# EDGAR Filing Document

**Accession Number:** 0001502745
**File Stem:** 0000910472-26-000851
**Filing Date:** 2026-1
**Character Count:** 23625
**Document Hash:** 589ee91328da8a57551d64eaa736d89d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000851.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000910472-26-000851

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22483
- **FILM NUMBER:** 26568994

**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 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           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEWARK

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19702

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

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

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

- **b. EDGAR series identifier (if any):** S000056507

- **c. LEI of Series:** 549300D8ZN42G33N5C61

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $162372159.11

**Total Liabilities:** $430827.29

**Net Assets:** $161941331.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000209896 | -2.32%               | -1.48%               | 2.89%                |
| Class ID C000178802 | -2.31%               | -1.47%               | 2.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1091041.25             | $-3039220.57                               |
| Month 2  | $-4878722.30             | $2587665.50                                |
| Month 3  | $800830.74               | $3703183.29                                |

### Schedule of Portfolio Investments

| Name                                  | Title            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bentley Systems Incorporated          | BENTLEY SYSTEM-B | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     50977 | NS      | $2138994.92   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                      | POOL CORP        | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      5875 | NS      | $1431150.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.         | FACTSET RESEARCH | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      8360 | NS      | $2317977.20   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc.                | GFL ENVIRONM-SUB | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |     77685 | NS      | $3532336.95   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc.                  | HOME BANCSHARES  | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100028 | NS      | $2806785.68   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation          | ENCOMPASS HEALTH | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     30699 | NS      | $3567837.78   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                       | MORNINGSTAR INC  | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      9824 | NS      | $2110784.64   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Houghton                       | QUAKER CHEMICAL  | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      7145 | NS      | $984938.25    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                         | UNIFIRST CORP/MA | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     12658 | NS      | $2184137.90   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corporation | BROOKFIELD INFRA | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | CA        |     51402 | NS      | $2346501.30   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp.              | PERDOCEO EDUCATI | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     38866 | NS      | $1086693.36   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaon Inc                              | AAON INC         | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     38380 | NS      | $3587762.40   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds          | NT-INST TRSR-PRM | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1107424 | PA      | $1107423.56   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                      | ENSIGN GROUP INC | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     21999 | NS      | $4081694.46   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc      | RYMAN HOSPITALIT | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     25676 | NS      | $2450260.68   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen And Steers Inc.                 | COHEN & STEERS   | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     32453 | NS      | $2052652.25   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation            | TERRENO REALTY C | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43645 | NS      | $2740469.55   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated        | QUEST DIAGNOSTIC | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     19365 | NS      | $3663470.70   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.              | VALMONT INDS     | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     11933 | NS      | $4927971.01   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                               | KBR INC          | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     39703 | NS      | $1636557.66   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc.                 | BWX TECHNOLOGIES | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      6905 | NS      | $1235166.40   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc                      | CLEAR SECURE I-A | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94277 | NS      | $3346833.50   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc             | PROSPERITY BNCSH | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33539 | NS      | $2304464.69   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corporation                 | BRUNSWICK CORP   | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     28682 | NS      | $1896167.02   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.             | WESCO INTL       | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     22314 | NS      | $5966986.74   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc             | KINSALE CAPITAL  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      3072 | NS      | $1182412.80   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                       | LITTELFUSE INC   | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     12862 | NS      | $3292929.24   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                           | COGNEX CORP      | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |     58852 | NS      | $2242261.20   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| The New York Times Company            | NEW YORK TIMES-A | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     42085 | NS      | $2714482.50   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.          | JACK HENRY       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     11116 | NS      | $1939519.68   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NVent Electric PLC                    | NVENT ELECTRIC   | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     25933 | NS      | $2781832.91   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemaitre Vascular Inc.                | LEMAITRE VASCULA | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     40799 | NS      | $3384277.05   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                               | AZZ INC          | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     20015 | NS      | $2109981.30   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                          | RELIANCE INC     | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      4617 | NS      | $1289620.44   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                 | AIR LEASE C      | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     25051 | NS      | $1601510.43   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.     | BOOZ ALLEN HAMIL | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      6694 | NS      | $558681.24    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.               | PATRICK INDS INC | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     10219 | NS      | $1105900.18   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                    | CARETRUST REI    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     78283 | NS      | $2937960.99   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                     | HAMILTON LANE-A  | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     20673 | NS      | $2562108.26   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                    | DOMINO'S PIZZA   | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      5869 | NS      | $2462808.47   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods, Inc.           | DICK'S SPORTING  | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     12884 | NS      | $2661447.88   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                  | LANDSTAR SYSTEM  | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     13047 | NS      | $1707069.48   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp.               | UNIVERSAL DISPLA | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29519 | NS      | $3510694.67   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc.               | POWER INTEGRATIO | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     24173 | NS      | $812212.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                      | ROYAL GOLD INC   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     13187 | NS      | $2688038.08   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.           | CASEY'S GENERAL  | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      4781 | NS      | $2727369.26   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                       | APTARGROUP INC   | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     14575 | NS      | $1818231.25   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                      | DT MIDSTREAM     | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28070 | NS      | $3409382.20   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp            | STANDEX INTL CO  | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |     10539 | NS      | $2583741.24   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke and Soffa Industries, Inc.    | KULICKE & SOFFA  | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     62587 | NS      | $2823299.57   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.               | CARLISLE COS INC | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      5196 | NS      | $1652691.72   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                    | CHEMED CORP      | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      4484 | NS      | $1969327.96   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                   | CHURCHILL DOWNS  | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     23648 | NS      | $2579760.32   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company             | MATADOR RESOURCE | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     62815 | NS      | $2663356.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                            | TRANSUNION       | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |     34332 | NS      | $2919936.60   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                       | PRIMERICA INC    | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      9014 | NS      | $2319482.48   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Steris PLC                            | STERIS PLC       | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     15915 | NS      | $4237846.20   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp.                    | FIRSTSERVICE-WI  | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | US        |      7428 | NS      | $1165081.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                          | WINGSTOP INC     | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      7133 | NS      | $1888319.09   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                    | UFP INDUSTRIES I | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     19283 | NS      | $1793126.17   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                | TRAVEL + LEISURE | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     46971 | NS      | $3221271.18   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corporation                    | HEXCEL CORP      | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     57896 | NS      | $4413412.08   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corporation      | CHESAPEAKE UTIL  | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     20809 | NS      | $2893699.54   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                        | PRICESMART INC   | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     23736 | NS      | $2921901.60   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc               | NEXSTAR MEDIA    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     14628 | NS      | $2810623.92   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Copeland Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer