# EDGAR Filing Document

**Accession Number:** 0001502745
**File Stem:** 0001580642-26-000930
**Filing Date:** 2026-2
**Character Count:** 194818
**Document Hash:** 8b3661a62d599ce4672e4d5eb5e3c4cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000930.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001580642-26-000930

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22483
- **FILM NUMBER:** 26610761

**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 </u> <u>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>11/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) # Copeland International Small Cap Fund

# Class A (CISAX)

#### Annual Shareholder Report - November 30, 2025
![Image](ia89b8ebf83fcf3674126be8f.jpg)

## Fund Overview
This annual shareholder report contains important information about Copeland International Small Cap Fund for the period of December 1, 2024 to November 30, 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 year?
(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> | $130 | 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 twelve months ending November 30, 2025, the Fund's Class A shares returned 11.08% , trailing the MSCI World ex USA Small Cap Net Index (27.48%) and MSCI World ex USA Net Index (24.58%). The period favored higher-momentum, lower-profitability stocks, creating headwinds for the Fund's quality- and dividend-growth-oriented approach.

Stock selection in Consumer Discretionary and Health Care contributed positively, while Materials and Consumer Staples detracted.

In Consumer Discretionary, Lottomatica Group S.p.A. (LTMC-IT, 2.0% of holdings at period end) was a top contributor to Fund performance. Italy's leading gaming operator gained online market share while earnings growth accelerated to over 40% with 33% dividend growth. Performance reflected strong fundamentals and valuation re-rating as global investors recognized the business model's durability and disciplined capital allocation.

In Health Care, Recordati S.p.A. (REC-IT, 1.8% of holdings at period end) delivered steady profit growth. Its rare diseases segment, led by Isturisa and Enjaymo, accelerated growth, while Specialty & Primary Care remained a stable cash generator. The company is tracking toward double-digit earnings and dividend growth in 2025.

Within Materials, OR Royalties Ltd. (OR-CA, 2.0% of holdings at period end) generated robust returns in 2025, driven by rising gold prices and production volumes, which enabled record revenues, high margins, balance-sheet deleveraging, and aggressive capital returns. Despite this performance, the Materials sector overall lagged the benchmark primarily due to our structural underweight to gold miners.

In Consumer Staples, Warpaint London PLC (W7L-GB, 0% of holdings at period end), a U.K. cosmetics company, was the primary detractor. Following a period of rapid earnings acceleration driven by aggressive distribution expansion, growth normalized as the company lapped this unusually strong rollout phase. The resulting deceleration in earnings growth led to a valuation de-rating. As our confidence in the sustainability of future dividend growth diminished, we exited the position prior to period end, consistent with the Fund's focus on durable, compounding income and dividend growth.

## How has the Fund performed since inception?

## Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ib8c9c0c35964110424853de4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland International Small Cap Fund - Class A** | **MSCI WORLD ex USA Index** | **MSCI WORLD ex USA SMALL CAP Net** |
| **Dec-2021** | $9425 | $10000 | $10000 |
| **Nov-2022** | $7370 | $8634 | $7966 |
| **Nov-2023** | $7619 | $9608 | $8423 |
| **Nov-2024** | $8011 | $10902 | $9524 |
| **Nov-2025** | $8899 | $13582 | $12141 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 28, 2021)** |
| Copeland International Small Cap Fund - Class A |  |  |
| Without Load | 11.08% | -1.45% |
| With Load | 4.74% | -2.93% |
| MSCI WORLD ex USA Index | 24.58% | 8.12% |
| MSCI WORLD ex USA SMALL CAP Net | 27.48% | 5.07% |

---

*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](idc88b34218a3cb38c551bc32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Energy | 1.4% |
| Communications | 2.1% |
| Consumer Staples | 2.8% |
| Utilities | 2.8% |
| Health Care | 7.5% |
| Technology | 9.9% |
| Consumer Discretionary | 11.1% |
| Real Estate | 11.4% |
| Financials | 13.0% |
| Materials | 13.2% |
| Industrials | 26.0% |

---

## **Fund Statistics** 
* Net Assets$704,404

* Number of Portfolio Holdings75

* Advisory Fee (net of waivers)$0

* Portfolio Turnover37%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i53f7c15169627be93386f662.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## Country Weighting (% of net assets)
![Group By Country Chart](i944f84811081208398653426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Other Countries | 7.7% |
| Spain | 2.0% |
| Germany | 3.4% |
| Netherlands | 3.7% |
| France | 5.6% |
| Australia | 6.0% |
| Sweden | 6.3% |
| Italy | 8.3% |
| United Kingdom | 10.9% |
| Canada | 16.5% |
| Japan | 30.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Maruwa Company Ltd. | 2.9% |
| Chiba Bank Ltd. (The) | 2.1% |
| OR Royalties, Inc. | 2.0% |
| Lottomatica Group Spa | 2.0% |
| Hill & Smith Holdings plc | 1.9% |
| Halma PLC | 1.8% |
| Recordati Industria Chimica e Farmaceutica SpA | 1.8% |
| Ventia Services Group Pty Ltd. | 1.8% |
| TMX Group Ltd. | 1.7% |
| Charter Hall Group | 1.7% |

---

## Material Fund Changes
No material changes occured during the year ended November 30, 2025.

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Copeland International Small Cap Fund for the period of December 1, 2024 to November 30, 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)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-CISAX

![Image](ia89b8ebf83fcf3674126be8f.jpg)

# Copeland International Small Cap Fund

# Class I (CSIIX)

#### Annual Shareholder Report - November 30, 2025
![Image](ia89b8ebf83fcf3674126be8f.jpg)

## Fund Overview
This annual shareholder report contains important information about Copeland International Small Cap Fund for the period of December 1, 2024 to November 30, 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 year?
(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> | $104 | 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 twelve months ending November 30, 2025, the Fund's Class I shares returned 11.57% , trailing the MSCI World ex USA Small Cap Net Index 27.48% and MSCI World ex USA Net Index 24.58%. The period favored higher-momentum, lower-profitability stocks, creating headwinds for the Fund's quality- and dividend-growth-oriented approach.

Stock selection in Consumer Discretionary and Health Care contributed positively, while Materials and Consumer Staples detracted.

In Consumer Discretionary, Lottomatica Group S.p.A. (LTMC-IT, 2.0% of holdings at period end) was a top contributor to Fund performance. Italy's leading gaming operator gained online market share while earnings growth accelerated to over 40% with 33% dividend growth. Performance reflected strong fundamentals and valuation re-rating as global investors recognized the business model's durability and disciplined capital allocation.

In Health Care, Recordati S.p.A. (REC-IT, 1.8% of holdings at period end) delivered steady profit growth. Its rare diseases segment, led by Isturisa and Enjaymo, accelerated growth, while Specialty & Primary Care remained a stable cash generator. The company is tracking toward Adouble-digit earnings and dividend growth in 2025.

Within Materials, OR Royalties Ltd. (OR-CA, 2.0% of holdings at period end) generated robust returns in 2025, driven by rising gold prices and production volumes, which enabled record revenues, high margins, balance-sheet deleveraging, and aggressive capital returns. Despite this performance, the Materials sector overall lagged the benchmark primarily due to our structural underweight to gold miners.

In Consumer Staples, Warpaint London PLC (W7L-GB, 0% of holdings at period end), a U.K. cosmetics company, was the primary detractor. Following a period of rapid earnings acceleration driven by aggressive distribution expansion, growth normalized as the company lapped this unusually strong rollout phase. The resulting deceleration in earnings growth led to a valuation de-rating. As our confidence in the sustainability of future dividend growth diminished, we exited the position prior to period end, consistent with the Fund's focus on durable, compounding income and dividend growth.

## How has the Fund performed since inception?

## Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i0ad5fb42d2f2c00f2d29d078.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland International Small Cap Fund - Class I** | **MSCI WORLD ex USA Index** | **MSCI WORLD ex USA SMALL CAP Net** |
| **Dec-2021** | $10000 | $10000 | $10000 |
| **Nov-2022** | $7820 | $8634 | $7966 |
| **Nov-2023** | $8084 | $9608 | $8423 |
| **Nov-2024** | $8510 | $10902 | $9524 |
| **Nov-2025** | $9495 | $13582 | $12141 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 28, 2021)** |
| Copeland International Small Cap Fund - Class I | 11.57% | -1.31% |
| MSCI WORLD ex USA Index | 24.58% | 8.12% |
| MSCI WORLD ex USA SMALL CAP Net | 27.48% | 5.07% |

---

*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](idc88b34218a3cb38c551bc32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Energy | 1.4% |
| Communications | 2.1% |
| Consumer Staples | 2.8% |
| Utilities | 2.8% |
| Health Care | 7.5% |
| Technology | 9.9% |
| Consumer Discretionary | 11.1% |
| Real Estate | 11.4% |
| Financials | 13.0% |
| Materials | 13.2% |
| Industrials | 26.0% |

---

## **Fund Statistics** 
* Net Assets$704,404

* Number of Portfolio Holdings75

* Advisory Fee (net of waivers)$0

* Portfolio Turnover37%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i53f7c15169627be93386f662.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## Country Weighting (% of net assets)
![Group By Country Chart](i944f84811081208398653426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Other Countries | 7.7% |
| Spain | 2.0% |
| Germany | 3.4% |
| Netherlands | 3.7% |
| France | 5.6% |
| Australia | 6.0% |
| Sweden | 6.3% |
| Italy | 8.3% |
| United Kingdom | 10.9% |
| Canada | 16.5% |
| Japan | 30.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Maruwa Company Ltd. | 2.9% |
| Chiba Bank Ltd. (The) | 2.1% |
| OR Royalties, Inc. | 2.0% |
| Lottomatica Group Spa | 2.0% |
| Hill & Smith Holdings plc | 1.9% |
| Halma PLC | 1.8% |
| Recordati Industria Chimica e Farmaceutica SpA | 1.8% |
| Ventia Services Group Pty Ltd. | 1.8% |
| TMX Group Ltd. | 1.7% |
| Charter Hall Group | 1.7% |

---

## Material Fund Changes
No material changes occured during the year ended November 30, 2025.

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Copeland International Small Cap Fund for the period of December 1, 2024 to November 30, 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)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-CSIIX

![Image](ia89b8ebf83fcf3674126be8f.jpg)

# Copeland Dividend Growth Fund

# Class A (CDGRX)

#### Annual Shareholder Report - November 30, 2025
![Image](i80687eed1329e5c59ff04acf.jpg)

## Fund Overview
This annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to November 30, 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 year?
(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> | $121 | 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 twelve-month period, the Class A shares of the Fund rose 2.48% versus the 13.59% gain posted by the Russell 3000 Index and the 15.00% advance registered by the S&P 500 Index.

Our stock selection in the Consumer Staples and Health Care sectors bolstered Fund returns while those in the Technology and Consumer Discretionary detracted. Fund holding Broadcom (AVGO, 3.6% of holdings at period end) was a bright spot in the Technology sector as shares more than doubled. The semiconductor and infrastructure software company benefited from strong artificial intelligence demand. Broadcom's AI-related semiconductor revenues soared 65% in fiscal 2025 with growth expected to accelerate to 100% in fiscal 2026. The company posted EBITDA and free-cash-flow growth of 35% and 39%, respectively.

Within the Industrials sector, Vertiv (VRT, 2.1% of holdings at period end) moved sharply higher. The data center infrastructure company benefitted from surging demand amidst a massive AI-driven facilities buildout. The investment cycle fueled earnings growth of nearly 50% this year. Vertiv recently increased its dividend by 67%, indicating confidence in continued strong 2026 growth.

Reflective of our relative underperformance in Technology, Booz Allen Hamilton (BAH, 0.8% of holdings at period end) pulled back sharply. The management and technology consulting provider garners 95% of revenues from the U.S. government. Efforts to reduce government spending via the Department of Government Efficiency (DOGE) drove sales and earnings below prior year levels. Longer term, we view BAH's expertise in cybersecurity, artificial intelligence and defense as strong growth drivers.

Detracting from our Healthcare outperformance was United Healthcare (UNH, 0.0% of holdings at period end, exited in August) which moved decidedly lower. In May, CEO Andrew Witty stepped down, with former CEO Stephen Hemsley returning. United Healthcare suspended its 2025 outlook as patient cost came in sharply higher than expected. June quarter earnings fell 40% as margins came under pressure. In light of the deteriorating fundamentals, we elected to exit our position in in the shares.

## 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](i921dace77706be52c2e86b7d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland Dividend Growth Fund - Class A** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Nov-2015** | $9423 | $10000 | $10000 |
| **Nov-2016** | $9469 | $10831 | $10806 |
| **Nov-2017** | $11516 | $13243 | $13277 |
| **Nov-2018** | $12714 | $13975 | $14111 |
| **Nov-2019** | $12873 | $16140 | $16384 |
| **Nov-2020** | $13161 | $19210 | $19244 |
| **Nov-2021** | $16015 | $24270 | $24617 |
| **Nov-2022** | $15389 | $21648 | $22350 |
| **Nov-2023** | $16151 | $24378 | $25443 |
| **Nov-2024** | $20210 | $32784 | $34066 |
| **Nov-2025** | $20710 | $37239 | $39175 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Copeland Dividend Growth Fund - Class A |  |  |  |
| Without Load | 2.48% | 9.49% | 8.19% |
| With Load | -3.41% | 8.20% | 7.55% |
| Russell 3000<sup>®</sup> Index | 13.59% | 14.15% | 14.05% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |

---

*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$27,671,153

* Number of Portfolio Holdings67

* Advisory Fee (net of waivers)$8,962

* Portfolio Turnover27%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i740af3df416c27985f0806d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.8% |
| Money Market Funds | 0.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f84d50d30c643f979f3a272.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.2% |
| Real Estate | 1.1% |
| Energy | 2.5% |
| Utilities | 2.6% |
| Consumer Staples | 4.1% |
| Materials | 5.5% |
| Communications | 7.3% |
| Consumer Discretionary | 7.7% |
| Health Care | 13.2% |
| Financials | 13.3% |
| Industrials | 14.2% |
| Technology | 28.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Amphenol Corporation, Class A | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Vertiv Holdings Company, Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.0% |

---

## 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 annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to November 30, 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](i29a7238692d5a0f2e45a93a0.jpg)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-CDGRX

# Copeland Dividend Growth Fund

# Class C (CDCRX)

#### Annual Shareholder Report - November 30, 2025
![Image](i80687eed1329e5c59ff04acf.jpg)

## Fund Overview
This annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to November 30, 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 year?
(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> | $197 | 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 twelve-month period, the Class C shares of the Fund rose 1.65% versus the 13.59% gain posted by the Russell 3000 Index and the 15.00% advance registered by the S&P 500 Index.

Our stock selection in the Consumer Staples and Health Care sectors bolstered Fund returns while those in the Technology and Consumer Discretionary detracted. Fund holding Broadcom (AVGO, 3.6% of holdings at period end) was a bright spot in the Technology sector as shares more than doubled. The semiconductor and infrastructure software company benefited from strong artificial intelligence demand. Broadcom's AI-related semiconductor revenues soared 65% in fiscal 2025 with growth expected to accelerate to 100% in fiscal 2026. The company posted EBITDA and free-cash-flow growth of 35% and 39%, respectively.

Within the Industrials sector, Vertiv (VRT, 2.1% of holdings at period end) moved sharply higher. The data center infrastructure company benefitted from surging demand amidst a massive AI-driven facilities buildout. The investment cycle fueled earnings growth of nearly 50% this year. Vertiv recently increased its dividend by 67%, indicating confidence in continued strong 2026 growth.

Reflective of our relative underperformance in Technology, Booz Allen Hamilton (BAH, 0.8% of holdings at period end) pulled back sharply. The management and technology consulting provider garners 95% of revenues from the U.S. government. Efforts to reduce government spending via the Department of Government Efficiency (DOGE) drove sales and earnings below prior year levels. Longer term, we view BAH's expertise in cybersecurity, artificial intelligence and defense as strong growth drivers.

Detracting from our Healthcare outperformance was United Healthcare (UNH, 0.0% of holdings at period end, exited in August) which moved decidedly lower. In May, CEO Andrew Witty stepped down, with former CEO Stephen Hemsley returning. United Healthcare suspended its 2025 outlook as patient cost came in sharply higher than expected. June quarter earnings fell 40% as margins came under pressure. In light of the deteriorating fundamentals, we elected to exit our position in in the shares.

## 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](i86f4b1091c47f8fa7cd3b61b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland Dividend Growth Fund - Class C** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $9970 | $10831 | $10806 |
| **Nov-2017** | $12031 | $13243 | $13277 |
| **Nov-2018** | $13189 | $13975 | $14111 |
| **Nov-2019** | $13249 | $16140 | $16384 |
| **Nov-2020** | $13449 | $19210 | $19244 |
| **Nov-2021** | $16239 | $24270 | $24617 |
| **Nov-2022** | $15488 | $21648 | $22350 |
| **Nov-2023** | $16131 | $24378 | $25443 |
| **Nov-2024** | $20043 | $32784 | $34066 |
| **Nov-2025** | $20373 | $37239 | $39175 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Copeland Dividend Growth Fund - Class C | 1.65% | 8.66% | 7.38% |
| Russell 3000<sup>®</sup> Index | 13.59% | 14.15% | 14.05% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |

---

*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$27,671,153

* Number of Portfolio Holdings67

* Advisory Fee (net of waivers)$8,962

* Portfolio Turnover27%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i740af3df416c27985f0806d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.8% |
| Money Market Funds | 0.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f84d50d30c643f979f3a272.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.2% |
| Real Estate | 1.1% |
| Energy | 2.5% |
| Utilities | 2.6% |
| Consumer Staples | 4.1% |
| Materials | 5.5% |
| Communications | 7.3% |
| Consumer Discretionary | 7.7% |
| Health Care | 13.2% |
| Financials | 13.3% |
| Industrials | 14.2% |
| Technology | 28.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Amphenol Corporation, Class A | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Vertiv Holdings Company, Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.0% |

---

## 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 annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to November 30, 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](i29a7238692d5a0f2e45a93a0.jpg)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-CDCRX

# Copeland Dividend Growth Fund

# Class I (CDIVX)

#### Annual Shareholder Report - November 30, 2025
![Image](i80687eed1329e5c59ff04acf.jpg)

## Fund Overview
This annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to November 30, 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 year?
(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> | $106 | 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 twelve-month period, the Class I shares of the Fund rose 2.61% versus the 13.59% gain posted by the Russell 3000 Index and the 15.00% advance registered by the S&P 500 Index.

Our stock selection in the Consumer Staples and Health Care sectors bolstered Fund returns while those in the Technology and Consumer Discretionary detracted. Fund holding Broadcom (AVGO, 3.6% of holdings at period end) was a bright spot in the Technology sector as shares more than doubled. The semiconductor and infrastructure software company benefited from strong artificial intelligence demand. Broadcom's AI-related semiconductor revenues soared 65% in fiscal 2025 with growth expected to accelerate to 100% in fiscal 2026. The company posted EBITDA and free-cash-flow growth of 35% and 39%, respectively.

Within the Industrials sector, Vertiv (VRT, 2.1% of holdings at period end) moved sharply higher. The data center infrastructure company benefitted from surging demand amidst a massive AI-driven facilities buildout. The investment cycle fueled earnings growth of nearly 50% this year. Vertiv recently increased its dividend by 67%, indicating confidence in continued strong 2026 growth.

Reflective of our relative underperformance in Technology, Booz Allen Hamilton (BAH, 0.8% of holdings at period end) pulled back sharply. The management and technology consulting provider garners 95% of revenues from the U.S. government. Efforts to reduce government spending via the Department of Government Efficiency (DOGE) drove sales and earnings below prior year levels. Longer term, we view BAH's expertise in cybersecurity, artificial intelligence and defense as strong growth drivers.

Detracting from our Healthcare outperformance was United Healthcare (UNH, 0.0% of holdings at period end, exited in August) which moved decidedly lower. In May, CEO Andrew Witty stepped down, with former CEO Stephen Hemsley returning. United Healthcare suspended its 2025 outlook as patient cost came in sharply higher than expected. June quarter earnings fell 40% as margins came under pressure. In light of the deteriorating fundamentals, we elected to exit our position in in the shares.

## 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](i4129341849ca40a1d495f858.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland Dividend Growth Fund - Class I** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $10067 | $10831 | $10806 |
| **Nov-2017** | $12253 | $13243 | $13277 |
| **Nov-2018** | $13547 | $13975 | $14111 |
| **Nov-2019** | $13741 | $16140 | $16384 |
| **Nov-2020** | $14071 | $19210 | $19244 |
| **Nov-2021** | $17158 | $24270 | $24617 |
| **Nov-2022** | $16503 | $21648 | $22350 |
| **Nov-2023** | $17350 | $24378 | $25443 |
| **Nov-2024** | $21741 | $32784 | $34066 |
| **Nov-2025** | $22308 | $37239 | $39175 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Copeland Dividend Growth Fund - Class I | 2.61% | 9.65% | 8.35% |
| Russell 3000<sup>®</sup> Index | 13.59% | 14.15% | 14.05% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |

---

*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$27,671,153

* Number of Portfolio Holdings67

* Advisory Fee (net of waivers)$8,962

* Portfolio Turnover27%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i740af3df416c27985f0806d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.8% |
| Money Market Funds | 0.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f84d50d30c643f979f3a272.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.2% |
| Real Estate | 1.1% |
| Energy | 2.5% |
| Utilities | 2.6% |
| Consumer Staples | 4.1% |
| Materials | 5.5% |
| Communications | 7.3% |
| Consumer Discretionary | 7.7% |
| Health Care | 13.2% |
| Financials | 13.3% |
| Industrials | 14.2% |
| Technology | 28.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Amphenol Corporation, Class A | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Vertiv Holdings Company, Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.0% |

---

## 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 annual shareholder report contains important information about Copeland Dividend Growth Fund for the period of December 1, 2024 to November 30, 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](i29a7238692d5a0f2e45a93a0.jpg)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-CDIVX

# Copeland SMID Cap Dividend Growth Fund

# Class A (CSDGX)

#### Annual Shareholder Report - November 30, 2025
![Image](i567024166ddc3e63e80d7b1a.jpg)

## Fund Overview
This annual shareholder report contains important information about Copeland SMID Cap Dividend Growth Fund for the period of December 1, 2024 to November 30, 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 year?
(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> | $116 | 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 twelve-month period, the Class A shares of the Fund declined 6.28% versus the 3.39% gain posted by the Russell 2500 Index. The period was characterized by a preference for higher momentum and lower profitability stocks, which provided an unfavorable headwind for the Fund.

Our stock selection in the Consumer Staples and Communications sectors bolstered Fund returns while those in the Technology and Energy sectors were a drag.

Fund holding Casey's General Stores (CASY, 1.7% of holdings at period end) was a bright spot in the Staples sector as the rural market convenience store operator delivered consistently stronger than expected and double-digit earnings growth. Sales growth remained robust even as consumer spending weakened, supported by significant gains in prepared food sales. The company's 14% boost to the dividend during the period was its 25th year of consecutive increases.

Within the Communications sector, New York Times Company (NYT, 1.7%) moved sharply higher during the period as strong digital subscriptions and pricing trends more than offset the softening advertising market. In fact, the company's digital advertising sales accelerated to 19% over the course of the year. This led earnings to accelerate to well over 20% growth while the dividend was augmented by a healthy 38% rate.

Reflective of our relative underperformance in the Technology sector, Fund holding Booz Allen Hamilton (BAH, 0.3% of holdings at period end) pulled back sharply during the period. The provider of management and technology consulting services garners 95% of revenues from the U.S. government. Efforts to reign in excess government spending via the Department of Government Efficiency (DOGE) has driven sales and earnings below prior year levels. Longer term, we view BAH's expertise in cybersecurity, artificial intelligence and defense as strong growth drivers.

Detracting from our overall outperformance in the Energy sector was the retreat in oil prices and its impact of Atlas Energy Solutions, the leading provider of sand proppant for shale well drilling in the Permian basin. The company saw volumes and prices pressured as customers slowed their production efforts, leading to an earnings decline even as the company opened its new conveyor belt system to more efficiently deliver its product to customers. Our rising concern about dividend sustainability led to the sale of the position by period end.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1dead319675146c3e4b8febc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland SMID Cap Dividend Growth Fund - Class A** | **Russell 2500<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Feb-2019** | $9423 | $10000 | $10000 |
| **Nov-2019** | $10806 | $11058 | $11667 |
| **Nov-2020** | $11318 | $12591 | $13887 |
| **Nov-2021** | $13644 | $15504 | $17545 |
| **Nov-2022** | $13030 | $13898 | $15649 |
| **Nov-2023** | $13350 | $13863 | $17623 |
| **Nov-2024** | $16380 | $18591 | $23700 |
| **Nov-2025** | $15351 | $19220 | $26920 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (February 11, 2019)** |
| Copeland SMID Cap Dividend Growth Fund - Class A |  |  |  |
| Without Load | -6.28% | 6.29% | 7.44% |
| With Load | -11.68% | 5.04% | 6.51% |
| Russell 2500<sup>®</sup> Index | 3.39% | 8.83% | 10.09% |
| Russell 3000<sup>®</sup> Index | 13.59% | 14.15% | 15.68% |

---

*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$161,898,805

* Number of Portfolio Holdings65

* Advisory Fee (net of waivers)$538,183

* Portfolio Turnover66%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i60c06f360d02a224d3c1a775.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic947e20c264360770548dde2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.7% |
| Utilities | 3.2% |
| Communications | 3.4% |
| Consumer Staples | 3.5% |
| Energy | 3.8% |
| Real Estate | 5.7% |
| Materials | 6.3% |
| Financials | 9.2% |
| Consumer Discretionary | 11.3% |
| Health Care | 12.9% |
| Technology | 14.9% |
| Industrials | 25.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| WESCO International, Inc. | 3.7% |
| Valmont Industries, Inc. | 3.1% |
| Hexcel Corporation | 2.7% |
| STERIS PLC | 2.6% |
| Ensign Group, Inc. (The) | 2.5% |
| Quest Diagnostics, Inc. | 2.3% |
| AAON, Inc. | 2.2% |
| Encompass Health Corporation | 2.2% |
| GFL Environmental, Inc. | 2.2% |
| Universal Display Corporation | 2.2% |

---

## Material Fund Changes
No material changes occured during the year ended November 30, 2025.

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Copeland SMID Cap Dividend Growth Fund for the period of December 1, 2024 to November 30, 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](i567024166ddc3e63e80d7b1a.jpg)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-CSDGX

# Copeland SMID Cap Dividend Growth Fund

# Class I (CSMDX)

#### Annual Shareholder Report - November 30, 2025
![Image](i567024166ddc3e63e80d7b1a.jpg)

## Fund Overview
This annual shareholder report contains important information about Copeland SMID Cap Dividend Growth Fund for the period of December 1, 2024 to November 30, 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 year?
(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> | $92 | 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 twelve-month period, the Class I shares of the Fund declined 6.07% versus the 3.39% gain posted by the Russell 2500 Index. The period was characterized by a preference for higher momentum and lower profitability stocks, which provided an unfavorable headwind for the Fund.

Our stock selection in the Consumer Staples and Communications sectors bolstered Fund returns while those in the Technology and Energy sectors were a drag.

Fund holding Casey's General Stores (CASY, 1.7% of holdings at period end) was a bright spot in the Staples sector as the rural market convenience store operator delivered consistently stronger than expected and double-digit earnings growth. Sales growth remained robust even as consumer spending weakened, supported by significant gains in prepared food sales. The company's 14% boost to the dividend during the period was its 25th year of consecutive increases.

Within the Communications sector, New York Times Company (NYT, 1.7%) moved sharply higher during the period as strong digital subscriptions and pricing trends more than offset the softening advertising market. In fact, the company's digital advertising sales accelerated to 19% over the course of the year. This led earnings to accelerate to well over 20% growth while the dividend was augmented by a healthy 38% rate.

Reflective of our relative underperformance in the Technology sector, Fund holding Booz Allen Hamilton (BAH, 0.3% of holdings at period end) pulled back sharply during the period. The provider of management and technology consulting services garners 95% of revenues from the U.S. government. Efforts to reign in excess government spending via the Department of Government Efficiency (DOGE) has driven sales and earnings below prior year levels. Longer term, we view BAH's expertise in cybersecurity, artificial intelligence and defense as strong growth drivers.

Detracting from our overall outperformance in the Energy sector was the retreat in oil prices and its impact of Atlas Energy Solutions, the leading provider of sand proppant for shale well drilling in the Permian basin. The company saw volumes and prices pressured as customers slowed their production efforts, leading to an earnings decline even as the company opened its new conveyor belt system to more efficiently deliver its product to customers. Our rising concern about dividend sustainability led to the sale of the position by period end.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ida28150bccb32f37c80e216f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Copeland SMID Cap Dividend Growth Fund - Class I** | **Russell 2500<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Feb-2017** | $10000 | $10000 | $10000 |
| **Nov-2017** | $11100 | $11089 | $11304 |
| **Nov-2018** | $11629 | $11245 | $11928 |
| **Nov-2019** | $13387 | $12529 | $13776 |
| **Nov-2020** | $14053 | $14265 | $16397 |
| **Nov-2021** | $16988 | $17566 | $20716 |
| **Nov-2022** | $16256 | $15746 | $18478 |
| **Nov-2023** | $16703 | $15707 | $20808 |
| **Nov-2024** | $20537 | $21064 | $27983 |
| **Nov-2025** | $19291 | $21777 | $31785 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (February 27, 2017)** |
| Copeland SMID Cap Dividend Growth Fund - Class I | -6.07% | 6.54% | 7.79% |
| Russell 2500<sup>®</sup> Index | 3.39% | 8.83% | 9.30% |
| Russell 3000<sup>®</sup> Index | 13.59% | 14.15% | 14.12% |

---

*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$161,898,805

* Number of Portfolio Holdings65

* Advisory Fee (net of waivers)$538,183

* Portfolio Turnover66%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i60c06f360d02a224d3c1a775.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic947e20c264360770548dde2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.7% |
| Utilities | 3.2% |
| Communications | 3.4% |
| Consumer Staples | 3.5% |
| Energy | 3.8% |
| Real Estate | 5.7% |
| Materials | 6.3% |
| Financials | 9.2% |
| Consumer Discretionary | 11.3% |
| Health Care | 12.9% |
| Technology | 14.9% |
| Industrials | 25.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| WESCO International, Inc. | 3.7% |
| Valmont Industries, Inc. | 3.1% |
| Hexcel Corporation | 2.7% |
| STERIS PLC | 2.6% |
| Ensign Group, Inc. (The) | 2.5% |
| Quest Diagnostics, Inc. | 2.3% |
| AAON, Inc. | 2.2% |
| Encompass Health Corporation | 2.2% |
| GFL Environmental, Inc. | 2.2% |
| Universal Display Corporation | 2.2% |

---

## Material Fund Changes
No material changes occured during the year ended November 30, 2025.

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Copeland SMID Cap Dividend Growth Fund for the period of December 1, 2024 to November 30, 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](i567024166ddc3e63e80d7b1a.jpg)

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-CSMDX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party. For the fiscal year ended November 30, 2024,
 there were no amendments to a provision of its code of ethics, nor were there any waivers, including implicit waivers granted from a provision
 of the code of ethics. The Registrant will provide to any person without charge, upon request, a copy of such code of ethics, by calling
 the Registrant at 1-888-9-COPELAND

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

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

(a)(1) The Registrant's Board of Trustees has determined that Thomas A. Leonard are audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Thomas A. Leonard is independent for purposes of this Item. (a)(2) Not applicable. (a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| **<u>Audit Fees</u>** | **<u>Audit Fees</u>** |
| 2025 | $40250 |
| 2024 | $39475 |

---

(b)  **<u>Audit-Related Fees</u>** There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

---

| | |
|:---|:---|
| 2025 | $0 |
| 2024.0 | $0 |

---

(c)  **<u>Tax Fees</u>** The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant
 for tax compliance are as follows:

---

| | |
|:---|:---|
| 2025 | $8500 |
| 2024.0 | $8150 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)  **<u>All Other Fees</u>** The
 aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant,
 other than the services reported in paragraphs (a) through (c) of this item were:

---

| | |
|:---|:---|
| 2025 | $0 |
| 2024 | $0 |

---

The above "Tax Fees" were billed for professional services rendered for tax compliance and tax return preparation.

---

| | |
|:---|:---|
| (e) (1) | **<u>Audit Committee's Pre-Approval Policies</u>** |

---

The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) **<u>Percentages of Services Approved by the Audit Committee pursuant to paragraph (c) (7)(i)(C) of Rule 2-01 of Regulation S-X.</u>** There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

---

| | | |
|:---|:---|:---|
|  | Registrant | Advisor |
| Audit-Related Services: | 0.00% | 0.00% |
| Tax Services: | 0.00% | 0.00% |
| All Other Services: | 0.00% | 0.00% |

---

(f) During the
 audit of Registrant's financial statements for the most recent fiscal period, less than 50 percent of the hours expended on the principal
 accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent
 employees.

(g) The
 aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
 services to the registrant:

---

| |
|:---|
| 2025 - $8500 |
| 2024 - $8150 |

---

(h) Disclose
 whether the Registrant's audit committee of the board of directors has considered whether the provision of non-audit services that
 were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the
 investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c) (7)(ii) of Rule
 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Not applicable

(i) Not applicable

(j) Not applicable

**Item 5. Audit Committee of Listed Companies.** 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** |
| **Annual Financial Statements and Additional Information** |
| November 30, 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

Member FINRA

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9%** |  |
|  | **ASSET MANAGEMENT - 3.6%** |  |
| 782 | Ameriprise Financial, Inc. | $356388 |
| 6185 | Brookfield Asset Management Ltd. | 326197 |
| 2558 | Hamilton Lane, Inc., Class A | 317026 |
|  |  | 999611 |
|  | **BANKING - 1.8%** |  |
| 1614 | JPMorgan Chase & Company | 505311 |
|  | **BIOTECH & PHARMA - 4.6%** |  |
| 791 | Eli Lilly & Company | 850697 |
| 542 | Regeneron Pharmaceuticals, Inc. | 422863 |
|  |  | 1273560 |
|  | **CHEMICALS - 1.4%** |  |
| 1156 | Sherwin-Williams Company (The) | 397306 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.4%** |  |
| 1431 | Cintas Corporation | 266195 |
| 2263 | Waste Connections, Inc. | 399532 |
|  |  | 665727 |
|  | **CONSTRUCTION MATERIALS - 1.4%** |  |
| 1259 | Vulcan Materials Company | 374225 |
|  | **CONSUMER SERVICES - 0.8%** |  |
| 7667 | Perdoceo Education Corporation | 214369 |
|  | **DATA CENTER REIT - 1.1%** |  |
| 419 | Equinix, Inc. | 315637 |
|  | **E-COMMERCE DISCRETIONARY - 1.2%** |  |
| 4176 | eBay, Inc. | 345731 |
|  | **ELECTRIC UTILITIES - 1.4%** |  |
| 4610 | NextEra Energy, Inc. | 397797 |

---

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

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 4.6%** |  |
| 4877 | Amphenol Corporation, Class A | $687170 |
| 3303 | Vertiv Holdings Company, Class A | 593648 |
|  |  | 1280818 |
|  | **ENGINEERING & CONSTRUCTION - 0.8%** |  |
| 6542 | Tetra Tech, Inc. | 227269 |
|  | **GAS & WATER UTILITIES - 1.2%** |  |
| 2510 | American Water Works Company, Inc. | 326476 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.2%** |  |
| 1277 | Cencora, Inc. | 471124 |
| 3626 | Encompass Health Corporation | 421414 |
| 2978 | Ensign Group, Inc. (The) | 552537 |
|  |  | 1445075 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.4%** |  |
| 917 | Valmont Industries, Inc. | 378693 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.4%** |  |
| 2519 | WESCO International, Inc. | 673607 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.7%** |  |
| 3463 | Morgan Stanley | 587533 |
| 4708 | Nasdaq, Inc. | 428051 |
|  |  | 1015584 |
|  | **INSURANCE - 2.6%** |  |
| 1974 | Allstate Corporation (The) | 420422 |
| 744 | Kinsale Capital Group, Inc. | 286366 |
|  |  | 706788 |
|  | **INTERNET MEDIA & SERVICES - 4.4%** |  |
| 1757 | Alphabet, Inc., Class A | 562556 |
| 69 | Booking Holdings, Inc. | 339114 |
| 506 | Meta Platforms, Inc., Class A | 327863 |
|  |  | 1229533 |

---

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

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.8%** |  |
| 849 | Domino's Pizza, Inc. | $356266 |
| 1346 | Marriott International Inc, Class A | 410247 |
|  |  | 766513 |
|  | **MACHINERY - 0.7%** |  |
| 796 | Nordson Corporation | 189177 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.4%** |  |
| 2050 | ResMed, Inc. | 524452 |
| 1519 | STERIS PLC | 404479 |
|  |  | 928931 |
|  | **METALS & MINING - 1.5%** |  |
| 2034 | Royal Gold, Inc. | 414610 |
|  | **OIL & GAS PRODUCERS - 2.5%** |  |
| 1565 | Cheniere Energy, Inc. | 326240 |
| 2443 | Diamondback Energy, Inc. | 372777 |
|  |  | 699017 |
|  | **PUBLISHING & BROADCASTING - 2.9%** |  |
| 5926 | New York Times Company (The), Class A | 382227 |
| 2130 | Nexstar Media Group, Inc. | 409258 |
|  |  | 791485 |
|  | **RETAIL - CONSUMER STAPLES - 3.1%** |  |
| 753 | Casey's General Stores, Inc. | 429556 |
| 3426 | PriceSmart, Inc. | 421741 |
|  |  | 851297 |
|  | **RETAIL - DISCRETIONARY - 2.9%** |  |
| 924 | Home Depot, Inc. (The) | 329794 |
| 2740 | Ross Stores, Inc. | 483227 |
|  |  | 813021 |
|  | **SEMICONDUCTORS - 10.4%** |  |
| 2478 | Broadcom, Inc. | 998534 |
| 3175 | Lam Research Corporation | 495300 |
| 515 | Monolithic Power Systems, Inc. | 478008 |
| 1640 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 478076 |

---

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

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 10.4% (Continued)** |  |
| 3398 | Universal Display Corporation | $404124 |
|  |  | 2854042 |
|  | **SOFTWARE - 6.4%** |  |
| 7332 | Bentley Systems, Inc., Class B | 307651 |
| 932 | Intuit, Inc. | 590962 |
| 1144 | Microsoft Corporation | 562859 |
| 1338 | Salesforce, Inc. | 308463 |
|  |  | 1769935 |
|  | **SPECIALTY FINANCE - 1.6%** |  |
| 7062 | Air Lease Corporation | 451474 |
|  | **STEEL - 1.2%** |  |
| 1183 | Reliance, Inc. | 330436 |
|  | **TECHNOLOGY HARDWARE - 3.7%** |  |
| 2444 | Apple, Inc. | 681510 |
| 924 | Motorola Solutions, Inc. | 341584 |
|  |  | 1023094 |
|  | **TECHNOLOGY SERVICES - 7.9%** |  |
| 1650 | Accenture PLC, Class A | 412500 |
| 1232 | Automatic Data Processing, Inc. | 314530 |
| 2513 | Booz Allen Hamilton Holding Corporation | 209735 |
| 1680 | Broadridge Financial Solutions, Inc. | 383191 |
| 686 | MSCI, Inc. | 386712 |
| 1451 | Visa, Inc., Class A | 485272 |
|  |  | 2191940 |
|  | **TOBACCO & CANNABIS - 1.0%** |  |
| 1789 | Philip Morris International, Inc. | 281732 |
|  | **TRANSPORTATION & LOGISTICS - 0.8%** |  |
| 1288 | JB Hunt Transport Services, Inc. | 224060 |

---

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

---

| |
|:---|
| **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **TRANSPORTATION EQUIPMENT - 1.1%** |  |
| 1429 | Westinghouse Air Brake Technologies Corporation | $298018 |
|  | **TOTAL COMMON STOCKS (Cost $18,646,258)** | 27651899 |
|  | **SHORT-TERM INVESTMENT — 0.2%** |  |
|  | **MONEY MARKET FUND - 0.2%** |  |
| 56482 | Northern Institutional Treasury Portfolio, 3.81% (Cost $56,482)<sup>(a)</sup> | 56482 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $18,702,740)** | $27708381 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (37228) |
|  | **NET ASSETS - 100.0%** | $27671153 |

---

---

| | |
|:---|:---|
| 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 November 30, 2025.

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

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **AEROSPACE & DEFENSE - 2.7%** |  |
| 57896 | Hexcel Corporation | $4413412 |
|  | **ASSET MANAGEMENT - 2.9%** |  |
| 32453 | Cohen & Steers, Inc. | 2052652 |
| 20673 | Hamilton Lane, Inc., Class A | 2562109 |
|  |  | 4614761 |
|  | **BANKING - 3.1%** |  |
| 100028 | Home BancShares, Inc. | 2806786 |
| 33539 | Prosperity Bancshares, Inc. | 2304465 |
|  |  | 5111251 |
|  | **CHEMICALS - 0.6%** |  |
| 7145 | Quaker Chemical Corporation | 984938 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.5%** |  |
| 77685 | GFL Environmental, Inc. | 3532337 |
| 12658 | UniFirst Corporation | 2184138 |
|  |  | 5716475 |
|  | **CONSTRUCTION MATERIALS - 1.0%** |  |
| 5196 | Carlisle Companies, Inc. | 1652692 |
|  | **CONSUMER SERVICES - 0.7%** |  |
| 38866 | Perdoceo Education Corporation | 1086693 |
|  | **CONTAINERS & PACKAGING - 1.1%** |  |
| 14575 | AptarGroup, Inc. | 1818231 |
|  | **ELECTRICAL EQUIPMENT - 8.2%** |  |
| 38380 | AAON, Inc. | 3587762 |
| 6905 | BWX Technologies, Inc. | 1235166 |
| 58852 | Cognex Corporation | 2242261 |
| 12862 | Littelfuse, Inc. | 3292929 |
| 25933 | nVent Electric PLC | 2781833 |
|  |  | 13139951 |

---

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

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.1%** |  |
| 19283 | UFP Industries, Inc. | $1793126 |
|  | **GAS & WATER UTILITIES - 3.2%** |  |
| 51402 | Brookfield Infrastructure Corporation, Class A | 2346501 |
| 20809 | Chesapeake Utilities Corporation | 2893700 |
|  |  | 5240201 |
|  | **HEALTH CARE FACILITIES & SERVICES - 8.2%** |  |
| 4484 | Chemed Corporation | 1969328 |
| 30699 | Encompass Health Corporation | 3567838 |
| 21999 | Ensign Group, Inc. (The) | 4081694 |
| 19365 | Quest Diagnostics, Inc. | 3663471 |
|  |  | 13282331 |
|  | **HEALTH CARE REIT - 1.8%** |  |
| 78283 | CareTrust REIT, Inc. | 2937960 |
|  | **HOTEL REIT - 1.5%** |  |
| 25676 | Ryman Hospitality Properties, Inc. | 2450261 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 5.9%** |  |
| 20015 | AZZ, Inc. | 2109981 |
| 10539 | Standex International Corporation | 2583741 |
| 11933 | Valmont Industries, Inc. | 4927972 |
|  |  | 9621694 |
|  | **INDUSTRIAL REIT - 1.7%** |  |
| 43645 | Terreno Realty Corporation | 2740470 |
|  | **INDUSTRIAL SUPPORT SERVICES - 3.7%** |  |
| 22314 | WESCO International, Inc. | 5966987 |
|  | **INSURANCE - 2.2%** |  |
| 3072 | Kinsale Capital Group, Inc. | 1182413 |
| 9014 | Primerica, Inc. | 2319482 |
|  |  | 3501895 |

---

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

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 6.2%** |  |
| 23648 | Churchill Downs, Inc. | $2579761 |
| 5869 | Domino's Pizza, Inc. | 2462808 |
| 46971 | Travel + Leisure Company | 3221272 |
| 7133 | Wingstop, Inc. | 1888319 |
|  |  | 10152160 |
|  | **LEISURE PRODUCTS - 1.2%** |  |
| 28682 | Brunswick Corporation | 1896167 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.7%** |  |
| 40799 | LeMaitre Vascular, Inc. | 3384277 |
| 15915 | STERIS PLC | 4237846 |
|  |  | 7622123 |
|  | **METALS & MINING - 1.7%** |  |
| 13187 | Royal Gold, Inc. | 2688039 |
|  | **OIL & GAS PRODUCERS - 3.8%** |  |
| 28070 | DT Midstream, Inc. | 3409382 |
| 62815 | Matador Resources Company | 2663356 |
|  |  | 6072738 |
|  | **PUBLISHING & BROADCASTING - 3.4%** |  |
| 42085 | New York Times Company (The), Class A | 2714483 |
| 14628 | Nexstar Media Group, Inc. | 2810623 |
|  |  | 5525106 |
|  | **REAL ESTATE SERVICES - 0.7%** |  |
| 7428 | FirstService Corporation | 1165082 |
|  | **RETAIL - CONSUMER STAPLES - 3.5%** |  |
| 4781 | Casey's General Stores, Inc. | 2727369 |
| 23736 | PriceSmart, Inc. | 2921902 |
|  |  | 5649271 |
|  | **RETAIL - DISCRETIONARY - 2.3%** |  |
| 12884 | Dick's Sporting Goods, Inc. | 2661448 |
| 10219 | Patrick Industries, Inc. | 1105900 |
|  |  | 3767348 |

---

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

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **SEMICONDUCTORS - 4.4%** |  |
| 62587 | Kulicke & Soffa Industries, Inc. | $2823300 |
| 24173 | Power Integrations, Inc. | 812213 |
| 29519 | Universal Display Corporation | 3510694 |
|  |  | 7146207 |
|  | **SOFTWARE - 3.4%** |  |
| 50977 | Bentley Systems, Inc., Class B | 2138995 |
| 94277 | Clear Secure, Inc., Class A | 3346833 |
|  |  | 5485828 |
|  | **SPECIALTY FINANCE - 1.0%** |  |
| 25051 | Air Lease Corporation | 1601510 |
|  | **STEEL - 0.8%** |  |
| 4617 | Reliance, Inc. | 1289620 |
|  | **TECHNOLOGY SERVICES - 7.1%** |  |
| 6694 | Booz Allen Hamilton Holding Corporation | 558681 |
| 8360 | FactSet Research Systems, Inc. | 2317977 |
| 11116 | Jack Henry & Associates, Inc. | 1939520 |
| 39703 | KBR, Inc. | 1636558 |
| 9824 | Morningstar, Inc. | 2110785 |
| 34332 | TransUnion | 2919936 |
|  |  | 11483457 |
|  | **TRANSPORTATION & LOGISTICS - 1.1%** |  |
| 13047 | Landstar System, Inc. | 1707069 |
|  | **WHOLESALE - DISCRETIONARY - 0.9%** |  |
| 5875 | Pool Corporation | 1431151 |
|  | **TOTAL COMMON STOCKS (Cost $151,437,502)** | 160756205 |

---

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

---

| |
|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.7%** |  |
|  | **MONEY MARKET FUND - 0.7%** |  |
| 1107424 | Northern Institutional Treasury Portfolio, 3.81% (Cost $1,107,424)<sup>(a)</sup> | $1107424 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $152,544,926)** | $161863629 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%** | 35176 |
|  | **NET ASSETS - 100.0%** | $161898805 |

---

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

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

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

---

| |
|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 101.0%** |  |
|  | **Australia - 6.0%** |  |
| 358 | Breville Group Ltd.<sup>(b)</sup> | $7264 |
| 749 | Charter Hall Group<sup>(b)</sup> | 12201 |
| 3036 | Steadfast Group Ltd.<sup>(b)</sup> | 10301 |
| 3197 | Ventia Services Group Pty Ltd.<sup>(b)</sup> | 12347 |
|  |  | 42113 |
|  | **Belgium - 1.3%** |  |
| 112 | Montea N.V.<sup>(b)</sup> | 9299 |
|  | **Canada - 16.4%** |  |
| 230 | Brookfield Infrastructure Corporation | 10569 |
| 141 | BRP, Inc. | 9836 |
| 47 | FirstService Corporation | 7390 |
| 177 | Gildan Activewear, Inc. | 10157 |
| 171 | Granite Real Estate Investment Trust | 9372 |
| 61 | Mainstreet Equity Corporation | 8116 |
| 412 | OR Royalties, Inc. | 14361 |
| 146 | Stella-Jones, Inc. | 9099 |
| 79 | TFI International, Inc. | 6889 |
| 334 | TMX Group Ltd. | 12261 |
| 68 | Toromont Industries Ltd. | 7951 |
| 215 | Tourmaline Oil Corporation | 9895 |
|  |  | 115896 |
|  | **Denmark - 1.3%** |  |
| 108 | Royal Unibrew A/S<sup>(b)</sup> | 9369 |
|  | **France - 5.6%** |  |
| 56 | Gaztransport Et Technigaz S.A.<sup>(b)</sup> | 11192 |
| 52 | Nexans S.A.<sup>(b)</sup> | 7541 |
| 373 | Planisware S.A.<sup>(b)</sup> | 9225 |
| 27 | Virbac S.A.CA<sup>(b)</sup> | 11536 |
|  |  | 39494 |
|  | **Germany - 3.4%** |  |
| 55 | AlzChem Group A.G.<sup>(b)</sup> | 8231 |
| 89 | Hensoldt AG<sup>(b)</sup> | 7060 |

---

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

---

| |
|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 101.0% (Continued)** |  |
|  | **Germany - 3.4% (Continued)** |  |
| 88 | Scout24 A.G. 144A<sup>(a),(b)</sup> | $8999 |
|  |  | 24290 |
|  | **Greece - 1.3%** |  |
| 446 | OPAP S.A.<sup>(b)</sup> | 9113 |
|  | **Italy - 8.3%** |  |
| 167 | Banca Generali SpA<sup>(b)</sup> | 10635 |
| 197 | Interpump Group SpA<sup>(b)</sup> | 10029 |
| 546 | Lottomatica Group Spa 144A<sup>(a),(b)</sup> | 13945 |
| 215 | Recordati Industria Chimica e Farmaceutica SpA<sup>(b)</sup> | 12711 |
| 192 | SOL SpA<sup>(b)</sup> | 11105 |
|  |  | 58425 |
|  | **Japan - 30.7%** |  |
| 370 | Aica Kogyo Company Ltd.<sup>(b)</sup> | 8454 |
| 573 | Asahi Intecc Company Ltd.<sup>(b)</sup> | 10738 |
| 453 | Asics Corporation<sup>(b)</sup> | 10849 |
| 1407 | Chiba Bank Ltd. (The)<sup>(b)</sup> | 14830 |
| 826 | Hulic Company Ltd.<sup>(b)</sup> | 9109 |
| 399 | JCU Corporation<sup>(b)</sup> | 11552 |
| 870 | Kotobuki Spirits Co Ltd<sup>(b)</sup> | 10255 |
| 243 | Kurita Water Industries Ltd.<sup>(b)</sup> | 9676 |
| 67 | Maruwa Company Ltd.<sup>(b)</sup> | 20408 |
| 476 | MISUMI Group, Inc.<sup>(b)</sup> | 6890 |
| 1193 | Mitsubishi UFJ Lease & Finance Company Ltd.<sup>(b)</sup> | 9545 |
| 258 | Nichias Corporation<sup>(b)</sup> | 10277 |
| 482 | Nippon Gas Company Ltd.<sup>(b)</sup> | 9399 |
| 1067 | Nomura Real Estate Holdings, Inc.<sup>(b)</sup> | 6547 |
| 361 | NSD Company Ltd.<sup>(b)</sup> | 8382 |
| 1130 | Rakus Co Ltd<sup>(b)</sup> | 8948 |
| 646 | Rohto Pharmaceutical Company Ltd.<sup>(b)</sup> | 10464 |
| 687 | Santen Pharmaceutical Company Ltd.<sup>(b)</sup> | 7032 |
| 1296 | Simplex Holdings, Inc.<sup>(b)</sup> | 9132 |
| 619 | SMS Company Ltd.<sup>(b)</sup> | 5446 |
| 853 | USS Company Ltd.<sup>(b)</sup> | 9511 |

---

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

---

| |
|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 101.0% (Continued)** |  |
|  | **Japan - 30.7% (Continued)** |  |
| 614 | Yamaguchi Financial Group, Inc.<sup>(b)</sup> | $8017 |
|  |  | 215461 |
|  | **Netherlands - 3.7%** |  |
| 220 | Arcadis N.V.<sup>(b)</sup> | 9736 |
| 53 | Euronext N.V. 144A<sup>(a),(b)</sup> | 8120 |
| 212 | Technip Energies N.V.<sup>(b)</sup> | 8278 |
|  |  | 26134 |
|  | **Norway - 1.3%** |  |
| 473 | Borregaard ASA<sup>(b)</sup> | 8883 |
|  | **Spain - 2.0%** |  |
| 84 | Vidrala S.A.<sup>(b)</sup> | 8175 |
| 100 | Viscofan S.A.<sup>(b)</sup> | 6220 |
|  |  | 14395 |
|  | **Sweden - 6.3%** |  |
| 274 | AddTech AB<sup>(b)</sup> | 9429 |
| 863 | Bravida Holding A.B. 144A<sup>(a),(b)</sup> | 7324 |
| 256 | Loomis A.B.<sup>(b)</sup> | 10318 |
| 528 | Sweco A.B.<sup>(b)</sup> | 9003 |
| 838 | Wihlborgs Fastigheter A.B.<sup>(b)</sup> | 8166 |
|  |  | 44240 |
|  | **Switzerland - 1.3%** |  |
| 50 | VZ Holding A.G.<sup>(b)</sup> | 9286 |
|  | **United Kingdom - 10.9%** |  |
| 1564 | Breedon Group PLC<sup>(b)</sup> | 6810 |
| 1369 | Bytes Technology Group plc<sup>(b)</sup> | 6283 |
| 153 | Diploma plc<sup>(b)</sup> | 11082 |
| 270 | Halma PLC<sup>(b)</sup> | 12741 |
| 446 | Hill & Smith Holdings plc<sup>(b)</sup> | 13336 |
| 691 | Howden Joinery Group plc<sup>(b)</sup> | 7699 |
| 1025 | Safestore Holdings PLC<sup>(b)</sup> | 10051 |
| 99 | Spirax-Sarco Engineering plc<sup>(b)</sup> | 8786 |
|  |  | 76788 |

---

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

---

| |
|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 101.0% (Continued)** |  |
|  | **United States - 1.2%** |  |
| 133 | Air Lease Corporation | $8504 |
|  | **TOTAL COMMON STOCKS (Cost $612,253)** | 711690 |
|  | **SHORT-TERM INVESTMENT — 1.3%** |  |
|  | **MONEY MARKET FUND – 1.3%** |  |
| 9129 | Northern Institutional Treasury Portfolio, 3.81% (Cost $9,129)<sup>(c)</sup> | 9129 |
|  | **TOTAL INVESTMENTS – 102.3% (Cost $621,382)** | $720819 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.3)%** | (16415) |
|  | **NET ASSETS - 100.0%** | $704404 |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |

---

<sup>(a)</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 November 30, 2025 the total market value of 144A securities is $38,388 or 5.4% of net assets.

<sup>(b)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees. The total market value of these securities as of November 30, 2025 is $587,290.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

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

---

| |
|:---|
| **Copeland Trust** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **November 30, 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 | $18702740 | $152544926 | $621382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities, at Market Value | $27708381 | $161863629 | $720819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Cash (Cost $0, $0, $30) |  |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 25246 | 197415 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Investment Adviser | 6113 |  | 8003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold |  | 34154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 26612 | 70668 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 27766352 | 162165866 | 731725 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 10868 | 76681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Investment Adviser |  | 44852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Audit Fees | 18495 | 17028 | 9833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 7195 | 295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Related Parties | 13700 | 52622 | 3233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Accrued Expenses | 44941 | 75583 | 14255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 95199 | 267061 | 27321 |
| **Net Assets** | $27671153 | $161898805 | $704404 |
| **Composition of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At November 30, 2025, Net Assets consisted of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $16425766 | $150115025 | $716976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings/(Deficit) | 11245387 | 11783780 | (12572 |
| **Net Assets** | $27671153 | $161898805 | $704404 |
| **<u>Class A Shares:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $11748799 | $1300053 | $448 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding** (no par value; unlimited number of shares authorized) | 879415 | 82484 | 51 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share\*** | $13.36 | $15.76 | $8.80 |
| &nbsp;&nbsp;&nbsp;**Offering Price Per Share** (NAV/$0.9425) Includes a Maximum Sales Charge of 5.75% | $14.18 | $16.72 | $9.34 |
| **<u>Class C Shares:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $5914041 |  |  |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding** (no par value; unlimited number of shares authorized) | 485754 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Offering Price and Redemption Price Per Share\*** | $12.17 |  |  |
| **<u>Class I Shares:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10008313 | $160598752 | $703956 |
| &nbsp;&nbsp;&nbsp;**Shares Outstanding** (no par value; unlimited number of shares authorized) | 762070 | 10100797 | 79553 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Offering Price and Redemption Price Per Share\*** | $13.13 | $15.90 | $8.85 |

---

\* 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** |
| **For the Year Ended November 30, 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 | $403600 | $2758439 | $16781 |
| &nbsp;&nbsp;&nbsp;Interest Income | 8649 | 90722 | 925 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withholding | (4156) | (15291) | (2751) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 408093 | 2833870 | 14955 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 235376 | 1270718 | 4930 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class C | 69495 |  |  |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class A | 29703 | 4138 |  |
| &nbsp;&nbsp;&nbsp;Registration & Filing Fees | 44270 | 111217 | 1136 |
| &nbsp;&nbsp;&nbsp;Fund Accounting Fees | 43549 | 61503 | 36393 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 43098 | 176941 | 38275 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 30898 | 57691 | 15390 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 29440 | 170174 | 386 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 20570 | 159030 | 164 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 18986 | 17544 | 9825 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 16600 | 84456 | 7388 |
| &nbsp;&nbsp;&nbsp;Shareholder Service Fees - Class I | 12553 | 53971 |  |
| &nbsp;&nbsp;&nbsp;Legal Fees | 11857 | 102866 | 432 |
| &nbsp;&nbsp;&nbsp;Non-Rule 12b-1 Shareholder Service Fees | 8563 | 696 |  |
| &nbsp;&nbsp;&nbsp;Other Expenses | 20920 | 74312 | 1179 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 635878 | 2345257 | 115498 |
| &nbsp;&nbsp;&nbsp;Less: Fees Waived by Adviser | (226414) | (732535) | (4930) |
| &nbsp;&nbsp;&nbsp;Less: Other Expenses Reimbursed by Adviser |  |  | (104369) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 409464 | 1612722 | 6199 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | (1371) | 1221148 | 8756 |
| **Net Realized and Unrealized Gain (Loss) on Investments and** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Foreign Currency Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | 2962970 | 1466598 | (9364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  |  | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Exchange Contracts |  | (10520) |  |
|  | 2962970 | 1456078 | (9219) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | (2928087) | (16972536) | 71479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  | 31 | (6) |
|  | (2928087) | (16972505) | 71473 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions** | 34883 | (15516427) | 62254 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $33512 | $(14295279) | $71010 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**November 30, 2025** | **For the**<br>**Year Ended**<br>**November 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $(1371) | $71220 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 2962970 | 5273595 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on investments | (2928087) | 3744844 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 33512 | 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 | 211180 | 401135 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1523749 | 491277 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (2419331) | (3270213) |
| &nbsp;&nbsp;&nbsp;**Total Class A Shares** | (684402) | (2377801) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 15613 | 56757 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1062130 | 343161 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (2785376) | (2285853) |
| &nbsp;&nbsp;&nbsp;**Total Class C Shares** | (1707633) | (1885935) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 315958 | 772148 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1833837 | 692579 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (7354080) | (5803047) |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | (5204285) | (4338320) |
| &nbsp;&nbsp;&nbsp;**Total Beneficial Interest Transactions** | (7596320) | (8602056) |
| **Decrease in Net Assets** | (12261704) | (1117781) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 39932857 | 41050638 |
| &nbsp;&nbsp;&nbsp;End of Year | $27671153 | $39932857 |
| **Share Activity:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 16501 | 29540 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 119043 | 40872 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (194817) | (245418) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class A Shares** | (59273) | (175006) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 1359 | 4352 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 90394 | 30585 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (242951) | (182443) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class C Shares** | (151198) | (147506) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 26077 | 59935 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 145890 | 58594 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (600486) | (447579) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class I Shares** | (428519) | (329050) |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**November 30, 2025** | **For the**<br>**Year Ended**<br>**November 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1221148 | $1294233 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 1456078 | 2855899 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (16972505) | 22810215 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (14295279) | 26960347 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (28705) | (11826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2379230) | (586612) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (2407935) | (598438) |
| **Beneficial Interest Transactions:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 1289662 | 1381035 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 25642 | 11019 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (2459173) | (756988) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 49 | 31 |
| &nbsp;&nbsp;&nbsp;**Total Class A Shares** | (1143820) | 635097 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 85022229 | 132361398 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1834400 | 525476 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (106588980) | (28729542) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 4887 | 1778 |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | (19727464) | 104159110 |
| &nbsp;&nbsp;&nbsp;**Total Beneficial Interest Transactions** | (20871284) | 104794207 |
| **Increase (Decrease) in Net Assets** | (37574498) | 131156116 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 199473303 | 68317187 |
| &nbsp;&nbsp;&nbsp;End of Year | $161898805 | $199473303 |
| **Share Activity:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 85145 | 87995 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1569 | 776 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (165083) | (48311) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class A Shares** | (78369) | 40460 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 5509051 | 8541452 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 111509 | 36798 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (7000486) | (1838237) |
| &nbsp;&nbsp;&nbsp;**Total Activity Class I Shares** | (1379926) | 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>**Year Ended**<br>**November 30, 2025** | **For the**<br>**Year Ended**<br>**November 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $8756 | $8149 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss on Investments and Foreign Currency Transactions | (9219) | (14701) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | 71473 | 32932 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 71010 | 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 | 260 | 150 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 3 |  |
| &nbsp;&nbsp;&nbsp;**Total Class A Shares** | 263 | 150 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 77525 | 39999 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 11579 | 10558 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (4339 |  |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | 84765 | 50557 |
| &nbsp;&nbsp;&nbsp;**Total Beneficial Interest Transactions** | 85028 | 50707 |
| **Increase in Net Assets** | 144456 | 66529 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 559948 | 493419 |
| &nbsp;&nbsp;&nbsp;End of Year | $704404 | $559948 |
| **Share Activity:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 32 | 18 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;**Total Activity Class A Shares** | 32 | 18 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 9500 | 4974 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1471 | 1361 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (507 |  |
| &nbsp;&nbsp;&nbsp;**Total Activity Class I Shares** | 10464 | 6335 |

---

\* Less than $1.

+ Less than 1 share.

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

---

| |
|:---|
| **Copeland Dividend Growth Fund**<br>**FINANCIAL HIGHLIGHTS** |
| Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each year presented. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year**<br>**Ended**<br>**November 30, 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** |
| **Net Asset Value, Beginning of Year** | $14.78 | $12.27 | $12.49 | $14.59 | $11.99 |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.28 | 2.93 | 0.50 | (0.53) | 2.56 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.29 | 2.97 | 0.56 | (0.44) | 2.60 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.02) | (0.09) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.70) | (0.44) | (0.69) | (1.64) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.71) | (0.46) | (0.78) | (1.66) |  |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Year** | $13.36 | $14.78 | $12.27 | $12.49 | $14.59 |
| **Total Return (c)** | 2.48% | 25.13% | 4.95% | (3.91)% | 21.68% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $11749 | $13873 | $13667 | $15441 | $18212 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 1.93% | 2.13% | 1.95% | 1.99% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.10% | 0.28% | 0.47% | 0.72% | 0.29% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27% | 32% | 35% | 40% | 34% |

---

(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.

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

---

| |
|:---|
| **Copeland Dividend Growth Fund**<br>**FINANCIAL HIGHLIGHTS** |
| Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each year presented. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year**<br>**Ended**<br>**November 30, 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** |
| **Net Asset Value, Beginning of Year** | $13.70 | $11.46 | $11.71 | $13.85 | $11.47 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (a) | (0.07) | (0.06) | (0.03) | (0.01) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.24 | 2.74 | 0.47 | (0.49) | 2.44 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.17 | 2.68 | 0.44 | (0.50) | 2.38 |
| &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) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.70) | (0.44) | (0.69) | (1.64) |  |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Year** | $12.17 | $13.70 | $11.46 | $11.71 | $13.85 |
| **Total Return (c)** | 1.65% | 24.25% | 4.15% | (4.63)% | 20.75% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $5914 | $8724 | $8994 | $10586 | $13530 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 2.67% | 2.89% | 2.69% | 2.74% | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.65)% | (0.47)% | (0.27)% | (0.04)% | (0.46)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27% | 32% | 35% | 40% | 34% |

---

(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.

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

---

| |
|:---|
| **Copeland Dividend Growth Fund**<br>**FINANCIAL HIGHLIGHTS** |
| Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each year presented. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year**<br>**Ended**<br>**November 30, 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** |
| **Net Asset Value, Beginning of Year** | $14.56 | $12.10 | $12.34 | $14.45 | $11.85 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.03 | 0.06 | 0.07 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.28 | 2.89 | 0.50 | (0.52) | 2.54 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.31 | 2.95 | 0.57 | (0.42) | 2.60 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.05) | (0.12) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.70) | (0.44) | (0.69) | (1.64) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.74) | (0.49) | (0.81) | (1.69) |  |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Year** | $13.13 | $14.56 | $12.10 | $12.34 | $14.45 |
| **Total Return (c)** | 2.61% | 25.31% | 5.13% | (3.82)% | 21.94% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $10008 | $17335 | $18390 | $25461 | $33459 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 1.77% | 1.99% | 1.75% | 1.76% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.25% | 0.43% | 0.62% | 0.85% | 0.44% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27% | 32% | 35% | 40% | 34% |

---

(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.

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

---

| |
|:---|
| **Copeland SMID Cap Dividend Growth Fund**<br>**FINANCIAL HIGHLIGHTS** |
| Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each year presented. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year**<br>**Ended**<br>**November 30, 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** |
| **Net Asset Value, Beginning of Year** | $17.00 | $13.95 | $14.15 | $15.80 | $13.14 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.07 | 0.10 | 0.12 | 0.13 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.13) | 3.05 | 0.19 | (0.77) | 2.63 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.06) | 3.15 | 0.31 | (0.64) | 2.69 |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.12) |  | (0.34) | (0.97) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.10) | (0.51) | (1.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Year** | $15.76 | $17.00 | $13.95 | $14.15 | $15.80 |
| **Total Return (c)** | (6.28)% | 22.69% | 2.46% | (4.50)% | 20.55% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $1300 | $2734 | $1680 | $1674 | $206 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 1.62% | 1.55% | 1.81% | 2.03% | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.45% | 0.61% | 0.85% | 0.96% | 0.42% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 66% | 24% | 28% | 40% | 35% |

---

(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.

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

---

| |
|:---|
| **Copeland SMID Cap Dividend Growth Fund**<br>**FINANCIAL HIGHLIGHTS** |
| Certain information in the table below reflects financial results for one share of beneficial interest outstanding throughout each year presented. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year**<br>**Ended**<br>**November 30, 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** |
| **Net Asset Value, Beginning of Year** | $17.14 | $14.06 | $14.23 | $15.88 | $13.19 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.11 | 0.14 | 0.15 | 0.19 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.15) | 3.06 | 0.20 | (0.80) | 2.65 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.04) | 3.20 | 0.35 | (0.61) | 2.75 |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.12) |  | (0.34) | (0.97) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.12) | (0.52) | (1.04) | (0.06) |
| &nbsp;&nbsp;&nbsp;Redemption fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Year** | $15.90 | $17.14 | $14.06 | $14.23 | $15.88 |
| **Total Return (c)** | (6.07)% | 22.95% | 2.75% | (4.31)% | 20.89% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $160599 | $196739 | $66638 | $47602 | $35601 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 1.38% | 1.34% | 1.62% | 1.73% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.72% | 0.88% | 1.11% | 1.34% | 0.67% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 66% | 24% | 28% | 40% | 35% |

---

(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.

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

---

| |
|:---|
| **Copeland International Small Cap Fund**<br>**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** |
|  | **Year**<br>**Ended**<br>**November 30, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Period**<br>**Ended**<br>**November 30, 2022 \*** |
| **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) | 0.80 | 0.31 | 0.23 | (2.28) |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.88 | 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** | $8.80 | $8.09 | $7.86 | $7.82 |
| **Total Return (b)** | 11.08% | 5.15% | 3.37% | (21.80)% (c) |
| **Ratios/Supplemental Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period, actual (not truncated) | $448 | $152 | $8 | $8 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 17.87% | 17.29% | 17.25% | 34.90 % (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 1.23% | 1.23% | 1.23% | 1.19 % (d) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.94% | 1.03% | 0.25% | 1.32 % (d) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 37% | 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**<br>**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** |
|  | **Year**<br>**Ended**<br>**November 30, 2025** | **Year**<br>**Ended**<br>**November 30, 2024** | **Year**<br>**Ended**<br>**November 30, 2023** | **Period**<br>**Ended**<br>**November 30, 2022 \*** |
| **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) | 0.12 | 0.12 | 0.11 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.80 | 0.29 | 0.14 | (2.34) |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.92 | 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** | $8.85 | $8.10 | $7.86 | $7.82 |
| **Total Return (b)** | 11.57% | 5.28% | 3.37% | (21.80)% (c) |
| **Ratios/Supplemental Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $704 | $560 | $493 | $313 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement | 18.26% | 18. 87% | 21.80% | 28.11 % (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 0.98% | 0.98% | 0.98% | 0.98 % (d) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.38% | 1.51% | 1.44% | 2.07 % (d) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 37% | 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** |
| **November 30, 2025** |

---

**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 (Continued)** |
| **November 30, 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

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| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

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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.

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 November 30, 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** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* | $27651899 | $— | $— | $27651899 |
| Short-Term Investment | 56482 |  |  | 56482 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $27708381 | $— | $— | $27708381 |
| **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** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* | $160756205 | $— | $— | $160756205 |
| Short-Term Investment | 1107424 |  |  | 1107424 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $161863629 | $— | $— | $161863629 |

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| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* |  |  |  |  |
| Apparel & Textile Products | $10157 | $10849 | $— | $21006 |
| Asset Management |  | 9286 |  | 9286 |
| Banking |  | 33482 |  | 33482 |
| Beverages |  | 9369 |  | 9369 |
| Biotech & Pharma |  | 41743 |  | 41743 |
| Chemicals |  | 48225 |  | 48225 |
| Commerical Support Services |  | 10318 |  | 10318 |
| Construction Materials |  | 6810 |  | 6810 |
| Containers & Packaging |  | 14395 |  | 14395 |
| Electrical Equipment |  | 20283 |  | 20283 |
| Engineering & Construction |  | 76943 |  | 76943 |
| Food |  | 10255 |  | 10255 |
| Forestry, Paper & Wood Products | 9099 |  |  | 9099 |
| Gas & Water Utilities | 10569 | 9399 |  | 19968 |
| Home & Office Products |  | 14963 |  | 14963 |
| Industrial Intermediate Products |  | 24419 |  | 24419 |
| Industrial Support Services | 7951 | 16318 |  | 24269 |
| Institutional Financial Services | 12261 | 8120 |  | 20381 |
| Insurance |  | 10301 |  | 10301 |
| Internet Media & Services |  | 14445 |  | 14445 |
| Leisure Facilities & Services |  | 23058 |  | 23058 |
| Leisure Products | 9836 |  |  | 9836 |
| Machinery |  | 19705 |  | 19705 |
| Medical Equipment & Devices |  | 10738 |  | 10738 |
| Metals & Mining | 14360 |  |  | 14360 |
| Oil & Gas Producers | 9895 |  |  | 9895 |
| Real Estate Owners & Developers | 8116 | 15656 |  | 23772 |
| Real Estate Services | 7390 | 8166 |  | 15556 |
| Real Estate Investment Trust | 9373 | 31550 |  | 40923 |
| Retail - Discretionary |  | 9511 |  | 9511 |
| Semiconductors |  | 7060 |  | 7060 |
| Software |  | 9225 |  | 9225 |
| Specialty Finance | 8504 | 9545 |  | 18049 |
| Technology Hardware |  | 20408 |  | 20408 |
| Technology Services |  | 32745 |  | 32745 |
| Transportation & Logistics | 6889 |  |  | 6889 |
| Short-Term Investment | 9129 |  |  | 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**133529** | $**587290** | $**—** | $**720819** |

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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 (Continued)** |
| **November 30, 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

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| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

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contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency 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 November 30, 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 year ended November 30, 2025, the Adviser earned advisory fees of $235,376, $1,270,718, and $4,930 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

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| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

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or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs such as interest 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 year ended November 30, 2025, the Adviser waived $226,414, $732,535 and $4,930 in investment advisory fees for the Dividend Growth Fund, SMID Fund and International Fund, respectively. During the period, the Adviser reimbursed additional amounts of $104,369 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** |
| 2026 | 2027 | 2028 | Total |
| $332494 | $379229 | $226414 | $938137 |
| **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** | **Copeland SMID Cap Dividend Growth Fund** |
| 2026 | 2027 | 2028 | Total |
| $386832 | $579643 | $732535 | $1699010 |
| **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** | **Copeland International Small Cap Fund** |
| 2026 | 2027 | 2028 | Total |
| $90986 | $96650 | $109299 | $296935 |

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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 year ended November 30, 2025, the 12b-1 fees accrued amounted to $29,703 and $69,495 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 $4,138. 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 year ended November 30, 2025, the Distributor received $6,749 in underwriting commissions for sales of Class A shares of the Dividend Growth Fund, of which $985 was retained by the principal underwriter or other affiliated broker-dealers and $968 in underwriting commissions for sales of Class A shares of the SMID Cap Dividend Growth Fund of which $128 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 year ended November 30, 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.

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|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

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***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.

***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 year ended November 30, 2025, the Dividend Growth Fund accrued $12,553 and the SMID Cap Dividend Growth Fund accrued $53,971 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 year ended November 30, 2025 were as follows:

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|:---|:---|:---|
| **Fund** | **Purchases** | **Sale Proceeds** |
| Dividend Growth Fund | $8638036 | $20974111 |
| SMID Cap Dividend Growth Fund | 109835545 | 129780889 |
| International Small Cap Fund | 330841 | 228346 |

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|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

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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 November 30, 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 | $18877307 | $9234774 | $(403700) | $8831074 |
| SMID Cap Dividend Growth Fund | 155240183 | 17948262 | (11324816) | 6623446 |
| International Small Cap Fund | 627431 | 121496 | (28108) | 93388 |

---

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

The tax character of fund distributions paid for the periods ended November 30, 2025 and November 30, 2024 was as follows:

**For the year ended November 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return**<br>**of Capital** | **Tax-Exempt**<br>**Income** |<br>**Total** |
| Dividend Growth Fund | $142348 | $4556548 | $— | $— | $4698896 |
| SMID Cap Dividend Growth Fund | 984516 | 1423419 |  |  | 2407935 |
| International Small Cap Fund | 11582 |  |  |  | 11582 |
| **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** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| Dividend Growth Fund | $99265 | $2873896 | $— | $— | $2973161 |
| SMID Cap Dividend Growth Fund | 598438 | 1176811 |  |  | 1775249 |
| International Small Cap Fund | 10558 |  |  |  | 10558 |

---

As of November 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **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 | $— | $2414313 | $— | $— | $— | $8831074 | $11245387 |
| SMID Cap Dividend Growth Fund | 1222335 | 3937978 |  |  |  | 6623467 | 11783780 |
| International Small Cap Fund | 10065 |  | (112046) | (3915) |  | 93324 | (12572) |

---

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 $(64) for the International Small Cap Fund and $21 for the SMID Cap Dividend Growth Fund.

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>&nbsp;&nbsp;&nbsp;**Portfolio** | **Post October**<br>**Losses** |
| Dividend Growth Fund | $— |
| SMID Cap Dividend Growth Fund |  |
| International Small Cap Fund | 112046 |

---

---

| |
|:---|
| **Copeland Trust** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

At November 30, 2025, 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 |  | – |  |  |
| International Small Cap Fund | 3915 | – | 3915 | 101207 |

---

During the fiscal year ended November 30, 2025, 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 and adjustments for prior year tax returns, resulted in reclassifications for the Funds for the fiscal year ended November 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Dividend Growth Fund | $458706 | $(458706) |
| SMID Cap Dividend Growth Fund | 8578 | (8578) |
| 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**<br>**11/30/2025** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| International Small Cap Fund | $0.0262 | $0.1315 |
| **For fiscal period ended** |  |  |
| **11/30/2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| International Small Cap Fund | $0.0242 | $0.1441 |

---

**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 year ended November 30, 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 $49 and $4,887 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.

---

| | |
|:---|:---|
| ![(LOGO)](co001_v1.jpg) | taitweller.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees And Shareholders of Copeland Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Copeland Dividend Growth Fund, Copeland SMID Cap Dividend Growth Fund and Copeland International Small Cap Fund (the "Funds"), each a series of shares of Copeland Trust (the "Trust"), including the portfolios of investments, as of November 30, 2025, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of November 30, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds<br> constituting<br> Copeland Trust** | **Statement of**<br> **operations** | **Statements of**<br> **changes in net assets** | **Financial highlights** |
| Copeland Dividend Growth Fund and Copeland SMID Cap Dividend Growth Fund | For the year ended November 30, 2025 | For each of the two years in the period ended November 30, 2025 | For each of the five years in the period ended November 30, 2025 |
| Copeland International Small Cap Fund | For the year ended November 30, 2025 | For each of the two years in the period ended November 30, 2025 | For each of the three years in the period ended November 30, 2025, and for the period December 28, 2021 (commencement of operations) through November 30, 2022 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the Funds in the Trust since 2011.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![(SIGNATURE)](co002_v1.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania January 27, 2026**

**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-A25

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

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

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

Included under Item 7

**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.[\[Exhibit 99.CODE\]](coe.htm)

(a)(2) Not applicable

(a)(3) 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)(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)

**SIGNATURE**

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.

Copeland Trust

---

| |
|:---|
| By: /s/ Mark W. Giovanniello |
| Mark W. Giovanniello, Principal Executive Officer |

---

Date <u>2/6/2026</u> <br>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, Principal Executive Officer |

---

Date <u>2/6/2026</u>

---

| |
|:---|
| By: /s/ Steven J. Adams |
| Steven J. Adams, Principal Financial Officer |

---

Date <u>2/6/2026</u>

## Ex-99.Cert

CERTIFICATIONS

I, Mark W. Giovanniello, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of the Copeland Trust;

&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: | 2/6/2026 | /s/ Mark W. Giovanniello |
| | | Mark W. Giovanniello |
| | | Principal Executive Officer |

---

I, Steven J. Adams, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of the Copeland Trust;

&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: | 2/6/2026 | /s/ Steven J. Adams |
| | | Steven J. Adams |
| | | Principal Financial Officer |

---

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended November 30, 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;&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 Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Copeland Trust | Copeland Trust | Copeland Trust | Copeland Trust |
| /s/ Mark W. Giovanniello | /s/ Mark W. Giovanniello | /s/ Steven J. Adams | /s/ Steven J. Adams |
| Mark W. Giovanniello | Mark W. Giovanniello | Steven J. Adams | Steven J. Adams |
| Date: | 2/6/2026 | Date: | 2/6/2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the version of this written statement required by Section 906, has been provided to Copeland Trust and will be retained by Copeland Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

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.

## Ex-99.Code

**COPELAND TRUST**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, the Copeland Trust (the "Trust") has adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Trust to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Trust shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and its adviser has adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust's shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust's counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and its operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Trust and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Trust or its operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

**<u>CODE OF ETHICS FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Northern Lights
Fund Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the period year ended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements
of the Code during the period ended.

Set forth below exceptions to items (3) and (4), if any:

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Name:_________________

Date: _________________