NPORT-P
    false
    
      
      
        
          0001691994
          XXXXXXXX
        
      
      
      
      
        S000059239
        C000194404
        C000194405
      
      
      
    
  
  
    
      Fiera Capital Series Trust
      811-23220
      0001691994
      549300D5GHG365ODIV86
      375 PARK AVENUE
      8TH FLOOR
      NEW YORK
      
      10152
      2123001600
      FIERA CAPITAL SMALL MID-CAP GROWTH FUND 
      S000059239
      549300W62OK167CMY389
      2023-03-31
      2022-06-30
      N
    
    
      81817485.370000000000
      120045.640000000000
      81697439.730000000000
      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
      2635036.630000000000
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        ACI Worldwide Inc
        5493003BPVMZUJ6F5C02
        ACI Worldwide, Inc.
        004498101
        
          
          
        
        29819
        NS
        USD
        772013.91
        0.9449670792
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arista Networks Inc
        635400H1WKBLOQERUU95
        Arista Networks, Inc.
        040413106
        
          
          
        
        26061
        NS
        USD
        2442958.14
        2.9902505489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        A O Smith Corp
        549300XG4US7UJNECY36
        A O Smith Corp.
        831865209
        
          
          
        
        25027
        NS
        USD
        1368476.36
        1.6750541566
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ares Management Corp
        529900JUV61FH7B8VW38
        Ares Management Corp., Class A
        03990B101
        
          
          
        
        17563
        NS
        USD
        998632.18
        1.2223543153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Argenx SE
        7245009C5FZE6G9ODQ71
        Argenx SE, ADR
        04016X101
        
          
          
        
        5431
        NS
        USD
        2057697.28
        2.5186802509
        Long
        
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Arrowhead Pharmaceuticals Inc
        549300O3CSB8T7OZ3D66
        Arrowhead Pharmaceuticals, Inc.
        04280A100
        
          
          
        
        33686
        NS
        USD
        1186084.06
        1.4518007711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AtriCure Inc
        N/A
        AtriCure, Inc.
        04963C209
        
          
          
        
        21919
        NS
        USD
        895610.34
        1.0962526402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avient Corp
        SM8L9RZYIB34LNTWO040
        Avient Corp.
        05368V106
        
          
          
        
        21094
        NS
        USD
        845447.52
        1.0348519155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bausch Health Cos Inc
        B3BS7ACMDUWISF18KY76
        Bausch Health Cos., Inc.
        071734107
        
          
          
        
        105101
        NS
        USD
        878644.36
        1.0754857960
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackline Inc
        529900P9N7PK9LV5EK56
        Blackline, Inc.
        09239B109
        
          
          
        
        11615
        NS
        USD
        773559
        0.9468583135
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TopBuild Corp
        5493007YSKHOL4RWII46
        TopBuild Corp.
        89055F103
        
          
          
        
        5141
        NS
        USD
        859369.56
        1.0518928902
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioMarin Pharmaceutical Inc
        NSLL8ITTRR0J5HEMR848
        BioMarin Pharmaceutical, Inc.
        09061G101
        
          
          
        
        14403
        NS
        USD
        1193576.61
        1.4609718664
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citizens Financial Group Inc
        2138004JDDA4ZQUPFW65
        Citizens Financial Group, Inc.
        174610105
        
          
          
        
        55358
        NS
        USD
        1975727.02
        2.4183463111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognex Corp
        549300JQTYZCLC43S226
        Cognex Corp.
        192422103
        
          
          
        
        17167
        NS
        USD
        729940.84
        0.8934684397
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChampionX Corp
        549300EP2909K6DYYP38
        ChampionX Corp.
        15872M104
        
          
          
        
        80446
        NS
        USD
        1596853.10
        1.9545938101
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deckers Outdoor Corp
        5493008LG4W3I6K8J118
        Deckers Outdoor Corp.
        243537107
        
          
          
        
        7044
        NS
        USD
        1798685.40
        2.2016423109
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dick's Sporting Goods Inc
        529900SSBV5I4LWSK313
        Dick's Sporting Goods, Inc.
        253393102
        
          
          
        
        17982
        NS
        USD
        1355303.34
        1.6589300038
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dolby Laboratories Inc
        549300X04FB2QPCJ5J24
        Dolby Laboratories, Inc., Class A
        25659T107
        
          
          
        
        18516
        NS
        USD
        1325004.96
        1.6218439212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Devon Energy Corp
        54930042348RKR3ZPN35
        Devon Energy Corp.
        25179M103
        
          
          
        
        55131
        NS
        USD
        3038269.41
        3.7189285491
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EMCOR Group Inc
        529900X0SQJB2J7YDU43
        EMCOR Group, Inc.
        29084Q100
        
          
          
        
        14945
        NS
        USD
        1538737.20
        1.8834582884
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Entegris Inc
        IYX6OWO7BT5DKO3BYG52
        Entegris, Inc.
        29362U104
        
          
          
        
        22194
        NS
        USD
        2044733.22
        2.5028118712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Etsy Inc
        54930089Q7XT501AEA40
        Etsy, Inc.
        29786A106
        
          
          
        
        17802
        NS
        USD
        1303284.42
        1.5952573597
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insperity Inc
        5299000Q0KW7HY5DB751
        Insperity, Inc.
        45778Q107
        
          
          
        
        13360
        NS
        USD
        1333728.80
        1.6325221505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novocure Ltd
        213800YPP55UMHWA4826
        Novocure, Ltd.
        G6674U108
        
          
          
        
        9983
        NS
        USD
        693818.50
        0.8492536636
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        New York Times Co/The
        529900J1WEMMIW7BOH57
        New York Times Co., Class A
        650111107
        
          
          
        
        42151
        NS
        USD
        1176012.90
        1.4394733836
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Outset Medical Inc
        N/A
        Outset Medical, Inc.
        690145107
        
          
          
        
        18015
        NS
        USD
        267702.90
        0.3276759968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paycom Software Inc
        254900LSB0HNJUDC6Q18
        Paycom Software, Inc.
        70432V102
        
          
          
        
        6434
        NS
        USD
        1802292.08
        2.2060569902
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Power Integrations Inc
        54930085LGXSCIHD5W31
        Power Integrations, Inc.
        739276103
        
          
          
        
        15913
        NS
        USD
        1193634.13
        1.4610422725
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PubMatic Inc
        N/A
        PubMatic, Inc., Class A
        74467Q103
        
          
          
        
        43915
        NS
        USD
        697809.35
        0.8541385780
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ritchie Bros Auctioneers Inc
        5493002H8U24DJXQ4886
        Ritchie Bros Auctioneers, Inc.
        767744105
        
          
          
        
        9744
        NS
        USD
        633944.64
        0.7759663486
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Exelixis Inc
        254900PJQB59O2O95R37
        Exelixis, Inc.
        30161Q104
        
          
          
        
        79804
        NS
        USD
        1661519.28
        2.0337470617
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amicus Therapeutics Inc
        549300MRD1SMUTNBPQ53
        Amicus Therapeutics, Inc.
        03152W109
        
          
          
        
        127179
        NS
        USD
        1365902.46
        1.6719036294
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JFrog Ltd
        N/A
        JFrog, Ltd.
        M6191J100
        
          
          
        
        33586
        NS
        USD
        707657.02
        0.8661924074
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortinet Inc
        549300O0QJWDBAS0QX03
        Fortinet, Inc.
        34959E109
        
          
          
        
        57615
        NS
        USD
        3259856.70
        3.9901577219
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Royal Caribbean Cruises Ltd
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Cruises, Ltd.
        V7780T103
        
          
          
        
        17986
        NS
        USD
        627891.26
        0.7685568386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RH
        5493008MTS3OGGMHGK69
        RH
        74967X103
        
          
          
        
        2506
        NS
        USD
        531923.56
        0.6510896324
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regal Rexnord Corp
        QH78R09VCJGQKPBPYU33
        Regal Rexnord Corp.
        758750103
        
          
          
        
        9692
        NS
        USD
        1100235.84
        1.3467200975
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Semtech Corp
        549300J7WUY317SW6O61
        Semtech Corp.
        816850101
        
          
          
        
        14123
        NS
        USD
        776341.31
        0.9502639404
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shockwave Medical Inc
        549300LDXO56IC5Y1538
        Shockwave Medical, Inc.
        82489T104
        
          
          
        
        9793
        NS
        USD
        1872127.81
        2.2915379187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SpringWorks Therapeutics Inc
        N/A
        SpringWorks Therapeutics, Inc.
        85205L107
        
          
          
        
        20078
        NS
        USD
        494320.36
        0.6050622414
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TTEC Holdings Inc
        GTJS1N8S8I28A7L4WG97
        TTEC Holdings, Inc.
        89854H102
        
          
          
        
        13612
        NS
        USD
        924118.68
        1.1311476627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Rentals Inc
        5323X5O7RN0NKFCDRY08
        United Rentals, Inc.
        911363109
        
          
          
        
        4576
        NS
        USD
        1111556.16
        1.3605764926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GoDaddy Inc
        549300J8H1TB0I2CB447
        GoDaddy, Inc.
        380237107
        
          
          
        
        22008
        NS
        USD
        1530876.48
        1.8738365426
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graco Inc
        4T5VJ4S81BRT6Q7GGT78
        Graco, Inc.
        384109104
        
          
          
        
        15750
        NS
        USD
        935707.50
        1.1453327094
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Guardant Health Inc
        254900M8C3E5VC8BR186
        Guardant Health, Inc.
        40131M109
        
          
          
        
        8332
        NS
        USD
        336112.88
        0.4114117665
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hyatt Hotels Corp
        T27JQIMTYSH41TCD5186
        Hyatt Hotels Corp., Class A
        448579102
        
          
          
        
        33026
        NS
        USD
        2440951.66
        2.9877945601
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veracyte Inc
        529900ESWZRHXOW27Z37
        Veracyte, Inc.
        92337F107
        
          
          
        
        18916
        NS
        USD
        376428.40
        0.4607591147
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zentalis Pharmaceuticals Inc
        N/A
        Zentalis Pharmaceuticals, Inc.
        98943L107
        
          
          
        
        11201
        NS
        USD
        314748.10
        0.3852606655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HubSpot Inc
        529900BLNVEW0MVKJB37
        HubSpot, Inc.
        443573100
        
          
          
        
        3027
        NS
        USD
        910067.55
        1.1139486782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICON PLC
        6354008SRQGEMC4XFI67
        ICON PLC
        G4705A100
        
          
          
        
        4076
        NS
        USD
        883269.20
        1.0811467323
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        iRhythm Technologies Inc
        549300FJI72RJGDQS384
        iRhythm Technologies, Inc.
        450056106
        
          
          
        
        22420
        NS
        USD
        2422032.60
        2.9646370902
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Ltd
        ECPGFXU8A2SHKVVGJI15
        Invesco, Ltd.
        G491BT108
        
          
          
        
        86663
        NS
        USD
        1397874.19
        1.7110379403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jacobs Engineering Group Inc
        549300CZ8QS1GE53O776
        Jacobs Engineering Group, Inc.
        469814107
        
          
          
        
        11880
        NS
        USD
        1510304.40
        1.8486557290
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack Henry & Associates Inc
        529900X1QS8C54W0JB21
        Jack Henry & Associates, Inc.
        426281101
        
          
          
        
        6901
        NS
        USD
        1242318.02
        1.5206327446
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithia Motors Inc
        SE8N1EZEHPZQBCBVKD53
        Lithia Motors, Inc.
        536797103
        
          
          
        
        4870
        NS
        USD
        1338324.70
        1.6381476634
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MongoDB Inc
        549300TPTG69WKWE1Z37
        MongoDB, Inc.
        60937P106
        
          
          
        
        4874
        NS
        USD
        1264803
        1.5481550024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mohawk Industries Inc
        549300JI1115MG3Q6322
        Mohawk Industries, Inc.
        608190104
        
          
          
        
        10798
        NS
        USD
        1339923.82
        1.6401050320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare Inc
        549300NQQCEQ46YHZ591
        Molina Healthcare, Inc.
        60855R100
        
          
          
        
        7320
        NS
        USD
        2046745.20
        2.5052745922
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mosaic Co/The
        2YD5STGSJNMUB7H76907
        Mosaic Co.
        61945C103
        
          
          
        
        21631
        NS
        USD
        1021632.13
        1.2505069111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mirati Therapeutics Inc
        529900GYRW59IDQV6N54
        Mirati Therapeutics, Inc.
        60468T105
        
          
          
        
        16626
        NS
        USD
        1116103.38
        1.3661424197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inari Medical Inc
        N/A
        Inari Medical, Inc.
        45332Y109
        
          
          
        
        11423
        NS
        USD
        776649.77
        0.9506415043
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neurocrine Biosciences Inc
        549300FECER0XBN49756
        Neurocrine Biosciences, Inc.
        64125C109
        
          
          
        
        12680
        NS
        USD
        1236046.40
        1.5129561025
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nordson Corp
        14OS6Q5N55N95WM84M53
        Nordson Corp.
        655663102
        
          
          
        
        7249
        NS
        USD
        1467487.56
        1.7962466937
        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