# EDGAR Filing Document

**Accession Number:** 0001502745
**File Stem:** 0001580642-25-005038
**Filing Date:** 2025-8
**Character Count:** 179911
**Document Hash:** a4159476657bf71ec56cb58375836546
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005038.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001580642-25-005038

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22483
- **FILM NUMBER:** 251201748

**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 Dividend Growth Fund (Series ID: S000030695)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000095114 | Copeland Dividend Growth Fund Class A shares | CDGRX           |
| C000109647 | Copeland Dividend Growth Fund Class C shares | CDCRX           |
| C000124573 | Copeland Dividend Growth Fund Class I shares | CDIVX           |

### Copeland SMID Cap Dividend Growth Fund (Series ID: S000056507)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000178802 | Copeland SMID Cap Dividend Growth Fund Class I Shares | CSMDX           |
| C000209896 | Copeland SMID Cap Dividend Growth Fund Class A Shares | CSDGX           |

### 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 |  |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission washington, d.c. 20549 form n-csr certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-22483</u>

<u>Copeland Trust</u> <br> (Exact name of registrant as specified in charter)

<u>Eight Tower Bridge, 161 Washington St., Suite #1325 Conshohocken, PA 19428</u> <br> (Address of principal executive offices) (Zip code)

<u>Ultimus Fund Solutions, LLC, 80 Arkay Drive Suite 10, Hauppauge, NY 11788</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: (631) 470-2600

Date of fiscal year end: <u>11/30 </u> <br>Date of reporting period: <u> 5/31/25 </u>

**Item 1. Reports to Stockholders.** 

(a) # Copeland International Small Cap Fund

# Class A (CISAX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i288f1ff9e41615eb30b4c89c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Copeland International Small Cap Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A<sup>Footnote Reference\*</sup> | $64 | 1.23% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, Copeland Capital Management, LLC. If the agreement is not extended in the future, expenses could be higher.

## How did the Fund perform during the reporting period?
During the six-month period ending May 31, 2025, the Class A shares of the Fund delivered a return of 7.93%, which trailed the 13.15% gain of the MSCI World ex USA Index and the 9.80% return of the MSCI ACWI ex US Small Cap Index.

The Industrials sector faced challenges in Japan. Misumi Group (9962-JP, 0.9% of holdings at period end), a leading Japanese precision components manufacturer, lowered its earnings guidance due to soft global capital spending and foreign exchange headwinds—despite delivering record results in fiscal year 2024. In contrast, many domestically focused, lower profitable Japanese industrial companies saw a tailwind from the strengthening yen and governance-related margin expansion. The Materials sector was a detractor of performance due to the significant outperformance of the metals & mining sub-sector driven by gold mining companies. The Fund strategy is underexposed to this segment due to the lack of long-term dividend growers in this sub-sector. The Fund's stock selection in the Consumer Staples sector was a drag on relative returns. Warpaint London (W7L-GB, 1.7% of holdings at period end), a UK-based cosmetics company targeting the value beauty segment, was another detractor. After several years of strong growth, the company experienced a moderation in sales momentum, prompting a valuation reset. Despite the near-term weakness, the company maintains a strong balance sheet and continues to expand internationally.

The Energy sector was a contributor to performance helped by healthy exposure to LNG (Liquified Natural Gas) related companies that have benefited from increased prospects for LNG to drive energy needs over coal and other forms of fossil fuel. The Consumer Discretionary sector was also a positive contributor. Lottomatica (LTMC-IT, 2.1% of holdings at period end), Italy's leading gaming company, delivered high returns as it successfully transitioned more of its physical store customers to its high-margin online platform, driving earnings growth and margin expansion. Lottomatica also benefited from continued capital allocation discipline through combination of growing dividends, disciplined M&A activity and increasing share buybacks. The Communication Services sector also contributed positively. Most notably Scout24 A.G. (G24-DE, 2.8% of holdings at period end), the leading online real estate marketplace in Germany, achieved accelerating sales and margin improvements in both sales and rental markets through new product innovations and superior execution. Share price was also rewarded due to high outlook visibility and lack of tariff risks.

## How has the Fund performed since inception?

## Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i17fd04accf073ba8fe117561.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland International Small Cap Fund - Class A** | **MSCI ACWI ex US Small Cap Index** | **MSCI WORLD ex USA Index** |
| **Dec-2021** | $9425 | $10000 | $10000 |
| **May-2022** | $7983 | $8745 | $8990 |
| **May-2023** | $7619 | $8343 | $9128 |
| **May-2024** | $7882 | $9705 | $10815 |
| **May-2025** | $8646 | $10832 | $12335 |

---

## **Average Annual\* Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **Since Inception (December 28, 2021)** |
| Copeland International Small Cap Fund - Class A |  |  |  |
| Without Load | 7.93% | 9.69% | -2.49% |
| With Load | 1.76% | 3.33% | -4.16% |
| MSCI ACWI ex US Small Cap Index | 9.80% | 11.62% | 2.36% |
| MSCI WORLD ex USA Index | 13.15% | 14.06% | 6.33% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6c5b28c0af4897130a55646c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Energy | 1.0% |
| Utilities | 2.6% |
| Communications | 3.7% |
| Health Care | 4.0% |
| Money Market Funds | 4.0% |
| Consumer Staples | 5.2% |
| Technology | 10.2% |
| Real Estate | 10.5% |
| Consumer Discretionary | 11.1% |
| Materials | 11.5% |
| Financials | 13.3% |
| Industrials | 24.1% |

---

## **Fund Statistics** 
* Net Assets$656,864

* Number of Portfolio Holdings72

* Advisory Fee (net of waivers)$0

* Portfolio Turnover24%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5d03a10292cdb75eba5b343f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |

---

## Country Weighting (% of net assets)
![Group By Country Chart](i02885218f3d241e12ca6e902.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Other Countries | 9.3% |
| France | 3.4% |
| Germany | 4.2% |
| Netherlands | 4.6% |
| United States | 5.2% |
| Australia | 6.2% |
| Sweden | 6.6% |
| Italy | 6.6% |
| Canada | 13.3% |
| United Kingdom | 15.5% |
| Japan | 26.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Northern Institutional Treasury Portfolio | 4.0% |
| Scout24 A.G. | 2.8% |
| OPAP S.A. | 2.4% |
| Ventia Services Group Pty Ltd. | 2.2% |
| Technip Energies N.V. | 2.2% |
| Lottomatica Group Spa | 2.1% |
| VZ Holding A.G. | 2.1% |
| Kotobuki Spirits Company Ltd. | 2.1% |
| TMX Group Ltd. | 2.0% |
| Maruwa Company Ltd. | 1.9% |

---

## Material Fund Changes
No material changes occured during the six months ended May 31, 2025.

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Copeland International Small Cap Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

* Prospectus

* Financial information - Annual & Semi-Annual

* Holdings

* Proxy voting information

# Copeland International Small Cap Fund - Class A (CISAX)

#### Semi-Annual Shareholder Report - May 31, 2025
TSR-SAR 053125-CISAX

![Image](i288f1ff9e41615eb30b4c89c.jpg)

# Copeland International Small Cap Fund

# Class I (CSIIX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i36a5bcdcbe88d488e7e110c5.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Copeland International Small Cap Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I<sup>Footnote Reference\*</sup> | $51 | 0.98% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, Copeland Capital Management, LLC. If the agreement is not extended in the future, expenses could be higher.

## How did the Fund perform during the reporting period?
During the six-month period ending May 31, 2025, the Class I shares of the Fund delivered a return of 8.17%, which trailed the 13.15% gain of the MSCI World ex USA Index and the 9.80% return of the MSCI ACWI ex US Small Cap Index.

The Industrials sector faced challenges in Japan. Misumi Group (9962-JP, 0.9% of holdings at period end), a leading Japanese precision components manufacturer, lowered its earnings guidance due to soft global capital spending and foreign exchange headwinds—despite delivering record results in fiscal year 2024. In contrast, many domestically focused, lower profitable Japanese industrial companies saw a tailwind from the strengthening yen and governance-related margin expansion. The Materials sector was a detractor of performance due to the significant outperformance of the metals & mining sub-sector driven by gold mining companies. The Fund strategy is underexposed to this segment due to the lack of long-term dividend growers in this sub-sector. The Fund's stock selection in the Consumer Staples sector was a drag on relative returns. Warpaint London (W7L-GB, 1.7% of holdings at period end), a UK-based cosmetics company targeting the value beauty segment, was another detractor. After several years of strong growth, the company experienced a moderation in sales momentum, prompting a valuation reset. Despite the near-term weakness, the company maintains a strong balance sheet and continues to expand internationally.

The Energy sector was a contributor to performance helped by healthy exposure to LNG (Liquified Natural Gas) related companies that have benefited from increased prospects for LNG to drive energy needs over coal and other forms of fossil fuel. The Consumer Discretionary sector was also a positive contributor. Lottomatica (LTMC-IT, 2.1% of holdings at period end), Italy's leading gaming company, delivered high returns as it successfully transitioned more of its physical store customers to its high-margin online platform, driving earnings growth and margin expansion. Lottomatica also benefited from continued capital allocation discipline through combination of growing dividends, disciplined M&A activity and increasing share buybacks. The Communication Services sector also contributed positively. Most notably Scout24 A.G. (G24-DE, 2.8% of holdings at period end), the leading online real estate marketplace in Germany, achieved accelerating sales and margin improvements in both sales and rental markets through new product innovations and superior execution. Share price was also rewarded due to high outlook visibility and lack of tariff risks.

## How has the Fund performed since inception?

## Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic88c0896433d5159a6715872.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland International Small Cap Fund - Class I** | **MSCI ACWI ex US Small Cap Index** | **MSCI WORLD ex USA Index** |
| **Dec-2021** | $10000 | $10000 | $10000 |
| **May-2022** | $8470 | $8745 | $8990 |
| **May-2023** | $8084 | $8343 | $9128 |
| **May-2024** | $8363 | $9705 | $10815 |
| **May-2025** | $9205 | $10832 | $12335 |

---

## **Average Annual\* Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (December 28, 2021)** |
| Copeland International Small Cap Fund - Class I | 8.17% | 10.07% | -2.39% |
| MSCI ACWI ex US Small Cap Index | 9.80% | 11.62% | 2.36% |
| MSCI WORLD ex USA Index | 13.15% | 14.06% | 6.33% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic04f9f3e194e83b46c45c9ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Energy | 1.0% |
| Utilities | 2.6% |
| Communications | 3.7% |
| Health Care | 4.0% |
| Money Market Funds | 4.0% |
| Consumer Staples | 5.2% |
| Technology | 10.2% |
| Real Estate | 10.5% |
| Consumer Discretionary | 11.1% |
| Materials | 11.5% |
| Financials | 13.3% |
| Industrials | 24.1% |

---

## **Fund Statistics** 
* Net Assets$656,864

* Number of Portfolio Holdings72

* Advisory Fee (net of waivers)$0

* Portfolio Turnover24%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i918688914bbc820ce157b675.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |

---

## Country Weighting (% of net assets)
![Group By Country Chart](ia65b1778a2eb9c4909da966a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Other Countries | 9.3% |
| France | 3.4% |
| Germany | 4.2% |
| Netherlands | 4.6% |
| United States | 5.2% |
| Australia | 6.2% |
| Sweden | 6.6% |
| Italy | 6.6% |
| Canada | 13.3% |
| United Kingdom | 15.5% |
| Japan | 26.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Northern Institutional Treasury Portfolio | 4.0% |
| Scout24 A.G. | 2.8% |
| OPAP S.A. | 2.4% |
| Ventia Services Group Pty Ltd. | 2.2% |
| Technip Energies N.V. | 2.2% |
| Lottomatica Group Spa | 2.1% |
| VZ Holding A.G. | 2.1% |
| Kotobuki Spirits Company Ltd. | 2.1% |
| TMX Group Ltd. | 2.0% |
| Maruwa Company Ltd. | 1.9% |

---

## Material Fund Changes
No material changes occured during the six months ended May 31, 2025.

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Copeland International Small Cap Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

* Prospectus

* Financial information - Annual & Semi-Annual

* Holdings

* Proxy voting information

# Copeland International Small Cap Fund - Class I (CSIIX)

#### Semi-Annual Shareholder Report - May 31, 2025
TSR-SAR 053125-CSIIX

![Image](i36a5bcdcbe88d488e7e110c5.jpg)

# Copeland Dividend Growth Fund

# Class A (CDGRX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](id8a04c04128f4e64deebaf42.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A<sup>Footnote Reference\*</sup> | $58 | 1.20% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, Copeland Capital Management, LLC. If the agreement is not extended in the future, expenses could be higher.

## How did the Fund perform during the reporting period?
During the six-month period, the Class A shares of the Fund declined 5.58% versus the 1.35% retreat registered by the S&P 500 Index and the 2.44% pullback posted by the Russell 3000 Index. Anecdotally, the S&P 500 Equal Weighted Index declined 5.02% during the period, reflective of the outsized performance of mega-capitalization technology stocks relative to the broader market.

Our stock selection in the Healthcare sector bolstered Fund returns. The nation's largest provider of inpatient rehabilitation services, Encompass Health (EHC, 1.7% of holdings at period end) rose 18% during the period. At the end of April, the company reported better than expected quarterly revenue and EBITDA growth of 10% and 15%, respectively. Encompass is benefiting from a resurgence in patient volumes as nurse staffing issues subside and disciplined expansion activities augment capacity. Consumer Staples sector constituent PriceSmart (PSMT, 1.8% of holdings at period end), rose over 20% during the period. The San Diego-based company operates U.S. style membership shopping warehouse clubs in Latin America and the Carribbean. A focus on offering high quality goods and low prices continues to drive strong results at the company.

Our stock selection in the Consumer Discretionary sector was a drag on Fund returns. Reflective of our relative underperformance, Fund holding Churchill Downs (CHDN, 1.2% of holdings at period end) was the worst performer in the Fund, falling 33% during the period. The owner of the eponymous racetrack that hosts the Kentucky Derby horse race, retreated as a softening consumer spending impacted the annual event. An announced delay in major improvements to the Churchill Downs racetrack also weighed on the shares.

Energy sector constituent Northern Oil and Gas (NOG, 0.0% of holdings at period end, position exited in May) dipped 32% while we held a position in the shares. Oil prices declined as OPEC supply increases augmented robust production efforts in the United States. In response, NOG operator partners throttled back on drilling activities, limiting volumes. In early April, the announcement of sweeping tariffs on foreign goods drove a further retreat in crude oil and natural gas prices. We elected to exit our position in the shares in favor of less volatile alternatives.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i07216c71b046c27f7b3ce81a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland Dividend Growth Fund - Class A** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **May-2015** | $9424 | $10000 | $10000 |
| **May-2016** | $8622 | $10022 | $10172 |
| **May-2017** | $9639 | $11795 | $11948 |
| **May-2018** | $11017 | $13572 | $13667 |
| **May-2019** | $11021 | $13911 | $14184 |
| **May-2020** | $10480 | $15505 | $16005 |
| **May-2021** | $13790 | $22314 | $22458 |
| **May-2022** | $13643 | $21492 | $22391 |
| **May-2023** | $13667 | $21929 | $23045 |
| **May-2024** | $16358 | $27978 | $29540 |
| **May-2025** | $17334 | $31648 | $33535 |

---

## **Average Annual\* Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Copeland Dividend Growth Fund - Class A |  |  |  |  |
| Without Load | -5.58% | 5.96% | 10.59% | 6.28% |
| With Load | -11.00% | -0.10% | 9.29% | 5.65% |
| S&P 500<sup>®</sup> Index | -1.35% | 13.52% | 15.94% | 12.86% |
| Russell 3000<sup>®</sup> Index | -2.44% | 13.12% | 15.34% | 12.21% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$30,140,753

* Number of Portfolio Holdings69

* Advisory Fee (net of waivers)$16,257

* Portfolio Turnover11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia192029970a44c5b8560f2a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i182b5c3d26cd9807f08791b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.4% |
| Utilities | 2.6% |
| Real Estate | 2.9% |
| Consumer Staples | 3.4% |
| Energy | 3.6% |
| Communications | 4.0% |
| Materials | 4.0% |
| Consumer Discretionary | 10.7% |
| Health Care | 12.1% |
| Industrials | 12.6% |
| Financials | 14.2% |
| Technology | 28.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 2.3% |
| Visa, Inc., Class A | 2.0% |
| Microsoft Corporation | 2.0% |
| Intuit, Inc. | 1.9% |
| Apple, Inc. | 1.9% |
| Vertiv Holdings Company | 1.8% |
| PriceSmart, Inc. | 1.8% |
| Waste Connections, Inc. | 1.7% |
| Morgan Stanley | 1.7% |
| Encompass Health Corporation | 1.7% |

---

## Material Fund Changes
Effective January 18, 2025, the Fund changed its Principal Investment Strategy. Specifically, the Fund's definition of "dividend growth" in its non-fundamental principal investment strategies changed from securities that had increased their dividend for a minimum of five consecutive years to securities that have raised their dividend in the most recent annual period. For more detailed information, please visit **https://www.sec.gov/Archives/edgar/data/1502745/000158064224007004/copeland-div_497.htm**

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.copelandfunds.com/copeland-funds/product-literature. You can also request this information by contacting us at 1-888-926-7352.

* Prospectus

* Financial information - Annual & Semi-Annual

* Holdings

* Proxy voting information

# Copeland Dividend Growth Fund - Class A (CDGRX)
![Image](i903cab84577c14bfbb864c28.jpg)

#### Semi-Annual Shareholder Report - May 31, 2025
TSR-SAR 053125-CDGRX

# Copeland Dividend Growth Fund

# Class C (CDCRX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i8006cbec7808f376d5988aa2.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C<sup>Footnote Reference\*</sup> | $94 | 1.95% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, Copeland Capital Management, LLC. If the agreement is not extended in the future, expenses could be higher.

## How did the Fund perform during the reporting period?
During the six-month period, the Class C shares of the Fund declined 5.95% versus the 1.35% retreat registered by the S&P 500 Index and the 2.44% pullback posted by the Russell 3000 Index. Anecdotally, the S&P 500 Equal Weighted Index declined 5.02% during the period, reflective of the outsized performance of mega-capitalization technology stocks relative to the broader market.

Our stock selection in the Healthcare sector bolstered Fund returns. The nation's largest provider of inpatient rehabilitation services, Encompass Health (EHC, 1.7% of holdings at period end) rose 18% during the period. At the end of April, the company reported better than expected quarterly revenue and EBITDA growth of 10% and 15%, respectively. Encompass is benefiting from a resurgence in patient volumes as nurse staffing issues subside and disciplined expansion activities augment capacity. Consumer Staples sector constituent PriceSmart (PSMT, 1.8% of holdings at period end), rose over 20% during the period. The San Diego-based company operates U.S. style membership shopping warehouse clubs in Latin America and the Carribbean. A focus on offering high quality goods and low prices continues to drive strong results at the company.

Our stock selection in the Consumer Discretionary sector was a drag on Fund returns. Reflective of our relative underperformance, Fund holding Churchill Downs (CHDN, 1.2% of holdings at period end) was the worst performer in the Fund, falling 33% during the period. The owner of the eponymous racetrack that hosts the Kentucky Derby horse race, retreated as a softening consumer spending impacted the annual event. An announced delay in major improvements to the Churchill Downs racetrack also weighed on the shares.

Energy sector constituent Northern Oil and Gas (NOG, 0.0% of holdings at period end, position exited in May) dipped 32% while we held a position in the shares. Oil prices declined as OPEC supply increases augmented robust production efforts in the United States. In response, NOG operator partners throttled back on drilling activities, limiting volumes. In early April, the announcement of sweeping tariffs on foreign goods drove a further retreat in crude oil and natural gas prices. We elected to exit our position in the shares in favor of less volatile alternatives.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i228cf875c9c6af3efb146f5b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland Dividend Growth Fund - Class C** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **May-2015** | $10000 | $10000 | $10000 |
| **May-2016** | $9083 | $10022 | $10172 |
| **May-2017** | $10076 | $11795 | $11948 |
| **May-2018** | $11428 | $13572 | $13667 |
| **May-2019** | $11354 | $13911 | $14184 |
| **May-2020** | $10719 | $15505 | $16005 |
| **May-2021** | $13987 | $22314 | $22458 |
| **May-2022** | $13742 | $21492 | $22391 |
| **May-2023** | $13657 | $21929 | $23045 |
| **May-2024** | $16221 | $27978 | $29540 |
| **May-2025** | $17061 | $31648 | $33535 |

---

## **Average Annual\* Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Copeland Dividend Growth Fund - Class C | -5.95% | 5.18% | 9.74% | 5.49% |
| Russell 3000<sup>®</sup> Index | -2.44% | 13.12% | 15.34% | 12.21% |
| S&P 500<sup>®</sup> Index | -1.35% | 13.52% | 15.94% | 12.86% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$30,140,753

* Number of Portfolio Holdings69

* Advisory Fee (net of waivers)$16,257

* Portfolio Turnover11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i01ca91d7ad11069415669c82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0e52cd422e76047c8c185cae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.4% |
| Utilities | 2.6% |
| Real Estate | 2.9% |
| Consumer Staples | 3.4% |
| Energy | 3.6% |
| Communications | 4.0% |
| Materials | 4.0% |
| Consumer Discretionary | 10.7% |
| Health Care | 12.1% |
| Industrials | 12.6% |
| Financials | 14.2% |
| Technology | 28.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 2.3% |
| Visa, Inc., Class A | 2.0% |
| Microsoft Corporation | 2.0% |
| Intuit, Inc. | 1.9% |
| Apple, Inc. | 1.9% |
| Vertiv Holdings Company | 1.8% |
| PriceSmart, Inc. | 1.8% |
| Waste Connections, Inc. | 1.7% |
| Morgan Stanley | 1.7% |
| Encompass Health Corporation | 1.7% |

---

## Material Fund Changes
Effective January 18, 2025, the Fund changed its Principal Investment Strategy. Specifically, the Fund's definition of "dividend growth" in its non-fundamental principal investment strategies changed from securities that had increased their dividend for a minimum of five consecutive years to securities that have raised their dividend in the most recent annual period. For more detailed information, please visit **https://www.sec.gov/Archives/edgar/data/1502745/000158064224007004/copeland-div_497.htm**

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.copelandfunds.com/copeland-funds/product-literature. You can also request this information by contacting us at 1-888-926-7352.

* Prospectus

* Financial information - Annual & Semi-Annual

* Holdings

* Proxy voting information

# Copeland Dividend Growth Fund - Class C (CDCRX)
![Image](ia796cd081dba9c26f218bc28.jpg)

#### Semi-Annual Shareholder Report - May 31, 2025
TSR-SAR 053125-CDCRX

# Copeland Dividend Growth Fund

# Class I (CDIVX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](ic9792936d97e0924cd1b4b95.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I<sup>Footnote Reference\*</sup> | $51 | 1.05% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, Copeland Capital Management, LLC. If the agreement is not extended in the future, expenses could be higher.

## How did the Fund perform during the reporting period?
During the six-month period, the Class I shares of the Fund declined 5.52% versus the 1.35% retreat registered by the S&P 500 Index and the 2.44% pullback posted by the Russell 3000 Index. Anecdotally, the S&P 500 Equal Weighted Index declined 5.02% during the period, reflective of the outsized performance of mega-capitalization technology stocks relative to the broader market.

Our stock selection in the Healthcare sector bolstered Fund returns. The nation's largest provider of inpatient rehabilitation services, Encompass Health (EHC, 1.7% of holdings at period end) rose 18% during the period. At the end of April, the company reported better than expected quarterly revenue and EBITDA growth of 10% and 15%, respectively. Encompass is benefiting from a resurgence in patient volumes as nurse staffing issues subside and disciplined expansion activities augment capacity. Consumer Staples sector constituent PriceSmart (PSMT, 1.8% of holdings at period end), rose over 20% during the period. The San Diego-based company operates U.S. style membership shopping warehouse clubs in Latin America and the Carribbean. A focus on offering high quality goods and low prices continues to drive strong results at the company.

Our stock selection in the Consumer Discretionary sector was a drag on Fund returns. Reflective of our relative underperformance, Fund holding Churchill Downs (CHDN, 1.2% of holdings at period end) was the worst performer in the Fund, falling 33% during the period. The owner of the eponymous racetrack that hosts the Kentucky Derby horse race, retreated as a softening consumer spending impacted the annual event. An announced delay in major improvements to the Churchill Downs racetrack also weighed on the shares.

Energy sector constituent Northern Oil and Gas (NOG, 0.0% of holdings at period end, position exited in May) dipped 32% while we held a position in the shares. Oil prices declined as OPEC supply increases augmented robust production efforts in the United States. In response, NOG operator partners throttled back on drilling activities, limiting volumes. In early April, the announcement of sweeping tariffs on foreign goods drove a further retreat in crude oil and natural gas prices. We elected to exit our position in the shares in favor of less volatile alternatives.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i03da2d808182e0262b68cefa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland Dividend Growth Fund - Class I** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **May-2015** | $10000 | $10000 | $10000 |
| **May-2016** | $9164 | $10022 | $10172 |
| **May-2017** | $10257 | $11795 | $11948 |
| **May-2018** | $11741 | $13572 | $13667 |
| **May-2019** | $11772 | $13911 | $14184 |
| **May-2020** | $11213 | $15505 | $16005 |
| **May-2021** | $14764 | $22314 | $22458 |
| **May-2022** | $14634 | $21492 | $22391 |
| **May-2023** | $14674 | $21929 | $23045 |
| **May-2024** | $17602 | $27978 | $29540 |
| **May-2025** | $18669 | $31648 | $33535 |

---

## **Average Annual\* Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Copeland Dividend Growth Fund - Class I | -5.52% | 6.06% | 10.73% | 6.44% |
| Russell 3000<sup>®</sup> Index | -2.44% | 13.12% | 15.34% | 12.21% |
| S&P 500<sup>®</sup> Index | -1.35% | 13.52% | 15.94% | 12.86% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$30,140,753

* Number of Portfolio Holdings69

* Advisory Fee (net of waivers)$16,257

* Portfolio Turnover11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if69e3ed712039885a8be64fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia965c95e9271fc8646cf7263.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.4% |
| Utilities | 2.6% |
| Real Estate | 2.9% |
| Consumer Staples | 3.4% |
| Energy | 3.6% |
| Communications | 4.0% |
| Materials | 4.0% |
| Consumer Discretionary | 10.7% |
| Health Care | 12.1% |
| Industrials | 12.6% |
| Financials | 14.2% |
| Technology | 28.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 2.3% |
| Visa, Inc., Class A | 2.0% |
| Microsoft Corporation | 2.0% |
| Intuit, Inc. | 1.9% |
| Apple, Inc. | 1.9% |
| Vertiv Holdings Company | 1.8% |
| PriceSmart, Inc. | 1.8% |
| Waste Connections, Inc. | 1.7% |
| Morgan Stanley | 1.7% |
| Encompass Health Corporation | 1.7% |

---

## Material Fund Changes
Effective January 18, 2025, the Fund changed its Principal Investment Strategy. Specifically, the Fund's definition of "dividend growth" in its non-fundamental principal investment strategies changed from securities that had increased their dividend for a minimum of five consecutive years to securities that have raised their dividend in the most recent annual period. For more detailed information, please visit **https://www.sec.gov/Archives/edgar/data/1502745/000158064224007004/copeland-div_497.htm**

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.copelandfunds.com/copeland-funds/product-literature. You can also request this information by contacting us at 1-888-926-7352.

* Prospectus

* Financial information - Annual & Semi-Annual

* Holdings

* Proxy voting information

# Copeland Dividend Growth Fund - Class I (CDIVX)
![Image](i0f081c4b5a5f59f6c68b4343.jpg)

#### Semi-Annual Shareholder Report - May 31, 2025
TSR-SAR 053125-CDIVX

# Copeland SMID Cap Dividend Growth Fund

# Class A (CSDGX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i1c75a03ea6a96ae2f128b982.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Copeland SMID Cap Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A<sup>Footnote Reference\*</sup> | $56 | 1.20% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, Copeland Capital Management, LLC. If the agreement is not extended in the future, expenses could be higher.

## How did the Fund perform during the reporting period?
During the six-month period, the Class A shares of the Fund declined 12.01% versus the 11.22% retreat registered by the Russell 2500 Index and the 2.44% pullback posted by the Russell 3000 Index. The outperformance of this latter broad capitalization benchmark vs smaller stocks is reflective of the outsized performance of mega-capitalization technology and related higher risk small cap technology stocks relative to the broader market.

Our stock selection in defensive sectors such as Healthcare and Staples bolstered Fund returns during this volatile and overall declining market environment. The nation's largest provider of inpatient rehabilitation services, Encompass Health (EHC, 1.8% of holdings at period end), rose 18% during the period. At the end of April, the company reported better than expected quarterly revenue and EBITDA growth of 10% and 15%, respectively. Encompass is benefiting from a resurgence in patient volumes as nurse staffing issues subside and disciplined expansion activities augment capacity. Consumer Staples sector constituent PriceSmart (PSMT, 1.6% of holdings at period end), rose over 16% during the period. The San Diego-based company operates U.S. style membership shopping warehouse clubs in Latin America and the Caribbean. A focus on offering high quality goods and low prices continues to drive strong results at the company.

Our stock selection in cyclical sectors of Consumer Discretionary and Energy was a drag on Fund returns. Churchill Downs (CHDN, 1.4% of holdings at period end), owner of the eponymous racetrack that hosts the Kentucky Derby horse race, retreated as a softening consumer spending impacted the annual event. An announced delay in major improvements to the Churchill Downs racetrack also weighed on the shares. Meanwhile, oil prices declined as OPEC supply increases augmented robust production efforts in the United States. Energy holding Northern Oil and Gas (NOG, 0.9% of holdings at period end) declined significantly in this environment as its operator partners throttled back on drilling activities, limiting volumes. In early April, the announcement of sweeping tariffs on foreign goods drove a further retreat in crude oil and natural gas prices, holding back the shares.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic4aced9ee7d64086d53c76d0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland SMID Cap Dividend Growth Fund - Class A** | **Russell 2500<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Feb-2019** | $9423 | $10000 | $10000 |
| **May-2019** | $9796 | $9841 | $10163 |
| **May-2020** | $9802 | $9762 | $11328 |
| **May-2021** | $13471 | $15663 | $16302 |
| **May-2022** | $13021 | $13843 | $15702 |
| **May-2023** | $12843 | $13104 | $16021 |
| **May-2024** | $14761 | $15948 | $20440 |
| **May-2025** | $14414 | $16504 | $23122 |

---

## **Average Annual\* Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **Since Inception (February 11, 2019)** |
| Copeland SMID Cap Dividend Growth Fund - Class A |  |  |  |  |
| Without Load | -12.01% | -2.36% | 8.02% | 6.98% |
| With Load | -17.08% | -7.94% | 6.75% | 5.98% |
| Russell 3000<sup>®</sup> Index | -2.44% | 13.12% | 15.34% | 14.23% |
| Russell 2500<sup>®</sup> Index | -11.22% | 3.49% | 11.07% | 8.28% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$156,385,174

* Number of Portfolio Holdings67

* Advisory Fee (net of waivers)$235,153

* Portfolio Turnover15%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8a58ec16e1ff4d5b48bcfa00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.3% |
| Money Market Funds | 2.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2e7cb669a9db2ced4fee83c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 2.7% |
| Communications | 3.0% |
| Utilities | 3.2% |
| Consumer Staples | 3.3% |
| Energy | 4.1% |
| Real Estate | 4.5% |
| Materials | 8.2% |
| Consumer Discretionary | 9.9% |
| Financials | 11.4% |
| Health Care | 12.9% |
| Technology | 15.7% |
| Industrials | 20.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Northern Institutional Treasury Portfolio | 2.7% |
| Air Lease Corporation | 2.0% |
| Ensign Group, Inc. (The) | 2.0% |
| Reliance, Inc. | 2.0% |
| Wingstop, Inc. | 1.8% |
| nVent Electric PLC | 1.8% |
| STERIS plc | 1.8% |
| GFL Environmental, Inc. | 1.8% |
| Encompass Health Corporation | 1.8% |
| Hamilton Lane, Inc., Class A | 1.8% |

---

## Material Fund Changes
No material changes occured during the six months ended May 31, 2025.

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Copeland SMID Cap Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

* Prospectus

* Financial information - Annual & Semi-Annual

* Holdings

* Proxy voting information

# Copeland SMID Cap Dividend Growth Fund - Class A (CSDGX)
![Image](i1c75a03ea6a96ae2f128b982.jpg)

#### Semi-Annual Shareholder Report - May 31, 2025
TSR-SAR 053125-CSDGX

# Copeland SMID Cap Dividend Growth Fund

# Class I (CSMDX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i4155769977ff6020b620a85c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Copeland SMID Cap Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I<sup>Footnote Reference\*</sup> | $45 | 0.95% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, Copeland Capital Management, LLC. If the agreement is not extended in the future, expenses could be higher.

## How did the Fund perform during the reporting period?
During the six-month period, the Class I shares of the Fund declined 11.87% versus the 11.22% retreat registered by the Russell 2500 Index and the 2.44% pullback posted by the Russell 3000 Index. The outperformance of this latter broad capitalization benchmark vs smaller stocks is reflective of the outsized performance of mega-capitalization technology and related higher risk small cap technology stocks relative to the broader market.

Our stock selection in defensive sectors such as Healthcare and Staples bolstered Fund returns during this volatile and overall declining market environment. The nation's largest provider of inpatient rehabilitation services, Encompass Health (EHC, 1.8% of holdings at period end), rose 18% during the period. At the end of April, the company reported better than expected quarterly revenue and EBITDA growth of 10% and 15%, respectively. Encompass is benefiting from a resurgence in patient volumes as nurse staffing issues subside and disciplined expansion activities augment capacity. Consumer Staples sector constituent PriceSmart (PSMT, 1.6% of holdings at period end), rose over 16% during the period. The San Diego-based company operates U.S. style membership shopping warehouse clubs in Latin America and the Caribbean. A focus on offering high quality goods and low prices continues to drive strong results at the company.

Our stock selection in cyclical sectors of Consumer Discretionary and Energy was a drag on Fund returns. Churchill Downs (CHDN, 1.4% of holdings at period end), owner of the eponymous racetrack that hosts the Kentucky Derby horse race, retreated as a softening consumer spending impacted the annual event. An announced delay in major improvements to the Churchill Downs racetrack also weighed on the shares. Meanwhile, oil prices declined as OPEC supply increases augmented robust production efforts in the United States. Energy holding Northern Oil and Gas (NOG, 0.9% of holdings at period end) declined significantly in this environment as its operator partners throttled back on drilling activities, limiting volumes. In early April, the announcement of sweeping tariffs on foreign goods drove a further retreat in crude oil and natural gas prices, holding back the shares.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7366967598e61d36b9ffa8dd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland SMID Cap Dividend Growth Fund - Class I** | **Russell 2500<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Feb-2017** | $10000 | $10000 | $10000 |
| **May-2017** | $9940 | $9848 | $10175 |
| **May-2018** | $11397 | $11649 | $11708 |
| **May-2019** | $12107 | $11149 | $12000 |
| **May-2020** | $12156 | $11060 | $13375 |
| **May-2021** | $16739 | $17746 | $19249 |
| **May-2022** | $16222 | $15684 | $18540 |
| **May-2023** | $16038 | $14847 | $18917 |
| **May-2024** | $18488 | $18069 | $24135 |
| **May-2025** | $18099 | $18699 | $27301 |

---

## **Average Annual\* Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (February 27, 2017)** |
| Copeland SMID Cap Dividend Growth Fund - Class I | -11.87% | -2.11% | 8.28% | 7.45% |
| Russell 2500<sup>®</sup> Index | -11.22% | 3.49% | 11.07% | 7.88% |
| Russell 3000<sup>®</sup> Index | -2.44% | 13.12% | 15.34% | 12.94% |

---

*\* Total returns for periods less than 1 year are not annualized.*

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

## **Fund Statistics** 
* Net Assets$156,385,174

* Number of Portfolio Holdings67

* Advisory Fee (net of waivers)$235,153

* Portfolio Turnover15%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i55776c88b9979cf9aee69d19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.3% |
| Money Market Funds | 2.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0bb88a1c12867ed5b25f5585.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 2.7% |
| Communications | 3.0% |
| Utilities | 3.2% |
| Consumer Staples | 3.3% |
| Energy | 4.1% |
| Real Estate | 4.5% |
| Materials | 8.2% |
| Consumer Discretionary | 9.9% |
| Financials | 11.4% |
| Health Care | 12.9% |
| Technology | 15.7% |
| Industrials | 20.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Northern Institutional Treasury Portfolio | 2.7% |
| Air Lease Corporation | 2.0% |
| Ensign Group, Inc. (The) | 2.0% |
| Reliance, Inc. | 2.0% |
| Wingstop, Inc. | 1.8% |
| nVent Electric PLC | 1.8% |
| STERIS plc | 1.8% |
| GFL Environmental, Inc. | 1.8% |
| Encompass Health Corporation | 1.8% |
| Hamilton Lane, Inc., Class A | 1.8% |

---

## Material Fund Changes
No material changes occured during the six months ended May 31, 2025.

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Copeland SMID Cap Dividend Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://www.copelandfunds.com/copeland-funds/product-literature**. You can also request this information by contacting us at 1-888-926-7352.

* Prospectus

* Financial information - Annual & Semi-Annual

* Holdings

* Proxy voting information

# Copeland SMID Cap Dividend Growth Fund - Class I (CSMDX)
![Image](i4155769977ff6020b620a85c.jpg)

#### Semi-Annual Shareholder Report - May 31, 2025
TSR-SAR 053125-CSMDX

(b) Not
 applicable

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to open-end investment companies.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| **Copeland** |
| **Dividend Growth Fund** |
| **Class A Shares: CDGRX** |
| **Class C Shares: CDCRX** |
| **Class I Shares: CDIVX** |
| **Copeland** |
| **SMID Cap Dividend Growth Fund** |
| **Class A Shares: CSDGX** |
| **Class I Shares: CSMDX** |
| **Copeland** |
| **International Small Cap Fund** |
| **Class A Shares: CISAX** |
| **Class I Shares: CSIIX** |
| **Semi-Annual Financial Statements and Additional Information** |
| May 31, 2025 |
| *Investor Information: 1-888-9-COPELAND* |
| This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of the Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information. |
| Distributed by Northern Lights Distributors, LLC<br> Member FINRA |

---

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6%** |  |
|  | **ASSET MANAGEMENT - 4.7%** |  |
| 907 | Ameriprise Financial, Inc. | $461881 |
| 9044 | Brookfield Asset Management Ltd. | 507368 |
| 2974 | Hamilton Lane, Inc., Class A | 443126 |
|  |  | 1412375 |
|  | **BANKING - 1.6%** |  |
| 1868 | JPMorgan Chase & Company | 493152 |
|  | **BIOTECH & PHARMA - 2.8%** |  |
| 531 | Eli Lilly & Company | 391703 |
| 2641 | Zoetis, Inc. | 445352 |
|  |  | 837055 |
|  | **CHEMICALS - 1.6%** |  |
| 1338 | Sherwin-Williams Company (The) | 480088 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.0%** |  |
| 1658 | Cintas Corporation | 375537 |
| 2622 | Waste Connections, Inc. | 516770 |
|  |  | 892307 |
|  | **CONSTRUCTION MATERIALS - 1.3%** |  |
| 1458 | Vulcan Materials Company | 386472 |
|  | **DATA CENTER REIT - 1.5%** |  |
| 487 | Equinix, Inc. | 432856 |
|  | **E-COMMERCE DISCRETIONARY - 1.5%** |  |
| 6011 | eBay, Inc. | 439825 |
|  | **ELECTRIC UTILITIES - 1.3%** |  |
| 5342 | NextEra Energy, Inc. | 377359 |
|  | **ELECTRICAL EQUIPMENT - 4.8%** |  |
| 5644 | Amphenol Corporation, Class A | 507565 |
| 3914 | Otis Worldwide Corporation | 373200 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 4.8% (Continued)** |  |
| 5033 | Vertiv Holdings Company | $543211 |
|  |  | 1423976 |
|  | **ENGINEERING & CONSTRUCTION - 1.3%** |  |
| 11590 | Tetra Tech, Inc. | 404955 |
|  | **GAS & WATER UTILITIES - 1.3%** |  |
| 2908 | American Water Works Company, Inc. | 415757 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.3%** |  |
| 1482 | Cencora, Inc. | 431618 |
| 4201 | Encompass Health Corporation | 507900 |
| 3444 | Ensign Group, Inc. (The) | 507163 |
| 1504 | UnitedHealth Group, Inc. | 454073 |
|  |  | 1900754 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.2%** |  |
| 2225 | WESCO International, Inc. | 373555 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.2%** |  |
| 4013 | Morgan Stanley | 513785 |
| 5449 | Nasdaq, Inc. | 455209 |
|  |  | 968994 |
|  | **INSURANCE - 3.1%** |  |
| 2289 | Allstate Corporation (The) | 480393 |
| 986 | Kinsale Capital Group, Inc. | 465382 |
|  |  | 945775 |
|  | **INTERNET MEDIA & SERVICES - 1.3%** |  |
| 585 | Meta Platforms, Inc., Class A | 378782 |
|  | **LEISURE FACILITIES & SERVICES - 4.2%** |  |
| 4035 | Churchill Downs, Inc. | 385221 |
| 984 | Domino's Pizza, Inc. | 466239 |
| 1559 | Marriott International, Inc., Class A | 411311 |
|  |  | 1262771 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **MACHINERY - 1.0%** |  |
| 1448 | Nordson Corporation | $306962 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.0%** |  |
| 1935 | ResMed, Inc. | 473669 |
| 1757 | STERIS plc | 430834 |
|  |  | 904503 |
|  | **OIL & GAS PRODUCERS - 2.5%** |  |
| 1813 | Cheniere Energy, Inc. | 429663 |
| 2344 | Diamondback Energy, Inc. | 315385 |
|  |  | 745048 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.1%** |  |
| 10025 | Schlumberger Ltd. | 331326 |
|  | **PUBLISHING & BROADCASTING - 2.7%** |  |
| 6866 | New York Times Company (The), Class A | 392186 |
| 2466 | Nexstar Media Group, Inc. | 420255 |
|  |  | 812441 |
|  | **RESIDENTIAL REIT - 1.4%** |  |
| 6713 | Equity LifeStyle Properties, Inc. | 426745 |
|  | **RETAIL - CONSUMER STAPLES - 3.4%** |  |
| 1117 | Casey's General Stores, Inc. | 488978 |
| 4920 | PriceSmart, Inc. | 531262 |
|  |  | 1020240 |
|  | **RETAIL - DISCRETIONARY - 4.0%** |  |
| 1072 | Home Depot, Inc. (The) | 394807 |
| 3172 | Ross Stores, Inc. | 444365 |
| 7844 | Tractor Supply Company | 379650 |
|  |  | 1218822 |
|  | **SEMICONDUCTORS - 7.0%** |  |
| 2874 | Broadcom, Inc. | 695709 |
| 596 | Monolithic Power Systems, Inc. | 394492 |
| 5716 | Power Integrations, Inc. | 284257 |
| 1901 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 367501 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **SEMICONDUCTORS - 7.0% (Continued)** |  |
| 2530 | Universal Display Corporation | $362676 |
|  |  | 2104635 |
|  | **SOFTWARE - 6.7%** |  |
| 8495 | Bentley Systems, Inc., Class B | 405466 |
| 774 | Intuit, Inc. | 583186 |
| 1326 | Microsoft Corporation | 610437 |
| 1548 | Salesforce, Inc. | 410793 |
|  |  | 2009882 |
|  | **SPECIALTY FINANCE - 1.6%** |  |
| 8179 | Air Lease Corporation | 471192 |
|  | **STEEL - 1.1%** |  |
| 1149 | Reliance, Inc. | 336450 |
|  | **TECHNOLOGY HARDWARE - 3.4%** |  |
| 2830 | Apple, Inc. | 568405 |
| 1073 | Motorola Solutions, Inc. | 445703 |
|  |  | 1014108 |
|  | **TECHNOLOGY SERVICES - 11.4%** |  |
| 1106 | Accenture PLC, Class A | 350403 |
| 1427 | Automatic Data Processing, Inc. | 464531 |
| 3360 | Booz Allen Hamilton Holding Corporation | 357000 |
| 1947 | Broadridge Financial Solutions, Inc. | 472790 |
| 796 | FactSet Research Systems, Inc. | 364775 |
| 2156 | Jack Henry & Associates, Inc. | 390603 |
| 796 | MSCI, Inc. | 448960 |
| 1681 | Visa, Inc., Class A | 613884 |
|  |  | 3462946 |
|  | **TRANSPORTATION & LOGISTICS - 1.3%** |  |
| 2874 | JB Hunt Transport Services, Inc. | 399055 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 1.0%** |  |
| 1039 | Pool Corporation | $312313 |
|  | **TOTAL COMMON STOCKS (Cost $22,194,048)** | $29703476 |
|  | **SHORT-TERM INVESTMENT — 1.4%** |  |
|  | **MONEY MARKET FUND - 1.4%** |  |
| 425524 | Northern Institutional Treasury Portfolio, 4.14% (Cost $425,524)<sup>(a)</sup> | 425524 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $22,619,572)** | $30129000 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%** | 11753 |
|  | **NET ASSETS - 100.0%** | $30140753 |

---

---

| | |
|:---|:---|
| 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 May 31, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9%** |  |
|  | **AEROSPACE & DEFENSE - 1.2%** |  |
| 34628 | Hexcel Corporation | $1831475 |
|  | **ASSET MANAGEMENT - 3.3%** |  |
| 30633 | Cohen & Steers, Inc. | 2353840 |
| 18245 | Hamilton Lane, Inc., Class A | 2718505 |
|  |  | 5072345 |
|  | **BANKING - 3.3%** |  |
| 95659 | Home BancShares, Inc. | 2706193 |
| 34080 | Prosperity Bancshares, Inc. | 2373672 |
|  |  | 5079865 |
|  | **BIOTECH & PHARMA - 1.3%** |  |
| 74976 | Perrigo Company plc | 2007108 |
|  | **CHEMICALS - 2.2%** |  |
| 25305 | Cabot Corporation | 1890031 |
| 15121 | Quaker Chemical Corporation | 1639721 |
|  |  | 3529752 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.2%** |  |
| 55233 | GFL Environmental, Inc. | 2785400 |
| 11830 | UniFirst Corporation | 2230665 |
|  |  | 5016065 |
|  | **CONSTRUCTION MATERIALS - 1.7%** |  |
| 6973 | Carlisle Companies, Inc. | 2650995 |
|  | **ELECTRICAL EQUIPMENT - 7.4%** |  |
| 19508 | BWX Technologies, Inc. | 2450205 |
| 55860 | Cognex Corporation | 1674124 |
| 12457 | Littelfuse, Inc. | 2554433 |
| 43560 | nVent Electric PLC | 2866249 |
| 74839 | Sensata Technologies Holding PLC | 1950304 |
|  |  | 11495315 |
|  | **ENGINEERING & CONSTRUCTION - 1.4%** |  |
| 64243 | Tetra Tech, Inc. | 2244650 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.1%** |  |
| 17863 | UFP Industries, Inc. | $1742714 |
|  | **GAS & WATER UTILITIES - 3.2%** |  |
| 64164 | Brookfield Infrastructure Corporation, Class A | 2538969 |
| 19900 | Chesapeake Utilities Corporation | 2431581 |
|  |  | 4970550 |
|  | **HEALTH CARE FACILITIES & SERVICES - 8.3%** |  |
| 4387 | Chemed Corporation | 2521823 |
| 22912 | Encompass Health Corporation | 2770061 |
| 21466 | Ensign Group, Inc. (The) | 3161083 |
| 14024 | Quest Diagnostics, Inc. | 2430920 |
| 28596 | US Physical Therapy, Inc. | 2144414 |
|  |  | 13028301 |
|  | **HOTEL REIT - 1.6%** |  |
| 26089 | Ryman Hospitality Properties, Inc. | 2533502 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.6%** |  |
| 8070 | Valmont Industries, Inc. | 2566583 |
|  | **INDUSTRIAL REIT - 1.5%** |  |
| 41523 | Terreno Realty Corporation | 2342728 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.6%** |  |
| 15042 | WESCO International, Inc. | 2525401 |
|  | **INSURANCE - 2.8%** |  |
| 5456 | Kinsale Capital Group, Inc. | 2575178 |
| 6914 | Primerica, Inc. | 1870928 |
|  |  | 4446106 |
|  | **LEISURE FACILITIES & SERVICES - 6.5%** |  |
| 22426 | Churchill Downs, Inc. | 2141010 |
| 5562 | Domino's Pizza, Inc. | 2635387 |
| 47790 | Travel + Leisure Company | 2321160 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 6.5% (Continued)** |  |
| 8540 | Wingstop, Inc. | $2918118 |
|  |  | 10015675 |
|  | **LEISURE PRODUCTS - 1.1%** |  |
| 34153 | Brunswick Corporation | 1728825 |
|  | **MACHINERY - 2.9%** |  |
| 10673 | Nordson Corporation | 2262569 |
| 15512 | Standex International Corporation | 2341382 |
|  |  | 4603951 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.3%** |  |
| 29066 | LeMaitre Vascular, Inc. | 2389225 |
| 11517 | STERIS plc | 2824084 |
|  |  | 5213309 |
|  | **METALS & MINING - 1.2%** |  |
| 10265 | Royal Gold, Inc. | 1828402 |
|  | **OIL & GAS PRODUCERS - 2.3%** |  |
| 48652 | Matador Resources Company | 2092522 |
| 55233 | Northern Oil & Gas, Inc. | 1468093 |
|  |  | 3560615 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.8%** |  |
| 97696 | Atlas Energy Solutions, Inc. | 1187006 |
| 68160 | ChampionX Corporation | 1640612 |
|  |  | 2827618 |
|  | **PUBLISHING & BROADCASTING - 3.0%** |  |
| 39956 | New York Times Company (The), Class A | 2282287 |
| 14024 | Nexstar Media Group, Inc. | 2389970 |
|  |  | 4672257 |
|  | **REAL ESTATE SERVICES - 1.4%** |  |
| 12457 | FirstService Corporation | 2184896 |
|  | **RETAIL - CONSUMER STAPLES - 3.3%** |  |
| 6189 | Casey's General Stores, Inc. | 2709296 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 3.3% (Continued)** |  |
| 22720 | PriceSmart, Inc. | $2453306 |
|  |  | 5162602 |
|  | **RETAIL - DISCRETIONARY - 1.1%** |  |
| 9715 | Dick's Sporting Goods, Inc. | 1742288 |
|  | **SEMICONDUCTORS - 3.9%** |  |
| 49906 | Kulicke & Soffa Industries, Inc. | 1604478 |
| 45048 | Power Integrations, Inc. | 2240237 |
| 15747 | Universal Display Corporation | 2257332 |
|  |  | 6102047 |
|  | **SOFTWARE - 4.5%** |  |
| 48652 | Bentley Systems, Inc., Class B | 2322160 |
| 90301 | Clear Secure, Inc., Class A | 2234950 |
| 44186 | Concentrix Corporation | 2472869 |
|  |  | 7029979 |
|  | **SPECIALTY FINANCE - 2.0%** |  |
| 55233 | Air Lease Corporation | 3181973 |
|  | **STEEL - 2.0%** |  |
| 10655 | Reliance, Inc. | 3119997 |
|  | **TECHNOLOGY SERVICES - 7.3%** |  |
| 19665 | Booz Allen Hamilton Holding Corporation | 2089406 |
| 4701 | FactSet Research Systems, Inc. | 2154280 |
| 14886 | Jack Henry & Associates, Inc. | 2696897 |
| 7756 | Morningstar, Inc. | 2392106 |
| 23895 | TransUnion | 2046129 |
|  |  | 11378818 |
|  | **TRANSPORTATION & LOGISTICS - 1.3%** |  |
| 15168 | Landstar System, Inc. | 2081353 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 1.3%** |  |
| 6973 | Pool Corporation | $2096014 |
|  | **TOTAL COMMON STOCKS (Cost $153,961,463)** | $151614074 |
|  | **SHORT-TERM INVESTMENT — 2.7%** |  |
|  | **MONEY MARKET FUND - 2.7%** |  |
| 4158432 | Northern Institutional Treasury Portfolio, 4.14% (Cost $4,158,432)<sup>(a)</sup> | 4158432 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $158,119,895)** | $155772506 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** | 612668 |
|  | **NET ASSETS - 100.0%** | $156385174 |

---

PLC - Public Limited Company <br>REIT - Real Estate Investment Trust

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2%** |  |
|  | **Australia - 6.2%** |  |
| 345 | Breville Group Ltd.<sup>(a)</sup> | $6497 |
| 722 | Charter Hall Group<sup>(a)</sup> | 8464 |
| 2928 | Steadfast Group Ltd.<sup>(a)</sup> | 10882 |
| 4786 | Ventia Services Group Pty Ltd.<sup>(a)</sup> | 14587 |
|  |  | 40430 |
|  | **Belgium - 1.2%** |  |
| 108 | Montea N.V.<sup>(a)</sup> | 7979 |
|  | **Canada - 13.3%** |  |
| 222 | Brookfield Infrastructure Corporation | 8791 |
| 92 | BRP, Inc.<sup>(a)</sup> | 4052 |
| 45 | FirstService Corporation | 7887 |
| 171 | Gildan Activewear, Inc.<sup>(a)</sup> | 7961 |
| 139 | Granite Real Estate Investment Trust | 7119 |
| 58 | Mainstreet Equity Corporation | 8229 |
| 398 | OR Royalties, Inc.<sup>(a)</sup> | 10169 |
| 140 | Stella-Jones, Inc. | 7914 |
| 322 | TMX Group Ltd. | 13013 |
| 66 | Toromont Industries Ltd. | 5723 |
| 149 | Tourmaline Oil Corporation | 6718 |
|  |  | 87576 |
|  | **France - 3.4%** |  |
| 54 | Gaztransport Et Technigaz S.A.<sup>(a)</sup> | 10033 |
| 50 | Nexans S.A.<sup>(a)</sup> | 5751 |
| 31 | Sopra Steria Group<sup>(a)</sup> | 6683 |
|  |  | 22467 |
|  | **Germany - 4.2%** |  |
| 86 | Hensoldt AG<sup>(a)</sup> | 8999 |
| 136 | Scout24 A.G. 144A<sup>(a),(b)</sup> | 18528 |
|  |  | 27527 |
|  | **Greece - 2.4%** |  |
| 729 | OPAP S.A.<sup>(a)</sup> | 15674 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **Italy - 6.6%** |  |
| 190 | Interpump Group SpA<sup>(a)</sup> | $7410 |
| 526 | Lottomatica Group Spa 144A<sup>(a),(b)</sup> | 13839 |
| 208 | Recordati Industria Chimica e Farmaceutica SpA<sup>(a)</sup> | 12481 |
| 187 | SOL SpA<sup>(a)</sup> | 9723 |
|  |  | 43453 |
|  | **Japan - 26.3%** |  |
| 437 | Asics Corporation<sup>(a)</sup> | 10533 |
| 1357 | Chiba Bank Ltd. (The)<sup>(a)</sup> | 12334 |
| 797 | Hulic Company Ltd.<sup>(a)</sup> | 8071 |
| 548 | Internet Initiative Japan, Inc.<sup>(a)</sup> | 10565 |
| 384 | JCU Corporation<sup>(a)</sup> | 8501 |
| 478 | Kokusai Electric Corporation<sup>(a)</sup> | 9840 |
| 839 | Kotobuki Spirits Company Ltd.<sup>(a)</sup> | 13535 |
| 234 | Kurita Water Industries Ltd.<sup>(a)</sup> | 8732 |
| 53 | Maruwa Company Ltd.<sup>(a)</sup> | 12839 |
| 459 | MISUMI Group, Inc.<sup>(a)</sup> | 6055 |
| 1151 | Mitsubishi UFJ Lease & Finance Company Ltd.<sup>(a)</sup> | 8453 |
| 249 | Nichias Corporation<sup>(a)</sup> | 8603 |
| 465 | Nippon Gas Company Ltd.<sup>(a)</sup> | 8319 |
| 1029 | Nomura Real Estate Holdings, Inc.<sup>(a)</sup> | 6026 |
| 348 | NSD Company Ltd.<sup>(a)</sup> | 8596 |
| 446 | Rohto Pharmaceutical Company Ltd.<sup>(a)</sup> | 6286 |
| 662 | Santen Pharmaceutical Company Ltd.<sup>(a)</sup> | 7365 |
| 602 | SMS Company Ltd.<sup>(a)</sup> | 6006 |
| 592 | Yamaguchi Financial Group, Inc.<sup>(a)</sup> | 6286 |
| 632 | Zeon Corporation<sup>(a)</sup> | 6358 |
|  |  | 173303 |
|  | **Netherlands - 4.6%** |  |
| 148 | Arcadis N.V.<sup>(a)</sup> | 7643 |
| 51 | Euronext N.V. 144A<sup>(a),(b)</sup> | 8311 |
| 376 | Technip Energies N.V.<sup>(a)</sup> | 14230 |
|  |  | 30184 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **Norway - 1.3%** |  |
| 456 | Borregaard ASA<sup>(a)</sup> | $8375 |
|  | **Spain - 2.3%** |  |
| 77 | Vidrala S.A.<sup>(a)</sup> | 8241 |
| 96 | Viscofan S.A.<sup>(a)</sup> | 6911 |
|  |  | 15152 |
|  | **Sweden - 6.6%** |  |
| 265 | AddTech AB<sup>(a)</sup> | 9109 |
| 832 | Bravida Holding A.B. 144A<sup>(a),(b)</sup> | 7715 |
| 247 | Loomis A.B.<sup>(a)</sup> | 9557 |
| 509 | Sweco A.B.<sup>(a)</sup> | 8845 |
| 809 | Wihlborgs Fastigheter A.B.<sup>(a)</sup> | 8135 |
|  |  | 43361 |
|  | **Switzerland - 2.1%** |  |
| 64 | VZ Holding A.G.<sup>(a)</sup> | 13603 |
|  | **United Kingdom - 15.5%** |  |
| 998 | AJ Bell plc<sup>(a)</sup> | 6602 |
| 1509 | Breedon Group PLC<sup>(a)</sup> | 9264 |
| 1320 | Bytes Technology Group plc<sup>(a)</sup> | 9393 |
| 6462 | Coats Group plc<sup>(a)</sup> | 6870 |
| 184 | Diploma plc<sup>(a)</sup> | 11634 |
| 260 | Halma PLC<sup>(a)</sup> | 10193 |
| 317 | Hill & Smith Holdings plc<sup>(a)</sup> | 7898 |
| 806 | Hilton Food Group plc<sup>(a)</sup> | 9437 |
| 667 | Howden Joinery Group plc<sup>(a)</sup> | 7740 |
| 813 | Safestore Holdings PLC<sup>(a)</sup> | 7203 |
| 60 | Spirax-Sarco Engineering plc<sup>(a)</sup> | 4630 |
| 1658 | Warpaint London plc<sup>(a)</sup> | 11066 |
|  |  | 101930 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **United States - 1.2%** |  |
| 132 | Air Lease Corporation | $7604 |
|  | **TOTAL COMMON STOCKS (Cost $548,243)** | $638618 |
|  | **SHORT-TERM INVESTMENT — 4.0%** |  |
|  | **MONEY MARKET FUND - 4.0%** |  |
| 26410 | Northern Institutional Treasury Portfolio, 4.14% (Cost $26,410)<sup>(c)</sup> | 26410 |
|  | **TOTAL INVESTMENTS - 101.2% (Cost $574,653)** | $665028 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%** | (8164) |
|  | **NET ASSETS - 100.0%** | $656864 |

---

---

| | |
|:---|:---|
| 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 May 31, 2025, the total market value of 144A securities is $48,393 or 7.4% of net assets.

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland Trust** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Copeland Dividend**<br>**Growth Fund** | **Copeland SMID**<br>**Cap Dividend**<br>**Growth Fund** | **Copeland**<br>**International**<br>**Small Cap Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at Cost | $22619572 | $158119895 | $574653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities, at Market Value | $30129000 | $155772506 | $665028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Cash (Cost $0, $0, $188) |  |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 34414 | 236956 | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for Securities Sold |  | 516332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Investment Adviser | 4177 |  | 8579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold |  | 1149896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 40099 | 94884 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 30207690 | 157770574 | 678166 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Securities Purchased |  | 1123646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed |  | 91196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Investment Adviser |  | 36973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Audit Fees | 9385 | 8908 | 5414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 8324 | 384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Related Parties | 19665 | 57058 | 8873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Accrued Expenses | 29563 | 67235 | 7015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 66937 | 1385400 | 21302 |
| **Net Assets** | $30140753 | $156385174 | $656864 |
| **Composition of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At May 31, 2025, Net Assets consisted of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $20850327 | $154890120 | $690315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings/(Deficit) | 9290426 | 1495054 | (33451 |
| **Net Assets** | $30140753 | $156385174 | $656864 |
| **<u>Class A Shares:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $11615759 | $1184155 | $263 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding** (no par value; unlimited number of shares authorized) | 943803 | 79986 | 31 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share\*** | $12.31 | $14.80 | $8.55 |
| &nbsp;&nbsp;&nbsp;**Offering Price Per Share** (NAV/$0.9425) **Includes a Maximum Sales Charge of 5.75%** | $13.06 | $15.70 | $9.07 |
| **<u>Class C Shares:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $6878095 |  |  |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding** (no par value; unlimited number of shares authorized) | 610947 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Offering Price and Redemption Price Per Share\*** | $11.26 |  |  |
| **<u>Class I Shares:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $11646899 | $155201019 | $656601 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding** (no par value; unlimited number of shares authorized) | 963389 | 10404796 | 76566 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Offering Price and Redemption Price Per Share\*** | $12.09 | $14.92 | $8.58 |

---

\* The Funds charge a 1.00% fee on shares redeemed less than 30 days after purchase or if shares held less than 30 days are redeemed for failure to maintain a balance that meets the minimum requirements listed in the Funds' Prospectus.

+ NAV may not recalculate due to rounding.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland Trust** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Copeland Dividend**<br>**Growth Fund** | **Copeland SMID**<br>**Cap Dividend**<br>**Growth Fund** | **Copeland**<br>**International**<br>**Small Cap Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $224925 | $1460969 | $10315 |
| &nbsp;&nbsp;&nbsp;Interest Income | 4125 | 43444 | 474 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withholding | (2451) | (10193) | (1612) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 226599 | 1494220 | 9177 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 124570 | 641773 | 2238 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class C | 37124 |  |  |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class A | 14970 | 2723 |  |
| &nbsp;&nbsp;&nbsp;Registration & Filing Fees | 23351 | 63371 | 499 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 21267 | 97385 | 22077 |
| &nbsp;&nbsp;&nbsp;Fund Accounting Fees | 20946 | 36138 | 19470 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 14678 | 85139 | 183 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 12459 | 39368 | 7764 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 9876 | 9424 | 5405 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 9747 | 72200 | 138 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 8680 | 63329 | 291 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 7941 | 57209 | 1454 |
| &nbsp;&nbsp;&nbsp;Shareholder Service Fees - Class I | 6909 | 25344 |  |
| &nbsp;&nbsp;&nbsp;Non-Rule 12b-1 Shareholder Service Fees | 4369 | 415 |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 7881 | 27273 | 677 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 324768 | 1221091 | 60196 |
| &nbsp;&nbsp;&nbsp;Less: Fees Waived by Adviser | (108313) | (406620) | (2238) |
| &nbsp;&nbsp;&nbsp;Less: Other Expenses Reimbursed by Adviser |  |  | (55143) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 216455 | 814471 | 2815 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 10144 | 679749 | 6362 |
| **Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | 2034001 | 3339812 | (18743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Exchange Contracts |  | (3077) |  |
|  | 2034001 | 3336735 | (18751) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | (4424300) | (28638628) | 62417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  | 23 | 103 |
|  | (4424300) | (28638605) | 62520 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions** | (2390299) | (25301870) | 43769 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(2380155) | $(24622121) | $50131 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland Dividend Growth Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**May 31, 2025** | **For the**<br>**Year Ended**<br>**November 30, 2024** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $10144 | $71220 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 2034001 | 5273595 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on investments | (4424300) | 3744844 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (2380155) | 9089659 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1605446) | (517902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1073232) | (346225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2020218) | (741257) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (4698896) | (1605384) |
| **Beneficial Interest Transactions:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 32719 | 401135 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1523749 | 491277 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (1412195) | (3270213) |
| &nbsp;&nbsp;&nbsp;**Total Class A Shares** | 144273 | (2377801) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 8969 | 56757 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1062130 | 343161 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (1306928) | (2285853) |
| &nbsp;&nbsp;&nbsp;**Total Class C Shares** | (235829) | (1885935) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 272708 | 772148 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1833837 | 692579 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (4728042) | (5803047) |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | (2621497) | (4338320) |
| &nbsp;&nbsp;&nbsp;**Total Beneficial Interest Transactions** | (2713053) | (8602056) |
| **Decrease in Net Assets** | (9792104) | (1117781) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 39932857 | 41050638 |
| &nbsp;&nbsp;&nbsp;End of Period | $30140753 | $39932857 |
| **Share Activity:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 2714 | 29540 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 119043 | 40872 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (116642) | (245418) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class A Shares** | 5115 | (175006) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 782 | 4352 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 90394 | 30585 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (117181) | (182443) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class C Shares** | (26005) | (147506) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 22718 | 59935 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 145890 | 58594 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (395808) | (447579) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class I Shares** | (227200) | (329050) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland SMID Cap Dividend Growth Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**May 31, 2025** | **For the**<br>**Year Ended**<br>**November 30, 2024** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $679749 | $1294233 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 3336735 | 2855899 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (28638605) | 22810215 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (24622121) | 26960347 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (28465) | (11826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2349932) | (586612) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (2378397) | (598438) |
| **Beneficial Interest Transactions:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 592800 | 1381035 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 25437 | 11019 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (1791817) | (756988) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 32 | 31 |
| &nbsp;&nbsp;&nbsp;**Total Class A Shares** | (1173548) | 635097 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 29307621 | 132361398 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1807276 | 525476 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (46031537) | (28729542) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 2577 | 1778 |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | (14914063) | 104159110 |
| &nbsp;&nbsp;&nbsp;**Total Beneficial Interest Transactions** | (16087611) | 104794207 |
| **Increase (Decrease) in Net Assets** | (43088129) | 131156116 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 199473303 | 68317187 |
| &nbsp;&nbsp;&nbsp;End of Period | $156385174 | $199473303 |
| **Share Activity:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 39629 | 87995 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1556 | 776 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (122052) | (48311) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class A Shares** | (80867) | 40460 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 1944820 | 8541452 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 109798 | 36798 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3130545) | (1838237) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class I Shares** | (1075927) | 6740013 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland International Small Cap Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**May 31, 2025** | **For the**<br>**Year Ended**<br>**November 30, 2024** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $6362 | $8149 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss on Investments and Foreign Currency Transactions | (18751) | (14701) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | 62520 | 32932 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 50131 | 26380 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (11579 | (10558 |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (11582 | (10558 |
| **Beneficial Interest Transactions:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 85 | 150 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 3 |  |
| &nbsp;&nbsp;&nbsp;**Total Class A Shares** | 88 | 150.00 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 46700 | 39999 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 11579 | 10558 |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | 58279 | 50557 |
| &nbsp;&nbsp;&nbsp;**Total Beneficial Interest Transactions** | 58367 | 50707 |
| **Increase in Net Assets** | 96916 | 66529 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 559948 | 493419 |
| &nbsp;&nbsp;&nbsp;End of Period | $656864 | $559948 |
| **Share Activity:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 12 | 18 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;**Total Activity Class A Shares** | 12 | 18 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 6006 | 4974 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1471 | 1361 |
| &nbsp;&nbsp;&nbsp;**Total Activity Class I Shares** | 7477 | 6335 |

---

\* Less than $1.

+ Less than 1 share.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland Dividend Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months**<br>**Ended**<br>**May 31, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Year**<br>**Ended**<br>**November 30, 2022** | **Year**<br>**Ended**<br>**November 30, 2021** | **Year**<br>**Ended**<br>**November 30, 2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $14.78 | $12.27 | $12.49 | $14.59 | $11.99 | $14.25 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.01 | 0.04 | 0.06 | 0.09 | 0.04 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.77) | 2.93 | 0.50 | (0.53) | 2.56 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other capital changes |  |  |  |  |  | 0.73 (d) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.76) | 2.97 | 0.56 | (0.44) | 2.60 | 0.26 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.02) | (0.09) | (0.02) |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.70) | (0.44) | (0.69) | (1.64) |  | (2.43) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.71) | (0.46) | (0.78) | (1.66) |  | (2.52) |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Period'** | $12.31 | $14.78 | $12.27 | $12.49 | $14.59 | $11.99 |
| **Total Return (c)** | (5.58)% (f) | 25.13% | 4.95% | (3.91)% | 21.68% | 2.24% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $11616 | $13873 | $13667 | $15441 | $18212 | $18800 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 1.86 % (e) | 2.13% | 1.95% | 1.99% | 1.93% | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.20 % (e) | 1.20% | 1.20% | 1.20% | 1.20% | 1.44% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.17 % (e) | 0.28% | 0.47% | 0.72% | 0.29% | 0.10% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 % (f) | 32% | 35% | 40% | 34% | 170% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year/period.

(b) Less than $0.01 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of fund expenses, the total return would have been lower. Sales loads are not reflected in total return.

(d) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share.

(e) Annualized.

(f) Not Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland Dividend Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months**<br>**Ended**<br>**May 31, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Year**<br>**Ended**<br>**November 30, 2022** | **Year**<br>**Ended**<br>**November 30, 2021** | **Year**<br>**Ended**<br>**November 30, 2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $13.70 | $11.46 | $11.71 | $13.85 | $11.47 | $13.73 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (a) | (0.03) | (0.06) | (0.03) | (0.01) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.71) | 2.74 | 0.47 | (0.49) | 2.44 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other capital changes |  |  |  |  |  | 0.54 (d) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.74) | 2.68 | 0.44 | (0.50) | 2.38 | 0.17 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.70) | (0.44) | (0.69) | (1.64) |  | (2.43) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.70) | (0.44) | (0.69) | (1.64) |  | (2.43) |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Period'** | $11.26 | $13.70 | $11.46 | $11.71 | $13.85 | $11.47 |
| **Total Return (c)** | (5.95)% (f) | 24.25% | 4.15% | (4.63)% | 20.75% | 1.51% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $6878 | $8724 | $8994 | $10586 | $13530 | $15401 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 2.61 % (e) | 2.89% | 2.69% | 2.74% | 2.69% | 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.95 % (e) | 1.95% | 1.95% | 1.95% | 1.95% | 2.19% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.58)% (e) | (0.47)% | (0.27)% | (0.04)% | (0.46)% | (0.67)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 % (f) | 32% | 35% | 40% | 34% | 170% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year/period.

(b) Less than $0.01 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of fund expenses, the total return would have been lower.

(d) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share.

(e) Annualized.

(f) Not Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland Dividend Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months**<br>**Ended**<br>**May 31, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Year**<br>**Ended**<br>**November 30, 2022** | **Year**<br>**Ended**<br>**November 30, 2021** | **Year**<br>**Ended**<br>**November 30, 2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $14.56 | $12.10 | $12.34 | $14.45 | $11.85 | $14.12 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.02 | 0.06 | 0.07 | 0.10 | 0.06 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.75) | 2.89 | 0.50 | (0.52) | 2.54 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other capital changes |  |  |  |  |  | 0.63 (d) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.73) | 2.95 | 0.57 | (0.42) | 2.60 | 0.28 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.05) | (0.12) | (0.05) |  | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.70) | (0.44) | (0.69) | (1.64) |  | (2.43) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.74) | (0.49) | (0.81) | (1.69) |  | (2.55) |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Period'** | $12.09 | $14.56 | $12.10 | $12.34 | $14.45 | $11.85 |
| **Total Return (c)** | (5.52)% (f) | 25.31% | 5.13% | (3.82)% | 21.94% | 2.40% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $11647 | $17335 | $18390 | $25461 | $33459 | $36164 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 1.70 % (e) | 1.99% | 1.75% | 1.76% | 1.75% | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.05 % (e) | 1.05% | 1.05% | 1.05% | 1.05% | 1.29% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.31 % (e) | 0.43% | 0.62% | 0.85% | 0.44% | 0.23% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 % (f) | 32% | 35% | 40% | 34% | 170% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year/period.

(b) Less than $0.01 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of fund expenses, the total return would have been lower.

(d) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share.

(e) Annualized.

(f) Not Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland SMID Cap Dividend Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months**<br>**Ended**<br>**May 31, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Year**<br>**Ended**<br>**November 30, 2022** | **Year**<br>**Ended**<br>**November 30, 2021** | **Year**<br>**Ended**<br>**November 30, 2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $17.00 | $13.95 | $14.15 | $15.80 | $13.14 | $12.73 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.03 | 0.10 | 0.12 | 0.13 | 0.06 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (2.05) | 3.05 | 0.19 | (0.77) | 2.63 | 0.50 |
| &nbsp;&nbsp;&nbsp;Total from operations | (2.02) | 3.15 | 0.31 | (0.64) | 2.69 | 0.60 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.10) | (0.17) | (0.04) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.12) |  | (0.34) | (0.97) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.10) | (0.51) | (1.01) | (0.03) | (0.19) |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Period'** | $14.80 | $17.00 | $13.95 | $14.15 | $15.80 | $13.14 |
| **Total Return (c)** | (12.01)% (e) | 22.69% | 2.46% | (4.50)% | 20.55% | 4.73% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $1184 | $2734 | $1680 | $1674 | $206 | $108 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 1.65 % (d) | 1.55% | 1.81% | 2.03% | 2.10% | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.20 % (d) | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.46 % (d) | 0.61% | 0.85% | 0.96% | 0.42% | 0.87% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15 % (e) | 24% | 28% | 40% | 35% | 49% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period/year.

(b) Less than $0.01 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of fund expenses, the total return would have been lower. Sales loads are not reflected in total return.

(d) Annualized.

(e) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland SMID Cap Dividend Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months**<br>**Ended**<br>**May 31, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Year**<br>**Ended**<br>**November 30, 2022** | **Year**<br>**Ended**<br>**November 30, 2021** | **Year**<br>**Ended**<br>**November 30, 2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $17.14 | $14.06 | $14.23 | $15.88 | $13.19 | $12.76 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.06 | 0.14 | 0.15 | 0.19 | 0.10 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (2.08) | 3.06 | 0.20 | (0.80) | 2.65 | 0.50 |
| &nbsp;&nbsp;&nbsp;Total from operations | (2.02) | 3.20 | 0.35 | (0.61) | 2.75 | 0.63 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.12) | (0.18) | (0.07) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.12) |  | (0.34) | (0.97) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.12) | (0.52) | (1.04) | (0.06) | (0.20) |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Period'** | $14.92 | $17.14 | $14.06 | $14.23 | $15.88 | $13.19 |
| **Total Return (c)** | (11.87)% (e) | 22.95% | 2.75% | (4.31)% | 20.89% | 4.98% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $155201 | $196739 | $66638 | $47602 | $35601 | $22056 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 1.43 % (d) | 1.34% | 1.62% | 1.73% | 1.87% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 0.95 % (d) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.80 % (d) | 0.88% | 1.11% | 1.34% | 0.67% | 1.06% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15 % (e) | 24% | 28% | 40% | 35% | 49% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period/year.

(b) Less than $0.01 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of fund expenses, the total return would have been lower.

(d) Annualized.

(e) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland International Small Cap Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each period presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months**<br>**Ended**<br>**May 31, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Period**<br>**Ended**<br>**November 30, 2022 \*** |
|  | **(Unaudited)** | | | |
| **Net Asset Value, Beginning of Period** | $8.09 | $7.86 | $7.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;Increase From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.08 | 0.09 | 0.02 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.55 | 0.31 | 0.23 | (2.28) |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.63 | 0.40 | 0.25 | (2.18) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.17) | (0.21) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.17) | (0.21) |  |
| **Net Asset Value, End of Period** | $8.55 | $8.09 | $7.86 | $7.82 |
| **Total Return (b)** | 7.93 % (c) | 5.15% | 3.37% | (21.80)% (c) |
| **Ratios/Supplemental Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period, actual (not truncated) | $263 | $152 | $8 | $8 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 19.88 % (d) | 17.29% | 17.25% | 34.90 % (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.23 % (d) | 1.23% | 1.23% | 1.19 % (d) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.01 % (d) | 1.03% | 0.25% | 1.32 % (d) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 24 % (c) | 48% | 50% | 82 % (c) |

---

\* Class A commenced operations on December 28, 2021.

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of fund expenses, the total return would have been lower. Sales loads are not reflected in total return.

(c) Not annualized.

(d) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland International Small Cap Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each period presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months**<br>**Ended**<br>**May 31, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Period**<br>**Ended**<br>**November 30, 2022 \*** |
|  | **(Unaudited)** | | | |
| **Net Asset Value, Beginning of Period** | $8.10 | $7.86 | $7.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;Increase From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.09 | 0.12 | 0.11 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.56 | 0.29 | 0.14 | (2.34) |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.65 | 0.41 | 0.25 | (2.18) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.17) | (0.21) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.17) | (0.21) |  |
| **Net Asset Value, End of Period** | $8.58 | $8.10 | $7.86 | $7.82 |
| **Total Return (b)** | 8.17 % (c) | 5.28% | 3.37% | (21.80)% (c) |
| **Ratios/Supplemental Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $657 | $560 | $493 | $313 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 20.96 % (d) | 18.87% | 21.80% | 28.11 % (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 0.98 % (d) | 0.98% | 0.98% | 0.98 % (d) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.22 % (d) | 1.51% | 1.44% | 2.07 % (d) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 24 % (c) | 48% | 50% | 82 % (c) |

---

\* Class I commenced operations on December 28, 2021.

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of fund expenses, the total return would have been lower.

(c) Not annualized.

(d) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **May 31, 2025** |

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**1.** **ORGANIZATION** 

Copeland Dividend Growth Fund (the "Dividend Growth Fund"), formerly, the Copeland Risk Managed Dividend Growth Fund, Copeland SMID Cap Dividend Growth Fund (the "SMID Fund"), and Copeland International Small Cap Fund (the "International Fund") are diversified series of Copeland Trust (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust was organized as a statutory trust on September 10, 2010, under the laws of the State of Delaware.

The Dividend Growth Fund currently offers Class A, Class C and Class I shares. The SMID Fund and International Fund currently offer Class A and Class I shares. The Dividend Growth Fund's Class A shares commenced operations on December 28, 2010, Class C shares commenced operations on January 5, 2012 and Class I shares commenced operations on March 1, 2013. The SMID Fund's Class I shares commenced operations on February 27, 2017 and Class A shares commenced operations on February 11, 2019. The International Fund's Class A and Class I shares commenced operations on December 28, 2021. Class A shares of each Fund are offered at net asset value plus a maximum sales charge of 5.75%. Purchases of $1,000,000 or more may be subject to a maximum contingent deferred sales charge of 1.00% on shares redeemed within 18 months. Class C and Class I shares are offered at net asset value. Each class represents an interest in the same assets of the applicable Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

***OPERATING SEGMENTS***

The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. The Funds each operate as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

***SECURITY VALUATION***

Effective September 8, 2022, and pursuant to the requirements of the 1940 Act and Rule 2a-5 thereunder (the "Rule"), the Board of Trustees (the "Board") has designated the Trust's investment adviser, Copeland Capital Management, LLC ("Copeland") as the Valuation Designee for the Funds pursuant to the Rule. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no

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| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

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longer reliable. Copeland has appointed a Pricing Committee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together the "Policy"). Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Funds' Board of Trustees and were implemented through a Fair Value Committee designated by the Board. The valuation of investments with readily available market quotations has been delegated by the Board to the Funds' administrator.

When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security's price cannot be obtained, as noted above, a Fund will value the securities using a bid price from at least one independent broker. Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. Copeland reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service's prices will be reliable. Copeland will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds' administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds' administrator, in turn, will notify Copeland, as Valuation Designee, if the Funds' administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Valuation Designee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below) has occurred. When a security is valued in accordance with the Fair Value Procedures, the Valuation Designee will determine the value after taking into consideration relevant information reasonably available to the Valuation Designee. Examples of factors the Valuation Designee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Valuation Designee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

The International Small Cap Fund uses an independent third-party valuation vendor. The vendor provides a fair value for foreign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a "Significant Event"), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security's last close and the time that a Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

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| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

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A Significant Event may relate to a single issuer or to an entire market sector. If Copeland becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates NAV, it may request that a Committee meeting be called. In addition, with respect to certain securities, the Funds' administrator performs price comparisons and price movement review (among other processes), to monitor the pricing data supplied by various sources. Any identified discrepancies are researched and subject to the procedures described above.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods.

The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2025 for the Funds' assets measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Copeland Dividend Growth Fund** | **Copeland Dividend Growth Fund** | **Copeland Dividend Growth Fund** | **Copeland Dividend Growth Fund** | **Copeland Dividend Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* | $29703476 | $— | $— | $29703476 |
| Short-Term Investment | 425524 |  |  | 425524 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $30129000 | $— | $— | $30129000 |
| **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* | $151614074 | $— | $— | $151614074 |
| Short-Term Investment | 4158432 |  |  | 4158432 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $155772506 | $— | $— | $155772506 |

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| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* |  |  |  |  |
| Apparel & Textile Products | $— | $25365 | $— | $25365 |
| Asset Management |  | 13603 |  | 13603 |
| Banking |  | 18620 |  | 18620 |
| Biotech & Pharma |  | 26132 |  | 26132 |
| Chemicals |  | 32957 |  | 32957 |
| Commerical Support Services |  | 9557 |  | 9557 |
| Construction Materials |  | 9264 |  | 9264 |
| Containers & Packaging |  | 15152 |  | 15152 |
| Electrical Equipment |  | 15944 |  | 15944 |
| Engineering & Construction |  | 76285 |  | 76285 |
| Food |  | 13535 |  | 13535 |
| Forestry, Paper & Wood Product | 7914 |  |  | 7914 |
| Gas & Water Utilities | 8791 | 8319 |  | 17110 |
| Home & Office Products |  | 14237 |  | 14237 |
| Household Products |  | 11066 |  | 11066 |
| Industrial Intermediate Products |  | 19531 |  | 19531 |
| Industrial Support Services | 5723 | 15163 |  | 20886 |
| Institutional Financial Services | 13013 | 14914 |  | 27927 |
| Insurance |  | 10882 |  | 10882 |
| Internet Media & Services |  | 24535 |  | 24535 |
| Leisure Facilities & Services |  | 29513 |  | 29513 |
| Leisure Products |  | 4052 |  | 4052 |
| Machinery |  | 16142 |  | 16142 |
| Metals & Mining |  | 10169 |  | 10169 |
| Oil & Gas Producers | 6718 |  |  | 6718 |
| Real Estate Owners & Developer | 8229 | 14097 |  | 22326 |
| Real Estate Services | 7887 | 8135 |  | 16022 |
| Real Estate Investment Trust | 7119 | 23646 |  | 30765 |
| Semiconductors |  | 18838 |  | 18838 |
| Specialty Finance | 7604 | 8453 |  | 16057 |
| Technology Hardware |  | 12839 |  | 12839 |
| Technology Services |  | 35238 |  | 35238 |
| Wholesale - Consumer Staple |  | 9437 |  | 9437 |
| Short-Term Investment | 26410 |  |  | 26410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**99408** | $**565620** | $**—** | $**665028** |

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The Funds did not hold any Level 3 securities during the period.

\* Please refer to the Portfolio of Investments for Industry/Country Classification.

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| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

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***SECURITY TRANSACTIONS AND INVESTMENT INCOME***

Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

***FEDERAL INCOME TAXES***

The Funds intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of their taxable income, if any, to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions related to the open tax years or expected to be taken in the Funds' November 30, 2025 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Funds may make investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

***DIVIDEND-PAYING STOCK RISK***

The Funds' emphasis on dividend-paying stocks could cause a Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends. Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. If the amount a company pays out as a dividend exceeds its earnings and profits, the excess will be treated as a return of capital and the Fund's tax basis in the stock will be reduced. A reduction in the Fund's tax basis in such stock will increase the amount of gain (or decrease the amount of loss) recognized by the Fund on a subsequent sale of the stock.

***MARKET RISK***

Overall securities market risks may affect the value of individual securities in which the Fund invests. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.

***REIT RISK***

An equity REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, changes in interest rates and property taxes.

***SMALL AND MEDIUM CAPITALIZATION RISK***

The value of a small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

***FOREIGN INVESTING RISK***

The International Fund invests significantly in foreign securities. Investments in foreign countries are subject to country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability and policies that have the effect of decreasing the value of foreign securities. Foreign investments may experience greater volatility than U.S. investments. Currency hedging transactions may not perfectly offset the Fund's foreign currency exposure and entail additional trading commissions and fees.

***FOREIGN CURRENCY***

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments, if any, are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency

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| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

***FORWARD CURRENCY CONTRACTS***

If foreign securities are purchased, the Funds generally enter into forward currency exchange contracts in order to eliminate ongoing foreign currency exchange rate risks. If foreign securities are sold, the foreign currency proceeds are typically repatriated into US dollars. Any realized gains and losses between trade date and settlement date from contract transactions are included as a component of net realized gains (losses) from foreign currency transactions in the Statements of Operations. The Funds did not hold any forward currency contracts as of May 31, 2025.

***CONCENTRATION OF RISK***

Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region. These conditions could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

***DISTRIBUTIONS TO SHAREHOLDERS***

Distributions from investment income, if any, are declared and paid annually and are recorded on the ex-dividend date. The Funds will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require classification.

***EXPENSES***

Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific Fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust.

***INDEMNIFICATION***

The Trust indemnifies their officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**3.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

***ADVISORY FEE***

Subject to the oversight of the Board, the adviser is responsible for management of the Funds' investment portfolios. Pursuant to the Management Agreement (the "Management Agreement"), investment advisory services are provided to the Funds by Copeland Capital Management, LLC (the "Adviser"). Under the terms of the Management Agreement, the Adviser receives monthly fees calculated at an annual rate of 0.75% for each of the Dividend Growth Fund and SMID Fund and 0.78% for the International Fund, based on the average daily net assets of the respective Fund. For the six months ended May 31, 2025, the Adviser earned advisory fees of $124,570, $641,773, and $2,238 for the Dividend Growth Fund, SMID Fund, and International Fund, respectively, before the effect of the Expense Limitation Agreement.

The Adviser, pursuant to an Expense Limitation Agreement (the "Agreement") has contractually agreed to reduce its fees and/or absorb expenses of each Fund, at least until March 31, 2026 to ensure that Net Annual Operating Expenses (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs such as interest

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| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

and dividend expense on securities sold short, taxes and extraordinary expenses such as litigation) will not exceed 1.20%, 1.95% and 1.05% of the Dividend Growth Fund's average daily net assets for Class A, Class C and Class I shares, respectively, 1.20% and 0.95% of the SMID Fund's average daily net assets for Class A and Class I, respectively, and 1.23% and 0.98% of the International Fund's average daily net assets for Class A and Class I, respectively, subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been deferred or reimbursed) if such recoupment can be achieved without exceeding the lesser of the expense limitation in effect at the time of the deferral and at the time of the repayment. For the six months ended May 31, 2025, the Adviser waived $108,313, $406,620 and $2,238 in investment advisory fees for the Dividend Growth Fund, SMID Fund and International Fund, respectively. During the period, the Adviser reimbursed additional amounts of $55,143 for the International Fund.

The expenses subject to recapture for the Dividend Growth Fund, SMID Fund and International Small Cap Fund will expire on November 30 of the years indicated below:

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| | | | |
|:---|:---|:---|:---|
| **Copeland Dividend Growth Fund** | **Copeland Dividend Growth Fund** | **Copeland Dividend Growth Fund** | **Copeland Dividend Growth Fund** |
| 2025 | 2026 | 2027 | Total |
| $417980 | $332494 | $379229 | $1129703 |
| **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** |
| 2025 | 2026 | 2027 | Total |
| $325820 | $386832 | $579643 | $1292295 |
| **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** |
| 2025 | 2026 | 2027 | Total |
| $81999 | $90986 | $96650 | $269635 |

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 ****

***DISTRIBUTOR***

The Board has adopted Distribution Plans and Agreements for each Fund (collectively the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by each Fund at an annual rate of 0.25% and 1.00% (of which up to 0.75% is a distribution fee and up to 0.25% is a service fee) of the average daily net assets attributable to Class A shares and Class C shares, respectively and is paid to Northern Lights Distributors, LLC (the "Distributor" or "NLD"), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Funds' shareholder accounts, not otherwise required to be provided by the Adviser. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. For the six months ended May 31, 2025, the 12b-1 fees accrued amounted to $14,970 and $37,124 for the Dividend Growth Fund for Class A and Class C shares, respectively. The 12b-1 fees accrued for the SMID Cap Dividend Growth Fund Class A shares were $2,723. The International Fund did not accrue any 12b-1 fees for the period.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the six months ended May 31, 2025, the Distributor received $281 in underwriting commissions for sales of Class A shares of the Dividend Growth Fund, of which $36 was retained by the principal underwriter or other affiliated broker-dealers and $613 in underwriting commissions for sales of Class A shares of the SMID Cap Dividend Growth Fund of which $82 was retained by the principal underwriter or other affiliated broker-dealers. No underwriting commissions were generated by Class A Shares of the International Fund during the six months ended May 31, 2025.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

***ULTIMUS FUND SOLUTIONS, LLC ("UFS")***

UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Trust pays UFS fees for providing administration, fund accounting, and transfer agency services to the Funds. These fees are disclosed in the Statement of Operations. An officer of the Trust is also an officer of UFS and is not paid any fees directly by the Funds for servicing in such capacity.

***BLU GIANT, LLC ("Blu Giant")***

Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

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| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

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***SHAREHOLDER SERVICES***

The Board has adopted non-Rule 12b-1 shareholder service plans (collectively, the "Shareholder Service Plan") for the Class I shares of each Fund. The Shareholder Service Plan permits the Funds to pay brokers, financial intermediaries and others an annual fee of up to 0.10% of each Fund's average daily net assets attributable to the Class I shares for shareholder support and/or administrative services, not otherwise provided by the Trust's transfer agent. The fees incurred by the Funds for these services are included as Shareholder Service Fees – Class I in the Statement of Operations. For the six months ended May 31, 2025, the Dividend Growth Fund accrued $6,909 and the SMID Cap Dividend Growth Fund accrued $25,344 in fees associated with the Shareholder Service Plan. The International Fund did not accrue any Shareholder Service Fees for its Class I shares during the period. The Funds' Class A and Class C shares may also pay broker-dealers or other financial intermediaries for shareholder support services and/or administrative services based on the aggregate net asset value of the Class A and Class C shares, as applicable, owned of record or beneficially by the broker-dealers' or financial intermediaries' customers. The fees incurred by the Funds for these services are included as Non-Rule 12b-1 Shareholder Services Fees - Class A and Class C in the Statement of Operations.

***CHIEF COMPLIANCE OFFICER***

The Adviser is providing a Chief Compliance Officer to the Trust as well as related compliance services. The Trust reimburses the Adviser for an allocable portion of the Chief Compliance Officer's salary.

***TRUSTEES***

Effective January 1, 2024, as compensation for services rendered to the Trust, each Trustee of the Trust who is not affiliated with the Trust or the Adviser receives: (1) an annual base retainer of $32,000; (2) $12,000 for attendance at four regularly scheduled Board meetings per year; (3) $2,000 for attendance at each regularly scheduled Audit Committee meeting; (4) $750 and $2,500 for each additional special telephonic or special in person meeting, respectively; and (5) the independent Chairman of the Board receives an additional $10,000 per year for carrying out his additional responsibilities. The foregoing compensation is paid in quarterly payments.

The "interested persons" (as defined in the 1940 Act) who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the executive officers receive compensation from the Trust except for the CCO, a portion of whose salary is paid by the Trust for compliance services.

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the six months ended May 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sale Proceeds** |
| Dividend Growth Fund | $3598129 | $11463787 |
| SMID Cap Dividend Growth Fund | 25202780 | 44530570 |
| International Small Cap Fund | 184316 | 136505 |

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**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Funds for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at May 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** |<br>**Net Unrealized**<br>**Appreciation** |
| Dividend Growth Fund | $28880055 | $8101401 | $(852456) | $7248945 |
| SMID Cap Dividend Growth Fund | 158320661 | 11696867 | (14245022) | (2548155) |
| International Small Cap Fund | 580520 | 105002 | (20494) | 84508 |

---

---

| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the periods ended November 30, 2024 and November 30, 2023 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the year ended November 30, 2024** | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** | |
| &nbsp;&nbsp;&nbsp;**Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| Dividend Growth Fund | $99265 | $1506119 | $— | $— | $1605384 |
| SMID Cap Dividend Growth Fund | 598438 |  |  |  | 598438 |
| International Small Cap Fund | 10558 |  |  |  | 10558 |
| **For the year ended November 30, 2023** | **For the year ended November 30, 2023** | **For the year ended November 30, 2023** | **For the year ended November 30, 2023** | **For the year ended November 30, 2023** | **For the year ended November 30, 2023** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| Dividend Growth Fund | $352061 | $2873896 | $— | $— | $3225957 |
| SMID Cap Dividend Growth Fund | 636945 | 1176811 |  |  | 1813756 |
| International Small Cap Fund | 8524 |  |  |  | 8524 |

---

As of November 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Tax-Exempt Income** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Dividend Growth Fund | $— | $143216 | $4553016 | $— | $— | $— | $11673245 | $16369477 |
| SMID Cap Dividend Growth Fund |  | 984488 | 1420621 |  |  |  | 26090463 | 28495572 |
| International Small Cap Fund |  | 11089 |  |  | (105122) |  | 22033 | (72000) |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gains, and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies and C-Corporation return of capital distributions. The unrealized appreciation in the table above includes unrealized foreign currency losses of $(10) and $(58) for the SMID Cap Dividend Growth Fund and International Small Cap Fund, respectively.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
| <br>**Portfolio** | **Post October**<br>**Losses** |
| Dividend Growth Fund | $|
| SMID Cap Dividend Growth Fund |  |
| International Small Cap Fund |  |

---

At November 30, 2024, the Funds had unlimited short-term and long-term capital loss carry forwards for federal income tax purposes as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| Dividend Growth Fund | $— | $— | $— | $— |
| SMID Cap Dividend Growth Fund |  |  |  | 1447076 |
| International Small Cap Fund | 93089 | 12033 | 105122 |  |

---

---

| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **May 31, 2025** |

---

During the fiscal year ended November 30, 2024, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of tax equalization credits, resulted in reclassifications for the Funds for the fiscal year ended November 30, 2024 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Dividend Growth Fund | $529325 | $(529325) |
| SMID Cap Dividend Growth Fund | 119092 | (119092) |
| International Small Cap Fund |  |  |

---

**7.** **FOREIGN TAX CREDIT (UNAUDITED)** 

The International Small Cap Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal periods below, were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended** | **For fiscal year ended** | **For fiscal year ended** |
| **11/30/2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| International Small Cap Fund | $0.0242 | $0.1441 |
| **For fiscal period ended** | **For fiscal period ended** | **For fiscal period ended** |
| **11/30/2023** | **Foreign Taxes Paid** | **Foreign Source Income** |
| International Small Cap Fund | $0.0250 | $0.1847 |

---

**8.** **REDEMPTION FEES** 

The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if shareholders sell their shares after holding them for less than 30 days or if shares are redeemed for failure to maintain the Funds' minimum account balance requirement. The redemption fee is paid directly to the Funds. For the six months ended May 31, 2025, the Dividend Growth Fund assessed $0, $0, and $0 in redemption fees for Class A, Class C and Class I shares, respectively. The SMID Fund assessed $32 and $2,577 in redemption fees for Class A and Class I shares, respectively. The International Fund did not assess redemption fees for Class A or Class I shares.

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**ADDITIONAL INFORMATION**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** - Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

On May 14, 2025, the Board of Trustees (the "Board") of Copeland Trust (the "Trust"), including all Trustees who are not interested persons under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered the renewal of the investment management agreement (the "Management Agreement") between the Trust and Copeland Capital Management ("Copeland" or the "Adviser") with respect to each Fund. The Independent Trustees met separately with independent counsel in advance of the meeting held on May 14, 2025 (the "Meeting") to discuss the material provided by Copeland. The Board reviewed and considered, among other items: (1) a memorandum from independent counsel setting forth the Trustees' fiduciary duties, responsibilities and the factors the Trustees should consider in their evaluation of the Management Agreement; and (2) a report and presentation by Copeland that described, among other things: (a) the nature, extent and quality of the services provided by Copeland to each Fund and the experience and qualifications of the personnel providing those services; (b) its organizational structure, financial information, level of insurance coverage, Form ADV and SOC 1 report; (c) its investment process and the strategy of each Fund; (d) its types of clients and assets under management; (e) its brokerage, soft dollar commission and trade allocation policies, including the types of research and services obtained in connection with soft dollar commissions; (f) the investment performance of each Fund as compared to its applicable benchmark index, Copeland's other similarly managed accounts as applicable, and relevant peer group; (g) its advisory fee arrangement with each Fund as compared to its relevant peer group and Copeland's other similarly managed accounts as applicable; (h) the contractual fee and expense waiver arrangement with each Fund; (i) its compliance program to monitor and review investment decisions and to prevent and detect violations of each Fund's investment policies and limitations, as well as federal securities laws and conflicts of interest assessments, its business continuity and disaster recovery plan and information security system; (j) the costs of the services provided and the profits realized by Copeland from its relationships with each Fund; and (k) the extent to which economies of scale are relevant as each Fund grows, and whether the fee levels reflect these economies of scale to the benefit of shareholders. The Trustees discussed Copeland's written materials and oral presentation on the Management Agreement, together with information Copeland had provided to the Trustees over the course of the year. In executive session, the Independent Trustees discussed, among other things, the performance of the Funds, expenses, fee levels and waivers, and the Adviser's profitability and financial strength. In their deliberations, the Trustees did not identify any single factor as determinative or controlling, and different Board members may have given different weight to different individual factors and related conclusions.

In approving the continuance of the Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the Management Agreement are fair and reasonable and that the continuance of the Management Agreement is in the best interests of each Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

Among the factors considered, the Board examined the nature, extent and quality of services provided to each Fund under the Management Agreement, and the quality of Copeland's professional portfolio management teams. The Board considered, among other things, its on-going dealings with the Adviser, noting that the Adviser has consistently demonstrated its commitment to the interests of the

Trust's shareholders, provided reasonable communication to the Board and cooperated in all respects with the Board's requests for information. The Board considered the Trust's Chief Compliance Officer's reports on the Adviser's quarterly compliance certifications. The Board considered the experience and qualifications of each portfolio manager of the Funds. Based on these considerations, the Trustees determined that the Adviser has the capabilities, resources and personnel necessary to manage each Fund and also concluded that they were satisfied with the quality of services provided by Copeland in advising each Fund.

The Board considered the costs of the services provided and the profits realized by the Adviser, as discussed at the Meeting. The Trustees reviewed the relative profitability of each Fund, noting that, while the Funds currently have relatively small asset bases, the Adviser's overall financial strength and the Funds' importance to the Adviser's overall business strategy indicated Copeland's intent to support the Funds' continued growth. The Trustees also considered Copeland's representation that the Funds were an important aspect of the Adviser's long-term business plan. The Trustees also concluded that the benefits derived by Copeland from managing each Fund, including how it uses soft dollars, and the way in which it conducts portfolio transactions and selects brokers, seemed reasonable.

The Board also considered the management fees and expenses of each Fund. The Board concluded that, based on the information discussed at the Meeting, each Fund's management fee, taking into account Copeland's agreement to continue to waive fees and reimburse expenses to limit the expenses of each Fund, was reasonable as compared to the fees of comparable funds, and Copeland's similarly managed accounts where applicable.

The Board also considered the investment performance of each Fund against its applicable benchmark index and peer group. The Board also took into account the portfolio managers' discussion of each Fund's performance and comparable strategy, including, where applicable, the reasons for each Fund's relative performance as compared to its benchmark index and peer group, as well as performance, where applicable, compared to the Adviser's separately-managed accounts. Based on this information, the Trustees concluded that the performance of the Copeland Dividend Growth Fund and Copeland SMID Cap Dividend Growth Fund for the periods shown was generally mixed (performance for certain periods was higher than the benchmark and comparative peer performance information, and in other cases it was lower), and that the performance for the Copeland International Small Cap Fund since its inception in December 2021 generally trailed that of the benchmark and comparative peer funds.

As to economies of scale, the Trustees noted that the Management Agreement does not contain breakpoints that reduce the fee rates as assets grow. The Trustees considered the current asset levels of each Fund and Copeland's agreement to waive fees and reimburse expenses as a means to limit each Fund's expenses and concluded that, at the time of the Meeting, the absence of breakpoints was reasonable.

Based upon the Trustees' deliberations and evaluation of the information described above, the Trustees, and separately all of the Independent Trustees, voted to renew the Management Agreement with respect to each Fund for an additional one-year period.

---

| |
|:---|
| **Investment Adviser** |
| Copeland Capital Management, LLC |
| 161 Washington Street, Suite 1325 |
| Conshohocken, PA 19428 |
| **Distributor** |
| Northern Lights Distributors, LLC |
| 4221 North 203<sup>rd</sup> Street, Suite 100 |
| Elkhorn, NE 68022 |
| **Legal Counsel** |
| Vedder Price P.C. |
| 1401 New York Avenue, Suite 500 |
| Washington, DC 20005 |
| **Independent Registered Public Accounting Firm** |
| Tait, Weller & Baker LLP |
| Two Liberty Place |
| 50 South 16<sup>th</sup> Street, Suite 2900 |
| Philadelphia, PA 19102 |
| **Transfer Agent** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203<sup>rd</sup> Street, Suite 100 |
| Elkhorn, NE 68022 |
| **Administrator** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203<sup>rd</sup> Street, Suite 100 |
| Elkhorn, NE 68022 |
| **Custodian** |
| The Northern Trust Company |
| 50 South LaSalle Street |
| Chicago, Il 60603 |

---

**How to Obtain Proxy Voting Information**

Information regarding how the Funds vote proxies relating to portfolio securities for the 12 month period ended June 30 as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling 1-888-9-COPELAND or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov.</u>

**How to Obtain 1<sup>st</sup> and 3<sup>rd</sup> Fiscal Quarter Portfolio Holdings**

The Funds files their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at <u>http://www.sec.gov</u> and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-PORT is available without charge, upon request, by calling 1-888-9-COPELAND.

COPELAND-SA25

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Refer to the financial statements included herein

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not
 applicable

(b) Not
 applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(3) Not applicable

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit [99.906CERT](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Registrant:** Copeland Trust

---

| | |
|:---|:---|
| By | /s/ Mark W. Giovanniello |
| Mark W. Giovanniello | Mark W. Giovanniello |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By | /s/ Mark W. Giovanniello |
| Mark W. Giovanniello | Mark W. Giovanniello |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |
| By | /s/ Steven J. Adams |
| Steven J. Adams | Steven J. Adams |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Mark W. Giovanniello certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Copeland Dividend Growth Fund, Copeland SMID
 Cap Dividend Growth Fund and Copeland International Small Cap Fund (each a series of the
 Copeland Trust (the" registrant"));

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>08/08/2025</u> | <u>/s/ Mark W. Giovanniello</u> |
|  | Mark W. Giovanniello |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Steven J. Adams, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Copeland Dividend Growth Fund, Copeland SMID
 Cap Dividend Growth Fund and Copeland International Small Cap Fund (each a series of the
 Copeland Trust (the" registrant"));

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>08/08/2025</u> | <u>/s/ Steven J. Adams</u> |
|  | Steven J. Adams |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

Mark W. Giovanniello, Principal Executive Officer/President, and Steven J. Adams, Principal Financial Officer/Treasurer of Copeland Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer/Treasurer |
| Copeland Trust | Copeland Trust |
| /s/ Mark W. Giovanniello | /s/Steven J. Adams |
| Mark W. Giovanniello | Steven J. Adams |

---

Date: <u>08/08/2025</u> Date: <u>08/08/2025</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.