# EDGAR Filing Document

**Accession Number:** 0001502745
**File Stem:** 0000910472-25-002521
**Filing Date:** 2025-10
**Character Count:** 54451
**Document Hash:** 9a4733b5f5ca679275a44e045ab8f32f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002521.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002521

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22483
- **FILM NUMBER:** 251427561

**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           |

## Nport-Ex

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEWARK

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19702

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

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

- **a. Name of Series:** Copeland Dividend Growth Fund

- **b. EDGAR series identifier (if any):** S000030695

- **c. LEI of Series:** 549300KVFXT7DVDGME23

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

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

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $30940929.30

**Total Liabilities:** $910112.42

**Net Assets:** $30030816.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000095114 | 2.76%                | 0.63%                | 1.81%                |
| Class ID C000124573 | 2.81%                | 0.56%                | 1.92%                |
| Class ID C000109647 | 2.66%                | 0.61%                | 1.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $62621.40                | $748642.11                                 |
| Month 2  | $317751.07               | $-109308.88                                |
| Month 3  | $433753.41               | $94422.63                                  |

### Schedule of Portfolio Investments

| Name                                         | Title            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The New York Times Company                   | NEW YORK TIMES-A | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      6489 | NS      | $388301.76    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc.                      | POWER INTEGRATIO | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      5402 | NS      | $243630.20    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd              | BROOKFIELD-A     | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |      6771 | NS      | $407343.36    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                        | AIR LEASE C      | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      7732 | NS      | $465543.72    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                           | NEXTERA ENERGY   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      5045 | NS      | $363492.25    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                   | NASDAQ INC       | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      5151 | NS      | $488005.74    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                 | NT-INST TRSR-PRM | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    256741 | PA      | $256741.21    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                           | DOMINO'S PIZZA   | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       930 | NS      | $426219.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                       | DIAMONDBACK ENER | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      2675 | NS      | $397933.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                     | VULCAN MATERIALS | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      1379 | NS      | $401509.64    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                               | PRICESMART INC   | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      3751 | NS      | $402332.26    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                   | AMERIPRISE FINAN | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       857 | NS      | $441192.17    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                    | WESCO INTL       | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      2100 | NS      | $461664.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                             | ENSIGN GROUP INC | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      3260 | NS      | $560002.80    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc.                       | WASTE CONNECTION | CUSIP: 94106B101<br>LEI: 549300ZX1Z8QGWASPX54 | Long             | EC               | CORP              | CA        |      2476 | NS      | $457589.56    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.            | BOOZ ALLEN HAMIL | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      3176 | NS      | $345294.72    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                | FACTSET RESEARCH | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       752 | NS      | $280736.64    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                         | AMPHENOL CORP-A  | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      5339 | NS      | $581203.54    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                            | BROWN & BROWN    | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |      3813 | NS      | $369670.35    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | MICROSOFT CORP   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1253 | NS      | $634882.57    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.                     | VALMONT INDS     | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      1007 | NS      | $369689.84    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                 | ENCOMPASS HEALTH | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      3971 | NS      | $483508.96    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                 | NORDSON CORP     | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      1369 | NS      | $308148.21    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Incorporated                 | BENTLEY SYSTEM-B | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |      8035 | NS      | $447147.75    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                     | LAM RESEARCH     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      3492 | NS      | $349723.80    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.                 | JACK HENRY       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      2038 | NS      | $332723.88    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc.                | MONOLITHIC POWER | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       564 | NS      | $471368.64    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                         | BOOKING HOLDINGS | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        73 | NS      | $408730.65    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                               | MORGAN STANLEY   | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      3793 | NS      | $570770.64    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | ELI LILLY & CO   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       616 | NS      | $451269.28    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                          | CHENIERE ENERGY  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      1714 | NS      | $414479.48    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                           | VERTIV HOLDING-A | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      3625 | NS      | $462368.75    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp.                      | UNIVERSAL DISPLA | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2393 | NS      | $331645.87    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                       | MOTOROLA SOLUTIO | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1014 | NS      | $479074.44    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Steris PLC                                   | STERIS PLC       | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      1661 | NS      | $407044.66    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | APPLE INC        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2675 | NS      | $620974.50    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.              | AUTOMATIC DATA   | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      1348 | NS      | $409859.40    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                           | CINTAS CORP      | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1567 | NS      | $329117.01    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                 | MARRIOTT INTL-A  | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1473 | NS      | $394557.78    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                              | HOME DEPOT INC   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1014 | NS      | $412464.78    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.           | AMERICAN WATER W | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      2745 | NS      | $393934.95    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                     | ALLSTATE CORP    | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      2163 | NS      | $440062.35    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                    | EBAY INC         | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      4566 | NS      | $413725.26    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.          | BROADRIDGE FINL  | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      1839 | NS      | $470085.18    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. Hunt Transport Services, Inc.          | HUNT (JB) TRANS  | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      2717 | NS      | $393937.83    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | META PLATFORMS-A | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       554 | NS      | $409239.80    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                  | RESMED INC       | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      1484 | NS      | $407372.84    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                              | SALESFORCE INC   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1463 | NS      | $374893.75    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                   | INTUIT INC       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       732 | NS      | $488244.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                              | ROSS STORES INC  | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      2997 | NS      | $441038.52    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.                  | CASEY'S GENERAL  | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       825 | NS      | $407979.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                 | RELIANCE INC     | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1296 | NS      | $383175.36    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                             | ROYAL GOLD INC   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      2229 | NS      | $400283.82    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                      | NEXSTAR MEDIA    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      2330 | NS      | $476554.90    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc              | EQUITY LIFESTYLE | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      6341 | NS      | $382298.89    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                | EQUINIX INC      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       460 | NS      | $361647.40    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                     | VISA INC-CLASS A | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1588 | NS      | $558626.64    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                             | POOL CORP        | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       982 | NS      | $305117.22    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                | ACCENTURE PLC-A  | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      1045 | NS      | $271668.65    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMIC-ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1797 | NS      | $414873.39    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                 | WINGSTOP INC     | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      1159 | NS      | $380291.08    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                  | CENCORA INC      | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1400 | NS      | $408254.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                               | TETRA TECH INC   | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     10950 | NS      | $398799.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                    | MSCI INC         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       752 | NS      | $426925.44    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | BROADCOM INC     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2716 | NS      | $807711.24    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                    | KINSALE CAPITAL  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |       815 | NS      | $372821.75    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMORGAN CHASE   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1766 | NS      | $532307.72    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                  | ZOETIS INC       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      2497 | NS      | $390530.80    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | ALPHABET INC-A   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1930 | NS      | $410916.30    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                            | HAMILTON LANE-A  | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      2811 | NS      | $433849.74    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                 | SHERWIN-WILLIAMS | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1264 | NS      | $462409.12    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Copeland Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer