; 331646 |
|  |  | &nbsp;&nbsp; 2618953 |
|  | **SOFTWARE - 6.5%** |  |
| 8035 | Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp; 447148 |
| 732 | Intuit, Inc. | &nbsp;&nbsp;&nbsp; 488244 |
| 1253 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 634882 |
| 1463 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 374894 |
|  |  | &nbsp;&nbsp; 1945168 |
|  | **SPECIALTY FINANCE - 1.6%** |  |
| 7732 | Air Lease Corporation | &nbsp;&nbsp;&nbsp; 465544 |
|  | **STEEL - 1.3%** |  |
| 1296 | Reliance, Inc. | &nbsp;&nbsp;&nbsp; 383175 |
|  | **TECHNOLOGY HARDWARE - 3.7%** |  |
| 2675 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 620975 |
| 1014 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 479074 |
|  |  | &nbsp;&nbsp; 1100049 |
|  | **TECHNOLOGY SERVICES - 10.3%** |  |
| 1045 | Accenture PLC, Class A | &nbsp;&nbsp;&nbsp; 271669 |
| 1348 | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp; 409859 |
| 3176 | Booz Allen Hamilton Holding Corporation | &nbsp;&nbsp;&nbsp; 345295 |
| 1839 | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp; 470085 |
| 752 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp; 280737 |
| 2038 | Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp; 332724 |
| 752 | MSCI, Inc. | &nbsp;&nbsp;&nbsp; 426925 |
| 1588 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 558627 |
|  |  | &nbsp;&nbsp; 3095921 |
|  | **TRANSPORTATION & LOGISTICS - 1.3%** |  |
| 2717 | JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp; 393938 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 1.0%** |  |
| 982 | Pool Corporation | &nbsp;&nbsp;&nbsp; $305117 |
|  | **TOTAL COMMON STOCKS (Cost $21,549,008)** | &nbsp;&nbsp; 29790792 |
|  | **SHORT-TERM INVESTMENT — 0.9%** |  |
|  | **MONEY MARKET FUND - 0.9%** |  |
| 256741 | Northern Institutional Treasury Portfolio, 4.12% (Cost $256,741)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 256741 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $21,805,749)** | &nbsp;&nbsp;&nbsp; $30047533 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (16716) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $30030817 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3%** |  |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 35851 | Hexcel Corporation | &nbsp;&nbsp;&nbsp; $2263991 |
|  | **ASSET MANAGEMENT - 2.8%** |  |
| 31709 | Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp; 2342027 |
| 15814 | Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp; 2440733 |
|  |  | &nbsp;&nbsp; 4782760 |
|  | **BANKING - 3.0%** |  |
| 99020 | Home BancShares, Inc. | &nbsp;&nbsp;&nbsp; 2946834 |
| 35278 | Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 2438768 |
|  |  | &nbsp;&nbsp; 5385602 |
|  | **BIOTECH & PHARMA - 1.2%** |  |
| 90262 | Perrigo Company plc | &nbsp;&nbsp;&nbsp; 2142820 |
|  | **CHEMICALS - 2.5%** |  |
| 26195 | Cabot Corporation | &nbsp;&nbsp;&nbsp; 2136464 |
| 15652 | Quaker Chemical Corporation | &nbsp;&nbsp;&nbsp; 2270637 |
|  |  | &nbsp;&nbsp; 4407101 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.9%** |  |
| 57174 | GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp; 2860987 |
| 12246 | UniFirst Corporation | &nbsp;&nbsp;&nbsp; 2177584 |
|  |  | &nbsp;&nbsp; 5038571 |
|  | **CONSTRUCTION MATERIALS - 1.6%** |  |
| 7218 | Carlisle Companies, Inc. | &nbsp;&nbsp;&nbsp; 2785354 |
|  | **ELECTRICAL EQUIPMENT - 8.9%** |  |
| 29053 | AAON, Inc. | &nbsp;&nbsp;&nbsp; 2409946 |
| 10153 | BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp; 1645192 |
| 57809 | Cognex Corporation | &nbsp;&nbsp;&nbsp; 2540127 |
| 12895 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp; 3350509 |
| 32541 | nVent Electric PLC | &nbsp;&nbsp;&nbsp; 2941381 |
| 77854 | Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp; 2533369 |
|  |  | &nbsp;&nbsp; 15420524 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 1.4%** |  |
| 66500 | Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp; $2421930 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.1%** |  |
| 18490 | UFP Industries, Inc. | &nbsp;&nbsp;&nbsp; 1866935 |
|  | **GAS & WATER UTILITIES - 2.7%** |  |
| 54092 | Brookfield Infrastructure Corporation, Class A | &nbsp;&nbsp;&nbsp; 2175580 |
| 20599 | Chesapeake Utilities Corporation | &nbsp;&nbsp;&nbsp; 2545625 |
|  |  | &nbsp;&nbsp; 4721205 |
|  | **HEALTH CARE FACILITIES & SERVICES - 8.3%** |  |
| 5434 | Chemed Corporation | &nbsp;&nbsp;&nbsp; 2488500 |
| 23762 | Encompass Health Corporation | &nbsp;&nbsp;&nbsp; 2893261 |
| 22221 | Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 3817123 |
| 14517 | Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp; 2636868 |
| 29601 | US Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp; 2453627 |
|  |  | &nbsp;&nbsp; 14289379 |
|  | **HEALTH CARE REIT - 1.0%** |  |
| 51594 | CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp; 1775350 |
|  | **HOTEL REIT - 1.6%** |  |
| 27006 | Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp; 2667922 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.8%** |  |
| 8353 | Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp; 3066553 |
|  | **INDUSTRIAL REIT - 1.4%** |  |
| 42982 | Terreno Realty Corporation | &nbsp;&nbsp;&nbsp; 2483070 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.0%** |  |
| 15571 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp; 3423129 |
|  | **INSURANCE - 2.6%** |  |
| 4460 | Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp; 2040227 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **INSURANCE - 2.6% (Continued)** |  |
| 8840 | Primerica, Inc. | &nbsp;&nbsp;&nbsp; $2380966 |
|  |  | &nbsp;&nbsp; 4421193 |
|  | **LEISURE FACILITIES & SERVICES - 6.1%** |  |
| 23194 | Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp; 2405914 |
| 5758 | Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp; 2638891 |
| 49470 | Travel + Leisure Company | &nbsp;&nbsp;&nbsp; 3126998 |
| 7448 | Wingstop, Inc. | &nbsp;&nbsp;&nbsp; 2443838 |
|  |  | &nbsp;&nbsp; 10615641 |
|  | **LEISURE PRODUCTS - 1.3%** |  |
| 35440 | Brunswick Corporation | &nbsp;&nbsp;&nbsp; 2253630 |
|  | **MACHINERY - 2.7%** |  |
| 11029 | Nordson Corporation | &nbsp;&nbsp;&nbsp; 2482518 |
| 10329 | Standex International Corporation | &nbsp;&nbsp;&nbsp; 2107839 |
|  |  | &nbsp;&nbsp; 4590357 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.3%** |  |
| 30087 | LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp; 2869247 |
| 11921 | STERIS PLC | &nbsp;&nbsp;&nbsp; 2921360 |
|  |  | &nbsp;&nbsp; 5790607 |
|  | **METALS & MINING - 1.3%** |  |
| 12895 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp; 2315684 |
|  | **OIL & GAS PRODUCERS - 3.7%** |  |
| 23681 | DT Midstream, Inc. | &nbsp;&nbsp;&nbsp; 2467087 |
| 50362 | Matador Resources Company | &nbsp;&nbsp;&nbsp; 2536229 |
| 57174 | Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp; 1495672 |
|  |  | &nbsp;&nbsp; 6498988 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.7%** |  |
| 101129 | Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1184221 |
|  | **PUBLISHING & BROADCASTING - 3.1%** |  |
| 41360 | New York Times Company (The), Class A | &nbsp;&nbsp;&nbsp; 2474982 |
| 14517 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 2969162 |
|  |  | &nbsp;&nbsp; 5444144 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **REAL ESTATE SERVICES - 1.5%** |  |
| 12895 | FirstService Corporation | &nbsp;&nbsp;&nbsp; $2594474 |
|  | **RETAIL - CONSUMER STAPLES - 2.8%** |  |
| 4704 | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp; 2326222 |
| 23518 | PriceSmart, Inc. | &nbsp;&nbsp;&nbsp; 2522541 |
|  |  | &nbsp;&nbsp; 4848763 |
|  | **RETAIL - DISCRETIONARY - 1.6%** |  |
| 12813 | Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp; 2726606 |
|  | **SEMICONDUCTORS - 4.1%** |  |
| 61715 | Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp; 2314313 |
| 54417 | Power Integrations, Inc. | &nbsp;&nbsp;&nbsp; 2454206 |
| 16301 | Universal Display Corporation | &nbsp;&nbsp;&nbsp; 2259156 |
|  |  | &nbsp;&nbsp; 7027675 |
|  | **SOFTWARE - 5.0%** |  |
| 50362 | Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp; 2802645 |
| 93748 | Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp; 3403990 |
| 45739 | Concentrix Corporation | &nbsp;&nbsp;&nbsp; 2413190 |
|  |  | &nbsp;&nbsp; 8619825 |
|  | **SPECIALTY FINANCE - 2.0%** |  |
| 57174 | Air Lease Corporation | &nbsp;&nbsp;&nbsp; 3442447 |
|  | **STEEL - 1.6%** |  |
| 9164 | Reliance, Inc. | &nbsp;&nbsp;&nbsp; 2709428 |
|  | **TECHNOLOGY SERVICES - 6.9%** |  |
| 24248 | Booz Allen Hamilton Holding Corporation | &nbsp;&nbsp;&nbsp; 2636242 |
| 6387 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp; 2384395 |
| 15420 | Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp; 2517469 |
| 8029 | Morningstar, Inc. | &nbsp;&nbsp;&nbsp; 2106970 |
| 24735 | TransUnion | &nbsp;&nbsp;&nbsp; 2186574 |
|  |  | &nbsp;&nbsp; 11831650 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.2%** |  |
| 15733 | Landstar System, Inc. | &nbsp;&nbsp;&nbsp; $2081948 |
|  | **WHOLESALE - DISCRETIONARY - 1.3%** |  |
| 7218 | Pool Corporation | &nbsp;&nbsp;&nbsp; 2242705 |
|  | **TOTAL COMMON STOCKS (Cost $164,121,056)** | &nbsp;&nbsp; 170182182 |
|  | **SHORT-TERM INVESTMENT — 1.6%** |  |
|  | **MONEY MARKET FUND - 1.6%** |  |
| 2811633 | Northern Institutional Treasury Portfolio, 4.12% (Cost $2,811,633)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2811633 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $166,932,689)** | &nbsp;&nbsp;&nbsp; $172993815 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | &nbsp;&nbsp; 107342 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $173101157 |

---

---

| | |
|:---|:---|
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

---

| | | |
|:---|:---|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **Australia - 6.0%** |  |
| 350 | Breville Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $7696 |
| 732 | Charter Hall Group<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11203 |
| 2968 | Steadfast Group Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11785 |
| 3122 | Ventia Services Group Pty Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11091 |
|  |  | &nbsp;&nbsp; 41775 |
|  | **Belgium - 1.3%** |  |
| 110 | Montea N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8797 |
|  | **Canada - 15.3%** |  |
| 225 | Brookfield Infrastructure Corporation | &nbsp;&nbsp;&nbsp; 9060 |
| 138 | BRP, Inc. | &nbsp;&nbsp;&nbsp; 8685 |
| 46 | FirstService Corporation | &nbsp;&nbsp;&nbsp; 9261 |
| 173 | Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp; 9445 |
| 141 | Granite Real Estate Investment Trust | &nbsp;&nbsp;&nbsp; 8033 |
| 59 | Mainstreet Equity Corporation | &nbsp;&nbsp;&nbsp; 8486 |
| 403 | OR Royalties, Inc. | &nbsp;&nbsp;&nbsp; 12950 |
| 142 | Stella-Jones, Inc. | &nbsp;&nbsp;&nbsp; 8088 |
| 77 | TFI International, Inc. | &nbsp;&nbsp;&nbsp; 7295 |
| 326 | TMX Group Ltd. | &nbsp;&nbsp;&nbsp; 13020 |
| 67 | Toromont Industries Ltd. | &nbsp;&nbsp;&nbsp; 7005 |
| 151 | Tourmaline Oil Corporation | &nbsp;&nbsp;&nbsp; 6412 |
|  |  | &nbsp;&nbsp; 107740 |
|  | **France - 3.8%** |  |
| 55 | Gaztransport Et Technigaz S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10264 |
| 50 | Nexans S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7622 |
| 22 | Virbac S.A.CA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8625 |
|  |  | &nbsp;&nbsp; 26511 |
|  | **Germany - 4.1%** |  |
| 53 | AlzChem Group A.G.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8991 |
| 87 | Hensoldt AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9017 |
| 85 | Scout24 A.G. 144A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 11012 |
|  |  | &nbsp;&nbsp; 29020 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **Greece - 1.4%** |  |
| 436 | OPAP S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $9783 |
|  | **Italy - 8.2%** |  |
| 163 | Banca Generali SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9490 |
| 193 | Interpump Group SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9170 |
| 533 | Lottomatica Group Spa 144A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 14492 |
| 210 | Recordati Industria Chimica e Farmaceutica SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12982 |
| 190 | SOL SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11493 |
|  |  | &nbsp;&nbsp; 57627 |
|  | **Japan - 28.4%** |  |
| 361 | Aica Kogyo Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9276 |
| 559 | Asahi Intecc Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9569 |
| 443 | Asics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11908 |
| 1375 | Chiba Bank Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14064 |
| 807 | Hulic Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8656 |
| 548 | Internet Initiative Japan, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10311 |
| 390 | JCU Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11257 |
| 850 | Kotobuki Spirits Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10482 |
| 237 | Kurita Water Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8019 |
| 53 | Maruwa Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14300 |
| 465 | MISUMI Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7052 |
| 1166 | Mitsubishi UFJ Lease & Finance Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9564 |
| 252 | Nichias Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9701 |
| 471 | Nippon Gas Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9047 |
| 1043 | Nomura Real Estate Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6444 |
| 353 | NSD Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7947 |
| 631 | Rohto Pharmaceutical Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10745 |
| 662 | Santen Pharmaceutical Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7014 |
| 610 | SMS Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6508 |
| 834 | USS Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10103 |
| 600 | Yamaguchi Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7174 |
|  |  | &nbsp;&nbsp; 199141 |
|  | **Netherlands - 3.8%** |  |
| 150 | Arcadis N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6920 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **Netherlands - 3.8% (Continued)** |  |
| 52 | Euronext N.V. 144A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; $8583 |
| 244 | Technip Energies N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11275 |
|  |  | &nbsp;&nbsp; 26778 |
|  | **Norway - 1.4%** |  |
| 462 | Borregaard ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9604 |
|  | **Spain - 2.2%** |  |
| 79 | Vidrala S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8522 |
| 98 | Viscofan S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6864 |
|  |  | &nbsp;&nbsp; 15386 |
|  | **Sweden - 6.5%** |  |
| 268 | AddTech AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9398 |
| 843 | Bravida Holding A.B. 144A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 8262 |
| 250 | Loomis A.B.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11084 |
| 516 | Sweco A.B.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8710 |
| 819 | Wihlborgs Fastigheter A.B.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8137 |
|  |  | &nbsp;&nbsp; 45591 |
|  | **Switzerland - 1.6%** |  |
| 49 | VZ Holding A.G.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11101 |
|  | **United Kingdom - 14.6%** |  |
| 1012 | AJ Bell plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6986 |
| 1529 | Breedon Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7597 |
| 1338 | Bytes Technology Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7295 |
| 6550 | Coats Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6793 |
| 150 | Diploma plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10948 |
| 264 | Halma PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11736 |
| 322 | Hill & Smith Holdings plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9210 |
| 816 | Hilton Food Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9165 |
| 676 | Howden Joinery Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7648 |
| 1001 | Safestore Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8526 |
| 98 | Spirax-Sarco Engineering plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9661 |
| 1680 | Warpaint London plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7229 |
|  |  | &nbsp;&nbsp; 102794 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **United States - 1.1%** |  |
| 133 | Air Lease Corporation | &nbsp;&nbsp;&nbsp; $8008 |
|  | **TOTAL COMMON STOCKS (Cost $588,771)** | &nbsp;&nbsp; 699656 |
|  | **SHORT-TERM INVESTMENT — 2.1%** |  |
|  | **MONEY MARKET FUND - 2.1%** |  |
| 14518 | Northern Institutional Treasury Portfolio, 4.12% (Cost $14,518)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 14518 |
|  | **TOTAL INVESTMENTS - 101.8% (Cost $603,289)** | &nbsp;&nbsp;&nbsp; $714174 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.8)%** | &nbsp;&nbsp; (12348) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $701826 |

---

---

| | |
|:---|:---|
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |

---

<sup>(a)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025 the total market value of 144A securities is 42,349 or 6.0% of net assets.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

## 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:** 2025-08-31

**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:** $880625.48

**Total Liabilities:** $178799.09

**Net Assets:** $701826.39

**Cash Not Reported:** $22.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233045 | 3.85%                | -2.47%               | 4.37%                |
| Class ID C000233044 | 3.86%                | -2.48%               | 4.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1994.85                 | $22982.16                                  |
| Month 2  | $10631.63                | $-27219.75                                 |
| Month 3  | $3959.41                 | $24746.81                                  |

### 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        |       834 | NS      | $10102.53     | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Loomis AB                                         | LOOMIS AB                 | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |       250 | NS      | $11084.38     | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Alzchem Group Ag                                  | ALZCHEM GROUP AG          | CUSIP: D0R02K100<br>LEI: 8945004EL7WZK3ERG181 | Long             | EC               | CORP              | DE        |        53 | NS      | $8991.00      | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventia Services Group Ltd.                        | VENTIA SERVICES           | CUSIP: Q9394Q109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      3122 | NS      | $11091.35     | 1.58%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Technip Energies N V                              | TECHNIP ENERGIES          | CUSIP: N8486R101<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | NL        |       244 | NS      | $11275.73     | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Internet Initiative Japan Inc.                    | INTERNET INITIAT          | CUSIP: J24210106<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |       548 | NS      | $10310.85     | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Misumi Group Inc.                                 | MISUMI GROUP INC          | CUSIP: J43293109<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |       465 | NS      | $7051.83      | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Santen Pharmaceutical Co Ltd.                     | SANTEN PHARM              | CUSIP: J68467109<br>LEI: 529900TPT3I7C17MIM03 | Long             | EC               | CORP              | JP        |       662 | NS      | $7013.51      | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Steadfast Group Ltd.                              | STEADFAST GROUP           | CUSIP: Q8744R106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      2968 | NS      | $11784.86     | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Addtech AB                                        | ADDTECH AB-B SH           | CUSIP: W4260L147<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |       268 | NS      | $9398.19      | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Generali S.p.A.                             | Banca Generali SpA        | CUSIP: T3000G115<br>LEI: 815600903231FA2E7698 | Long             | EC               | CORP              | IT        |       163 | NS      | $9490.44      | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Virbac SA                                         | VIRBAC SA                 | CUSIP: F97900116<br>LEI: 969500QQ1X5XHG649644 | Long             | EC               | CORP              | FR        |        22 | NS      | $8625.28      | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                            | GILDAN ACTIVEWEA          | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |       173 | NS      | $9445.18      | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweco AB (publ)                                   | SWECO AB-B                | CUSIP: W31065225<br>LEI: 549300Q4Y55VICYV6U90 | Long             | EC               | CORP              | SE        |       516 | NS      | $8709.65      | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Granite Real Estate Investment Trust              | GRANITE REAL EST          | CUSIP: 387437205<br>LEI: 549300U7HUKRB4S4KZ73 | Long             | EC               | CORP              | CA        |       141 | NS      | $8032.80      | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Coats Group PLC                                   | Coats Group PLC           | CUSIP: G22429115<br>LEI: 2138003SPYWGAITNFY17 | Long             | EC               | CORP              | GB        |      6550 | NS      | $6793.06      | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Wihlborgs Fastigheter AB                          | WIHLBORGS FASTIG          | CUSIP: W9899F163<br>LEI: 549300RC1YDJPITF8X06 | Long             | EC               | CORP              | SE        |       819 | NS      | $8136.68      | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd                                     | MARUWA CO LTD             | CUSIP: J40573107<br>LEI: 3538009BXGIG8PFXNI29 | Long             | EC               | CORP              | JP        |        53 | NS      | $14299.86     | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Recordati Industria Chimica e Farmaceutica S.p.A. | Recordati SpA             | CUSIP: T78458139<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |       210 | NS      | $12982.07     | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexans SA                                         | NEXANS SA                 | CUSIP: F65277109<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |        50 | NS      | $7622.39      | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottomatica Group SpA                             | LOTTOMATICA GROU          | CUSIP: T64384109<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |       533 | NS      | $14491.12     | 2.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bravida Holding AB                                | BRAVIDA HOLDING AB        | CUSIP: W2R16Z106<br>LEI: 549300H88IJGPNNL3T61 | Long             | EC               | CORP              | SE        |       843 | NS      | $8262.14      | 1.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Asahi Intecc Co Ltd.                              | ASAHI INTECC CO           | CUSIP: J0279C107<br>LEI: 353800J3AV2SCNIO8L39 | Long             | EC               | CORP              | JP        |       559 | NS      | $9568.96      | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| NSD Co Ltd                                        | NSD CO LTD                | CUSIP: J56107105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       353 | NS      | $7946.79      | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| TFI International Inc                             | TFI INTERNATIONAL INC     | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |        77 | NS      | $7295.47      | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SOL S.p.A                                         | SOL SPA                   | CUSIP: T8711D103<br>LEI: 81560096A9AEBBBD4B25 | Long             | EC               | CORP              | IT        |       190 | NS      | $11493.43     | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Rohto Pharmaceutical Co Ltd                       | ROHTO PHARM               | CUSIP: J65371106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       631 | NS      | $10745.50     | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Opap SA                                           | OPAP SA                   | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |       436 | NS      | $9783.38      | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| JCU Corp.                                         | JCU CORP                  | CUSIP: J2810V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       390 | NS      | $11257.93     | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Hall Group                                | CHARTER HALL GROUP        | CUSIP: Q2308A138<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       732 | NS      | $11202.78     | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| AJ Bell PLC                                       | AJ BELL PLC               | CUSIP: G01457103<br>LEI: 213800VNKA7DPWXWJJ36 | Long             | EC               | CORP              | GB        |      1012 | NS      | $6985.77      | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                        | ASICS CORP                | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |       443 | NS      | $11907.57     | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Breedon Group PLC                                 | BREEDON GROUP PL          | CUSIP: G131AN104<br>LEI: 213800DQGNQE3X76WS92 | Long             | EC               | CORP              | GB        |      1529 | NS      | $7596.70      | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc.                                 | OR ROYALTIES INC          | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |       403 | NS      | $12949.64     | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Gas Co Ltd                                 | NIPPON GAS                | CUSIP: J50151117<br>LEI: 549300N3DC5V2XON9C60 | Long             | EC               | CORP              | JP        |       471 | NS      | $9047.41      | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Viscofan SA                                       | VISCOFAN                  | CUSIP: E97579192<br>LEI: 95980020140005684765 | Long             | EC               | CORP              | ES        |        98 | NS      | $6864.48      | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Breville Group Ltd.                               | BREVILLE GROUP L          | CUSIP: Q1758G108<br>LEI: 529900MM4WH0KSB3KW37 | Long             | EC               | CORP              | AU        |       350 | NS      | $7695.60      | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext N.V.                                     | EURONEXT NV               | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |        52 | NS      | $8582.89      | 1.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bytes Technology Group PLC                        | BYTES TECHNOLOGY          | CUSIP: G1824W104<br>LEI: 213800LA4DZLFBAC9O33 | Long             | EC               | CORP              | GB        |      1338 | NS      | $7295.40      | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Corporation             | BROOKFIELD INFRA          | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | CA        |       225 | NS      | $9059.96      | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Toromont Industries Ltd.                          | TOROMONT INDS             | CUSIP: 891102105<br>LEI: 5493008W5EPRSLQ0B737 | Long             | EC               | CORP              | CA        |        67 | NS      | $7005.16      | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA                      | GAZTRANSPORT ET TECHNIGA  | CUSIP: F42674113<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |        55 | NS      | $10263.31     | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| VZ Holdings                                       | VZ HOLDING AG             | CUSIP: H9239A111<br>LEI: 529900JMJUZCFUVQ0Q82 | Long             | EC               | CORP              | CH        |        49 | NS      | $11100.64     | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Mainstreet Equity Corp.                           | MAINSTREET EQUIT          | CUSIP: 560915100<br>LEI: 984500FB1BA3F6U3DB35 | Long             | EC               | CORP              | CA        |        59 | NS      | $8485.59      | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi HC Capital Inc.                        | MITSUBISHI HC CA          | CUSIP: J4706D100<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | EC               | CORP              | JP        |      1166 | NS      | $9564.19      | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Aica Kogyo Co Ltd.                                | AICA KOGYO CO             | CUSIP: J00252106<br>LEI: 353800I589BKZAOJD116 | Long             | EC               | CORP              | JP        |       361 | NS      | $9275.57      | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| NICHIAS Corporation                               | NICHIAS CORP              | CUSIP: J49205107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       252 | NS      | $9701.21      | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Chiba Bank Ltd.                                   | CHIBA BANK LTD            | CUSIP: J05670104<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |      1375 | NS      | $14065.08     | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Warpaint London Plc                               | WARPAINT LONDON           | CUSIP: G94524108<br>LEI: 213800EBJ2CN6KIDCO78 | Long             | EC               | CORP              | GB        |      1680 | NS      | $7228.65      | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Real Estate Holdings Inc.                  | Nomura Real Estate Holdin | CUSIP: J5893B104<br>LEI: 353800UZ91CT24OL9P59 | Long             | EC               | CORP              | JP        |      1043 | NS      | $6443.96      | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Montea NV                                         | MONTEA NV                 | CUSIP: B6214F103<br>LEI: 5493006K5LQDD0GK1T60 | Long             | EC               | CORP              | BE        |       110 | NS      | $8797.12      | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcadis NV                                        | Arcadis NV                | CUSIP: N0605M147<br>LEI: 7245000UZH70GO047N03 | Long             | EC               | CORP              | NL        |       150 | NS      | $6919.59      | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| SMS Co Ltd.                                       | SMS Co Ltd                | CUSIP: J7568Q101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       610 | NS      | $6508.11      | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| BRP Inc.                                          | BRP INC/CA-SUB V          | CUSIP: 05577W200<br>LEI: 529900EPQGESIRCPY551 | Long             | EC               | CORP              | CA        |       138 | NS      | $8684.85      | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Diploma PLC                                       | DIPLOMA PLC               | CUSIP: G27664112<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |       150 | NS      | $10949.31     | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Hensoldt AG                                       | HENSOLDT AG               | CUSIP: D3R14P109<br>LEI: 894500686FYLLZD3M624 | Long             | EC               | CORP              | DE        |        87 | NS      | $9017.11      | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                  | SPIRAX-SARCO ENG          | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |        98 | NS      | $9661.08      | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Safestore Holdings PLC                            | SAFESTORE HOLDIN          | CUSIP: G77733106<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |      1001 | NS      | $8526.04      | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hill & Smith PLC                                  | HILL & SMITH HLD          | CUSIP: G45080101<br>LEI: 2138003A3ISGQZBOWI83 | Long             | EC               | CORP              | GB        |       322 | NS      | $9209.55      | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Tourmaline Oil Corp.                              | TOURMALINE OIL C          | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |       151 | NS      | $6412.29      | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                      | NT-INST TRSR-PRM          | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     14518 | PA      | $14517.86     | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Howden Joinery Group PLC                          | HOWDEN JOINERY GROUP PLC  | CUSIP: G4647J102<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |       676 | NS      | $7647.66      | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Interpump Group S.p.A.                            | INTERPUMP SPA             | CUSIP: T5513W107<br>LEI: 815600C79D0F31F4D395 | Long             | EC               | CORP              | IT        |       193 | NS      | $9170.30      | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                         | HALMA PLC                 | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |       264 | NS      | $11735.82     | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Stella Jones Inc                                  | STELLA-JONES INC          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |       142 | NS      | $8087.70      | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hulic Co Ltd.                                     | HULIC CO LTD              | CUSIP: J23594112<br>LEI: 3538002E12E7IHAKTB10 | Long             | EC               | CORP              | JP        |       807 | NS      | $8655.62      | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotobuki Spirits Co Ltd.                          | KOTOBUKI SPIRITS          | CUSIP: J36383107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       850 | NS      | $10481.58     | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstService Corp.                                | FIRSTSERVICE-WI           | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |        46 | NS      | $9260.96      | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd.                                    | TMX GROUP LTD             | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |       326 | NS      | $13020.06     | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                             | AIR LEASE C               | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |       133 | NS      | $8007.93      | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Borregaard ASA                                    | BORREGAARD ASA            | CUSIP: R1R79W105<br>LEI: 5967007LIEEXZXGYXC05 | Long             | EC               | CORP              | NO        |       462 | NS      | $9604.48      | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Vidrala SA                                        | VIDRALA                   | CUSIP: E9702H109<br>LEI: 95980020140005399488 | Long             | EC               | CORP              | ES        |        79 | NS      | $8521.51      | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaguchi Financial Group Inc                     | YAMAGUCHI FINANCIAL GROUP | CUSIP: J9579M103<br>LEI: 353800898JPV95YSY548 | Long             | EC               | CORP              | JP        |       600 | NS      | $7174.06      | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kurita Water Industries Ltd.                      | KURITA WATER IND          | CUSIP: J37221116<br>LEI: 52990086GS2ON69UMX34 | Long             | EC               | CORP              | JP        |       237 | NS      | $8019.38      | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Food Group PLC                             | HILTON FOOD GROU          | CUSIP: G4586W106<br>LEI: 213800JY7VJFS2OOX355 | Long             | EC               | CORP              | GB        |       816 | NS      | $9164.98      | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                                        | SCOUT24 SE                | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |        85 | NS      | $11011.39     | 1.57%             |  |  |  | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** Copeland Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer