Fiera Capital Small/Mid Cap Growth Fund***

Investment Approach

The Fiera Capital Small/Mid Cap Growth Fund (the “Fund”) is a no-load fund. The Fund’s investment objective is to achieve long-term capital growth. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of common stocks of small and mid-cap growth-oriented companies that are selected for their long-term capital appreciation potential and which are expected to grow faster than the U.S. economy.

Core Principles

  • Combines “top-down” secular trend identification with “bottom-up” security selection*
  • Believes the intersection of bottom‐up stock selection and the identification of global secular growth trends is the key driver of results
  • Focuses on identifying today’s changes which may drive tomorrow’s growth in an effort to generate alpha***
  • Builds its portfolio through a balance and combination of stable growth and emerging growth companies

NET PERFORMANCE (%)

As of September 30, 2021

  QTD YTD 1 YR 3 YR 5 YR SI^
Investor Class – APSRX -1.96 9.52 34.79 18.54 18.68 15.51
Institutional Class – APSGX -1.89 9.76 35.19 18.90 19.02 15.82
Russell 2500 Growth Index -3.53 4.84 31.98 16.01 18.21 16.07

^The Apex Small/Mid-Cap Growth Fund, a series of The Ultimus Managers Trust with an inception date of 6/29/12, was reorganized into the Fiera Capital Small/Mid-Cap Growth Fund, a series of the Fiera Capital Series Trust as of 2/12/18. The new Fund has the same investment objective and investment team, and substantially similar fundamental investment policies, principal investment strategies and risks.

Performance for periods longer than one year is annualized. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Returns assume reinvestment of all distributions. Performance data as of the most recent month end may be obtained by calling 1-855-771-7119.

Expense Ratios (Gross / Net)

Investor Class: 1.36% / 1.30%

Institutional Class: 1.11% / 1.05%

The Adviser and the Fund have entered into a contractual expense limitation and reimbursement agreement such that total expense ratios for the Fund do not exceed the Net Expense Ratios detailed above. The Expense Limitation Agreement will remain in effect through at least October 31, 2021, or sooner at the sole discretion of the Bpard. Please view the prospectus for more information regarding the fees and expenses.

Documentation

Senior Investment Team

Nitin N. KumbhaniNitin N. Kumbhani

Vice Chairman, Chief of Growth Equity Strategies

Nitin founded Apex in 1987 and has over 30 years of investment management experience.

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Amit DugarAmit Dugar

Senior Vice President, Portfolio Manager

Amit joined Fiera Capital in 2017 and brings 26 years of diverse investment management experience to the firm.

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Michael KalbfleischMichael Kalbfleisch

Senior Vice President, Portfolio Manager

Mike brings 31 years of investment management experience to the equity team. He joined the Apex investment team in 2000.

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Sunil M. ReddySunil M. Reddy

Senior Vice President, Portfolio Manager

Sunil brings more than 25 years of diverse investment management experience to the firm. His background includes stints in portfolio management, equity analysis and in corporate debt underwriting, trading and syndication roles.

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Bhavik KothariBhavik Kothari

Vice President, Portfolio Manager

Bhavik joined Fiera Capital in 2017 and has over 16 years of investment management experience.

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***The Fiera Capital Small/Mid Cap Growth Fund was formerly known as the Apex Small/Mid-Cap Growth Fund, a series of The Ultimus Managers Trust, and was reorganized into a series of the Fiera Capital Series Trust as of 2/12/18.  The Fund continues to be manages with the same investment approach and strategy

*Top-down investing involves analyzing macroeconomic trends. Bottom-up investing involves analyzing individual stocks’ fundamentals. Secular investing focuses on the identification of transformational technological, social, economic, political developments.

***Alpha is the excess return of the fund relative to the return of the benchmark index.

There is no guarantee that the product will achieve any of these benefits.

Check the background of Foreside Fund Services, LLC on FINRA’s BrokerCheck.

To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information may be found in the Fund’s prospectus, which may be obtained by calling 855-771-7119, or by clicking the linked files above. Please read the prospectus carefully before investing.

The Fiera Capital Small/Mid-Cap Growth Fund  is distributed by Foreside Fund Services, LLC, which is not affiliated with the adviser or any of its affiliates. Fiera Capital Inc. is the advisor to the Fiera Capital Small/Mid-Cap Growth Fund.

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. For additional information on these and other risks, please read the current prospectus.