# EDGAR Filing Document

**Accession Number:** 0001502745
**File Stem:** 0000910472-26-005947
**Filing Date:** 2026-4
**Character Count:** 49437
**Document Hash:** 6695d1154cfb9e39d01b344928fd43a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005947.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0000910472-26-005947

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**PERIOD START**: 20261130

**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:** 26904652

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** **(Unaudited)** | **SCHEDULE OF INVESTMENTS** **(Unaudited)** | **SCHEDULE OF INVESTMENTS** **(Unaudited)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS** **—** **100.2%** |  |
|  | **ASSET MANAGEMENT** **-** **3.8%** |  |
| 868 | Ameriprise Financial, Inc. | $408064 |
| 5758 | Brookfield Asset Management Ltd. | 269187 |
| 3377 | Hamilton Lane, Inc., Class A | 354382 |
|  |  | 1031633 |
|  | **BANKING** **-** **3.1%** |  |
| 1756 | JPMorgan Chase & Company | 527326 |
| 2424 | Popular, Inc. | 328113 |
|  |  | 855439 |
|  | **BIOTECH & PHARMA** **-** **3.1%** |  |
| 435 | Eli Lilly & Company | 457616 |
| 506 | Regeneron Pharmaceuticals, Inc. | 395525 |
|  |  | 853141 |
|  | **CHEMICALS** **-** **1.3%** |  |
| 4364 | Corteva, Inc. | 349644 |
|  | **COMMERCIAL SUPPORT SERVICES** **-** **2.7%** |  |
| 1816 | Cintas Corporation | 365252 |
| 2105 | Waste Connections, Inc. | 362334 |
|  |  | 727586 |
|  | **CONSTRUCTION MATERIALS** **-** **1.3%** |  |
| 1173 | Vulcan Materials Company | 363630 |
|  | **CONSUMER SERVICES** **-** **1.3%** |  |
| 10963 | Perdoceo Education Corporation | 365616 |
|  | **DATA CENTER REIT** **-** **1.4%** |  |
| 391 | Equinix, Inc. | 380936 |
|  | **E-COMMERCE DISCRETIONARY** **-** **1.3%** |  |
| 3879 | eBay, Inc. | 352446 |
|  | **ELECTRIC UTILITIES** **-** **3.0%** |  |
| 4287 | NextEra Energy, Inc. | 401992 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.2% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 3.0% (Continued)** |  |
| 2317 | NRG Energy, Inc. | $414650 |
|  |  | 816642 |
|  | **ELECTRICAL EQUIPMENT** **-** **5.0%** |  |
| 3450 | Amphenol Corporation, Class A | 503908 |
| 7686 | Napco Security Technologies, Inc. | 358244 |
| 1840 | Vertiv Holdings Company, Class A | 468998 |
|  |  | 1331150 |
|  | **GAS & WATER UTILITIES** **-** **1.5%** |  |
| 3037 | American Water Works Company, Inc. | 413123 |
|  | **HEALTH CARE FACILITIES & SERVICES** **-** **4.8%** |  |
| 1190 | Cencora, Inc. | 442846 |
| 3769 | Encompass Health Corporation | 406600 |
| 2021 | Ensign Group, Inc. (The) | 432837 |
|  |  | 1282283 |
|  | **INDUSTRIAL INTERMEDIATE PROD** **-** **1.4%** |  |
| 853 | Valmont Industries, Inc. | 392320 |
|  | **INDUSTRIAL SUPPORT SERVICES** **-** **1.9%** |  |
| 1786 | WESCO International, Inc. | 517047 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** **-** **3.4%** |  |
| 3224 | Morgan Stanley | 536828 |
| 4375 | Nasdaq, Inc. | 383163 |
|  |  | 919991 |
|  | **INSURANCE** **-** **3.8%** |  |
| 1837 | Allstate Corporation (The) | 394074 |
| 3231 | Brown & Brown, Inc. | 232050 |
| 1550 | Primerica, Inc. | 393173 |
|  |  | 1019297 |
|  | **INTERNET MEDIA & SERVICES** **-** **2.8%** |  |
| 1638 | Alphabet, Inc., Class A | 510663 |
| 62 | Booking Holdings, Inc. | 262840 |
|  |  | 773503 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.2% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES** **-** **4.2%** |  |
| 790 | Domino's Pizza, Inc. | $317983 |
| 1253 | Marriott International Inc, Class A | 428187 |
| 1385 | Wingstop, Inc. | 359421 |
|  |  | 1105591 |
|  | **MEDICAL EQUIPMENT & DEVICES** **-** **2.8%** |  |
| 1590 | ResMed, Inc. | 407453 |
| 1410 | STERIS plc | 355814 |
|  |  | 763267 |
|  | **METALS & MINING** **-** **1.5%** |  |
| 1358 | Royal Gold, Inc. | 407115 |
|  | **OIL & GAS PRODUCERS** **-** **2.7%** |  |
| 1457 | Cheniere Energy, Inc. | 343459 |
| 2274 | Diamondback Energy, Inc. | 395858 |
|  |  | 739317 |
|  | **PUBLISHING & BROADCASTING** **-** **3.8%** |  |
| 6682 | New York Times Company (The), Class A | 533156 |
| 1984 | Nexstar Media Group, Inc. | 498024 |
|  |  | 1031180 |
|  | **RESIDENTIAL REIT** **-** **1.3%** |  |
| 5388 | Equity LifeStyle Properties, Inc. | 361858 |
|  | **RETAIL - CONSUMER STAPLES** **-** **1.8%** |  |
| 3189 | PriceSmart, Inc. | 493083 |
|  | **RETAIL - DISCRETIONARY** **-** **3.3%** |  |
| 2550 | Ross Stores, Inc. | 524382 |
| 1830 | Williams-Sonoma, Inc. | 376340 |
|  |  | 900722 |
|  | **SEMICONDUCTORS** **-** **7.9%** |  |
| 1289 | Broadcom, Inc. | 411900 |
| 2287 | Lam Research Corporation | 534907 |
| 364 | Monolithic Power Systems, Inc. | 415957 |
| 1528 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 572358 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.2% (Continued)** |  |
|  | **SEMICONDUCTORS - 7.9% (Continued)** |  |
| 2034 | Universal Display Corporation | $217007 |
|  |  | 2152129 |
|  | **SOFTWARE** **-** **5.7%** |  |
| 8557 | Bentley Systems, Inc., CLASS B | 312758 |
| 948 | Intuit, Inc. | 387760 |
| 1356 | Microsoft Corporation | 532556 |
| 1649 | Salesforce, Inc. | 321209 |
|  |  | 1554283 |
|  | **TECHNOLOGY HARDWARE** **-** **3.6%** |  |
| 1797 | Apple, Inc. | 474731 |
| 1057 | Motorola Solutions, Inc. | 509749 |
|  |  | 984480 |
|  | **TECHNOLOGY SERVICES** **-** **8.2%** |  |
| 1403 | Automatic Data Processing, Inc. | 300747 |
| 2046 | Broadridge Financial Solutions, Inc. | 380290 |
| 2194 | Jack Henry & Associates, Inc. | 356437 |
| 640 | MSCI, Inc. | 365971 |
| 4507 | TransUnion | 354025 |
| 1350 | Visa, Inc., Class A | 432189 |
|  |  | 2189659 |
|  | **TOBACCO & CANNABIS** **-** **1.6%** |  |
| 2336 | Philip Morris International, Inc. | 436435 |
|  | **TRANSPORTATION & LOGISTICS** **-** **2.0%** |  |
| 2310 | JB Hunt Transport Services, Inc. | 539177 |
|  | **TRANSPORTATION EQUIPMENT** **-** **1.7%** |  |
| 1732 | Westinghouse Air Brake Technologies Corporation | 457161 |
|  | **WHOLESALE - DISCRETIONARY** **-** **1.2%** |  |
| 1476 | Pool Corporation | 335318 |
|  | **TOTAL COMMON STOCKS (Cost $19,701,739)** | $27196202 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** | **COPELAND DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT —** **3.3%** |  |
|  | **MONEY MARKET FUND** **-** **3.3%** |  |
| 904216 | Northern Institutional Treasury Portfolio, 3.54% (Cost $904,216)<sup>(a)</sup> | 904216 |
|  | **TOTAL INVESTMENTS - 103.5% (Cost $20,605,955)** | $28100418 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.5)%** | (938767) |
|  | **NET ASSETS - 100.0%** | $27161651 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026.

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** **(Unaudited)** | **SCHEDULE OF INVESTMENTS** **(Unaudited)** | **SCHEDULE OF INVESTMENTS** **(Unaudited)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS** **—** **98.9%** |  |
|  | **AEROSPACE & DEFENSE** **-** **1.8%** |  |
| 28319 | Hexcel Corporation | $2624888 |
|  | **ASSET MANAGEMENT** **-** **2.3%** |  |
| 25036 | Cohen & Steers, Inc. | 1674157 |
| 17032 | Hamilton Lane, Inc., Class A | 1787338 |
|  |  | 3461495 |
|  | **BANKING** **-** **4.0%** |  |
| 78183 | Home BancShares, Inc. | 2146905 |
| 27862 | Prosperity Bancshares, Inc. | 1960649 |
| 21796 | ServisFirst Bancshares, Inc. | 1765694 |
|  |  | 5873248 |
|  | **COMMERCIAL SUPPORT SERVICES** **-** **2.6%** |  |
| 45142 | GFL Environmental, Inc. | 1994825 |
| 8084 | UniFirst Corporation | 1898285 |
|  |  | 3893110 |
|  | **CONSTRUCTION MATERIALS** **-** **1.5%** |  |
| 5706 | Carlisle Companies, Inc. | 2252558 |
|  | **CONSUMER SERVICES** **-** **1.3%** |  |
| 58693 | Perdoceo Education Corporation | 1957412 |
|  | **CONTAINERS & PACKAGING** **-** **1.1%** |  |
| 10949 | AptarGroup, Inc. | 1573481 |
|  | **ELECTRICAL EQUIPMENT** **-** **9.2%** |  |
| 27275 | AAON, Inc. | 2760229 |
| 3778 | BWX Technologies, Inc. | 778192 |
| 45655 | Cognex Corporation | 2483632 |
| 7810 | Littelfuse, Inc. | 2752713 |
| 47305 | Napco Security Technologies, Inc. | 2204886 |
| 21560 | nVent Electric PLC | 2551842 |
|  |  | 13531494 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION** **-** **0.4%** |  |
| 15706 | Tetra Tech, Inc. | $562903 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS** **-** **1.0%** |  |
| 14599 | UFP Industries, Inc. | 1502383 |
|  | **GAS & WATER UTILITIES** **-** **2.9%** |  |
| 42736 | Brookfield Infrastructure Corporation, Class A | 2131672 |
| 16264 | Chesapeake Utilities Corporation | 2211416 |
|  |  | 4343088 |
|  | **HEALTH CARE FACILITIES & SERVICES** **-** **8.0%** |  |
| 4300 | Chemed Corporation | 1763043 |
| 22978 | Encompass Health Corporation | 2478867 |
| 14970 | Ensign Group, Inc. (The) | 3206125 |
| 11462 | Quest Diagnostics, Inc. | 2428912 |
| 23369 | US Physical Therapy, Inc. | 1938692 |
|  |  | 11815639 |
|  | **HEALTH CARE REIT** **-** **1.7%** |  |
| 61292 | CareTrust REIT, Inc. | 2489682 |
|  | **HOTEL REIT** **-** **1.4%** |  |
| 21323 | Ryman Hospitality Properties, Inc. | 2105646 |
|  | **INDUSTRIAL INTERMEDIATE PROD** **-** **5.0%** |  |
| 16264 | AZZ, Inc. | 2211579 |
| 8196 | Standex International Corporation | 2147352 |
| 6584 | Valmont Industries, Inc. | 3028179 |
|  |  | 7387110 |
|  | **INDUSTRIAL REIT** **-** **1.5%** |  |
| 33937 | Terreno Realty Corporation | 2241878 |
|  | **INDUSTRIAL SUPPORT SERVICES** **-** **2.4%** |  |
| 12294 | WESCO International, Inc. | 3559113 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **INSURANCE** **-** **2.1%** |  |
| 3517 | Kinsale Capital Group, Inc. | $1370469 |
| 6979 | Primerica, Inc. | 1770294 |
|  |  | 3140763 |
|  | **LEISURE FACILITIES & SERVICES** **-** **5.9%** |  |
| 18306 | Churchill Downs, Inc. | 1682871 |
| 4543 | Domino's Pizza, Inc. | 1828603 |
| 39059 | Travel + Leisure Company | 2878647 |
| 9028 | Wingstop, Inc. | 2342856 |
|  |  | 8732977 |
|  | **LEISURE PRODUCTS** **-** **1.5%** |  |
| 27982 | Brunswick Corporation | 2227927 |
|  | **MACHINERY** **-** **2.5%** |  |
| 8708 | Nordson Corporation | 2555275 |
| 11825 | Veralto Corporation | 1152110 |
|  |  | 3707385 |
|  | **MEDICAL EQUIPMENT & DEVICES** **-** **3.3%** |  |
| 23756 | LeMaitre Vascular, Inc. | 2569924 |
| 9413 | STERIS plc | 2375371 |
|  |  | 4945295 |
|  | **METALS & MINING** **-** **1.7%** |  |
| 8116 | Royal Gold, Inc. | 2433095 |
|  | **OIL & GAS PRODUCERS** **-** **3.5%** |  |
| 18681 | DT Midstream, Inc. | 2593670 |
| 50789 | Matador Resources Company | 2610555 |
|  |  | 5204225 |
|  | **PUBLISHING & BROADCASTING** **-** **3.3%** |  |
| 32652 | New York Times Company (The), Class A | 2605303 |
| 8845 | Nexstar Media Group, Inc. | 2220272 |
|  |  | 4825575 |
|  | **REAL ESTATE SERVICES** **-** **1.3%** |  |
| 12607 | FirstService Corporation | 1986485 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES** **-** **3.7%** |  |
| 3714 | Casey's General Stores, Inc. | $2546281 |
| 18573 | PriceSmart, Inc. | 2871758 |
|  |  | 5418039 |
|  | **RETAIL - DISCRETIONARY** **-** **2.4%** |  |
| 10119 | Dick's Sporting Goods, Inc. | 2060532 |
| 12340 | Patrick Industries, Inc. | 1527569 |
|  |  | 3588101 |
|  | **SEMICONDUCTORS** **-** **4.5%** |  |
| 34619 | Kulicke & Soffa Industries, Inc. | 2413637 |
| 42965 | Power Integrations, Inc. | 2058883 |
| 19960 | Universal Display Corporation | 2129532 |
|  |  | 6602052 |
|  | **SOFTWARE** **-** **5.0%** |  |
| 53116 | Bentley Systems, Inc., CLASS B | 1941390 |
| 74040 | Clear Secure, Inc., Class A | 3601306 |
| 36113 | Concentrix Corporation | 1184506 |
| 16560 | Pegasystems, Inc. | 724169 |
|  |  | 7451371 |
|  | **STEEL** **-** **1.5%** |  |
| 7236 | Reliance, Inc. | 2283971 |
|  | **TECHNOLOGY SERVICES** **-** **6.3%** |  |
| 19146 | Booz Allen Hamilton Holding Corporation | 1509279 |
| 12166 | Jack Henry & Associates, Inc. | 1976488 |
| 42389 | KBR, Inc. | 1790087 |
| 9477 | Morningstar, Inc. | 1735618 |
| 27021 | TransUnion | 2122499 |
|  |  | 9133971 |
|  | **TRANSPORTATION & LOGISTICS** **-** **1.4%** |  |
| 12422 | Landstar System, Inc. | 2024165 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** | **COPELAND SMID CAP DIVIDEND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 0.9%** |  |
| 5707 | Pool Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1296516 |
|  | **TOTAL COMMON STOCKS (Cost $128,339,994)** | 146177041 |
|  | **SHORT-TERM INVESTMENT —** **1.0%** |  |
|  | **MONEY MARKET FUND** **-** **1.0%** |  |
| 1499193 | Northern Institutional Treasury Portfolio, 3.54% (Cost $1,499,193)<sup>(a)</sup> | 1499193 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $129,839,187)** | $147676234 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | 100449 |
|  | **NET ASSETS - 100.0%** | $147776683 |

---

---

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

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

---

| | | |
|:---|:---|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS** **(Unaudited)** | **SCHEDULE OF INVESTMENTS** **(Unaudited)** | **SCHEDULE OF INVESTMENTS** **(Unaudited)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS** **—** **98.8%** |  |
|  | **Australia** **-** **5.4%** |  |
| 361 | Breville Group Ltd.<sup>(a)</sup> | $8181 |
| 3061 | Steadfast Group Ltd.<sup>(a)</sup> | 9588 |
| 3222 | Ventia Services Group Pty Ltd.<sup>(a)</sup> | 13434 |
| 2211 | Westgold Resources Ltd.<sup>(a)</sup> | 12276 |
|  |  | 43479 |
|  | **Belgium** **-** **2.7%** |  |
| 113 | Montea N.V.<sup>(a)</sup> | 10464 |
| 372 | Warehouses De Pauw CVA<sup>(a)</sup> | 11433 |
|  |  | 21897 |
|  | **Canada** **-** **14.3%** |  |
| 226 | Brookfield Infrastructure Corporation | 11270 |
| 137 | BRP, Inc. | 10045 |
| 44 | FirstService Corporation | 6934 |
| 173 | Gildan Activewear, Inc. | 11792 |
| 165 | Granite Real Estate Investment Trust | 11125 |
| 59 | Mainstreet Equity Corporation | 8124 |
| 334 | OR Royalties, Inc. | 15825 |
| 92 | TFI International, Inc. | 10992 |
| 249 | TMX Group Ltd. | 8399 |
| 66 | Toromont Industries Ltd. | 10244 |
| 211 | Tourmaline Oil Corporation | 9906 |
|  |  | 114656 |
|  | **Denmark** **-** **1.3%** |  |
| 107 | Royal Unibrew A/S<sup>(a)</sup> | 10547 |
|  | **France** **-** **4.1%** |  |
| 56 | Gaztransport Et Technigaz S.A.<sup>(a)</sup> | 12795 |
| 52 | Nexans S.A.<sup>(a)</sup> | 7474 |
| 28 | Virbac S.A.CA<sup>(a)</sup> | 12218 |
|  |  | 32487 |
|  | **Germany** **-** **3.4%** |  |
| 55 | AlzChem Group A.G.<sup>(a)</sup> | 9623 |
| 117 | Hensoldt AG<sup>(a)</sup> | 10269 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **Germany - 3.4% (Continued)** |  |
| 89 | Scout24 A.G. 144A<sup>(a),(b)</sup> | $7568 |
|  |  | 27460 |
|  | **Italy** **-** **6.5%** |  |
| 168 | Banca Generali SpA<sup>(a)</sup> | 10834 |
| 199 | Interpump Group SpA<sup>(a)</sup> | 9155 |
| 321 | Lottomatica Group Spa 144A<sup>(a),(b)</sup> | 7773 |
| 217 | Recordati Industria Chimica e Farmaceutica SpA<sup>(a)</sup> | 12405 |
| 196 | SOL SpA<sup>(a)</sup> | 11955 |
|  |  | 52122 |
|  | **Japan** **-** **33.8%** |  |
| 378 | Aica Kogyo Company Ltd.<sup>(a)</sup> | 9618 |
| 586 | Asahi Intecc Company Ltd.<sup>(a)</sup> | 12631 |
| 464 | Asics Corporation<sup>(a)</sup> | 14220 |
| 1409 | Chiba Bank Ltd. (The)<sup>(a)</sup> | 20956 |
| 829 | Hulic Company Ltd.<sup>(a)</sup> | 10986 |
| 779 | Japan Elevator Service Holdings Company Ltd.<sup>(a)</sup> | 8096 |
| 290 | JCU Corporation<sup>(a)</sup> | 12915 |
| 875 | Kotobuki Spirits Co Ltd<sup>(a)</sup> | 11142 |
| 248 | Kurita Water Industries Ltd.<sup>(a)</sup> | 13785 |
| 68 | Maruwa Company Ltd.<sup>(a)</sup> | 26604 |
| 158 | Micronics Japan Company Ltd.<sup>(a)</sup> | 12261 |
| 487 | MISUMI Group, Inc.<sup>(a)</sup> | 9805 |
| 1221 | Mitsubishi UFJ Lease & Finance Company Ltd.<sup>(a)</sup> | 11834 |
| 264 | Nichias Corporation<sup>(a)</sup> | 16247 |
| 493 | Nippon Gas Company Ltd.<sup>(a)</sup> | 9869 |
| 1072 | Nomura Real Estate Holdings, Inc.<sup>(a)</sup> | 7980 |
| 369 | NSD Company Ltd.<sup>(a)</sup> | 6736 |
| 1131 | Rakus Co Ltd<sup>(a)</sup> | 6323 |
| 646 | Rohto Pharmaceutical Company Ltd.<sup>(a)</sup> | 10122 |
| 866 | Santen Pharmaceutical Company Ltd.<sup>(a)</sup> | 9732 |
| 1273 | Simplex Holdings, Inc.<sup>(a)</sup> | 7030 |
| 853 | USS Company Ltd.<sup>(a)</sup> | 10361 |
| 628 | Yamaguchi Financial Group, Inc.<sup>(a)</sup> | 11038 |
|  |  | 270291 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **Luxembourg** **-** **1.0%** |  |
| 280 | Subsea 7 S.A.<sup>(a)</sup> | $8122 |
|  | **Netherlands** **-** **3.2%** |  |
| 219 | Arcadis N.V.<sup>(a)</sup> | 7749 |
| 53 | Euronext N.V. 144A<sup>(a),(b)</sup> | 8761 |
| 214 | Technip Energies N.V.<sup>(a)</sup> | 9277 |
|  |  | 25787 |
|  | **Norway** **-** **2.5%** |  |
| 477 | Borregaard ASA<sup>(a)</sup> | 8877 |
| 504 | Sparebanken Norge<sup>(a)</sup> | 10900 |
|  |  | 19777 |
|  | **Singapore** **-** **1.2%** |  |
| 1300 | iFAST Corp Ltd.<sup>(a)</sup> | 9531 |
|  | **Spain** **-** **1.0%** |  |
| 84 | Vidrala S.A.<sup>(a)</sup> | 8128 |
|  | **Sweden** **-** **6.3%** |  |
| 277 | AddTech AB<sup>(a)</sup> | 10242 |
| 870 | Bravida Holding A.B. 144A<sup>(b)</sup> | 10117 |
| 258 | Loomis A.B.<sup>(a)</sup> | 13035 |
| 532 | Sweco A.B.<sup>(a)</sup> | 8496 |
| 845 | Wihlborgs Fastigheter A.B.<sup>(a)</sup> | 8954 |
|  |  | 50844 |
|  | **Switzerland** **-** **2.1%** |  |
| 190 | Montana Aerospace A.G. 144A<sup>(a),(b),(c)</sup> | 7698 |
| 50 | VZ Holding A.G.<sup>(a)</sup> | 9402 |
|  |  | 17100 |
|  | **United Kingdom** **-** **10.0%** |  |
| 1577 | Breedon Group PLC<sup>(a)</sup> | 7590 |
| 155 | Diploma plc<sup>(a)</sup> | 11841 |
| 272 | Halma PLC<sup>(a)</sup> | 15306 |
| 449 | Hill & Smith Holdings plc<sup>(a)</sup> | 14426 |
| 696 | Howden Joinery Group plc<sup>(a)</sup> | 9070 |

---

---

| | | |
|:---|:---|:---|
| **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** | **COPELAND INTERNATIONAL SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **United Kingdom - 10.0% (Continued)** |  |
| 1033 | Safestore Holdings PLC<sup>(a)</sup> | $11051 |
| 99 | Spirax-Sarco Engineering plc<sup>(a)</sup> | 10550 |
|  |  | 79834 |
|  | **TOTAL COMMON STOCKS (Cost $632,073)** | 792062 |
|  | **SHORT-TERM INVESTMENT —** **0.7%** |  |
|  | **MONEY MARKET FUND** **-** **0.7%** |  |
| 5750 | Northern Institutional Treasury Portfolio, 3.54% (Cost $5,750)<sup>(d)</sup> | 5750 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $637,823)** | $797812 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%** | 4298 |
|  | **NET ASSETS - 100.0%** | $802110 |

---

---

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

---

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

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026 the total market value of 144A securities is 41,917 or 5.2% of net assets.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

## 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:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**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:** $148076512.17

**Total Liabilities:** $299828.79

**Net Assets:** $147776683.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000209896 | -1.06%               | 5.60%                | 5.24%                |
| Class ID C000178802 | -1.09%               | 5.70%                | 5.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3228449.41              | $-5151848.35                               |
| Month 2  | $2077580.41              | $6920534.93                                |
| Month 3  | $569872.85               | $6755606.85                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US Physical Therapy Inc               | US PHYSICAL THER | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     23369 | NS      | $1938692.24   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Incorporated          | BENTLEY SYSTEM-B | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     53116 | NS      | $1941389.80   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                      | POOL CORP        | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      5707 | NS      | $1296516.26   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc.                | GFL ENVIRONM-SUB | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |     45142 | NS      | $1994824.98   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc.                  | HOME BANCSHARES  | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78183 | NS      | $2146905.18   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation          | ENCOMPASS HEALTH | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     22978 | NS      | $2478866.64   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                       | MORNINGSTAR INC  | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      9477 | NS      | $1735617.78   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                         | UNIFIRST CORP/MA | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      8084 | NS      | $1898284.88   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corporation | BROOKFIELD INFRA | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | CA        |     42736 | NS      | $2131671.68   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp.              | PERDOCEO EDUCATI | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     58693 | NS      | $1957411.55   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaon Inc                              | AAON INC         | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     27275 | NS      | $2760230.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                       | PEGASYSTEMS INC  | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     16560 | NS      | $724168.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                        | TETRA TECH INC   | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     15706 | NS      | $562903.04    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds          | NT-INST TRSR-PRM | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1499193 | PA      | $1499193.21   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                      | ENSIGN GROUP INC | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     14970 | NS      | $3206124.90   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc      | RYMAN HOSPITALIT | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     21323 | NS      | $2105646.25   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen And Steers Inc.                 | COHEN & STEERS   | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     25036 | NS      | $1674157.32   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation            | TERRENO REALTY C | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33937 | NS      | $2241878.22   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated        | QUEST DIAGNOSTIC | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     11462 | NS      | $2428912.42   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.              | VALMONT INDS     | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      6584 | NS      | $3028179.12   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                      | CONCENTRIX CORP  | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     36113 | NS      | $1184506.40   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                               | KBR INC          | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     42389 | NS      | $1790087.47   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc.                 | BWX TECHNOLOGIES | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      3778 | NS      | $778192.44    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc                      | CLEAR SECURE I-A | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74040 | NS      | $3601305.60   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc             | PROSPERITY BNCSH | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27862 | NS      | $1960648.94   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corporation                 | BRUNSWICK CORP   | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     27982 | NS      | $2227926.84   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.             | WESCO INTL       | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     12294 | NS      | $3559113.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc             | KINSALE CAPITAL  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      3517 | NS      | $1370469.39   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                       | LITTELFUSE INC   | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      7810 | NS      | $2752712.60   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                           | COGNEX CORP      | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |     45655 | NS      | $2483632.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| The New York Times Company            | NEW YORK TIMES-A | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     32652 | NS      | $2605303.08   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.          | JACK HENRY       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     12166 | NS      | $1976488.36   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVent Electric PLC                    | NVENT ELECTRIC   | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     21560 | NS      | $2551841.60   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemaitre Vascular Inc.                | LEMAITRE VASCULA | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     23756 | NS      | $2569924.08   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                               | AZZ INC          | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     16264 | NS      | $2211578.72   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                          | RELIANCE INC     | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      7236 | NS      | $2283971.04   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.     | BOOZ ALLEN HAMIL | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     19146 | NS      | $1509279.18   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.               | PATRICK INDS INC | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     12340 | NS      | $1527568.60   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                    | CARETRUST REI    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     61292 | NS      | $2489681.04   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                     | HAMILTON LANE-A  | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     17032 | NS      | $1787338.08   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                    | DOMINO'S PIZZA   | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      4543 | NS      | $1828602.93   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods, Inc.           | DICK'S SPORTING  | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     10119 | NS      | $2060531.97   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                  | LANDSTAR SYSTEM  | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     12422 | NS      | $2024164.90   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp.               | UNIVERSAL DISPLA | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19960 | NS      | $2129532.40   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc.               | POWER INTEGRATIO | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     42965 | NS      | $2058882.80   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                      | ROYAL GOLD INC   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      8116 | NS      | $2433095.64   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.           | CASEY'S GENERAL  | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      3714 | NS      | $2546281.26   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                       | APTARGROUP INC   | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     10949 | NS      | $1573480.79   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                      | DT MIDSTREAM     | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18681 | NS      | $2593670.04   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp            | STANDEX INTL CO  | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      8196 | NS      | $2147352.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                          | NORDSON CORP     | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      8708 | NS      | $2555275.52   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke and Soffa Industries, Inc.    | KULICKE & SOFFA  | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     34619 | NS      | $2413636.68   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.               | CARLISLE COS INC | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      5706 | NS      | $2252557.62   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                    | CHEMED CORP      | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      4300 | NS      | $1763043.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                   | CHURCHILL DOWNS  | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     18306 | NS      | $1682870.58   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company             | MATADOR RESOURCE | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     50789 | NS      | $2610554.60   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                            | TRANSUNION       | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |     27021 | NS      | $2122499.55   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                       | PRIMERICA INC    | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      6979 | NS      | $1770293.14   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Steris PLC                            | STERIS PLC       | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      9413 | NS      | $2375370.55   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp.                    | FIRSTSERVICE-WI  | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | US        |     12607 | NS      | $1986484.99   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc.           | SERVISFIRST BANC | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21796 | NS      | $1765693.96   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                          | WINGSTOP INC     | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      9028 | NS      | $2342856.28   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NAPCO Security Technologies Inc.      | NAPCO SECURITY   | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |     47305 | NS      | $2204886.05   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                    | UFP INDUSTRIES I | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     14599 | NS      | $1502383.09   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                | TRAVEL + LEISURE | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     39059 | NS      | $2878648.30   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corporation                    | HEXCEL CORP      | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     28319 | NS      | $2624888.11   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corporation      | CHESAPEAKE UTIL  | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     16264 | NS      | $2211416.08   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                        | PRICESMART INC   | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     18573 | NS      | $2871757.26   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp.                         | VERALTO CORP     | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     11825 | NS      | $1152109.75   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc               | NEXSTAR MEDIA    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      8845 | NS      | $2220271.90   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

**Name of Applicant:** Copeland Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer