Fiera Capital is registered as an investment adviser with the SEC with its principal place of business located in New York, NY. Fiera Capital is organized under the laws of Delaware. History and Ownership Fiera Capital was founded in 1972, then operating under the name Wilkinson O’Grady & Co., Inc. (“Wilkinson O’Grady”), and was acquired in 2013 by Fiera Capital Corporation (“FCC”), a publicly traded company listed on the Toronto Stock Exchange under the symbol FSZ. Fiera Capital is the U.S. division of FCC, and is comprised of multiple investment teams brought together through the following series of acquisitions and combinations:
• On November 9, 2015, Fiera Capital assumed all of the investment advisory business of Samson Capital Advisors LLC, an independent fixed income investment management boutique founded in 2004.
• On June 1, 2016, Fiera Capital assumed all of the investment advisory business of Apex Capital Management, Inc., an employee-owned boutique growth equity manager founded in 1987.
• On September 1, 2016, Fiera Capital acquired certain assets of Larch Lane Advisors LLC, a hedge fund-of-funds, hedge fund seeding, and liquid alternatives manager founded in 1999.
• On December 1, 2017, Fiera Capital became the sub-adviser to the City National Rochdale Emerging Markets Fund (the “CNR EM Fund”) and acquired Fiera Capital (Asia) Limited, an entity employing certain employees who provided research and investment analysis to the CNR EM Fund. On June 4, 2018, the CNR EM Fund was reorganized onto the Fiera Capital Series Trust as the Fiera Capital Emerging Markets Fund (the “EM Fund”), at which time Fiera Capital became the adviser of the EM Fund. On March 2,2021, the Firm entered into a purchase agreement to sell its advisory business related to the EM Fund to Sunbridge Capital Partners, LLC (“Sunbridge”), an SEC registered investment adviser controlled by the EM Fund’s portfolio manager. The decision came as part of the Firm’s strategic review of its U.S operations. The sale closed on July 9th, 2021.
• On December 1, 2018, the Firm transferred the investment operations of the Equity-Thematic Team and all the associated Client accounts to its wholly-owned subsidiary, Wilkinson Global Asset Management LLC (“WGAM”), an SEC-registered investment adviser. The portfolio management team, consisting of former Wilkinson O’Grady managers and the service teams responsible for managing the transferred accounts, joined WGAM and assumed responsibility for managing WGAM’s day-to-day operations, with oversight by a board of directors which included individuals appointed by the Firm. On December 31, 2020, the Firm sold all of its ownership interest in WGAM to Wilkinson Global Capital Partners LLC. The Firm has no longer any affiliation with WGAM.
• On January 31, 2022, the Firm entered into a Sub-Advisory Agreement with StonePine Asset Management Inc. (“StonePine”), an SEC registered investment adviser, pursuant to which StonePine will provide investment advice to the Firm for the benefit of certain Firm clients while other services including but not limited to client relationship management, portfolio compliance, global trade execution, operations, risk management, performance measurement and reporting services will remain with the Firm. Fiera Capital is wholly-owned by Fiera US Holding Inc., which in turn is wholly owned by FCC. 2. Advisory Services Fiera Capital provides investment management services to separately managed accounts for predominantly U.S. high net worth individuals, including affluent families and their foundations, and institutional Clients, including pension plans, profit sharing plans and other charitable organizations (collectively, “Clients”) primarily on a discretionary basis. The Firm also provides investment advisory services as an adviser or sub- adviser to certain comingled investment vehicles offering interests on a private placement basis (each, a “Private Fund” and collectively, the “Private Funds”). In addition, Fiera Capital serves as an adviser or sub- adviser to certain investment companies registered under the 1940 Act (each a “Registered Fund” and collectively, the “Registered Funds”), including each Registered Fund organized under the Fiera Capital Series Trust (“Fiera Series Trust”) (the Registered Funds together with the Private Funds are referred to collectively as the “Funds”). The Fiera Series Trust is a statutory trust that offers shares in certain Registered Funds (each, a “Fiera Series Registered Fund” and collectively, the “Fiera Series Registered Funds”). The Fiera Series Registered Funds include the Fiera Capital Global Equity Fund, the Fiera Capital International Equity Fund, the Fiera Capital Small/Mid-Cap Growth Fund, and the Fiera Capital U.S. Equity Long-Term Quality Fund. Fiera Capital serves as the adviser to each Fiera Series Registered Fund. Investors in the Private Funds include wealthy individuals, families, trusts, endowments, foundations, corporations, public funds and Taft-Hartley plans or other investors. Investors in the Funds are not considered Clients of Fiera Capital as they cannot direct the investment strategy or impose investment restrictions. For a list of the Firm’s Registered Funds and Private Funds, please refer to Sections 5.G.(3) and 7.B.(1) and 7.B.(2) of Schedule D of the Form ADV Part 1A, respectively. In addition and pursuant to an investment management agreement, Fiera Capital provides certain investment advisory, administrative and other related services to its parent company FCC in connection with FCC’s management of certain investment vehicles sponsored by FCC. With respect to this mandate, the Firm has elected not to charge a management or advisory fee to FCC for the provision of such services and will generally only seek the reimbursement of expenses for which FCC or the applicable investment vehicle is responsible as provided under the investment management agreement. 3. Investment Strategies Fiera Capital’s strategies are designed to address a variety of investor needs across a broad spectrum of asset classes and styles. The Firm currently specializes in investment strategies that are grouped as Equity, Equity- Growth, Equity-ETF, Fixed Income, and Private Market investment strategies. This grouping is used throughout this Brochure. The Firm’s investment strategies are available in different forms and vehicles, including separately managed accounts, Registered Funds, and Private Funds that are only available to investors who meet certain legal criteria. More details about each of the Firm’s investment strategies is provided below and in Item 8 of this Brochure which details the risks associated with the Firm’s strategies and Funds. Equity Strategies The Equity investment strategies (the “Equity Strategies”) consist of the International Equity, U.S. Equity and Global Equity strategies, which are offered as separately managed accounts, Private Funds, as well as the Fiera Capital Global Equity Fund, the Fiera Capital U.S. Equity Long-Term Quality Fund and the Fiera Capital International Equity Fund, each a Fiera Series Registered Fund. The day-to-day management of the Equity Strategies is handled by StonePine pursuant to the terms of the above-mentioned sub-advisory agreement. Equity-Growth Strategies The Equity-Growth investment

strategies (the “Equity-Growth Strategies”) consist of the All Cap Growth, All Cap International, Large Cap Growth, Mid Cap Growth, Small-Mid Cap Growth, Small Cap Growth, International Small-Mid Cap, Flexible Asset Mix, and Quality Dividend Growth strategies, which are offered as separately managed accounts and under Wrap Programs (as defined below), as well as the Fiera Capital Small/Mid-Cap Growth Fund, a Fiera Series Registered Fund. The day-to-day management is handled by the Equity-Growth investment management team. Equity-ETF Strategies The Equity ETF strategies consist of the Growth Equity strategy and the Global Equity Index strategy. The day-to-day management of these strategies are handled by the Private Wealth investment management team. Fixed Income Strategies The Fixed Income investment strategies (the “Fixed Income Strategies”) consist of the Tax Efficient Fixed Income, Taxable Fixed Income, and the Investment Company strategies. The day-to-day management is handled by the Fixed Income investment management team. Private Markets Strategies The Private Markets Strategy consists of funds of credit funds and Alternative Investment Funds, the day- to-day management of which is handled by the Private Markets team. In the Private Markets strategy, Fiera Capital allocates Client assets to third party funds as well as Fiera Capital affiliated funds. 4. Customized Services Investment services may be tailored to each Client’s specific needs and objectives, including restrictions on investing in certain securities or types of securities. Fiera Capital has established procedures and controls to monitor compliance with each Client’s specific investment guidelines. Where the Firm is the investment adviser to a pooled investment vehicle, whether a Registered Fund or Private Fund, the investment objectives, guidelines and any investment restrictions generally are not tailored to the needs of individual investors in those vehicles, but rather are described in the prospectus or other relevant offering document for the vehicle. As mentioned above, investors in the Funds are not considered Clients of Fiera as they cannot direct the investment strategy or impose investment restrictions. The Private Funds however, from time to time, may enter into agreements (“Side Letters”) with one or more of their investors whereby in consideration for agreeing to invest certain amounts in a Private Fund and/or other consideration deemed sufficiently material, such investors may be granted favorable rights not afforded other investors in such Private Fund, such as rights to receive reduced rates of performance fees/allocations and/or management fees or such other rights as may be negotiated between the Private Fund, Fiera Capital and such investors. Such agreements may be entered into without the consent of other investors in the Private Fund. Additionally, except as may be required by “most-favored-nations” clauses, such agreements usually need not be disclosed to other investors in such Private Fund. 5. Wrap Fee Programs The Firm acts as a portfolio manager for or otherwise participates in certain wrap programs (each a “Wrap Program” and collectively, the “Wrap Programs”). The Equity-Growth Strategies and certain Equity Strategies are available under Wrap Programs. The entity that sponsors, organizes or administers each such Wrap Program (“Program Sponsor”) generally executes Client portfolio transactions on behalf of the Firm without a commission and provides custodial services for the Client’s assets. Normally, the Firm must execute transactions of Wrap Program Clients with the Program Sponsor and, as such, may not be able to ensure best execution. The Program Sponsor typically assists the Wrap Program Client in defining the Client’s investment objectives based on information provided by the Client, aids in the selection of one or more investment managers to manage the Client’s account, and periodically contacts the Client to ascertain whether there have been any changes in the Client’s financial circumstances or objectives that warrant a change in the management of the Client’s assets. Wrap Program Clients pay a single, all-inclusive (or “wrap”) fee charged by the Program Sponsor based on the value of the Client’s account assets for asset management, trade execution, custody, performance monitoring and reporting through the Program Sponsor. The wrap fee typically includes the advisory fees charged by the Firm and other participating managers in the Wrap Program. In turn, the Program Sponsor pays the Firm a fee based on the assets of Clients invested in the applicable strategy in the Wrap Program. Please also see Item 5 (Fees and Compensation) and Item 12 (Brokerage Practices) of this Brochure for more information on the differences between Wrap Programs and other types of Client accounts. 6. Investment Model Delivery and Investment Recommendations The Firm also delivers non-discretionary models to Program Sponsors (“Model Delivery Program Sponsors”). In these programs, the Firm furnishes recommendations to Model Delivery Program Sponsors through the provision of model investment portfolios for various investment strategies. The Model Delivery Program Sponsors utilize the model portfolios provided by the Firm, as well as any corresponding updates to the model portfolios, to manage Wrap accounts enrolled in the Program Sponsor’s platforms. Typically, Model Delivery Program Sponsors retain investment discretion over the Wrap accounts enrolled in an investment strategy that is offered on a Model Delivery platform and the Firm is responsible solely for providing its model portfolios to the Model Delivery Sponsors or their designees. In addition to the delivery of model portfolios to Model Delivery Program Sponsors, the Firm also delivers model portfolios or makes investment recommendations to a number of other Clients or Funds that retain full discretion over their account. The Client assets advised by Fiera Capital in this capacity are referred to as “Assets under Advisement” or “AUA.” 7. Private Wealth Services The Firm’s Private Wealth Team works with Clients and their advisors to construct and manage customized portfolios for various investment goals and strategies. In these portfolios, Fiera Capital typically recommends the allocation of Client assets to strategies as well as registered or privately-offered investment vehicles managed by the Firm or its affiliates (“Affiliated Funds”), with other assets allocated to third-party investment vehicles (“Unaffiliated Funds” and together with Affiliated Funds, “Underlying Funds”). When assets are allocated to strategies managed by the Firm and to Affiliated Funds, the Client is only charged with the fees applicable to such products and strategies allocated to, and not charged fees related to the management of their portfolios by the Private Wealth Team. The fees applicable to such products and strategies may be higher than the fees charged for the management of portfolios. 8. Clients Assets As of December 31, 2022, Fiera Capital managed approximately $21,646,928,576 on a discretionary basis and $2,166,766v on a non-discretionary basis. As of December 31, 2022, Fiera Capital had approximately $8,686,730,228 in Assets under Advisement in addition to its assets under management.