# EDGAR Filing Document

**Accession Number:** 0001691994
**File Stem:** 0001145549-23-008182
**Filing Date:** 2023-2
**Character Count:** 49212
**Document Hash:** f74420162b97e760756c425b52c120af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008182.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008182

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fiera Capital Series Trust
- **CENTRAL INDEX KEY:** 0001691994
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23220
- **FILM NUMBER:** 23652551

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE, 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** 212-300-1600

**MAIL ADDRESS:**
- **STREET 1:** 375 PARK AVENUE, 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

## Series and Classes Contracts Data

### FIERA CAPITAL SMALL/MID-CAP GROWTH FUND (Series ID: S000059239)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000194404 | Institutional Class | APSGX           |
| C000194405 | Investor Class      | APSRX           |

## Nport-Ex

**Fiera Capital Small/Mid-Cap Growth Fund**<br> **Schedule of Investments<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***Description*** | ***Shares*** | ***Value*** |
| **Common Stocks — 97.6%** |  |  |
| **Communications — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(1)</sup> | 14938 | $1789274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A<sup>(1)</sup> | 18466 | 1381626 |
|  |  | 3170900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times Co., Class A | 35330 | 1146812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Broadcasting Group, Inc., Class A | 4664 | 816340 |
|  |  | 1963152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(1)</sup> | 21856 | 2652225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communications |  | 7786277 |
| **Consumer, Cyclical — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(1)</sup> | 5920 | 2363027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution/Wholesale — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avient Corp. | 17680 | 596877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Home Furnishings — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 15555 | 1097250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 15905 | 661648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd.<sup>(1)</sup> | 15100 | 746393 |
|  |  | 1408041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A<sup>(1)</sup> | 27712 | 2506550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc., Class A | 4100 | 839434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RH<sup>(1)</sup> | 2110 | 563771 |
|  |  | 1403205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.<sup>(1)</sup> | 9056 | 925704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer, Cyclical |  | 10300654 |
| **Consumer, Non-cyclical — 30.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.<sup>(1)</sup> | 139130 | 1698777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx SE, ADR<sup>(1)</sup> | 4586 | 1737314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | 28228 | 1144928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 12115 | 1253781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(1)</sup> | 66980 | 1074359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc.<sup>(1)</sup> | 14780 | 402016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karuna Therapeutics, Inc.<sup>(1)</sup> | 4470 | 878355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirati Therapeutics, Inc.<sup>(1)</sup> | 19150 | 867687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.<sup>(1)</sup> | 16800 | 436968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veracyte, Inc.<sup>(1)</sup> | 15900 | 377307 |
|  |  | 9871492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insperity, Inc. | 11211 | 1273569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ritchie Bros Auctioneers, Inc. | 8200 | 474206 |

---

**Fiera Capital Small/Mid-Cap Growth Fund**<br> **Schedule of Investments<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***Description*** | ***Shares*** | ***Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc.<sup>(1)</sup> | 3840 | $1364813 |
|  |  | 3112588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AtriCure, Inc.<sup>(1)</sup> | 18393 | 816281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inari Medical, Inc.<sup>(1)</sup> | 9594 | 609795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.<sup>(1)</sup> | 18825 | 1763338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novocure, Ltd.<sup>(1)</sup> | 8400 | 616140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shockwave Medical, Inc.<sup>(1)</sup> | 8238 | 1693815 |
|  |  | 5499369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON PLC<sup>(1)</sup> | 3410 | 662392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(1)</sup> | 6157 | 2033165 |
|  |  | 2695557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(1)</sup> | 10626 | 1269170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer, Non-Cyclical |  | 22448176 |
| **Energy — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | 21452 | 1319512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Services — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ChampionX Corp. | 67530 | 1957695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | 3277207 |
| **Financial — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 46506 | 1830941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco, Ltd. | 72790 | 1309492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Equity — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 14740 | 1008806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial |  | 4149239 |
| **Industrial — 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engineering & Construction — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 12534 | 1856411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Engineering Group, Inc. | 9990 | 1199499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp.<sup>(1)</sup> | 4330 | 677602 |
|  |  | 3733512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hand/Machine Tools — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 8155 | 978437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Diversified — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 14441 | 680315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 13219 | 889110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 6101 | 1450330 |
|  |  | 3019755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AO Smith Corp. | 20972 | 1200437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrial |  | 8932141 |
| **Technology — 19.7%** |  |  |

---

**Fiera Capital Small/Mid-Cap Growth Fund**

**Schedule of Investments<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***Description*** | ***Shares*** | ***Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(1)</sup> | 29934 | $1463473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 18625 | 1221614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.<sup>(1)</sup> | 18210 | 1181465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 13361 | 958251 |
|  |  | 3361330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.<sup>(1)</sup> | 25001 | 575023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackline, Inc.<sup>(1)</sup> | 9760 | 656555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A<sup>(1)</sup> | 15860 | 720678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(1)</sup> | 3900 | 1127607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 5801 | 1018424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd.<sup>(1)</sup> | 28009 | 597432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc., Class A<sup>(1)</sup> | 4880 | 960579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outset Medical, Inc.<sup>(1)</sup> | 15130 | 390657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc.<sup>(1)</sup> | 5396 | 1674433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A<sup>(1)</sup> | 36850 | 472049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.<sup>(1)</sup> | 4150 | 1338001 |
|  |  | 9531438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology |  | 14356241 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $54,640,266) |  | 71249935 |
| **Total Investments — 97.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $54,640,266) |  | 71249935 |
| **Other Assets and Liabilities — 2.4%** |  | 1720756 |
| **Total Net Assets — 100.0%** |  | $**72970691** |

---

<sup>(1)</sup> Non-income producing.

ADR – American Depositary Receipt

PLC – Public Limited Company

*See accompanying notes to the Schedule of Investments* 

**Fiera Capital International Equity Fund**<br> **Schedule of Investments<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***Description*** | ***Shares*** | ***Value*** |
| **Common Stocks — 98.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Australia — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 76441 | $5339629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Canada — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 65857 | 7829080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Denmark — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chr Hansen Holding A/S | 26216 | 1885780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | 102631 | 13857874 |
|  |  | 15743654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**France — 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 33460 | 4742136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 43648 | 7905418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | 22786 | 8136812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 13470 | 9803311 |
|  |  | 30587677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Germany — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rational AG | 3670 | 2180315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 52351 | 5401534 |
|  |  | 7581849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**India — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank, Ltd., ADR | 86924 | 5946471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Japan — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FANUC Corp. | 19201 | 2901949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | 20220 | 7922222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shimano, Inc. | 29321 | 4673844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unicharm Corp. | 109011 | 4209599 |
|  |  | 19707614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sweden — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | 300458 | 3026204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Switzerland — 19.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 74367 | 5081115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA | 44254 | 5738136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geberit AG | 9801 | 4615914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle SA | 111682 | 12939991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 22162 | 6962324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schindler Holding AG | 26298 | 4945628 |
|  |  | 40283108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Taiwan — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 142314 | 10600970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United Kingdom — 23.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunzl PLC | 132292 | 4412399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo PLC | 199103 | 8785372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden Joinery Group PLC | 556314 | 3776909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | 120590 | 6915848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intertek Group PLC | 84390 | 4115441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 93328 | 8051119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotork PLC | 914708 | 3390347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirax-Sarco Engineering PLC | 37124 | 4763918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | 101205 | 5077583 |
|  |  | 49288936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United States — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 26442 | 8856483 |

---

**Fiera Capital International Equity Fund**<br> **Schedule of Investments<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***Description*** | ***Shares*** | ***Value*** |
| **Total Common Stocks** | | |
| &nbsp;&nbsp;&nbsp;(identified cost $170,219,874) |  | $204791675 |
| **Total Investments — 98.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $170,219,874) |  | 204791675 |
| **Other Assets and Liabilities — 1.5%** |  | 3109407 |
| **Total Net Assets — 100.0%** |  | $**207901082** |

---

ADR — American Depositary Receipt <br> PLC — Public Limited Company

*See accompanying notes to the Schedule of Investments*

**Fiera Capital International Equity Fund**<br> **Industry Allocation<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Industry** | **Value** | **% of Total<br> Net Assets** |
| Common Stocks |  |  |
| Apparel | $9803311 | 4.7% |
| Banks | 14312303 | 6.9 |
| Beverages | 8785372 | 4.2 |
| Building Materials | 4615914 | 2.2 |
| Chemicals | 6627916 | 3.2 |
| Commercial Services | 12971924 | 6.2 |
| Cosmetics/Personal Care | 17423994 | 8.4 |
| Distribution/Wholesale | 4412399 | 2.1 |
| Diversified Financial Services | 8051120 | 3.9 |
| Electronics | 3390347 | 1.6 |
| Food | 12939991 | 6.2 |
| Hand/Machine Tools | 4945628 | 2.4 |
| Healthcare-Products | 12986533 | 6.2 |
| Home Furnishings | 5957224 | 2.9 |
| Leisure Time | 4673844 | 2.3 |
| Lodging | 6915848 | 3.3 |
| Machinery-Diversified | 15588089 | 7.5 |
| Pharmaceuticals | 20820198 | 10.0 |
| Retail | 5738136 | 2.8 |
| Semiconductors | 10600970 | 5.1 |
| Software | 5401534 | 2.6 |
| Transportation | 7829080 | 3.8 |
| **Total Common Stocks** | 204791675 | 98.5 |
| **Other Assets and Liabilities** | 3109407 | 1.5 |
| **Total Net Assets** | $**207901082** | **100.0%** |

---

**Fiera Capital Global Equity Fund**<br> **Schedule of Investments<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***Description*** | ***Shares*** | ***Value*** |
| **Common Stocks — 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**France — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 1443 | $1050199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**India — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank, Ltd., ADR | 9060 | 619795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Japan — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | 1942 | 760878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Switzerland — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geberit AG | 1095 | 515705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle SA | 8322 | 964225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 2335 | 733554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schindler Holding AG | 1624 | 305411 |
|  |  | 2518895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Taiwan — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 13079 | 974255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United Kingdom — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo PLC | 18865 | 832414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | 9645 | 553142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intertek Group PLC | 7361 | 358973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirax-Sarco Engineering PLC | 2910 | 373424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | 4956 | 248649 |
|  |  | 2366602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United States — 67.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A <sup>(1)</sup> | 14759 | 1302187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(1)</sup> | 530 | 1307075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 2926 | 744082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 12348 | 509355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 3389 | 569894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 8132 | 546958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 6450 | 1139393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 3595 | 1250089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(1)</sup> | 469 | 677916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6800 | 1630776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 5228 | 1456625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | 1676 | 779625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 5352 | 626238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 9283 | 758793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 9023 | 706591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 4605 | 831939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 3025 | 717923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 11248 | 895341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 1785 | 946371 |
|  |  | 17397171 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $20,377,936) |  | 25687795 |
| **Total Investments — 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $20,377,936) |  | 25687795 |
| **Other Assets and Liabilities — 0.4%** |  | 104914 |
| **Total Net Assets — 100.0%** |  | $**25792709** |

---

<sup>(1)</sup> Non-income producing.

ADR — American Depositary Receipt <br> PLC — Public Limited Company

 

*See accompanying notes to the Schedule of Investments*

**Fiera Capital Global Equity Fund**<br> **Industry Allocation**<br> **December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Industry** | **Value** | **% of Total<br> Net Assets** |
| Common Stocks |  |  |
| Apparel | $1676436 | 6.5% |
| Banks | 619795 | 2.4 |
| Beverages | 1664353 | 6.5 |
| Building Materials | 1025060 | 4 |
| Chemicals | 717923 | 2.8 |
| Commercial Services | 1815599 | 7 |
| Cosmetics/Personal Care | 248649 | 1 |
| Diversified Financial Services | 1819984 | 7.1 |
| Electronics | 677916 | 2.6 |
| Food | 964225 | 3.7 |
| Hand/Machine Tools | 305411 | 1.2 |
| Healthcare-Services | 946371 | 3.7 |
| Internet | 1302187 | 5 |
| Lodging | 553142 | 2.1 |
| Machinery-Diversified | 2387852 | 9.3 |
| Pharmaceuticals | 2617028 | 10.1 |
| Retail | 2202416 | 8.5 |
| Semiconductors | 974255 | 3.8 |
| Software | 3169193 | 12.3 |
| **Total Common Stocks** | 25687795 | 99.6 |
| **Other Assets and Liabilities** | 104914 | 0.4 |
| **Total Net Assets** | $**25792709** | **100.0%** |

---

**Fiera Capital U.S. Equity Long-Term Quality Fund**<br> **Schedule of Investments<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***Description*** | ***Shares*** | ***Value*** |
| **Common Stocks — 99.8%** |  |  |
| **Basic Materials — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 11153 | $3637886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 11692 | 2774862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Basic Materials |  | 6412748 |
| **Communications — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A<sup>(1)</sup> | 60391 | 5328298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 4540 | 1821493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communications |  | 7149791 |
| **Consumer, Cyclical — 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 20731 | 2425734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 14.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc.<sup>(1)</sup> | 2143 | 5285024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 18257 | 3637525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 40906 | 3256117 |
|  |  | 12178666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer, Cyclical |  | 14604400 |
| **Consumer, Non-cyclical — 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 20629 | 3726835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cosmetics/Personal Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 17853 | 1406638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 10243 | 5430634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 10361 | 2634802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 25496 | 4503869 |
|  |  | 7138671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer, Non-Cyclical |  | 17702778 |
| **Financial — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 13297 | 2236023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 12293 | 4274645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 17767 | 4950242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial |  | 11460910 |
| **Industrial — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 49734 | 2051527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronics — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(1)</sup> | 1666 | 2408120 |

---

**Fiera Capital U.S. Equity Long-Term Quality Fund**<br> **Schedule of Investments<br> December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***Description*** | ***Shares*** | ***Value*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Diversified — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 33832 | $2275540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(1)</sup> | 15411 | 2063533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 29258 | 2291194 |
|  |  | 6630267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrial |  | 11089914 |
| **Technology — 20.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 16768 | 2750455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe Systems, Inc.<sup>(1)</sup> | 5550 | 1867742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 31231 | 7489818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | 6459 | 3004533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 30658 | 2505985 |
|  |  | 14868078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology |  | 17618533 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $64,489,202) |  | 86039074 |
| **Total Investments — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(identified cost $64,489,202) |  | 86039074 |
| **Other Assets and Liabilities — 0.2%** |  | 170528 |
| **Total Net Assets — 100.0%** |  | $**86209602** |

---

<sup>(1)</sup> Non-income producing.

PLC – Public Limited Company

 

*See accompanying notes to the Schedule of Investments*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Fiera Capital Series Trust

- **b. Investment Company Act file number:** 811-23220

- **c. CIK number of Registrant:** 0001691994

- **d. LEI of Registrant:** 549300D5GHG365ODIV86

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

  - **Street Address 1:** 375 PARK AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10152

  - **Telephone number:** 2123001600

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

- **a. Name of Series:** FIERA CAPITAL SMALL MID-CAP GROWTH FUND

- **b. EDGAR series identifier (if any):** S000059239

- **c. LEI of Series:** 549300W62OK167CMY389

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $73106619.57

**Total Liabilities:** $131672.70

**Net Assets:** $72974946.87

**Cash Not Reported:** $1791227.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194404 | 8.21%                | 2.57%                | -7.30%               |
| Class ID C000194405 | 8.17%                | 2.56%                | -7.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8532930.33             | $14774092.81                               |
| Month 2  | $3556610.81              | $-1488531.36                               |
| Month 3  | $671119.67               | $-6610544.84                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACI Worldwide Inc             | ACI Worldwide, Inc.               | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     25001 | NS      | $575023.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc           | Arista Networks, Inc.             | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     21856 | NS      | $2652225.60   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                | A O Smith Corp.                   | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     20972 | NS      | $1200437.28   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp          | Ares Management Corp., Class A    | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |     14740 | NS      | $1008805.60   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                     | Argenx SE, ADR                    | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             |  | CORP              | NL        |      4586 | NS      | $1737314.38   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc | Arrowhead Pharmaceuticals, Inc.   | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |     28228 | NS      | $1144927.68   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                  | AtriCure, Inc.                    | CUSIP: 04963C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18393 | NS      | $816281.34    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                   | Avient Corp.                      | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     17680 | NS      | $596876.80    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                 | Blackline, Inc.                   | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |      9760 | NS      | $656555.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                 | TopBuild Corp.                    | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      4330 | NS      | $677601.70    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc   | BioMarin Pharmaceutical, Inc.     | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     12115 | NS      | $1253781.35   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc  | Citizens Financial Group, Inc.    | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     46506 | NS      | $1830941.22   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                   | Cognex Corp.                      | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |     14441 | NS      | $680315.51    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                | ChampionX Corp.                   | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |     67530 | NS      | $1957694.70   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp          | Deckers Outdoor Corp.             | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      5920 | NS      | $2363027.20   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc        | Dolby Laboratories, Inc., Class A | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |     15555 | NS      | $1097249.70   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp             | Devon Energy Corp.                | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     21452 | NS      | $1319512.52   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc               | EMCOR Group, Inc.                 | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |     12534 | NS      | $1856410.74   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                  | Entegris, Inc.                    | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     18625 | NS      | $1221613.75   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                      | Etsy, Inc.                        | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     14938 | NS      | $1789273.64   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                  | Exelixis, Inc.                    | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     66980 | NS      | $1074359.20   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc       | Amicus Therapeutics, Inc.         | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |    139130 | NS      | $1698777.30   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                     | JFrog, Ltd.                       | CUSIP: M6191J100<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     28009 | NS      | $597431.97    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                  | Fortinet, Inc.                    | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     29934 | NS      | $1463473.26   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                   | GoDaddy, Inc.                     | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     18466 | NS      | $1381626.12   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                     | Graco, Inc.                       | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     13219 | NS      | $889109.94    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc           | Guardant Health, Inc.             | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     14780 | NS      | $402016.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                    | Gitlab, Inc., Class A             | CUSIP: 37637K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15860 | NS      | $720678.40    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp             | Hyatt Hotels Corp., Class A       | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |     27712 | NS      | $2506550.40   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Inc           | Harley-Davidson, Inc.             | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |     15905 | NS      | $661648.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                   | HubSpot, Inc.                     | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      3900 | NS      | $1127607.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                      | ICON PLC                          | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      3410 | NS      | $662392.50    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc      | iRhythm Technologies, Inc.        | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |     18825 | NS      | $1763337.75   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                   | Invesco, Ltd.                     | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | US        |     72790 | NS      | $1309492.10   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc          | Jacobs Solutions, Inc.            | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9990 | NS      | $1199499.30   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc   | Jack Henry & Associates, Inc.     | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      5801 | NS      | $1018423.56   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Karuna Therapeutics Inc       | Karuna Therapeutics, Inc.         | CUSIP: 48576A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4470 | NS      | $878355.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc             | Lithia Motors, Inc.               | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      4100 | NS      | $839434.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp    | Lattice Semiconductor Corp.       | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     18210 | NS      | $1181464.80   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                   | MongoDB, Inc.                     | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      4880 | NS      | $960579.20    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc         | Mohawk Industries, Inc.           | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      9056 | NS      | $925704.32    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc         | Molina Healthcare, Inc.           | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |      6157 | NS      | $2033164.54   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirati Therapeutics Inc       | Mirati Therapeutics, Inc.         | CUSIP: 60468T105<br>LEI: 529900GYRW59IDQV6N54 | Long             | EC               | CORP              | US        |     19150 | NS      | $867686.50    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Inari Medical Inc             | Inari Medical, Inc.               | CUSIP: 45332Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9594 | NS      | $609794.64    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc    | Neurocrine Biosciences, Inc.      | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     10626 | NS      | $1269169.44   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                  | Nordson Corp.                     | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      6101 | NS      | $1450329.72   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                 | Insperity, Inc.                   | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |     11211 | NS      | $1273569.60   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                  | Novocure, Ltd.                    | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |      8400 | NS      | $616140.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc       | Nexstar Media Group, Inc.         | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      4664 | NS      | $816339.92    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The         | New York Times Co., Class A       | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     35330 | NS      | $1146811.80   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Outset Medical Inc            | Outset Medical, Inc.              | CUSIP: 690145107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15130 | NS      | $390656.60    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc           | Paycom Software, Inc.             | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      5396 | NS      | $1674432.76   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc        | Power Integrations, Inc.          | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     13361 | NS      | $958250.92    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PubMatic Inc                  | PubMatic, Inc., Class A           | CUSIP: 74467Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36850 | NS      | $472048.50    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ritchie Bros Auctioneers Inc  | Ritchie Bros Auctioneers, Inc.    | CUSIP: 767744105<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |      8200 | NS      | $474206.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd   | Royal Caribbean Cruises, Ltd.     | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |     15100 | NS      | $746393.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                            | RH                                | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |      2110 | NS      | $563770.90    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp            | Regal Rexnord Corp.               | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      8155 | NS      | $978436.90    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Shockwave Medical Inc         | Shockwave Medical, Inc.           | CUSIP: 82489T104<br>LEI: 549300LDXO56IC5Y1538 | Long             | EC               | CORP              | US        |      8238 | NS      | $1693815.18   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SpringWorks Therapeutics Inc  | SpringWorks Therapeutics, Inc.    | CUSIP: 85205L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16800 | NS      | $436968.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc        | Tyler Technologies, Inc.          | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      4150 | NS      | $1338001.50   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc            | United Rentals, Inc.              | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      3840 | NS      | $1364812.80   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                  | Veracyte, Inc.                    | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     15900 | NS      | $377307.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-10

**Name of Applicant:** Fiera Capital Series Trust

**Signature:** /s/ Alexandros Demetropoulos

**Name of Signer:** Alexandros Demetropoulos

**Title:** Manager, Fund Administration