# EDGAR Filing Document

**Accession Number:** 0001691994
**File Stem:** 0001145549-23-008185
**Filing Date:** 2023-2
**Character Count:** 37762
**Document Hash:** ab18cd73f989c56286fe522a3950937f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008185.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-008185

**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:** 23652561

**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 U.S. EQUITY LONG-TERM QUALITY FUND (Series ID: S000066496)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000214480 | Institutional Class |  |
| C000214481 | Investor Class      |  |

## 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 U.S. EQUITY LONG-TERM QUALITY FUND

- **b. EDGAR series identifier (if any):** S000066496

- **c. LEI of Series:** 549300XF31WZ1HH6FV54

**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:** $86321064.91

**Total Liabilities:** $111462.80

**Net Assets:** $86209602.11

**Cash Not Reported:** $126253.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214480 | 8.86%                | 7.51%                | -4.10%               |
| Class ID C000214481 | 8.80%                | 7.53%                | -4.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $120657.14               | $6728152.41                                |
| Month 2  | $0.00                    | $6371403.05                                |
| Month 3  | $-156139.01              | $-3776435.54                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adobe Inc                      | Adobe, Inc.                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      5550 | NS      | $1867741.50   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices, Inc.               | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     16768 | NS      | $2750455.04   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone, Inc.                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      2143 | NS      | $5285023.74   | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co        | Becton, Dickinson and Co.          | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     10361 | NS      | $2634802.30   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp.               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     49734 | NS      | $2051527.50   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co.              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     17853 | NS      | $1406637.87   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group, Inc.                    | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     13297 | NS      | $2236023.52   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems, Inc.     | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      4540 | NS      | $1821493.40   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                      | Graco, Inc.                        | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     33832 | NS      | $2275540.32   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc., Class A            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     60391 | NS      | $5328297.93   | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     25496 | NS      | $4503868.40   | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                          | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | GB        |     11153 | NS      | $3637885.54   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos., Inc.                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     18257 | NS      | $3637524.68   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard, Inc., Class A          | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     12293 | NS      | $4274644.89   | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp.                      | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     17767 | NS      | $4950241.54   | 5.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp/The              | Middleby Corp.                     | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     15411 | NS      | $2063532.90   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI, Inc.                         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      6459 | NS      | $3004533.03   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     31231 | NS      | $7489818.42   | 8.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I | Mettler-Toledo International, Inc. | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      1666 | NS      | $2408119.70   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE, Inc., Class B                | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     20731 | NS      | $2425734.31   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp.                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     30658 | NS      | $2505984.92   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp.               | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     29258 | NS      | $2291193.98   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo, Inc.                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     20629 | NS      | $3726835.14   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co.               | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     11692 | NS      | $2774862.36   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos., Inc.                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     40906 | NS      | $3256117.60   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.           | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     10243 | NS      | $5430633.74   | 6.30%             |  |  |  | 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