(null)


  
    NPORT-P
    false
    
      
      
        
          0001691994
          XXXXXXXX
        
      
      
      
      
        S000056503
        C000178749
        C000178748
      
      
      
    
  
  
    
      Fiera Capital Series Trust
      811-23220
      0001691994
      549300D5GHG365ODIV86
      375 PARK AVENUE
      8TH FLOOR
      NEW YORK
      
      10152
      2123001600
      FIERA CAPITAL GLOBAL EQUITY FUND 
      S000056503
      549300ROTRPNJFEGXI18
      2023-03-31
      2022-06-30
      N
    
    
      27796589.620000000000
      63887.230000000000
      27732702.390000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        Keyence Corp
        529900M7PQBS7A89DZ11
        Keyence Corp.
        999999999
        
          
          
        
        2142
        NS
        
        734573.68
        2.6487634334
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        AutoZone Inc
        GA3JGKJ41LJKXDN23E90
        AutoZone, Inc.
        053332102
        
          
          
        
        651
        NS
        USD
        1399077.12
        5.0448640032
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Becton Dickinson and Co
        ICE2EP6D98PQUILVRZ91
        Becton, Dickinson and Co.
        075887109
        
          
          
        
        3286
        NS
        USD
        810097.58
        2.9210913838
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carrier Global Corp
        549300JE3W6CWY2NAN77
        Carrier Global Corp.
        14448C104
        
          
          
        
        16059
        NS
        USD
        572663.94
        2.0649409926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SWISS FRANC  /
        N/A
        SWISS FRANC  /
        999999999
        
          
        
        46767.60
        OU
        Currency
        
        48986.70
        0.1766387542
        Long
        STIV
        
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        CME Group, Inc.
        12572Q105
        
          
          
        
        3443
        NS
        USD
        704782.10
        2.5413394270
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diageo PLC
        213800ZVIELEA55JMJ32
        Diageo PLC
        G42089113
        
          
          
        
        20565
        NS
        
        888247.79
        3.2028894174
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        EURO CURRENCY  /
        N/A
        EURO CURRENCY  /
        999999999
        
          
        
        11294
        OU
        Currency
        
        11836.09
        0.0426791801
        Long
        STIV
        
        XX
        N
        
        1
        
          N
          N
          N
        
      
      
        GREAT BRITAIN POUND  /
        N/A
        GREAT BRITAIN POUND  /
        999999999
        
          
        
        35821.79
        OU
        Currency
        
        43605.34
        0.1572343704
        Long
        STIV
        
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Geberit AG
        52990093Z5OHD6T7BS47
        Geberit AG
        999999999
        
          
          
        
        1053
        NS
        
        506575.50
        1.8266359076
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Graco Inc
        4T5VJ4S81BRT6Q7GGT78
        Graco, Inc.
        384109104
        
          
          
        
        9232
        NS
        USD
        548473.12
        1.9777124937
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet, Inc., Class A
        02079K305
        
          
          
        
        863
        NS
        USD
        1880701.38
        6.7815294505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HDFC Bank Ltd
        335800ZQ6I4E2JXENC50
        HDFC Bank, Ltd., ADR
        40415F101
        
          
          
        
        10140
        NS
        USD
        557294.40
        2.0095207173
        Long
        
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        InterContinental Hotels Group
        2138007ZFQYRUSLU3J98
        InterContinental Hotels Group PLC
        999999999
        
          
          
        
        9566
        NS
        
        508408.16
        1.8332442070
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Intertek Group PLC
        2138003GAT25WW1RN369
        Intertek Group PLC
        999999999
        
          
          
        
        7689
        NS
        
        395208.05
        1.4250614471
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
          
        
        7200
        NS
        USD
        1278072
        4.6085375382
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JAPANESE YEN  /
        N/A
        JAPANESE YEN  /
        999999999
        
          
        
        867736
        OU
        Currency
        
        6395.46
        0.0230610775
        Long
        STIV
        
        JP
        N
        
        1
        
          N
          N
          N
        
      
      
        Mastercard Inc
        AR5L2ODV9HN37376R084
        Mastercard, Inc., Class A
        57636Q104
        
          
          
        
        3985
        NS
        USD
        1257187.80
        4.5332322192
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LVMH Moet Hennessy Louis Vuitt
        IOG4E947OATN0KJYSD45
        LVMH Moet Hennessy Louis Vuitton SE
        F58485115
        
          
          
        
        1275
        NS
        
        781455.54
        2.8178124476
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Moody's Corp
        549300GCEDD8YCF5WU84
        Moody's Corp.
        615369105
        
          
          
        
        6095
        NS
        USD
        1657657.15
        5.9772651316
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSCI Inc
        549300HTIN2PD78UB763
        MSCI, Inc.
        55354G100
        
          
          
        
        1974
        NS
        USD
        813584.10
        2.9336632563
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        Microsoft Corp.
        594918104
        
          
          
        
        7460
        NS
        USD
        1915951.80
        6.9086372221
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mettler-Toledo International I
        5493000BD5GJNUDIUG10
        Mettler-Toledo International, Inc.
        592688105
        
          
          
        
        542
        NS
        USD
        622633.34
        2.2451232168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        Nestle SA
        999999999
        
          
          
        
        9427
        NS
        
        1101702
        3.9725735506
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        NIKE Inc
        787RXPR0UX0O0XUXPZ81
        NIKE, Inc., Class B
        654106103
        
          
          
        
        5972
        NS
        USD
        610338.40
        2.2007894918
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        Oracle Corp.
        68389X105
        
          
          
        
        10548
        NS
        USD
        736988.76
        2.6574718527
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corp
        549300ZLBKR8VSU25153
        Otis Worldwide Corp.
        68902V107
        
          
          
        
        10153
        NS
        USD
        717512.51
        2.5872433920
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PepsiCo Inc
        FJSUNZKFNQ5YPJ5OT455
        PepsiCo, Inc.
        713448108
        
          
          
        
        5840
        NS
        USD
        973294.40
        3.5095548436
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        999999999
        
          
          
        
        2675
        NS
        
        894205.12
        3.2243706633
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Schindler Holding AG
        5299007DRLI319H7Q933
        Schindler Holding AG
        999999999
        
          
          
        
        2040
        NS
        
        373013.16
        1.3450299749
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Sherwin-Williams Co/The
        Z15BMIOX8DDH0X2OBP21
        Sherwin-Williams Co.
        824348106
        
          
          
        
        3448
        NS
        USD
        772041.68
        2.7838674686
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spirax-Sarco Engineering PLC
        213800WFVZQMHOZP2W17
        Spirax-Sarco Engineering PLC
        999999999
        
          
          
        
        3285
        NS
        
        396194.59
        1.4286187636
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        TJX Cos Inc/The
        V167QI9I69W364E2DY52
        TJX Cos., Inc.
        872540109
        
          
          
        
        12848
        NS
        USD
        717560.80
        2.5874175185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TSMC
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co., Ltd., ADR
        874039100
        
          
          
        
        13663
        NS
        USD
        1116950.25
        4.0275564721
        Long
        
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        Unilever PLC
        549300MKFYEKVRWML317
        Unilever PLC
        999999999
        
          
          
        
        7461
        NS
        
        338896.89
        1.2220117796
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        UnitedHealth Group Inc
        549300GHBMY8T5GXDE41
        UnitedHealth Group, Inc.
        91324P102
        
          
          
        
        2030
        NS
        USD
        1042668.90
        3.7597089722
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-07-06
      Fiera Capital Series Trust
      /s/ Terrence McCarthy
      Terrence McCarthy
      Vice President, Head of Fund Administration
    
  
  XXXX

Fiera Capital Small/Mid-Cap Growth Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Description	Shares		Value
Common Stocks — 97.7%
Basic Materials — 1.3%
Chemicals — 1.3%
Mosaic Co.		21,631	$	1,021,632
Total Basic Materials				1,021,632
Communications — 8.0%
Internet — 3.5%
Etsy, Inc.⁽¹⁾		17,802		1,303,284
GoDaddy, Inc., Class A⁽¹⁾		22,008		1,530,877
				2,834,161
Media — 1.5%
New York Times Co., Class A		42,151		1,176,013
Telecommunications — 3.0%
Arista Networks, Inc.⁽¹⁾		26,061		2,442,958
Total Communications				6,453,132
Consumer, Cyclical — 14.3%
Apparel — 2.2%
Deckers Outdoor Corp.⁽¹⁾		7,044		1,798,685
Distribution/Wholesale — 1.0%
Avient Corp.		21,094		845,447
Home Furnishings — 1.6%
Dolby Laboratories, Inc., Class A		18,516		1,325,005
Leisure Time — 0.8%
Royal Caribbean Cruises, Ltd.⁽¹⁾		17,986		627,891
Lodging — 3.0%
Hyatt Hotels Corp., Class A⁽¹⁾		33,026		2,440,952
Retail — 4.0%
Dick's Sporting Goods, Inc.		17,982		1,355,303
Lithia Motors, Inc., Class A		4,870		1,338,325
RH⁽¹⁾		2,506		531,924
				3,225,552
Textiles — 1.7%
Mohawk Industries, Inc.⁽¹⁾		10,798		1,339,924
Total Consumer, Cyclical				11,603,456
Consumer, Non-cyclical — 30.7%
Biotechnology — 12.5%
Amicus Therapeutics, Inc.⁽¹⁾		127,179		1,365,903
Argenx SE, ADR⁽¹⁾		5,431		2,057,697
Arrowhead Pharmaceuticals, Inc.⁽¹⁾		33,686		1,186,084
BioMarin Pharmaceutical, Inc.⁽¹⁾		14,403		1,193,577
Exelixis, Inc.⁽¹⁾		79,804		1,661,519
Guardant Health, Inc.⁽¹⁾		8,332		336,113
Mirati Therapeutics, Inc.⁽¹⁾		16,626		1,116,103
SpringWorks Therapeutics, Inc.⁽¹⁾		20,078		494,320
Veracyte, Inc.⁽¹⁾		18,916		376,429
Zentalis Pharmaceuticals, Inc.⁽¹⁾		11,201		314,748
				10,102,493

Fiera Capital Small/Mid-Cap Growth Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Description	Shares		Value
Commercial Services — 3.8%
Insperity, Inc.		13,360	$	1,333,729
Ritchie Bros Auctioneers, Inc.		9,744		633,945
United Rentals, Inc.⁽¹⁾		4,576		1,111,556
				3,079,230
Healthcare-Products — 8.2%
AtriCure, Inc.⁽¹⁾		21,919		895,610
Inari Medical, Inc.⁽¹⁾		11,423		776,650
iRhythm Technologies, Inc.⁽¹⁾		22,420		2,422,033
Novocure, Ltd.⁽¹⁾		9,983		693,818
Shockwave Medical, Inc.⁽¹⁾		9,793		1,872,128
				6,660,239
Healthcare-Services — 3.6%
ICON PLC⁽¹⁾		4,076		883,269
Molina Healthcare, Inc.⁽¹⁾		7,320		2,046,745
				2,930,014
Pharmaceuticals — 2.6%
Bausch Health Cos., Inc.⁽¹⁾		105,101		878,644
Neurocrine Biosciences, Inc.⁽¹⁾		12,680		1,236,047
				2,114,691
Total Consumer, Non-Cyclical				24,886,667
Energy — 5.7%
Oil & Gas — 3.7%
Devon Energy Corp.		55,131		3,038,270
Oil & Gas Services — 2.0%
ChampionX Corp.		80,446		1,596,853
Total Energy				4,635,123
Financial — 5.4%
Banks — 2.5%
Citizens Financial Group, Inc.		55,358		1,975,727
Diversified Financial Services — 1.7%
Invesco, Ltd.		86,663		1,397,874
Private Equity — 1.2%
Ares Management Corp., Class A		17,563		998,632
Total Financial				4,372,233
Industrial — 11.7%
Engineering & Construction — 4.8%
EMCOR Group, Inc.		14,945		1,538,737
Jacobs Engineering Group, Inc.		11,880		1,510,304
TopBuild Corp.⁽¹⁾		5,141		859,370
				3,908,411
Hand/Machine Tools — 1.3%
Regal Rexnord Corp.		9,692		1,100,236
Machinery-Diversified — 3.9%
Cognex Corp.		17,167		729,941
Graco, Inc.		15,750		935,707
Nordson Corp.		7,249		1,467,488
				3,133,136

Fiera Capital Small/Mid-Cap Growth Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Description	Shares		Value
Miscellaneous Manufacturing — 1.7%
AO Smith Corp.		25,027	$	1,368,476
Total Industrial				9,510,259
Technology — 20.6%
Computers — 5.2%
Fortinet, Inc.⁽¹⁾		57,615		3,259,857
TTEC Holdings, Inc.		13,612		924,118
				4,183,975
Semiconductors — 5.0%
Entegris, Inc.		22,194		2,044,733
Power Integrations, Inc.		15,913		1,193,634
Semtech Corp.⁽¹⁾		14,123		776,342
				4,014,709
Software — 10.4%
ACI Worldwide, Inc.⁽¹⁾		29,819		772,014
Blackline, Inc.⁽¹⁾		11,615		773,559
HubSpot, Inc.⁽¹⁾		3,027		910,068
Jack Henry & Associates, Inc.		6,901		1,242,318
JFrog, Ltd.⁽¹⁾		33,586		707,657
MongoDB, Inc., Class A⁽¹⁾		4,874		1,264,803
Outset Medical, Inc.⁽¹⁾		18,015		267,703
Paycom Software, Inc.⁽¹⁾		6,434		1,802,292
PubMatic, Inc., Class A⁽¹⁾		43,915		697,809
				8,438,223
Total Technology				16,636,907
Total Common Stocks
(identified cost $70,153,296)				79,119,409
Total Investments — 97.7%
(identified cost $70,153,296)				79,119,409
Other Assets and Liabilities — 2.3%				1,865,184
Total Net Assets — 100.0%			$	80,984,593

⁽¹⁾	Non-income producing.

ADR – American Depositary Receipt

PLC – Public Limited Company

Fiera Capital International Equity Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Description	Shares		Value
Common Stocks — 99.9%
Australia — 2.7%
Commonwealth Bank of Australia		88,052	$	5,500,995
Canada — 3.8%
Canadian National Railway Co.		69,512		7,818,015
Denmark — 7.4%
Chr Hansen Holding A/S		34,625		2,527,530
Novo Nordisk A/S, Class B		115,588		12,818,896
				15,346,426
France — 13.7%
Air Liquide SA		32,892		4,427,589
EssilorLuxottica SA		46,948		7,118,241
L'Oreal SA		23,086		8,015,957
LVMH Moet Hennessy Louis Vuitton SE		14,505		8,890,206
				28,451,993
Germany — 3.3%
Rational AG		3,341		1,947,860
SAP SE		54,651		4,981,694
				6,929,554
India — 2.4%
HDFC Bank, Ltd., ADR		91,424		5,024,663
Japan — 9.6%
FANUC Corp.		21,001		3,291,682
Keyence Corp.		22,620		7,757,262
Shimano, Inc.		29,021		4,888,787
Unicharm Corp.		119,911		4,023,882
				19,961,613
Sweden — 1.3%
Svenska Handelsbanken AB, Class A		300,458		2,579,090
Switzerland — 20.4%
Alcon, Inc.		68,338		4,791,713
Cie Financiere Richemont SA		39,924		4,294,128
Geberit AG		10,906		5,246,641
Nestle SA		117,812		13,768,295
Roche Holding AG		26,817		8,964,448
Schindler Holding AG		28,698		5,247,417
				42,312,642
Taiwan — 6.0%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		151,848		12,413,574
United Kingdom — 24.6%
Bunzl PLC		142,992		4,748,814
Diageo PLC		218,503		9,437,627
Howden Joinery Group PLC		558,532		4,117,159
InterContinental Hotels Group PLC		128,195		6,813,233
Intertek Group PLC		87,861		4,515,981
London Stock Exchange Group PLC		86,238		8,046,924
Rotork PLC		1,011,362		2,970,930
Spirax-Sarco Engineering PLC		40,224		4,851,303
Unilever PLC		119,639		5,434,296
				50,936,267
United States — 4.7%
S&P Global, Inc.		29,135		9,820,243

Fiera Capital International Equity Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Description	Shares	Value
Total Common Stocks
(identified cost $187,039,327)		$	207,095,075
Total Investments — 99.9%
(identified cost $187,039,327)			207,095,075
Other Assets and Liabilities — 0.1%			104,299
Total Net Assets — 100.0%		$	207,199,374

ADR — American Depositary Receipt

PLC — Public Limited Company

Fiera Capital International Equity Fund

Industry Allocation

June 30, 2022 (Unaudited)

Industry	Value		% of Total Net Assets
Common Stocks
Apparel	$	8,890,206		4.3	%
Banks		13,104,748		6.3
Beverages		9,437,627		4.6
Building Materials		5,246,640		2.5
Chemicals		6,955,119		3.4
Commercial Services		14,336,224		6.9
Cosmetics/Personal Care		17,474,135		8.4
Distribution/Wholesale		4,748,814		2.3
Diversified Financial Services		8,046,924		3.9
Electronics		2,970,930		1.4
Food		13,768,295		6.6
Hand/Machine Tools		5,247,417		2.5
Healthcare-Products		11,909,953		5.7
Home Furnishings		6,065,019		2.9
Leisure Time		4,888,787		2.4
Lodging		6,813,233		3.3
Machinery-Diversified		15,900,248		7.7
Pharmaceuticals		21,783,344		10.5
Retail		4,294,128		2.1
Semiconductors		12,413,574		6.0
Software		4,981,695		2.4
Transportation		7,818,015		3.8
Total Common Stocks		207,095,075		99.9
Other Assets and Liabilities		104,299		0.1
Total Net Assets	$	207,199,374		100.0	%

Fiera Capital Global Equity Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Description	Shares		Value
Common Stocks — 99.6%
France — 2.8%
LVMH Moet Hennessy Louis Vuitton SE		1,275	$	781,456
India — 2.0%
HDFC Bank, Ltd., ADR		10,140		557,294
Japan — 2.7%
Keyence Corp.		2,142		734,574
Switzerland — 10.4%
Geberit AG		1,053		506,576
Nestle SA		9,427		1,101,702
Roche Holding AG		2,675		894,205
Schindler Holding AG		2,040		373,013
				2,875,496
Taiwan — 4.0%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		13,663		1,116,950
United Kingdom — 9.1%
Diageo PLC		20,565		888,248
InterContinental Hotels Group PLC		9,566		508,408
Intertek Group PLC		7,689		395,208
Spirax-Sarco Engineering PLC		3,285		396,194
Unilever PLC		7,461		338,897
				2,526,955
United States — 68.6%
Alphabet, Inc., Class A ⁽¹⁾		863		1,880,701
AutoZone, Inc. ⁽¹⁾		651		1,399,077
Becton, Dickinson and Co.		3,286		810,098
Carrier Global Corp.		16,059		572,664
CME Group, Inc.		3,443		704,782
Graco, Inc.		9,232		548,473
Johnson & Johnson		7,200		1,278,072
Mastercard, Inc., Class A		3,985		1,257,188
Mettler-Toledo International, Inc. ⁽¹⁾		542		622,633
Microsoft Corp.		7,460		1,915,952
Moody's Corp.		6,095		1,657,657
MSCI, Inc.		1,974		813,584
NIKE, Inc., Class B		5,972		610,338
Oracle Corp.		10,548		736,989
Otis Worldwide Corp.		10,153		717,513
PepsiCo, Inc.		5,840		973,294
Sherwin-Williams Co.		3,448		772,042
TJX Cos., Inc.		12,848		717,561
UnitedHealth Group, Inc.		2,030		1,042,669
				19,031,287
Total Common Stocks
(identified cost $24,025,377)				27,624,012
Total Investments — 99.6%
(identified cost $24,025,377)				27,624,012
Other Assets and Liabilities — 0.4%				108,690
Total Net Assets — 100.0%			$	27,732,702

⁽¹⁾	Non-income producing.

ADR — American Depositary Receipt

PLC — Public Limited Company

Fiera Capital Global Equity Fund

Industry Allocation

June 30, 2022 (Unaudited)

Industry	Value		% of Total Net Assets
Common Stocks
Apparel	$	1,391,794		5.0	%
Banks		557,294		2.0
Beverages		1,861,542		6.7
Building Materials		1,079,240		3.9
Chemicals		772,042		2.8
Commercial Services		2,052,865		7.4
Cosmetics/Personal Care		338,897		1.2
Diversified Financial Services		1,961,970		7.1
Electronics		622,633		2.3
Food		1,101,702		4.0
Hand/Machine Tools		373,013		1.3
Healthcare-Services		1,042,669		3.8
Internet		1,880,701		6.8
Lodging		508,408		1.8
Machinery-Diversified		2,396,754		8.6
Pharmaceuticals		2,982,375		10.8
Retail		2,116,638		7.6
Semiconductors		1,116,950		4.0
Software		3,466,525		12.5
Total Common Stocks		27,624,012		99.6
Other Assets and Liabilities		108,690		0.4
Total Net Assets	$	27,732,702		100.0	%

Fiera Capital U.S. Equity Long-Term Quality Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Description	Shares		Value
Common Stocks — 99.9%
Basic Materials — 7.0%
Chemicals — 7.0%
Linde PLC		10,946	$	3,147,303
Sherwin-Williams Co.		11,927		2,670,575
Total Basic Materials				5,817,878
Communications — 10.0%
Internet — 7.8%
Alphabet, Inc., Class A⁽¹⁾		2,974		6,481,119
Media — 2.2%
FactSet Research Systems, Inc.		4,740		1,822,862
Total Communications				8,303,981
Consumer, Cyclical — 15.0%
Apparel — 2.6%
NIKE, Inc., Class B		20,731		2,118,708
Retail — 12.4%
AutoZone, Inc.⁽¹⁾		2,315		4,975,213
Lowe's Cos., Inc.		16,913		2,954,194
TJX Cos., Inc.		42,006		2,346,035
				10,275,442
Total Consumer, Cyclical				12,394,150
Consumer, Non-cyclical — 21.2%
Beverages — 4.4%
PepsiCo, Inc.		21,619		3,603,023
Cosmetics/Personal Care — 1.7%
Colgate-Palmolive Co.		17,853		1,430,739
Healthcare-Services — 6.5%
UnitedHealth Group, Inc.		10,505		5,395,683
Pharmaceuticals — 8.6%
Becton, Dickinson and Co.		10,361		2,554,297
Johnson & Johnson		25,946		4,605,675
				7,159,972
Total Consumer, Non-Cyclical				17,589,417
Financial — 13.6%
Diversified Financial Services — 13.6%
CME Group, Inc.		11,567		2,367,765
Mastercard, Inc., Class A		12,293		3,878,195
Moody's Corp.		18,277		4,970,796
Total Financial				11,216,756
Industrial — 11.9%
Building Materials — 2.3%
Carrier Global Corp.		54,459		1,942,008
Electronics — 2.3%
Mettler-Toledo International, Inc.⁽¹⁾		1,666		1,913,851

Fiera Capital U.S. Equity Long-Term Quality Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Description	Shares		Value
Machinery-Diversified — 7.3%
Graco, Inc.		33,832	$	2,009,959
Middleby Corp.⁽¹⁾		15,411		1,931,923
Otis Worldwide Corp.		29,258		2,067,663
				6,009,545
Total Industrial				9,865,404
Technology — 21.2%
Semiconductors — 3.0%
Analog Devices, Inc.		16,768		2,449,637
Software — 18.2%
Adobe Systems, Inc.⁽¹⁾		5,258		1,924,743
Microsoft Corp.		31,896		8,191,850
MSCI, Inc.		6,459		2,662,077
Oracle Corp.		32,828		2,293,692
				15,072,362
Total Technology				17,521,999
Total Common Stocks
(identified cost $65,233,964)				82,709,585
Total Investments — 99.9%
(identified cost $65,233,964)				82,709,585
Other Assets and Liabilities — 0.1%				64,951
Total Net Assets — 100.0%			$	82,774,536

⁽¹⁾	Non-income producing.

PLC – Public Limited Company