Fiera Capital Series Trust N-CSRCertified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number811-23220

Fiera Capital Series Trust

(Exact name of registrant as specified in charter)

375 Park Avenue, 8^th Floor

New York, New York 10152

(Address of principal executive offices) (Zip code)

Corporation Service Company

251 Little Falls Drive

Wilmington, Delaware 19808

(Name and address of agent for service)

Copy to:

Stephen A. McShea

Fiera Capital Inc.

375 Park Avenue, 8^th Floor

New York, New York 10152

George M. Silfen, Esq.

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Registrant's telephone number, including area code:(212) 300-1600

Date of fiscal year end:March 31

Date of reporting period:March 31, 2020

Item 1. Reports to Stockholders

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

Fiera Capital Emerging Markets Fund

Fiera Capital Small/Mid-Cap Growth Fund

Fiera Capital International Equity Fund

Fiera Capital Global Equity Fund

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

Each, a series of Fiera Capital Series Trust

Annual Report

March 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, https://us.FieraCapital.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds’ electronically by contacting your financial intermediary (such as broker-dealer or bank) or, if you are a direct investor, by following the instructions included with the Funds’ paper documents that have been mailed to you. You may also elect to receive paper copies of all future reports free of charge.

You can inform the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting your financial intermediary or, if you are a direct investor, by following the instructions included with the Funds’ paper documents that have been mailed to you.

Table of Contents

For the period April 1, 2019 to March 31, 2020, the Fiera Capital Emerging Markets Fund (the “Fund”) returned -20.38% for the Institutional Class and –20.57% for the Investor Class (net of fees). The Fund underperformed its category benchmark, the MSCI EM Net TR Index (“EM”), which returned -17.69% and underperformed the MSCI EM Asia Net TR Index (“EM Asia”), which returned -12.10%, for the same period.

Investment philosophy

The Fiera Capital Emerging Markets Fund seeks to provide long-term capital appreciation by investing primarily in emerging market companies. The Fund has a distinct bias towards Asian emerging market economies, with relatively large and young populations, rising per capita income, rapid urbanization, and robust savings and investments. The portfolio is presently weighted towards domestic demand themes, such as information technology or consumer companies, or export sectors that has historically enjoyed long-term sustainable comparative advantage. While we actively manage country, sector and company exposure, we aim to keep a relatively low portfolio turnover.

Market Review and Positioning

2019 was a year of unwinding of the trade war uncertainties. After positive directionality to the US-China trade talks improved sentiment in early 2019, President Trump re-escalated the trade war on May 5th and again on August 1st. Each event caused just under a ten percent correction in EM, but the year was largely characterized by a slow grind up as constructive trade negotiations took place. Between March 31, 2019 and January 17, 2020, EM was up +10.88% and up 26.33% from the market bottom of October 29, 2018 due in part to progress in trade talks and also to depressed valuations that supported the bounce (pre- COVID correction). Over both time periods, the Institutional and Investor share classes outperformed the EM Index.

Away from China, PM Modi was reelected in a landslide victory during the May elections in India, and the market rallied on the back of that outcome. Thailand held the first general election since the 2014 coup d’état, and in Indonesia President Joko Widodo was reelected. The Philippines midterm elections results were largely read as supporting President Rodrigo Duterte’s agenda. Central Banks across Asia began an easing cycle in August- Thailand cut 25 bps when no cut was expected, India reduced rates by 35 bps, which was more than expected and the Philippines also reduced by 25 bps as expected.

As 2020 began, sentiment in the market stabilized on the back of directionally positive trade war talks and data indicating Emerging Asian economies firming up. We had entered a global risk on mode when the first case of COVID-19 was diagnosed on December 30, 2019. Asian markets corrected first in mid-January, and financial markets roiled against the backdrop of the escalating COVID-19 pandemic and the dreadful economic fallout from the countermeasures to contain it. Smaller markets where we were overweight, such as Indonesia and the Philippines, were particularly hard hit as EM markets saw significant outflows across the board. As the quarter came to a close, the market bottomed on March 23, 2020 and bounced back sharply on the back of optimism around China coming out of lockdown and North Asia beginning to normalize.

For April 1 to June 30, 2019, positive contributors to performance on a country level included being overweight India 73bps, Indonesia 28bps and Philippines 25bps. Our China exposure cost 60bps and having no exposure to Russia detracted 64bps and Brazil 56bps. From a sector perspective, Real Estate contributed 45bps, Financials 44bps and Consumer Staples 9bps. Consumer Discretionary cost the most at 93bps, followed by Communication Services (Chinese social media and internet names) 69bps and Information Technology 55bps.

For July 1 to September 31, 2019, positive contributors to performance on a country level included China 175bps, South Africa 65bps, and South Korea 48bps. Our exposure to Philippines detracted 59bps from performance and Indonesia 33bps. From a sector perspective, Information Technology contributed 143bps, Financials 122bps, and Consumer Discretionary 59bps. Industrials and Real Estate respectively detracted 45bps and 38bps.

For October 1 to December 31, 2019, positive contributors to performance on a country level included China 106bps, India 50bps and Indonesia 31bps. Being underweight Taiwan cost 112bps and not owning Brazil and Russia respectively cost 105bps and 66bps. From a sector perspective, Information Technology contributed 39bps to performance, Communication Services 27bps, and Consumer Staples 25bps. Materials and Financials each detracted 72bps, and Energy 52bps.

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For January 1 to March 31, 2020, positive contributors to performance on a country level included South Africa 184bps, Taiwan 124bps, and Thailand 55bps. Not owning commodity-linked countries like Brazil and Russia respectively contributed 369 and 136bps. Our exposure to China detracted 442bps, Indonesia 257bps, and the Philippines 250bps. From a sector perspective, being underweight commodity-linked sectors also contributed to performance, Energy 227bps and Materials 202bps, and Financials contributed 112bps. Consumer Discretionary detracted 381bps and Information Technology 238bps. All return numbers quoted on a relative contribution to return, gross basis.

Starting mid-March, we saw significant redemptions over two weeks. Due to the timing of the redemptions, we were forced to sell into a down market and held cash as the market bounced sharply. This resulted in a cash drag and we had to sell some of our more liquid investments impacting overall performing during this phase. Thereafter we have restructured our portfolio and feel confident about the portfolio structure going forward.

Outlook

We continue to get incrementally positive news about return to normalcy in China as they are about 6-8 weeks ahead of us, with a swift back-to-normal centralized planning – which may not be feasible in the western world. In China, Hubei province’s (which contains Wuhan) lockdown has been lifted and data points to a normalization trend across the country. Most cases now being dealt with on the mainland are imported from people who have returned to China as countries across the world locked down their borders. Social distancing measures began more recently in Bangkok, Manila, Jakarta, Delhi/Mumbai etc., while China, Taiwan, and Korea are ahead of the curve. We are seeing economic pain rising across SE Asia and India, and we are closely monitoring the situation.

We are still optimistic that Asia will emerge from its economic paralysis sooner, but one must differentiate between the prospects of China, Korea, and Taiwan versus those of SE Asia and India. Of course, global equity markets will be looking beyond the next twelve months, as the near-term uncertainties ease. Beyond this time frame, we anticipate that earnings will bounce back and because of this, in our view, markets remain attractive over a longer-term horizon. Our team continues to connect with company managements to better understand the situation on the ground and remains focused on bottom up research.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings or geographical areas than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

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Emerging Markets Fund

Results of a $10,000 Investment*

The table references expense ratios per the prospectus dated July 29, 2019.

Annualized Total Return Information*

Performance of Institutional Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the Fund’s inception date to March 31, 2020.

The Morgan Stanley Capital International (“MSCI”) Emerging Markets Net Total Return Index (“MXEF”) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

The MSCI Emerging Markets Asia Net Total Return Index is a free-float-adjusted market-capitalization index that is designed to measure equity market performance in the Asian emerging markets.

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month end is available by calling 1-855-771-7119.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings or geographical areas than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

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Investment Philosophy

We believe that the best way to provide value-added returns is to strive to identify companies that exhibit certain favorable fundamental advantages and with the potential to benefit from secular growth trends, allowing us to structure the portfolio in high-conviction areas that may provide long-term growth. Embedded in our portfolio construction is the recognition of companies at different stages of their growth cycle, which we designate as historically “stable” and “emerging” growth stocks. We believe that having a spectrum of growth companies ranging from those that are truly innovative and have been growing rapidly to those that are more established, may provide relative stability while allowing the opportunity to drive outperformance versus our benchmark and peers over time.

Market Review

If the 2019-2020 fiscal year were to be viewed as a play in two Acts, the first Act lasted from April 2019 through February 19, 2020. The second Act commenced on February 20, 2020 and is still ongoing. During the first act, the US economy was robust, with unemployment at multi-decade lows, strong corporate earnings growth, and a stock market that seemingly set new records everyday. Top investor concerns included US-China trade tensions, economic weakness in China and Europe and its likely impact on US economic growth, Brexit, and the risk of policy mistakes by central bankers worldwide. It seemed as if the good times were destined to roll on through the rest of 2020 and perhaps beyond. Fast forward three months, and those concerns seem positively trivial when compared to questions of life and death. Expressions such as “flattening the curve” have entered the everyday lexicon, everyone knows what “intubation” means, and the debate increasingly centers around how long we can afford to keep the economy shuttered without doing it permanent damage, and how businesses can be safely reopened.

The longest bull market in history finally ended on February 19, 2020. The advent of a bear market triggered a general move away from risk and towards perceived safety, such as US assets, and within the equity asset class towards larger cap equities more generally. Thus, S&P 500 gave up “only” -19.6% of its value in the quarter, vs. -30.6% for the (small cap) Russell 2000, -22.7% for MSCI EAFE (which is a proxy for developed markets ex-US equities), and -23.6% for Emerging Market equities. The broad-based MSCI All Countries World ex-US index declined by more or less a similar amount (-23.3%). The US dollar appreciated against most currencies.

For the year, the S&P 500 was up +21.6% between April 1, 2019 and February 19, 2020, and the more specialized NASDAQ index was up +28.2% over the same period. Growth and large caps outperformed both Value and small caps over this period. However, between February 20, 2020 and March 31, 2020 the S&P 500 lost -23.5% of its value, which had the effect of reducing the full fiscal year return to -7%. The corresponding numbers for NASDAQ were -21.5% and +0.7% respectively. Growth continued to outperform Value even during the bear market and Small Caps ceded the most ground.

Our benchmark (i.e. the Russell 2500 Growth index) was down -14.4% for the fiscal year as a whole. It was up +18.3% between April 1, 2019 and February 19, 2020, but lost -27.63% of its value in just the six weeks that followed. The index was down -23.22% for the full quarter.

Peformance (Quarter)

The Fund (Institutional Class) was essentially flat with the benchmark in the January-March 2020 quarter (-23.24% net of fees, vs. -23.22%). However, it outperformed its benchmark during the market sell-off. Between February 20th when the current downturn started and March 31st, the portfolio outperformed its benchmark by over +210 basis points. Gratifyingly, both sector allocation and stock selection were positive during the latter period. This winning streak has continued into the current quarter, and remains intact at the time of writing.

In Q1 only two sectors within the benchmark (namely, Technology and Healthcare) outperformed, with all other sectors underperforming. We were overweight both sectors (albeit marginally in the case of Healthcare), which helped; as did the 3.4% cash balance in the portfolio. Likewise, three of our biggest portfolio underweights (Consumer Discretionary, Industrials, and Real Estate) also happened to be among the biggest laggards within the benchmark. In addition, as fundamental investors, we were especially pleased that stock selection across a majority of sectors was strong. That was the case in particular with the Consumer Discretionary, Communication Services, Industrials, and Technology sectors.

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Performance (Year)

The Fund (Institutional Class) was down -15.16% for the year April 1, 2019 to March 31, 2020 as a whole net of fees, vs. -14.4% for the benchmark, but it outperformed by around +30 basis points before fees. Sector Allocation and stock selection were positive for the year¹. By and large our sector bets paid off, with our Energy overweight the only significant outlier. Positive stock selection within Technology, Communication Services, Industrials, and Consumer Discretionary sectors was largely offset by stock selection within Healthcare (and in particular, within the Biotech industry). Interestingly, Healthcare and Biotech have turned out to be the biggest drivers of portfolio outperformance since the beginning of the bear market (followed by the Technology and Consumer Discretionary sectors), and that has continued until today.

Outlook

The spread of the novel Coronavirus (COVID-19) is having a significant negative impact on the global economy and the shutdown that was initiated to contain it is exacerbating the stress. The oil price war is an additional burden that has led to cuts to global capital spending and has pressured high yield credits. What we do not know is how this story will end, and how soon. The answers to these questions would determine what equity returns are likely to be over the next 12-18 months.

The government and the Fed have initiated swift action to try and shore up the economy in the wake of the massive disruption the pandemic has caused. Rates have been cut essentially to zero, enough liquidity is being provided, and a fiscal stimulus package of $2 trillion has been enacted. US banks were adequately capitalized going into this crisis and personal balance sheets were also in better shape than they were at the time of the Financial Crisis. All these are powerful forces that can help at least partly mitigate the impact of this pandemic. What can truly turn investor sentiment around would be the approval of a new treatment regimen.

Valuations are beginning to look attractive. On a trailing PE basis, valuation is now back to its 20-year average. Some of the other metrics look more compelling. For instance, the spread between the free cash flow yield of large cap stocks and the 10-year treasury yield exceeds 5% at present, which is the second widest on record.

It currently appears that the next couple of quarters are not going to be very pretty. What happens beyond that may depend on how long the current shutdown eventually lasts. From a portfolio perspective, we are well-represented in companies that benefit from long-term secular growth trends such as cloud computing, personalized medicine, cost containment in healthcare, and innovation more broadly. Many of these are also relatively more insulated from the present situation, or are beneficiaries to an extent. Over the last couple of years, we have moved away from brick and mortar retailers. Though it hurt us for a couple of quarters, the move eventually paid off in spades as these retailers succumbed to secular challenges facing the industry. More recently (at the end of Q3), we saw that high yield and investment-grade corporate spreads were getting tighter relative to their own history. Our take was that the market was being too complacent with the tight spreads and that refinancing risk was not being priced-in correctly, and as a consequence we moved away from companies with above-average debt levels. We also moved away from companies with stretched valuations, and those that were growing fast but without generating much cash. All these steps taken together have helped us stay ahead of our benchmark during this crisis, and we expect them to continue to do so in the months ahead.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests primarily in small capitalization equity securities which, like all equity securities, carry the potential for unpredictable drops in value and periods of lackluster performance. Small capitalization companies may involve greater risks than large capitalization companies because these companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Small capitalization companies may be subject to greater price fluctuations and be less liquid compared to larger capitalization companies. The Fund’s investments in foreign securities involve risks that may be different from those of U.S. securities. Foreign securities may not be subject to uniform audit and financial reporting and disclosure standards. In addition, the Fund’s foreign investments may be subject to adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, political or social instability, and nationalization of companies or industries.

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Small/Mid-Cap Growth Fund

Results of a $10,000 Investment*

The table references expense ratios per the prospectus dated July 29, 2019. The net expense ratios reflect contractual expense limitations agreed to by the Adviser which will continue through October 1, 2020. Returns would be lower without these contractual expense limitations in effect.

Annualized Total Return Information*

Performance of Investor Class shares will vary from the performance of the Institutional Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Institutional Class shares of the Fund from inception date to March 31, 2020.

The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month end is available by calling 1-855-771-7119.

Mutual fund investing involves risk. Principal loss is possible.

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April 1, 2019 – March 31, 2020

For the period April 1, 2019 to March 31, 2020, the Fiera Capital International Equity Fund returned -4.23% Institutional class, and -4.48% Investor class (net of fees). The Fund outperformed its category benchmark, the MSCI EAFE Index, which returned -14.38% for the same period.

Investment Philosophy

The Fund seeks to achieve capital appreciation. It is invested in a portfolio of the Global Equity Team’s highest conviction ideas from international developed countries and select emerging markets. This research-focused approach seeks to identify what we believe are best of breed companies in an industry with a sustainable competitive advantage and growth potential, that operate with high barriers to entry and a history of stable profit margins with little dependence on financial leverage, trading at what we believe are attractive valuations.

Market Review and Positioning

For the April 1 to June 30, 2019 period, the International Equity Fund was up in absolute performance and outperformed the MSCI EAFE index. Our relative outperformance was predominantly driven by our security selection which was particularly successful in the Industrials, Financials and Consumer Discretionary sectors. Among the top contributing stocks for the period were Spirax-Sarco, IHS Markit and SAP. IHS Markit reported strong margin progression which contributed to the stock’s outperformance. The market furthermore was optimistic about the company’s confidence to drive their organic revenue growth higher, which positively impacted the stock. Among the largest detractors over the period were Bunzl and Keyence. Bunzl reported a slowdown in organic growth after a year of above average growth. The stock had been trading at an all-time high and was likely pricing in assumed continued growth from the previous quarter which was not sustained. The company’s largest region North America experienced lower growth due to a lack of volume growth and price inflation, which are believed to be caused by macroeconomic weakness. During this period, we did not exit or initiate any new positions in the strategy. We did however slightly trim and take profits in Spirax-Sarco and added to our position in Taiwan Semiconductor.

For the July 1 to September 30, 2019 period, the International Equity Fund was up in absolute performance and outperformed the MSCI EAFE index. Our relative outperformance was predominantly driven by our sector selection, more specifically by our lack of exposure to the Energy sector as well as our overweight position to the Consumer Staples sector. Our successful security selection in the Financials sector was offset by weaker selection within the Consumer Staples and Consumer Discretionary sectors. Among the top contributing stocks for the period were London Stock Exchange and Taiwan Semiconductor. London Stock Exchange (LSE) posted strong overall results with better than expected margins at LCH, LSE’s clearing platform. Furthermore, the increase in the stock price was driven by LSE’s announcement in late July, confirming its intention to merge with Refinitiv, a leading global provider of financial markets data and infrastructure. LSE’s stock was also positively impacted by Hong Kong Stock Exchange’s bid on LSE which was subsequently rejected by the company’s Board of Directors. Among the largest detractors over the period were SAP and Spirax Sarco. Following a strong previous quarter, SAP, a German-based leading enterprise application software vendor, underperformed as the company reported weaker than expected results. The weakness in revenues can be attributed to the inherently more volatile nature of licensing on a quarterly basis as well as a slowdown in APAC caused by trade and supply chain uncertainty. Furthermore, while the company has established a margin expansion plan, margins were weak over the period due in part to deal related and restructuring costs. During this period, we did not exit or initiate any new positions in the fund. We did however take profits in the outperforming London Stock Exchange.

For the October 1 to December 31, 2019 period, the International Equity Fund was up in absolute performance and outperformed the MSCI EAFE index. Our relative outperformance over the period was predominantly driven by our security selection which was particularly successful in the Information Technology and Industrial sectors. Partially offsetting these positives was our overweight position in the underperforming Consumer Staples sector. Among the top contributing stocks for the period were Taiwan Semiconductor and Howden Joinery. Howden Joinery rallied alongside other UK names as British elections were swept by the Conservative Party mid-December, removing any uncertainty around whether Brexit would get done as well as any fears regarding the Labour Party’s intent to nationalize assets. This lifted uncertainty provided investors with more decisive clarity and confidence in the UK market. Among the largest detractors over the period were Unilever and Chr. Hansen. Chr. Hansen reported weaker than anticipated results with disappointing organic growth, particularly in their culture and enzyme segment. The decline in results was widespread across multiple

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geographies, although most pronounced was in China and EMEA. The slowdown faced by the company is believed to be a shorter-term issue, with no perceived structural changes in the company’s strong business model nor in its attractive growth drivers. During this period, we did not exit or initiate any new positions in the fund. We did, however, take profits in outperforming Taiwan Semiconductor and added to our positions in Nestle and Chr. Hansen at attractive valuations.

For the January 1 to March 31, 2020 period, the International Equity fund was down in absolute performance, but outperformed the MSCI EAFE index. Our relative outperformance was predominantly driven by our security selection which was particularly successful in the Financials and Industrial sectors. Further contributing to our outperformance was our overweight position to the defensive Consumer Staples sector as well as our lack of exposure to the Energy sector, which suffered as oil prices tumbled due to the coronavirus and was accentuated by a price war between Saudi Arabia and Russia. Among the top contributing stocks for the period were health care companies Roche and Novo-Nordisk. Roche, the Swiss multinational healthcare company that operates under two divisions, Pharmaceuticals and Diagnostics, continues to demonstrate its ability to be an innovative leader with a rich pipeline. Roche announced gaining approval for its diagnostic test to detect COVID-19. Roche’s fully automated diagnostic machine will allow mass testing, providing results in hours, an important measure needed to quickly detect the virus at an early stage of infection to help stop the spread of the virus. In addition, Roche announced that one of its existing anti-inflammation biologic drug was given the green light by the FDA to move into Phase 3 of clinical trial to treat severe pneumonia caused by COVID-19. Among the largest detractors over the period was Intercontinental Hotels Group whose stock suffered along with the entire travel industry as travel bans and country lockdowns were increasingly decreed over the period in order to try to contain the spread of the virus, directly impacting hotel occupancy rates which have seen record lows. We did not exit or initiate any new positions in the portfolio during this period. We did however slightly trim our position in InterContinental hotels given the bleak hotel occupancy outlook over the quarters to come due to the pandemic. Our investment horizon is best measured in years, conceivably decades, not months or quarters.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings or geographical areas than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Diversification does not assure a profit nor protect against a loss in a declining market.

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International Equity Fund

Results of a $10,000 Investment

The table references expense ratios per the prospectus dated July 29, 2019. The net expense ratios reflect contractual expense limitations agreed to by the Adviser which will continue through October 31, 2020. Returns would be lower without these contractual expense limitations in effect.

Annualized Total Return Information

Performance of Investor Class and Z Class shares will vary from the performance of the Institutional Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Institutional Class shares of the Fund from inception date to March 31, 2020.

The Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The MSCI EAFE Index is a stock market index made up of approximately 909 constituents. It is used as a common benchmark for international stock funds. The index comprises the MSCI country indexes capturing large and mid-cap equities across developed markets in Europe, Australasia and the Far East, excluding the U.S. and Canada.

The MSCI World Index is a stock market index made up of approximately 1,600 global stocks. It is used as a common benchmark for ‘world’ or ‘global’ stock funds. The index comprises a collection of stocks of all the developed markets in the world, as defined by MSCI and includes stocks from 23 countries but excludes stocks from emerging and frontier economies.

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month end is available by calling 1-855-771-7119.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings or geographical areas than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

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April 1, 2019 – March 31, 2020

For the period April 1, 2019 to March 31, 2020, the Fiera Capital Global Equity Fund returned -4.97% Institutional class, and -5.26% Investor class (net of fees). The Fund outperformed its category benchmark, the MSCI World Index, which returned -10.39% for the same period.

Investment Philosophy

The Fund seeks to achieve capital appreciation. It is invested in a concentrated portfolio of the Global Equity Team’s highest conviction ideas from across global, developed, and select emerging markets. We seek to generate returns with lower than market volatility, achieved by investing in companies we believe hold unique competitive advantages, operate with high barriers to entry and are able to consistently generate attractive returns on invested capital (ROIC) with little dependence on financial leverage.

Market Review and Positioning

For the April 1 to June 30, 2019 period, the Global Equity Fund was up in absolute performance and outperformed the MSCI World Index. Our relative outperformance was mainly driven by our security selection, which was particularly successful in the Financials and Consumer Staples sectors. Partially offsetting these positives was our stock selection in the Information Technology and Communication Services sectors. Among the top contributing stocks for the period were MSCI, Mastercard, and Spirax-Sarco. Spirax-Sarco, the UK-based global leader in supply of steam systems and peristaltic pumps, reported good results andhas continued to grow despite a slowdown in industrial markets which impacted many of its industrials peers. MSCI furthermore announced in May the addition of Spirax-Sarco to the index, which benefited the stock. Among the largest detractors were 3M and Keyence. 3M’s underperformance can be partly attributed to a macro-economic related slowdown impacting the markets in which they operate. More specifically, they have experienced a slowdown in the automotive industry as well as in electronics, with smartphones continuing to see a decline. These end-market slowdowns were further accentuated in China due to trade tensions. We did not exit or initiate any new positions in the strategy. We did however slightly trim our position in MSCI and Spirax Sarco and added to our positions in Becton Dickinson and Taiwan Semiconductor.

For the July 1 to September 30, 2019 period, the Global Equity strategy was up in absolute performance; however, it underperformed the index. Our relative underperformance was mainly driven by our security selection which was less successful in the Health Care and Industrials sectors. Partially offsetting these negatives was our successful stock selection in the Materials sector as well as our lack of exposure to the Energy sector. Among the top contributing stocks for the period were Sherwin Williams and Taiwan Semiconductor. Taiwan Semiconductor’s outperformance was largely driven by the belief that after two years of declining smartphone sales and inventory stockpiling, the demand for electronics appears to be stabilizing and signs indicate that we may have passed the bottom of the cycle. The prospect of a potential cycle has led to the market’s bullish sentiment on TSMC’S stock in the early growth phase of the cycle. The company has furthermore experienced very strong demand for their 7nm technology. Among the largest detractors over the period were Mettler Toledo and Spirax Sarco. After multiple quarters of strong outperformance leading to a demanding valuation, Mettler-Toledo’s stock underperformed over this period following a rare guidance downgrade mainly attributable to a small division, Food Retail, that has been a laggard. The underperformance can also be partially explained by global uncertainty which the company has historically demonstrated the ability to navigate, due to what we believe is best-in-class execution. We did not exit or initiate any new positions in the fund. We did however slightly add to our position in HDFC Bank and took some profits from Moody’s.

For the October 1 to December 31, 2019 period, the Global Equity Fund was up in absolute performance and outperformed the MSCI World Index. Over the period our relative outperformance was mainly driven by our sector allocation, more specifically by our lack of exposure to the underperforming Energy, Utilities and Real Estate sectors. Our outperformance was further driven by our security selection in the Financials sector which was particularly successful. These positives were partially offset by our overweight position and weak security selection in the underperforming Consumer Staples sector. We exited our positions in 3M and Colgate Palmolive and used the proceeds to initiate a position in Louis-Vuitton Moët Hennessy (LVMH). We exited our position in 3M as the company faced a difficult macro-economic environment with a decline in the worldwide production of automobiles, electronics and a slowdown in China’s economy. Furthermore, in addition to inventory-related disruptions following company-specific internal initiatives, the company is also negatively impacted by potential environmental and personal injury litigations. As for Colgate Palmolive, we exited the position

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as we believed there to be higher quality opportunities, such as LVMH. A position was initiated in French-based luxury conglomerate LVMH given the company’s extensive and exclusive high-end brand portfolio which provides for high-barriers to entry. The company has multiple brands, consumer segments, and price points, which creates various growth drivers and mitigates cyclicality.

For the January 1 to March 31, 2020 period, the Global Equity Fund was down in absolute performance but outperformed the MSCI World Index. Our relative outperformance was predominantly driven by our security selection which was particularly successful in the Financials sector. Further contributing to our outperformance was our lack of exposure to the Energy sector, which suffered as oil prices tumbled due to the coronavirus and was accentuated by a price war between Saudi Arabia and Russia. Mounting concerns at the rapid propagation of the novel coronavirus caused one of the fastest sell-offs in global markets. The epicenter of the virus shifted from China weeks ago to Europe, as of March 31st, seeing the highest number of confirmed cases and rising death tolls. To minimize the humanitarian cost, lockdown measures have been implemented to enforce social distancing, which has led to an unprecedented slowdown in global economic activity. During this period, we did not exit or initiate any new positions in the strategy. We took profits from Moody’s and MSCI Inc. and trimmed our position in TJX to manage our exposure to the retailer. We furthermore added to our positions in Alphabet and Autozone. Our investment horizon is best measured in years, conceivably decades, not months or quarters. Over these more extended periods, events like coronavirus tend to weigh very little on company fundamentals and the investment theses of our companies. Our investment horizon is best measured in years, conceivably decades, not months or quarters. Over these more extended periods, events like coronavirus tend to weigh very little on company fundamentals and the investment theses of our companies.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings or geographical areas than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

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Global Equity Fund

Results of a $10,000 Investment

The table references expense ratios per the prospectus dated July 29, 2019. The net expense ratios reflect contractual expense limitations agreed to by the Adviser which will continue through October 31, 2020. Returns would be lower without these contractual expense limitations in effect.

Annualized Total Return Information

Performance of Investor Class shares will vary from the performance of the Institutional Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Institutional Class shares of the Fund from inception date to March 31, 2020.

The Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The MSCI World Index is a stock market index made up of approximately 1,600 global stocks. It is used as a common benchmark for ‘world’ or ‘global’ stock funds. The index comprises a collection of stocks of all the developed markets in the world, as defined by MSCI and includes stocks from 23 countries but excludes stocks from emerging and frontier economies.

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month end is available by calling 1-855-771-7119.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings or geographical areas than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

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Oct 1, 2019 – March 31, 2020

For the period September 30, 2019 (Fund inception) to March 31, 2020, the Fiera Capital U.S. Equity Long-Term Quality Fund returned -6.91% Institutional class, and -6.96% Investor class (net of fees). The Fund outperformed its category benchmark, the S&P 500 Index, which returned -12.31% for the same period.

Investment Philosophy

The Fund seeks to achieve long-term capital appreciation. It seeks to achieve the Fund’s investment objective by investing substantially in a portfolio of US equities. We seek to invest in what we believe are quality companies that we believe have an ability to consistently generate attractive returns on invested capital (ROIC) with little dependence on financial leverage.

Market Review and Positioning

For the October 1 to December 31, 2019 period, the U.S. Equity Long-Term Quality Fund was up in absolute performance and outperformed the S&P 500 Index. Over the period, our relative outperformance was mainly driven by our security selection, particularly successful in the Consumer Discretionary sector. Partially offsetting these positives was our underweight position and weak selection in the Information Technology sector. Among the top contributors over the period were UnitedHealth Group and Tiffany & Co. After a year plagued with political uncertainty impacting the US health insurance industry and leading to a depressed valuation in the stock price, UnitedHealth’s stock rallied as the company posted strong results exceeding expectations and appeasing several market concerns, despite lingering uncertainty. The company also held a well-received investor day highlighting areas of improvement and future growth drivers. Among the largest detractors were CME Group and Oracle. While CME reported solid earnings with record revenues due to strong volumes, and continued synergies from the NEX acquisition, we believe the stock is fairly valued after a long stretch of outperformance. CME later reported a drop in November volumes after experiencing recent highs. During this period we exited our positions in 3M and Tiffany’s and initiated a position in Microsoft. We exited our position in 3M as the company faced a difficult macro-economic environment with a decline in the worldwide production of automobiles, electronics and a slowdown in China’s economy. Furthermore, in addition to inventory-related disruptions following company-specific internal initiatives, the company is also negatively impacted by potential environmental and personal injury litigations. As for Tiffany’s, the stock was sold following its acquisition by French-based Louis-Vuitton Moët Hennessy. A position in Microsoft was initiated as the company has been transformed under the leadership of CEO Satya Nadella (since 2014) who has delivered great execution and who has fostered a strong collaborative and innovative culture. In comparison with many of its successful tech peers, the company has not one, but two successful segments; notably, personal computing, including Windows and Office and enterprise computing, including cloud platform Azure.We believe Microsoft is well-positioned to benefit from industry tailwinds in cloud, which we expectmay lead to sustainable growth and attractive long-term margins due to its scale and operating leverage.

For the January 1 to March 31, 2020 period, the U.S. Equity Long-Term Quality Fund was down in absolute performance, it outperformed the S&P 500 index. Our relative outperformance over the period was predominantly driven by our security selection which was particularly successful in the Financials sector. Further contributing to our outperformance was our lack of exposure to the Energy sector, which suffered as oil prices tumbled due to coronavirus and was accentuated by a price war between Saudi Arabia and Russia. Among the top contributors over the period were MSCI Inc. and Moody’s. Moody’s held a fairly upbeat virtual investor day, indicating to investors that they believe the negative impact on issuance levels from coronavirus will be short-lived and are maintaining their guidance. Furthermore, the company’s Analytics segment is mostly recurring subscription revenues of products critical to financial institutions. Among the largest detractors were U.S. Bancorp (USB) and Middleby. USB’s stock suffered alongside other banks as the COVID-19 crisis is poised to be challenging for the industry. Today’s low rate environment and disruptions in the financial capital markets have had a material impact on the company’s net interest income and is also expected to lead to lower fee revenue. Following the Great Financial Crisis, regulators drew up measures to ensure that banks held important buffers in terms of liquidity and capital to enable them to survive another crisis. However, the current environment is unprecedented, leading to fears of a sharp rise in loan loss provisions, raising credit risk concerns. During this period, we did not exit or initiate any new positions in the strategy. We took profits from MSCI Inc. and Moody’s and trimmed our position in TJX to manage our exposure to the retailer. We furthermore added to our position in Johnson & Johnson.

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U.S. Equity Long-Term Quality Fund

Results of a $10,000 Investment

The table references expense ratios per the prospectus dated September 17, 2019. The net expense ratios reflect contractual expense limitations agreed to by the Adviser which will continue through October 31, 2020. Returns would be lower without these contractual expense limitations in effect.

Cummulative Total Return Information

Performance of Investor Class shares will vary from the performance of the Institutional Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Institutional Class shares of the Fund from inception date to March 31, 2020.

The S&P 500 Index is a registered trademark of Standard & Poor’s and is an unmanaged broadly-based index of the common stock prices of 500 large U.S. companies that includes the reinvestment of dividends.

Index results assume the re-investment of all dividends and capital gains. The Fund’s holdings may differ significantly from the securities that comprise the index. The index is not a projection, prediction or guarantee of performance. It is not possible to invest directly in the index.

The performance quoted represents past performance. Past performance does not guarantee future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month end is available by calling 1-855-771-7119.

Mutual fund investing involves risk. Principal loss is possible.

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Emerging Markets Fund (Consolidated)

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Small/Mid-Cap Growth Fund

International Equity Fund

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Global Equity Fund

U.S. Equity Long-Term Quality Fund

Portfolio composition will change due to the ongoing management of the Funds. The percentages are based on net assets as of March 31, 2020.

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See accompanying Notes to the Financial Statements.

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ADR — American Depository Receipt

PLC — Public Limited Company

See accompanying Notes to the Financial Statements.

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See accompanying Notes to the Financial Statements.

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ADR – American Depository Receipt

See accompanying Notes to the Financial Statements.

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ADR — American Depository Receipt

PLC — Public Limited Company

See accompanying Notes to the Financial Statements.

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