(null)


  
    NPORT-P
    false
    
      
      
        
          0001691994
          XXXXXXXX
        
      
      
      
      
        S000059228
        C000194215
        C000194216
        C000194217
      
      
      
    
  
  
    
      Fiera Capital Series Trust
      811-23220
      0001691994
      549300D5GHG365ODIV86
      375 PARK AVENUE
      8TH FLOOR
      NEW YORK
      
      10152
      2123001600
      FIERA CAPITAL INTERNATIONAL EQUITY FUND 
      S000059228
      5493002TA6I70TTSLE97
      2023-03-31
      2022-06-30
      N
    
    
      208387386.140000000000
      225416.050000000000
      208161970.090000000000
      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
      75855.750000000000
      N
      
        
          
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        Keyence Corp
        529900M7PQBS7A89DZ11
        Keyence Corp.
        999999999
        
          
          
        
        22620
        NS
        
        7757262.65
        3.7265513228
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        FANUC Corp
        529900QTSW745LOKW705
        FANUC Corp.
        999999999
        
          
          
        
        21001
        NS
        
        3291682.10
        1.5813081028
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shimano Inc
        529900L32YT3P9DECR10
        Shimano, Inc.
        J68048206
        
          
          
        
        29021
        NS
        
        4888786.67
        2.3485493858
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Unicharm Corp
        353800UQ4BZIJTAQEG85
        Unicharm Corp.
        999999999
        
          
          
        
        119911
        NS
        
        4023882.01
        1.9330533854
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Air Liquide SA
        969500MMPQVHK671GT54
        Air Liquide SA
        001179608
        
          
          
        
        32892.20
        NS
        
        4427589.33
        2.1269924223
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Alcon Inc
        549300LDT5AP8S0NBM78
        Alcon, Inc.
        999999999
        
          
          
        
        68338
        NS
        
        4791712.82
        2.3019155795
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Bunzl PLC
        213800Q1Q9DV4L78UM09
        Bunzl PLC
        999999999
        
          
          
        
        142992
        NS
        
        4748813.93
        2.2813071609
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Commonwealth Bank of Australia
        MSFSBD3QN1GSN7Q6C537
        Commonwealth Bank of Australia
        999999999
        
          
          
        
        88052
        NS
        
        5500995.22
        2.6426514015
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Cie Financiere Richemont SA
        549300YIPGJ6UX2QPS51
        Cie Financiere Richemont SA
        999999999
        
          
          
        
        39924
        NS
        
        4294127.92
        2.0628782088
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Chr Hansen Holding A/S
        549300MKPW8ZF3E8MW37
        Chr Hansen Holding A/S
        K1830B107
        
          
          
        
        34625
        NS
        
        2527529.87
        1.2142130808
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Canadian National Railway Co
        3SU7BEP7TH9YEQOZCS77
        Canadian National Railway Co.
        136375102
        
          
          
        
        69512
        NS
        USD
        7818014.64
        3.7557362839
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Diageo PLC
        213800ZVIELEA55JMJ32
        Diageo PLC
        G42089113
        
          
          
        
        218503
        NS
        
        9437627.32
        4.5337903537
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        EssilorLuxottica SA
        549300M3VH1A3ER1TB49
        EssilorLuxottica SA
        999999999
        
          
          
        
        46948
        NS
        
        7118240.80
        3.4195683279
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Geberit AG
        52990093Z5OHD6T7BS47
        Geberit AG
        999999999
        
          
          
        
        10906
        NS
        
        5246640.48
        2.5204606191
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        HDFC Bank Ltd
        335800ZQ6I4E2JXENC50
        HDFC Bank, Ltd., ADR
        40415F101
        
          
          
        
        91424
        NS
        USD
        5024663.04
        2.4138237344
        Long
        
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Howden Joinery Group PLC
        213800KC1LJOJTY3JP45
        Howden Joinery Group PLC
        999999999
        
          
          
        
        558532
        NS
        
        4117159.32
        1.9778633524
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        InterContinental Hotels Group
        2138007ZFQYRUSLU3J98
        InterContinental Hotels Group PLC
        999999999
        
          
          
        
        128195
        NS
        
        6813232.64
        3.2730438884
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Intertek Group PLC
        2138003GAT25WW1RN369
        Intertek Group PLC
        999999999
        
          
          
        
        87861
        NS
        
        4515980.53
        2.1694551258
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        London Stock Exchange Group PL
        213800QAUUUP6I445N30
        London Stock Exchange Group PLC
        999999999
        
          
          
        
        86238
        NS
        
        8046923.94
        3.8657032005
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        LVMH Moet Hennessy Louis Vuitt
        IOG4E947OATN0KJYSD45
        LVMH Moet Hennessy Louis Vuitton SE
        F58485115
        
          
          
        
        14505
        NS
        
        8890206.01
        4.2708118136
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        Nestle SA
        999999999
        
          
          
        
        117812
        NS
        
        13768294.91
        6.6142220426
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Novo Nordisk A/S
        549300DAQ1CVT6CXN342
        Novo Nordisk A/S, Class B
        K7314N152
        
          
          
        
        115588
        NS
        
        12818895.83
        6.1581353330
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        L'Oreal SA
        529900JI1GG6F7RKVI53
        L'Oreal SA
        F58149133
        
          
          
        
        23086
        NS
        
        8015956.63
        3.8508266551
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Rational AG
        529900K139N6UFJ1A758
        Rational AG
        999999999
        
          
          
        
        3341
        NS
        
        1947859.72
        0.9357423545
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        999999999
        
          
          
        
        26817
        NS
        
        8964448.11
        4.3064773581
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Rotork PLC
        213800AH5RZIHGWRJ718
        Rotork PLC
        999999999
        
          
          
        
        1011362
        NS
        
        2970929.74
        1.4272202260
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE
        999999999
        
          
          
        
        54651
        NS
        
        4981694.67
        2.3931819380
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Schindler Holding AG
        5299007DRLI319H7Q933
        Schindler Holding AG
        999999999
        
          
          
        
        28698
        NS
        
        5247417.43
        2.5208338621
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Svenska Handelsbanken AB
        NHBDILHZTYCNBV5UYZ31
        Svenska Handelsbanken AB A Shares
        999999999
        
          
          
        
        300458
        NS
        
        2579090.26
        1.2389824418
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        S&P Global Inc
        Y6X4K52KMJMZE7I7MY94
        S&P Global, Inc.
        78409V104
        
          
          
        
        29135
        NS
        USD
        9820243.10
        4.7175971172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spirax-Sarco Engineering PLC
        213800WFVZQMHOZP2W17
        Spirax-Sarco Engineering PLC
        999999999
        
          
          
        
        40224
        NS
        
        4851303.29
        2.3305425520
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        TSMC
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co., Ltd., ADR
        874039100
        
          
          
        
        151848
        NS
        USD
        12413574
        5.9634206933
        Long
        
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        Unilever PLC
        549300MKFYEKVRWML317
        Unilever PLC
        999999999
        
          
          
        
        119639
        NS
        
        5434296.27
        2.6106095497
        Long
        EC
        CORP
        GB
        N
        
        2
        
          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