0001398344-19-019509.txt : 20191108 0001398344-19-019509.hdr.sgml : 20191108 20191108173022 ACCESSION NUMBER: 0001398344-19-019509 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20190831 FILED AS OF DATE: 20191108 DATE AS OF CHANGE: 20191108 EFFECTIVENESS DATE: 20191108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Symmetry Panoramic Trust CENTRAL INDEX KEY: 0001736078 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-23334 FILM NUMBER: 191205167 BUSINESS ADDRESS: STREET 1: 151 NATIONAL DRIVE CITY: GLASTONBURY STATE: CT ZIP: 06033 BUSINESS PHONE: 860-734-2075 MAIL ADDRESS: STREET 1: 151 NATIONAL DRIVE CITY: GLASTONBURY STATE: CT ZIP: 06033 0001736078 S000062173 Symmetry Panoramic Alternatives Fund C000201181 Symmetry Panoramic Alternatives Fund Class I Shares SPATX 0001736078 S000062174 Symmetry Panoramic Global Equity Fund C000201182 Symmetry Panoramic Global Equity Fund Class I Shares SPGEX 0001736078 S000062175 Symmetry Panoramic Global Fixed Income Fund C000201183 Symmetry Panoramic Global Fixed Income Fund Class I Shares SPGBX 0001736078 S000062176 Symmetry Panoramic International Equity Fund C000201184 Symmetry Panoramic International Equity Fund Class I Shares SPILX 0001736078 S000062177 Symmetry Panoramic Municipal Fixed Income Fund C000201185 Symmetry Panoramic Municipal Fixed Income Fund Class I Shares SPMFX 0001736078 S000062178 Symmetry Panoramic Tax Managed Global Equity Fund C000201186 Symmetry Panoramic Tax Managed Global Equity Fund Class I Shares SPGTX 0001736078 S000062179 Symmetry Panoramic US Equity Fund C000201187 Symmetry Panoramic US Equity Fund Class I Shares SPUSX 0001736078 S000062180 Symmetry Panoramic US Fixed Income Fund C000201188 Symmetry Panoramic US Fixed Income Fund Class I Shares SPUBX N-CSR 1 fp0046585_ncsr.htm fp0047041_INXS

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 Number 811- 23334

 

Symmetry Panoramic Trust

(Exact name of registrant as specified in charter)

________

 

151 National Drive

Glastonbury, CT 06033

(Address of principal executive offices) (Zip code)

 

Sara A. Taylor

Symmetry Partners, LLC

151 National Drive

Glastonbury, CT 06033

(Name and address of agent for service)

 

Copy to:

 

Mark C. Amorosi, Esq.

K&L Gates LLP

1601 K Street NW

Washington, D.C. 20006

 

Registrant’s telephone number, including area code: (844) 796-3863

 

Date of fiscal year end: August 31, 2019

 

Date of reporting period: August 31, 2019

 

 

 

Item 1. Reports to Stockholders.

 

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “1940 Act”) (17 CFR § 270.30e-1), is attached hereto.

 

 

Symmetry Panoramic Trust

 

ANNUAL REPORT

 

AUGUST 31, 2019

 

Symmetry Panoramic US Equity Fund (SPUSX)
Symmetry Panoramic International Equity Fund (SPILX)
Symmetry Panoramic Global Equity Fund (SPGEX)
Symmetry Panoramic Tax-Managed Global Equity Fund (SPGTX)
Symmetry Panoramic US Fixed Income Fund (SPUBX)
Symmetry Panoramic Municipal Fixed Income Fund (SPMFX)
Symmetry Panoramic Global Fixed Income Fund (SPGBX)
Symmetry Panoramic Alternatives Fund (SPATX)

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports no longer will be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, 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, or, if you are a direct investor, by calling 1-844-796-3863.

 

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-844-796-3863. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial intermediary or all Symmetry Panoramic Funds if you invest directly with the Funds.

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

 

 

TABLE OF CONTENTS

 

 

   

Shareholders’ Letter

1

Management Discussion of Fund Performance

5

Schedules of Investments

13

Statements of Assets and Liabilities

88

Statements of Operations

91

Statements of Changes in Net Assets

94

Financial Highlights

98

Notes to Financial Statements

106

Report of Independent Registered Public Accounting Firm

148

Trustees and Officers of the Trust

149

Disclosure of Fund Expenses

155

Notice to Shareholders

158

 

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after period end. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-796-3863; and (ii) on the SEC’s website at http://www.sec.gov.

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019
(Unaudited)

 

 

Shareholders’ Letter

 

Dear Shareholders,

 

On behalf of the Symmetry Panoramic Trust, I am pleased to present you with our first annual report. The Symmetry Panoramic Funds are a series of eight mutual funds that feature a best-of-breed multi-factor approach designed to enable advisers and their investors to build diversified, fully asset-allocated investment portfolios.

 

Our results reflect an abbreviated year, as we launched our Funds on November 12, 2018 and our fiscal year ends August 31, 2019. Fortuitously, capital markets delivered largely positive results over that timeframe. Bond markets have performed very well, with US and global aggregate bonds turning in equity-like performances in excess of 10 percent. Global equity indices have mostly increased too, though small caps are a caveat, losing more than 2 percent.

 

Factor exposures were mixed for the year. While momentum, quality and minimum volatility factors all outperformed, the aforementioned small cap factor as well as the value factor, have underperformed the market. While value in particular has undergone a prolonged period of drought, our read of the evidence is that there is not a good reason to abandon the intuition behind value investing. We believe that buying stocks at a low price relative to fundamentals should lead to higher expected returns over time. See below for index return information representing major asset classes and style factors.

 

The Symmetry Panoramic Mutual Funds invest your assets based on a simple premise: that the best place to look for insights into capital markets is in the findings of academic research. Those findings have led us to an evidence-based approach that emphasizes stocks with characteristics, or factors, that have tended to outperform over the long haul. We advocate a patient, disciplined approach that relies on markets, not individual manager insights, to help our clients meet their goals.

 

We thank you for placing your trust in us and being a part of the launch year of the Symmetry Panoramic Trust.

 

 

11/12/2018 -
8/31/2019

Benchmarks

 

S&P 500 TR USD

7.01%

Russell 2000 TR USD

-2.37%

NASDAQ Composite TR USD

8.50%

MSCI EAFE NR USD

2.71%

DJ Industrial Average TR USD

3.70%

BBgBarc US Agg Bond TR USD

11.80%

BBgBarc Global Aggregate TR USD

9.93%

BBgBarc US Govt/Credit 1-5 Yr TR USD

6.20%

 


1

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019
(Unaudited)

 

 

 

11/12/2018 -
8/31/2019

MSCI ACWI Ex USA IMI NR USD

2.70%

BBgBarc Global Aggregate TR Hdg USD

11.43%

DJ US Select REIT TR USD

12.90%

MSCI US Broad Market GR USD

6.49%

MSCI World All Cap NR USD

4.65%

S&P S/T National AMT Free Muni TR USD

3.88%

Factor Indices

 

MSCI ACWI Value NR USD

-0.19%

MSCI ACWI Small NR USD

0.51%

MSCI ACWI Momentum NR USD

10.66%

MSCI ACWI Quality NR USD

9.61%

MSCI ACWI Minimum Vol (USD) NR USD

11.22%

MSCI ACWI IMI NR USD

4.53%

MSCI USA Value GR USD

2.91%

MSCI USA Small Cap GR USD

1.64%

MSCI USA Momentum GR USD

11.09%

MSCI USA Quality GR USD

11.70%

MSCI USA Minimum Volatility (USD) GR USD

14.81%

MSCI USA GR USD

7.24%

MSCI World Ex USA Value NR USD

-3.55%

MSCI World Ex USA Small Cap NR USD

-0.33%

MSCI World ex US Momentum NR USD

7.35%

MSCI World ex USA Quality NR USD

10.82%

MSCI World ex USA Min Vol (USD) NR USD

8.14%

MSCI World ex USA NR USD

3.19%

MSCI EM Value NR USD

-1.84%

MSCI EM Small NR USD

0.32%

MSCI EM Momentum NR USD

9.95%

MSCI EM Quality NR USD

6.87%

MSCI EM Minimum Vol (USD) NR USD

4.30%

MSCI EM NR USD

3.11%

HFRI

 

HFRI FOF: Conservative Index

3.84%

 

Source: Morningstar

 

Sincerely,
Dana D’Auria
President, Symmetry Panoramic Trust

 


2

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019
(Unaudited)

 

 

Symmetry Partners, LLC is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered, or excluded or exempted from registration requirements. No one should assume that future performance of any specific investment, investment strategy, product, or non-investment related content made reference to directly or indirectly in this material will be profitable. As with any investment strategy, there is the possibility of profitability as well as loss.

 

Carefully consider the funds’ investment objectives, risk, and charges and expenses. This and other information can be found in the funds’ prospectus which may be obtained by visiting www.panoramicfunds.com or by calling 1-844-SYM-FUND (844-796-3863). Please read the prospectus carefully before investing.

 

The funds are distributed by SEI Investment Distribution Company (SIDCO). SIDCO is not affiliated with Symmetry Partners, LLC.

 

Diversification seeks to improve performance by spreading your investment dollars into various asset classes to add balance to your portfolio. Using this methodology, however, does not guarantee a profit or protection from loss in a declining market. Past performance does not guarantee future results.

 

© Morningstar 2018. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.

 


3

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019
(Unaudited)

 

 

Description of the Funds’ Indices

 

MSCI US Broad Market Index (Primary Benchmark for the Symmetry Panoramic US Equity Fund) captures broad US equity coverage. The index includes 3,021 constituents across large, mid, small and micro capitalizations, representing about 99% of the US equity universe.

 

MSCI ACWI ex USA Investable Market Index (net) (IMI) (Primary Benchmark for the Symmetry Panoramic International Equity Fund) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 26 Emerging Markets (EM) countries. With 6,392 constituents, the index covers approximately 99% of the global equity opportunities set outside of the US.

 

MSCI ACWI Investable Market Index (net) (IMI) (Primary Benchmark for the Symmetry Panoramic Global Equity Fund and Symmetry Panoramic Tax-Managed Global Equity Fund) captures large, mid and small representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. With 8,820 constituents, the index id comprehensive, covering approximately 99% of the global equity investment opportunity set.

 

Bloomberg Barclays 1-5 Year US Government/Credit Index (Primary Benchmark for the Symmetry Panoramic US Fixed Income Fund) measures the performance of U.S. dollar-denominated U.S. Treasury, government related (i.e., U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt) and investment grade U.S. corporate fixed rate bonds that have a remaining maturity of greater than or equal to one year and less than five years.

 

S&P Short Term National AMT-Free Municipal Bond Index (Primary Benchmark for the Symmetry Panoramic Municipal Fixed Income Fund) is a market-value weighted index that is designed to measure the performance of investment-grade tax-exempt U.S. municipal bonds with an effective maturities of 1 month to 5 years. Bonds issued by U.S. territories, including Puerto Rico, are excluded from this index.

 

Bloomberg Barclays Capital Global Aggregate Hedged USD Index (Primary Benchmark for the Symmetry Panoramic Global Fixed Income Fund) measures global investment grade debt from twenty-four local currency markets hedged to the U.S. dollar. The multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

 

HFRI Fund of Funds Conservative Index (Primary Benchmark for the Symmetry Panoramic Alternatives Fund) measures the performance of funds of funds that exhibit one or more of the following characteristics: seeks consistent returns by primarily investing in funds that generally engage in more “conservative” strategies such as Equity Market Neutral, Fixed Income Arbitrage, and Convertible Arbitrage; exhibits a lower historical annual standard deviation than the HFRI Fund of Funds Composite Index. A fund in the HFRI Fund of Funds Conservative Index shows generally consistent performance regardless of market conditions.

 


4

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019
(Unaudited)

 

 

Management Discussion of Fund Performance

 

Growth of a $10,000 Investment

 

CUMULATIVE TOTAL RETURN FOR
THE PERIOD ENDED AUGUST 31, 2019

 

Cumulative
Inception to Date
*

Symmetry Panoramic US Equity Fund, Class I

6.26%

MSCI US Broad Market Index

8.63%

 

 

*

The Fund commenced operations on November 12, 2018.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

 

There are no assurances that the Fund will meet its stated objectives.

 

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

See definition of comparative indices on page 4.

 


5

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019
(Unaudited)

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

Growth of a $10,000 Investment

 

CUMULATIVE TOTAL RETURN FOR
THE PERIOD ENDED AUGUST 31, 2019

 

Cumulative
Inception to Date
*

Symmetry Panoramic International Equity Fund, Class I

2.93%

MSCI ACWI ex USA Investable Market Index (net)

3.91%

 

 

*

The Fund commenced operations on November 12, 2018.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

 

There are no assurances that the Fund will meet its stated objectives.

 

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

 

See definition of comparative indices on page 4.

 


6

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019
(Unaudited)

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

Growth of a $10,000 Investment

 

CUMULATIVE TOTAL RETURN FOR
THE PERIOD ENDED AUGUST 31, 2019

 

Cumulative
Inception to Date
*

Symmetry Panoramic Global Equity Fund, Class I

4.99%

MSCI ACWI Investable Market Index (net)

6.25%

 

 

*

The Fund commenced operations on November 12, 2018.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

 

There are no assurances that the Fund will meet its stated objectives.

 

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

 

See definition of comparative indices on page 4.

 


7

 

 

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
AUGUST 31, 2019
(Unaudited)

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

Growth of a $10,000 Investment

 

CUMULATIVE TOTAL RETURN FOR
THE PERIOD ENDED AUGUST 31, 2019

 

Cumulative
Inception to Date
*

Symmetry Panoramic Tax-Managed Global Equity Fund, Class I

5.20%

MSCI ACWI Investable Market Index (net)

6.25%

 

 

*

The Fund commenced operations on November 12, 2018.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

 

There are no assurances that the Fund will meet its stated objectives.

 

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

 

See definition of comparative indices on page 4.

 


8

 

 

SYMMETRY PANORAMIC US FIXED INCOME FUND
AUGUST 31, 2019
(Unaudited)

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

Growth of a $10,000 Investment

 

CUMULATIVE TOTAL RETURN FOR
THE PERIOD ENDED AUGUST 31, 2019

 

Cumulative
Inception to Date
*

Symmetry Panoramic US Fixed Income Fund, Class I

7.75%

Bloomberg Barclays 1-5 Year US Government/Credit Index

6.20%

 

 

*

The Fund commenced operations on November 12, 2018.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

 

There are no assurances that the Fund will meet its stated objectives.

 

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

See definition of comparative indices on page 4.

 


9

 

 

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
AUGUST 31, 2019
(Unaudited)

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

Growth of a $10,000 Investment

 

CUMULATIVE TOTAL RETURN FOR
THE PERIOD ENDED AUGUST 31, 2019

 

Cumulative
Inception to Date
*

Symmetry Panoramic Municipal Fixed Income Fund, Class I

3.10%

S&P Short Term National AMT-Free Municipal Bond Index

3.88%

 

 

*

The Fund commenced operations on November 12, 2018.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

 

There are no assurances that the Fund will meet its stated objectives.

 

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

See definition of comparative indices on page 4.

 


10

 

 

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
AUGUST 31, 2019
(Unaudited)

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

Growth of a $10,000 Investment

 

CUMULATIVE TOTAL RETURN FOR
THE PERIOD ENDED AUGUST 31, 2019

 

Cumulative
Inception to Date
*

Symmetry Panoramic Global Fixed Income Fund, Class I

10.58%

Bloomberg Barclays Capital Global Aggregate Hedged USD Index

11.38%

 

 

*

The Fund commenced operations on November 12, 2018.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

 

There are no assurances that the Fund will meet its stated objectives.

 

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

See definition of comparative indices on page 4.

 


11

 

 

SYMMETRY PANORAMIC ALTERNATIVES FUND
AUGUST 31, 2019
(Unaudited)

 

 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

 

Growth of a $10,000 Investment

 

CUMULATIVE TOTAL RETURN FOR
THE PERIOD ENDED AUGUST 31, 2019

 

Cumulative
Inception to Date
*

Symmetry Panoramic Alternatives Fund, Class I

2.39%

HFRI Fund of Funds Conservative Index

4.47%

 

 

*

The Fund commenced operations on November 12, 2018.

 

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.

 

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

 

There are no assurances that the Fund will meet its stated objectives.

 

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

See definition of comparative indices on page 4.

 


12

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

SECTOR WEIGHTINGS (UNAUDITED)

 

 

Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 72.8%

   

Shares

   

Value

 

EQUITY FUNDS — 72.8%

               

DFA Real Estate Securities Portfolio, Cl I

    875,158     $ 35,793,977  

DFA US Core Equity 2 Portfolio, Cl I (A)

    6,426,780       139,461,118  

DFA US Vector Equity Portfolio, Cl I (A)

    7,852,568       139,226,024  

iShares Edge MSCI Min Vol USA ETF

    850,965       54,253,273  

Total Registered Investment Companies

               

(Cost $350,611,817)

            368,734,392  

 

COMMON STOCK — 24.9%

COMMUNICATION SERVICES — 1.8%

               

AMC Networks, Cl A *

    1,291       62,613  

AT&T

    10,613       374,214  

Cable One

    297       385,393  

Cinemark Holdings

    2,117       80,785  

Comcast, Cl A

    29,005       1,283,761  

Discovery *

    7,483       206,531  

DISH Network, Cl A *

    4,843       162,531  

IAC *

    1,686       429,323  

Interpublic Group

    2,870       57,056  

Live Nation Entertainment *

    965       67,077  

Match Group

    4,757       403,394  

New York Times, Cl A

    5,844       170,645  

 

The accompanying notes are an integral part of the financial statements.
13

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

COMMUNICATION SERVICES — continued

               

Nexstar Media Group, Cl A

    3,001     $ 296,769  

Omnicom Group

    2,491       189,465  

Sinclair Broadcast Group, Cl A

    7,168       319,478  

T-Mobile US *

    8,515       664,596  

Twitter *

    1,478       63,037  

Verizon Communications

    31,737       1,845,824  

Viacom, Cl B

    9,371       234,087  

Walt Disney

    13,218       1,814,303  
              9,110,882  

CONSUMER DISCRETIONARY — 2.9%

               

AutoZone *

    492       542,031  

Best Buy

    1,170       74,470  

Bright Horizons Family Solutions *

    1,002       165,380  

Burlington Stores *

    650       131,618  

Chipotle Mexican Grill, Cl A *

    300       251,526  

Columbia Sportswear

    2,047       191,988  

Darden Restaurants

    3,614       437,222  

Dick’s Sporting Goods

    2,663       90,649  

Dollar General

    4,070       635,286  

Domino’s Pizza

    427       96,861  

DR Horton

    4,190       207,279  

Etsy *

    4,018       212,110  

Expedia Group

    940       122,294  

Garmin

    4,548       370,980  

Gentex

    8,426       224,132  

Genuine Parts

    1,067       96,340  

Graham Holdings, Cl B

    192       135,180  

Grand Canyon Education *

    1,200       150,720  

H&R Block

    6,011       145,586  

Hasbro

    1,024       113,121  

Home Depot

    292       66,550  

Hyatt Hotels, Cl A

    1,779       128,355  

Lowe’s

    5,456       612,163  

Lululemon Athletica *

    3,161       583,742  

McDonald’s

    4,779       1,041,679  

NIKE, Cl B

    13,131       1,109,570  

NVR *

    14       50,386  

O’Reilly Automotive *

    1,527       586,002  

 

The accompanying notes are an integral part of the financial statements.
14

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CONSUMER DISCRETIONARY — continued

               

Penske Automotive Group

    1,240     $ 53,047  

Planet Fitness, Cl A *

    2,713       191,565  

Pool

    709       139,233  

PulteGroup

    10,623       359,057  

Ross Stores

    2,515       266,615  

ServiceMaster Global Holdings *

    2,316       132,105  

Skechers U.S.A., Cl A *

    3,878       122,777  

Starbucks

    13,185       1,273,143  

Target

    5,959       637,852  

Tempur Sealy International *

    4,189       323,056  

TJX

    13,373       735,114  

Toll Brothers

    3,014       109,077  

Tractor Supply

    3,527       359,331  

Ulta Beauty *

    1,383       328,781  

Under Armour, Cl A *

    6,938       129,116  

VF

    2,554       209,300  

Williams-Sonoma

    4,589       301,956  

Yum! Brands

    1,954       228,188  
              14,472,533  

CONSUMER STAPLES — 2.3%

               

Casey’s General Stores

    2,181       366,081  

Church & Dwight

    5,934       473,415  

Clorox

    1,964       310,626  

Costco Wholesale

    4,096       1,207,337  

Estee Lauder, Cl A

    1,087       215,215  

General Mills

    5,252       282,558  

Hershey

    2,512       398,102  

Hormel Foods

    5,658       241,087  

Kimberly-Clark

    2,434       343,462  

Lamb Weston Holdings

    846       59,550  

McCormick

    3,030       493,496  

Mondelez International, Cl A

    9,119       503,551  

PepsiCo

    8,322       1,137,867  

Philip Morris International

    6,145       442,993  

Pilgrim’s Pride *

    1,382       43,063  

Post Holdings *

    1,914       190,807  

Procter & Gamble

    20,179       2,426,121  

Sysco

    4,746       352,770  

 

The accompanying notes are an integral part of the financial statements.
15

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CONSUMER STAPLES — continued

               

Tyson Foods, Cl A

    2,686     $ 249,905  

Walmart

    17,880       2,042,969  
              11,780,975  

ENERGY — 0.2%

               

Cabot Oil & Gas

    2,138       36,602  

Chevron

    5,621       661,704  

Kinder Morgan

    2,862       58,013  

Phillips 66

    2,406       237,304  

Valero Energy

    539       40,576  
              1,034,199  

FINANCIALS — 3.3%

               

Aflac

    9,454       474,402  

Alleghany *

    456       341,685  

Allstate

    2,963       303,382  

Ally Financial

    11,314       354,694  

American Express

    6,607       795,285  

American Financial Group

    1,361       137,420  

Ameriprise Financial

    1,920       247,642  

Aon

    1,794       349,561  

Arch Capital Group *

    9,561       377,659  

Assurant

    1,374       169,002  

Assured Guaranty

    6,470       275,298  

Axis Capital Holdings

    4,645       285,157  

BB&T

    7,696       366,714  

Capital One Financial

    1,825       158,081  

Chubb

    3,348       523,225  

Cincinnati Financial

    1,993       224,193  

Citizens Financial Group

    3,134       105,741  

CME Group, Cl A

    1,934       420,239  

Commerce Bancshares

    1,367       78,015  

Credit Acceptance *

    728       329,529  

Discover Financial Services

    5,314       424,961  

East West Bancorp

    893       36,729  

Erie Indemnity, Cl A

    880       192,993  

Evercore, Cl A

    793       63,250  

Everest Re Group

    1,418       334,478  

Fidelity National Financial

    2,058       90,429  

Fifth Third Bancorp

    4,929       130,372  

 

The accompanying notes are an integral part of the financial statements.
16

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FINANCIALS — continued

               

First American Financial

    2,418     $ 141,332  

First Citizens BancShares, Cl A

    116       51,574  

Franklin Resources

    1,216       31,956  

Globe Life

    911       81,316  

Hanover Insurance Group

    1,940       258,311  

Huntington Bancshares

    15,565       206,236  

JPMorgan Chase

    18,896       2,075,915  

Kemper

    1,256       87,895  

KeyCorp

    6,318       104,879  

Lincoln National

    5,690       300,887  

MarketAxess Holdings

    626       248,910  

Marsh & McLennan

    3,072       306,862  

Mercury General

    3,542       189,497  

MetLife

    9,711       430,197  

MGIC Investment

    31,450       397,842  

Nasdaq

    1,248       124,600  

Navient

    11,010       140,267  

Old Republic International

    8,930       208,605  

Popular

    4,160       218,691  

Primerica

    836       99,626  

Progressive

    10,569       801,130  

Prosperity Bancshares

    663       43,042  

Prudential Financial

    3,313       265,338  

Regions Financial

    8,485       124,051  

Reinsurance Group of America, Cl A

    376       57,893  

RenaissanceRe Holdings

    1,201       216,841  

SVB Financial Group *

    460       89,525  

Synchrony Financial

    11,101       355,787  

T Rowe Price Group

    2,355       260,510  

TCF Financial

    2,067       79,703  

Travelers

    4,281       629,136  

US Bancorp

    6,137       323,359  

WR Berkley

    6,054       431,347  
              16,973,196  

HEALTH CARE — 2.9%

               

Abbott Laboratories

    11,719       999,865  

Amgen

    1,150       239,913  

 

The accompanying notes are an integral part of the financial statements.
17

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HEALTH CARE — continued

               

Anthem

    2,508     $ 655,892  

Bio-Rad Laboratories, Cl A *

    401       135,422  

Bio-Techne

    249       47,701  

Boston Scientific *

    4,018       171,689  

Bruker

    5,809       250,774  

Charles River Laboratories International *

    979       128,445  

Chemed

    570       244,775  

Danaher

    5,669       805,508  

DexCom *

    816       140,034  

Edwards Lifesciences *

    805       178,581  

Eli Lilly

    7,962       899,467  

Encompass Health

    1,184       71,975  

Exact Sciences *

    1,724       205,535  

Exelixis *

    3,029       60,126  

HCA Healthcare

    1,339       160,948  

Henry Schein *

    4,803       295,961  

Hill-Rom Holdings

    809       87,113  

Horizon Therapeutics *

    12,709       351,150  

Humana

    281       79,582  

ICU Medical *

    429       69,391  

IDEXX Laboratories *

    676       195,864  

Intuitive Surgical *

    313       160,050  

Ionis Pharmaceuticals *

    3,809       240,767  

Jazz Pharmaceuticals *

    409       52,413  

Johnson & Johnson

    8,182       1,050,242  

Laboratory Corp of America Holdings *

    514       86,126  

Masimo *

    1,825       279,681  

McKesson

    922       127,485  

Medtronic

    6,013       648,743  

Merck

    20,745       1,793,820  

Mettler-Toledo International *

    338       221,995  

Molina Healthcare *

    723       94,192  

Premier, Cl A *

    2,877       101,443  

Quest Diagnostics

    524       53,642  

ResMed

    1,539       214,383  

STERIS

    1,111       171,538  

Thermo Fisher Scientific

    3,541       1,016,479  

UnitedHealth Group

    1,981       463,554  

 

The accompanying notes are an integral part of the financial statements.
18

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HEALTH CARE — continued

               

Universal Health Services, Cl B

    1,998     $ 288,871  

Veeva Systems, Cl A *

    2,831       454,036  

Zimmer Biomet Holdings

    899       125,141  

Zoetis, Cl A

    3,214       406,314  
              14,526,626  

INDUSTRIALS — 3.3%

               

Acuity Brands

    1,220       153,000  

AGCO

    5,808       401,449  

Alaska Air Group

    1,595       95,254  

Allegion

    2,437       234,610  

Allison Transmission Holdings

    5,860       260,360  

AMETEK

    720       61,870  

Armstrong World Industries

    2,743       261,874  

Boeing

    1,418       516,280  

Carlisle

    1,965       284,846  

CH Robinson Worldwide

    657       55,510  

Cintas

    1,318       347,688  

Clean Harbors *

    1,422       104,588  

Copart *

    2,046       154,248  

CSX

    8,156       546,615  

Cummins

    2,426       362,129  

Curtiss-Wright

    535       65,612  

Delta Air Lines

    3,937       227,795  

Donaldson

    931       45,023  

Dover

    3,728       349,463  

Eaton

    4,619       372,846  

Emerson Electric

    5,485       326,851  

Expeditors International of Washington

    3,667       260,723  

Fastenal

    5,830       178,515  

Flowserve

    2,497       106,572  

Gardner Denver Holdings *

    5,957       170,847  

HD Supply Holdings *

    2,085       81,127  

HEICO

    2,752       398,132  

Honeywell International

    5,159       849,275  

Hubbell, Cl B

    1,886       247,330  

IDEX

    853       140,498  

Ingersoll-Rand

    4,673       565,854  

ITT

    4,885       278,054  

 

The accompanying notes are an integral part of the financial statements.
19

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDUSTRIALS — continued

               

Jacobs Engineering Group

    3,241     $ 287,995  

JB Hunt Transport Services

    840       90,754  

Johnson Controls International

    9,026       385,320  

Landstar System

    522       58,213  

Lennox International

    591       149,984  

ManpowerGroup

    2,552       208,600  

Masco

    3,249       132,332  

Middleby *

    2,055       225,351  

Nordson

    554       75,322  

Norfolk Southern

    3,043       529,634  

Old Dominion Freight Line

    1,014       166,053  

Oshkosh

    4,851       340,880  

PACCAR

    3,513       230,312  

Parker-Hannifin

    945       156,653  

Republic Services, Cl A

    5,686       507,476  

Robert Half International

    2,425       129,665  

Roper Technologies

    841       308,445  

Snap-on

    1,206       179,308  

Southwest Airlines

    3,201       167,476  

Teledyne Technologies *

    933       287,914  

Textron

    1,018       45,810  

Timken

    1,532       61,556  

Toro

    1,733       124,793  

Union Pacific

    5,939       961,880  

United Airlines Holdings *

    5,198       438,243  

United Parcel Service, Cl B

    1,383       164,107  

United Technologies

    1,574       204,998  

Verisk Analytics, Cl A

    2,546       411,281  

Wabtec

    545       37,719  

Waste Management

    4,288       511,773  

Woodward

    3,086       332,825  

WW Grainger

    361       98,788  

Xylem

    1,535       117,596  
              16,633,894  

INFORMATION TECHNOLOGY — 5.7%

               

Accenture, Cl A

    2,134       422,895  

Adobe *

    695       197,734  

Akamai Technologies *

    1,765       157,314  

 

The accompanying notes are an integral part of the financial statements.
20

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INFORMATION TECHNOLOGY — continued

               

Analog Devices

    3,319     $ 364,526  

ANSYS *

    684       141,287  

Apple

    28,172       5,880,623  

Aspen Technology *

    1,183       157,576  

Atlassian, Cl A *

    924       124,287  

Autodesk *

    257       36,705  

Automatic Data Processing

    3,140       533,298  

Avalara *

    2,406       202,922  

Avnet

    1,195       50,059  

Booz Allen Hamilton Holding, Cl A

    5,479       413,719  

Broadridge Financial Solutions

    1,732       224,190  

Cadence Design Systems *

    4,319       295,765  

CDW

    3,429       396,049  

Ciena *

    5,381       220,244  

Cisco Systems

    31,926       1,494,456  

Coupa Software *

    1,743       242,155  

EPAM Systems *

    1,102       210,846  

Euronet Worldwide *

    1,753       268,454  

Fair Isaac *

    694       244,788  

FleetCor Technologies *

    177       52,817  

FLIR Systems

    2,053       101,151  

Fortinet *

    2,907       230,176  

Intel

    12,237       580,156  

Intuit

    2,690       775,688  

Jack Henry & Associates

    1,090       158,006  

Keysight Technologies *

    5,030       487,206  

KLA

    1,108       163,873  

Lam Research

    1,761       370,708  

Leidos Holdings

    2,932       256,139  

Manhattan Associates *

    2,935       242,519  

Mastercard, Cl A

    1,835       516,314  

Maxim Integrated Products

    1,401       76,411  

Microsoft

    46,608       6,425,379  

MongoDB, Cl A *

    1,599       243,544  

Motorola Solutions

    2,167       392,032  

Okta, Cl A *

    2,318       293,227  

Oracle

    15,980       831,919  

Palo Alto Networks *

    475       96,720  

 

The accompanying notes are an integral part of the financial statements.
21

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INFORMATION TECHNOLOGY — continued

               

Paychex

    1,646     $ 134,478  

Paycom Software *

    910       227,609  

PayPal Holdings *

    1,453       158,450  

QUALCOMM

    1,627       126,532  

Sabre

    6,144       145,244  

salesforce.com *

    261       40,734  

ServiceNow *

    1,479       387,261  

Smartsheet, Cl A *

    3,195       155,277  

Splunk *

    516       57,699  

Teradyne

    6,702       355,005  

Trimble *

    984       36,920  

Twilio, Cl A *

    615       80,239  

Ubiquiti

    2,469       272,849  

Universal Display

    393       80,750  

VeriSign *

    2,126       433,385  

ViaSat *

    1,121       88,929  

Visa, Cl A

    1,558       281,718  

VMware, Cl A

    2,700       381,888  

Workday, Cl A *

    796       141,115  

Xilinx

    1,622       168,785  

Zebra Technologies, Cl A *

    1,722       353,062  

Zendesk *

    2,418       193,924  

Zscaler *

    3,735       256,744  
              29,132,474  

MATERIALS — 0.7%

               

Air Products & Chemicals

    2,148       485,276  

AptarGroup

    1,196       146,175  

Ashland Global Holdings

    611       44,750  

Ball

    6,562       527,650  

Celanese, Cl A

    586       66,435  

CF Industries Holdings

    3,409       164,280  

Crown Holdings *

    4,402       289,828  

Eastman Chemical

    550       35,953  

Ecolab

    3,284       677,522  

PPG Industries

    941       104,253  

Reliance Steel & Aluminum

    2,421       235,394  

RPM International

    1,706       115,445  

Scotts Miracle-Gro

    1,599       170,006  

 

The accompanying notes are an integral part of the financial statements.
22

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

MATERIALS — continued

               

Sonoco Products

    4,094     $ 234,177  
              3,297,144  

REAL ESTATE — 0.7%

               

Apartment Investment & Management, Cl A ‡

    5,229       266,679  

CBRE Group, Cl A *

    3,755       196,274  

EPR Properties ‡

    2,607       203,998  

Equity Commonwealth ‡

    3,313       111,516  

Equity Residential ‡

    4,449       377,097  

Extra Space Storage ‡

    1,004       122,408  

HCP ‡

    8,029       278,687  

Jones Lang LaSalle

    627       84,049  

Kimco Realty ‡

    7,187       132,097  

Liberty Property Trust ‡

    825       42,999  

Life Storage ‡

    987       104,582  

Medical Properties Trust ‡

    19,490       362,319  

National Retail Properties ‡

    1,555       87,313  

Omega Healthcare Investors ‡

    8,585       349,238  

Spirit Realty Capital ‡

    1,512       72,485  

Sun Communities ‡

    1,181       174,552  

Ventas ‡

    5,328       391,022  

Welltower ‡

    4,826       432,216  
              3,789,531  

UTILITIES — 1.1%

               

AES

    10,893       166,989  

Ameren

    6,061       467,606  

American Electric Power

    7,229       658,923  

Atmos Energy

    2,357       259,812  

CMS Energy

    7,482       471,740  

DTE Energy

    4,656       603,697  

Duke Energy

    1,122       104,054  

Entergy

    2,144       241,929  

Eversource Energy

    1,736       139,106  

Exelon

    8,667       409,603  

Hawaiian Electric Industries

    2,753       122,233  

NextEra Energy

    635       139,116  

OGE Energy

    7,600       325,812  

Pinnacle West Capital

    4,182       398,586  

Public Service Enterprise Group

    2,839       171,675  

 

The accompanying notes are an integral part of the financial statements.
23

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

UTILITIES — continued

               

Vistra Energy

    1,685     $ 42,041  

Xcel Energy

    10,876       698,457  
              5,421,379  
                 

Total Common Stock

               

(Cost $111,827,693)

            126,172,833  
                 

SHORT-TERM INVESTMENT — 2.3%

Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)

               

(Cost $11,880,734)

    11,880,734       11,880,734  

Total Investments — 100.0%

               

(Cost $474,320,244)

          $ 506,787,959  

 

A list of open futures contracts held by the Fund at August 31, 2019, is as follows:

 

Type of
Contract

Number of
Contracts
Long

Expiration
Date

 

Notional
Amount

   

Value

   

Unrealized
Appreciation

 

S&P 500 Index E-MINI

19

Sep-2019

  $ 2,737,751     $ 2,778,560     $ 40,809  

 

A list of open total return swap agreements held by the Fund at August 31, 2019, is as follows:

 

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

 

Notional
Amount

   

Value

   

Net
Unrealized
Appreciation

 

ReFlow

SPUSX NAV

SOFR +25 BPS

SPUSX

Annually

02/05/2020

USD

    8,119,411     $ 144,844     $ 144,844  

 

Percentages are based on Net Assets of $506,766,453.

 

*

Non-income producing security.

Real Estate Investment Trust

(A)

Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)

The rate reported is the 7-day effective yield as of August 31, 2019.

 

 

The accompanying notes are an integral part of the financial statements.
24

 

 

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

 

 

BPS — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

S&P — Standard & Poor’s

SOFR — Secured Overnight Financing Rate

SPUSX — Symmetry Panoramic US Equity Fund

USD — United States Dollar

 

The following table summarizes the inputs used as of August 31, 2019, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Registered Investment Companies

  $ 368,734,392     $     $     $ 368,734,392  

Common Stock

    126,172,833                   126,172,833  

Short-Term Investment

    11,880,734                   11,880,734  

Total Investments in Securities

  $ 506,787,959     $     $     $ 506,787,959  

 

Other Financial Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Futures Contracts^

                               

Unrealized Appreciation

  $ 40,809     $     $     $ 40,809  

Total Return Swap^

                               

Unrealized Appreciation

          144,844             144,844  

Total Other Financial Instruments

  $ 40,809     $ 144,844     $     $ 185,653  

 

^

Futures contracts and swap contracts are valued at the unrealized appreciation on the instrument.

 

Amounts designated as “—” are $0.

 

For the period ended August 31, 2019, there were no Level 3 securities.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.
25

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

SECTOR WEIGHTINGS (UNAUDITED)

 

 

Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 65.3%

   

Shares

   

Value

 

EQUITY FUNDS — 65.3%

               

DFA Emerging Markets Core Equity Portfolio, Cl I

    2,625,992     $ 51,259,354  

DFA International Core Equity Portfolio, Cl I

    1,830,390       22,660,233  

DFA International Real Estate Securities, Cl I

    3,995,803       20,977,964  

DFA International Vector Equity Portfolio, Cl I

    4,661,050       50,479,175  

iShares Edge MSCI Min Vol EAFE ETF

    246,049       17,694,614  

iShares Edge MSCI Min Vol Emerging Markets ETF

    176,315       10,012,929  

Total Registered Investment Companies

               

(Cost $172,530,142)

            173,084,269  

 

COMMON STOCK — 30.5%

AUSTRALIA — 1.2%

               

Alumina

    35,731       52,188  

Aristocrat Leisure

    1,697       34,023  

Australia & New Zealand Banking Group

    5,700       102,635  

Brambles

    20,505       155,635  

Coca-Cola Amatil

    5,783       42,271  

Commonwealth Bank of Australia

    1,476       78,414  

Crown Resorts

    5,225       42,222  

CSL

    787       127,865  

Dexus ‡

    22,038       191,619  

Flight Centre Travel Group

    931       29,145  

 

The accompanying notes are an integral part of the financial statements.
26

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

AUSTRALIA — continued

               

Fortescue Metals Group

    30,857     $ 166,341  

Goodman Group ‡

    27,644       270,664  

GPT Group ‡

    29,441       126,710  

Macquarie Group

    3,391       281,937  

Mirvac Group ‡

    68,430       147,009  

Orica

    4,107       59,519  

QBE Insurance Group

    10,442       87,734  

REA Group

    683       47,941  

Santos

    27,374       132,579  

Scentre Group ‡

    40,551       110,381  

Suncorp Group

    5,246       48,690  

Telstra

    80,186       200,493  

Vicinity Centres ‡

    21,714       37,899  

Wesfarmers

    9,609       252,756  

Woodside Petroleum

    7,471       161,274  

Woolworths Group

    4,125       105,011  
              3,092,955  

BELGIUM — 0.1%

               

Ageas

    1,181       63,231  

Proximus SADP

    4,183       123,701  

UCB

    2,207       164,753  
              351,685  

BRAZIL — 1.3%

               

Atacadao

    20,500       110,545  

Banco Bradesco ADR

    28,270       225,877  

Banco do Brasil

    12,300       137,257  

Banco Santander Brasil ADR

    10,365       106,241  

CCR

    7,600       29,824  

Centrais Eletricas Brasileiras

    15,400       172,371  

Cia de Saneamento Basico do Estado de Sao Paulo ADR

    11,466       141,949  

Cia Siderurgica Nacional

    35,800       122,936  

Engie Brasil Energia

    10,600       115,266  

IRB Brasil Resseguros S

    6,600       168,865  

Itau Unibanco Holding ADR

    42,010       346,163  

Itausa - Investimentos Itau

    89,200       265,597  

JBS

    40,200       289,778  

Lojas Renner

    15,300       187,029  

 

The accompanying notes are an integral part of the financial statements.
27

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

BRAZIL — continued

               

Natura Cosmeticos

    9,200     $ 147,742  

Petrobras Distribuidora

    21,800       150,826  

Porto Seguro

    7,100       96,170  

Sul America

    18,000       208,645  

TIM Participacoes ADR

    2,133       31,696  

Vale ADR, Cl B

    33,387       367,257  
              3,422,034  

CANADA — 1.9%

               

Alimentation Couche-Tard, Cl B

    5,811       365,752  

Bank of Montreal

    3,806       260,880  

Bausch Health *

    4,859       103,538  

BCE

    5,820       275,394  

Brookfield Asset Management, Cl A

    6,810       351,190  

CAE

    5,359       140,274  

Canadian National Railway

    4,818       443,658  

Canadian Pacific Railway

    1,165       280,505  

Canadian Tire, Cl A

    174       17,575  

CGI, Cl A *

    3,609       283,049  

Constellation Software

    164       159,727  

Empire

    7,037       194,133  

Gildan Activewear

    4,300       157,641  

H&R Real Estate Investment Trust ‡

    6,435       109,377  

iA Financial

    506       21,043  

Imperial Oil

    962       23,606  

Intact Financial

    1,928       188,427  

Loblaw

    1,936       105,961  

Magna International

    471       23,582  

Manulife Financial

    13,450       223,156  

Metro, Cl A

    1,722       73,063  

National Bank of Canada

    2,474       116,174  

Open Text

    1,399       54,735  

Power Financial

    2,327       49,620  

RioCan Real Estate Investment Trust ‡

    3,068       61,019  

Rogers Communications, Cl B

    4,999       247,472  

Royal Bank of Canada

    5,586       417,796  

Shopify, Cl A *

    69       26,577  

SmartCentres Real Estate Investment Trust ‡

    2,013       47,868  

Sun Life Financial

    402       16,477  

 

The accompanying notes are an integral part of the financial statements.
28

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CANADA — continued

               

Toronto-Dominion Bank

    5,622     $ 304,873  
              5,144,142  

CHINA — 0.2%

               

Agricultural Bank of China, Cl A

    35,800       17,032  

Bank of Beijing, Cl A

    31,100       22,863  

Bank of China, Cl A

    32,800       16,203  

Bank of Communications, Cl A

    25,400       19,232  

Bank of Ningbo, Cl A

    2,908       9,291  

Bank of Shanghai, Cl A

    15,700       19,827  

BYD, Cl A

    1,300       8,999  

China Everbright Bank, Cl A

    35,600       18,734  

China Fortune Land Development, Cl A

    3,500       13,077  

China Merchants Bank, Cl A

    3,600       17,269  

China Merchants Securities, Cl A

    4,300       9,617  

China Merchants Shekou Industrial Zone Holdings, Cl A

    6,100       16,855  

China Minsheng Banking, Cl A

    28,800       23,413  

China Railway Construction, Cl A

    14,700       18,711  

China State Construction Engineering, Cl A

    24,300       18,615  

China United Network Communications, Cl A

    12,800       10,480  

China Vanke, Cl A

    4,900       17,689  

Daqin Railway, Cl A

    9,000       9,745  

Guotai Junan Securities, Cl A

    4,300       10,290  

Haier Smart Home, Cl A

    4,342       9,666  

Huaxia Bank, Cl A

    24,900       25,214  

Industrial & Commercial Bank of China, Cl A

    19,500       14,697  

Industrial Bank, Cl A

    7,200       17,310  

Kweichow Moutai, Cl A

    100       15,986  

Ping An Bank, Cl A

    6,400       12,682  

Ping An Insurance Group of China, Cl A

    900       10,993  

Poly Developments and Holdings Group, Cl A

    7,700       14,486  

SAIC Motor, Cl A

    5,600       19,660  

Shanghai Pudong Development Bank, Cl A

    12,100       19,108  

Shenwan Hongyuan Group, Cl A

    14,600       9,764  

Suning.com, Cl A

    6,799       10,220  

Tsingtao Brewery, Cl H

    14,000       94,391  
              572,119  

 

The accompanying notes are an integral part of the financial statements.
29

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

DENMARK — 0.2%

               

Carlsberg, Cl B

    197     $ 29,144  

Chr Hansen Holding

    294       24,703  

Coloplast, Cl B

    1,069       127,339  

Demant *

    1,159       35,119  

DSV

    838       83,026  

Orsted

    664       63,501  

Tryg

    3,167       94,669  

Vestas Wind Systems

    1,907       139,900  
              597,401  

FINLAND — 0.3%

               

Elisa

    1,640       82,467  

Kone, Cl B

    3,127       180,896  

Neste

    6,144       193,673  

Nokia

    12,583       62,326  

Orion, Cl B

    2,501       92,914  

Stora Enso, Cl R

    3,223       36,165  

UPM-Kymmene

    3,263       88,234  
              736,675  

FRANCE — 1.3%

               

Air Liquide

    964       134,449  

Airbus

    677       93,425  

AXA

    8,517       195,697  

Carrefour

    4,661       79,472  

Cie Generale des Etablissements Michelin SCA

    1,296       136,479  

Dassault Systemes

    438       61,787  

Edenred

    695       33,843  

EssilorLuxottica

    704       103,957  

Hermes International

    429       293,391  

Kering

    327       158,241  

L’Oreal

    863       236,029  

LVMH Moet Hennessy Louis Vuitton

    1,686       672,909  

Peugeot

    8,665       194,006  

Sanofi

    5,180       445,161  

Sartorius Stedim Biotech

    527       81,709  

SCOR

    878       35,016  

Sodexo

    1,017       115,253  

Suez

    1,461       22,676  

Teleperformance

    127       27,762  

 

The accompanying notes are an integral part of the financial statements.
30

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FRANCE — continued

               

Thales

    301     $ 34,848  

TOTAL

    4,133       206,698  

Ubisoft Entertainment *

    258       20,834  
              3,383,642  

GERMANY — 1.1%

               

adidas

    1,038       307,899  

Allianz

    2,677       590,598  

Aroundtown

    13,266       110,418  

Brenntag

    1,621       78,247  

Carl Zeiss Meditec

    1,075       124,234  

Deutsche Boerse

    889       131,026  

Deutsche Telekom

    17,170       286,666  

E.ON

    9,103       84,664  

Evonik Industries

    3,690       94,331  

Hannover Rueck

    1,586       252,971  

MTU Aero Engines

    636       174,048  

Muenchener Rueckversicherungs-Gesellschaft in Muenchen

    848       203,284  

Puma

    777       59,108  

QIAGEN *

    2,228       77,552  

RWE

    1,495       42,620  

Volkswagen

    433       70,748  

Vonovia

    5,481       273,313  

Wirecard

    151       24,291  
              2,986,018  

HONG KONG — 5.9%

               

Agile Group Holdings

    26,000       33,174  

Agricultural Bank of China, Cl H

    649,000       249,499  

Air China, Cl H

    68,000       58,733  

Anhui Conch Cement, Cl H

    48,500       272,183  

BAIC Motor, Cl H

    40,000       22,528  

Bank of China, Cl H

    1,150,000       437,660  

Bank of Communications, Cl H

    484,000       315,978  

Beijing Enterprises Holdings

    12,000       56,941  

BOC Aviation

    13,500       117,314  

BYD Electronic International

    95,500       114,015  

China Aoyuan Group

    84,000       98,804  

China CITIC Bank, Cl H

    63,000       32,889  

 

The accompanying notes are an integral part of the financial statements.
31

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

               

China Coal Energy, Cl H

    36,000     $ 14,266  

China Construction Bank, Cl H

    1,286,000       950,781  

China Everbright Bank, Cl H

    496,000       206,463  

China Jinmao Holdings Group

    218,000       121,410  

China Longyuan Power Group, Cl H

    17,000       9,344  

China Mengniu Dairy

    7,000       27,728  

China Merchants Bank, Cl H

    200,000       909,056  

China Minsheng Banking, Cl H

    385,000       253,014  

China Mobile

    101,000       834,019  

China Oriental Group

    64,000       25,260  

China Overseas Land & Investment

    86,000       271,341  

China Resources Beer Holdings

    6,000       34,071  

China Resources Cement Holdings

    12,000       10,616  

China Resources Gas Group

    34,000       167,545  

China Resources Land

    62,000       251,421  

China Resources Power Holdings

    14,000       18,453  

China Shenhua Energy, Cl H

    41,500       80,872  

China Telecom, Cl H

    534,000       238,620  

China Vanke, Cl H

    81,300       280,219  

CIFI Holdings Group

    54,000       28,920  

CITIC

    135,000       159,679  

CLP Holdings

    19,000       195,153  

CNOOC

    241,000       358,501  

COSCO SHIPPING Ports

    42,000       36,786  

Country Garden Holdings

    44,000       54,554  

CSPC Pharmaceutical Group

    10,000       19,954  

ENN Energy Holdings

    3,900       44,386  

Far East Horizon

    82,000       73,456  

Future Land Development Holdings

    154,000       121,617  

Great Wall Motor, Cl H

    133,500       84,568  

Guangdong Investment

    86,000       181,089  

Guangzhou R&F Properties

    45,200       72,599  

Haier Electronics Group

    9,000       23,434  

Hang Lung Properties

    72,000       162,808  

Hang Seng Bank

    3,800       79,017  

Henderson Land Development

    50,300       233,742  

Hong Kong & China Gas

    103,400       199,363  

Hua Hong Semiconductor

    43,000       71,594  

 

The accompanying notes are an integral part of the financial statements.
32

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

               

Huadian Power International, Cl H

    152,000     $ 59,260  

Hysan Development

    10,000       40,323  

Industrial & Commercial Bank of China, Cl H

    2,060,000       1,296,267  

Jiangsu Expressway, Cl H

    8,000       10,612  

Jiangxi Copper, Cl H

    52,000       58,457  

Kaisa Group Holdings

    59,000       20,397  

KWG Group Holdings

    45,000       39,121  

Lenovo Group

    200,000       130,940  

Li Ning

    63,500       187,164  

Link REIT ‡

    23,000       257,518  

Logan Property Holdings

    90,000       126,949  

Longfor Group Holdings

    52,000       185,599  

Luye Pharma Group

    24,000       18,603  

Maanshan Iron & Steel, Cl H

    68,000       25,461  

Metallurgical Corp of China, Cl H

    63,000       14,043  

MTR

    15,000       86,740  

New China Life Insurance, Cl H

    32,400       127,555  

New World Development

    16,000       19,903  

Ping An Insurance Group of China, Cl H

    155,500       1,773,451  

Postal Savings Bank of China, Cl H

    101,000       60,730  

Shandong Weigao Group Medical Polymer, Cl H

    120,000       123,709  

Shenzhou International Group Holdings

    5,000       67,852  

Shimao Property Holdings

    56,500       159,368  

Shui On Land

    79,000       16,404  

Sihuan Pharmaceutical Holdings Group

    425,000       75,744  

Sino Biopharmaceutical

    14,000       20,769  

Sinopec Engineering Group, Cl H

    28,000       18,290  

Sinopharm Group, Cl H

    6,400       23,120  

Sinotruk Hong Kong

    83,000       127,730  

SJM Holdings

    48,000       45,062  

SSY Group

    28,000       24,692  

Sun Art Retail Group

    11,500       11,219  

Sun Hung Kai Properties

    4,500       63,438  

Sunac China Holdings

    45,000       179,884  

Swire Properties

    54,600       178,970  

Techtronic Industries

    26,500       182,044  

Tingyi Cayman Islands Holding

    12,000       16,500  

Uni-President China Holdings

    22,000       24,424  

 

The accompanying notes are an integral part of the financial statements.
33

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

               

Vitasoy International Holdings

    16,000     $ 74,456  

Want Want China Holdings

    25,000       19,441  

Weichai Power, Cl H

    147,000       223,987  

WH Group

    217,000       174,248  

Wheelock

    15,000       87,218  

Yanzhou Coal Mining, Cl H

    12,000       10,420  

Yihai International Holding

    6,000       35,853  

Yue Yuen Industrial Holdings

    13,500       34,550  

Yuexiu Property

    464,000       99,680  

Yuzhou Properties

    81,000       34,072  

Zhejiang Expressway, Cl H

    74,000       61,794  

Zijin Mining Group, Cl H

    28,000       10,495  
              15,479,963  

HUNGARY — 0.1%

               

MOL Hungarian Oil & Gas

    16,815       164,509  

OTP Bank Nyrt

    2,057       81,848  
              246,357  

INDONESIA — 0.6%

               

Adaro Energy

    314,700       25,004  

Astra International

    280,800       132,044  

Bank Central Asia

    156,700       336,958  

Bank Mandiri Persero

    258,700       132,086  

Bank Negara Indonesia Persero

    276,000       149,591  

Bank Rakyat Indonesia Persero

    1,010,900       303,902  

Gudang Garam

    16,600       81,269  

Indocement Tunggal Prakarsa

    64,200       98,244  

Indofood CBP Sukses Makmur

    43,300       36,794  

Indofood Sukses Makmur

    61,700       34,451  

Jasa Marga Persero

    87,100       34,402  

Pakuwon Jati

    2,289,000       103,358  

Semen Indonesia Persero

    27,400       25,551  

Telekomunikasi Indonesia Persero

    236,600       74,093  
              1,567,747  

ITALY — 0.6%

               

Assicurazioni Generali

    13,494       244,530  

Davide Campari-Milano

    3,992       37,445  

Enel

    39,060       283,521  

Eni

    22,801       343,417  

 

The accompanying notes are an integral part of the financial statements.
34

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

ITALY — continued

               

Ferrari

    455     $ 71,696  

Leonardo

    5,774       70,827  

Mediobanca Banca di Credito Finanziario

    11,791       116,895  

Moncler

    2,766       103,895  

Poste Italiane

    19,284       207,344  

Recordati

    379       16,611  

Terna Rete Elettrica Nazionale

    16,553       103,947  
              1,600,128  

JAPAN — 5.0%

               

ABC-Mart

    1,900       121,357  

Advantest

    5,100       209,140  

AGC

    600       17,291  

Alfresa Holdings

    1,100       24,848  

Amada Holdings

    11,200       116,678  

Asahi Intecc

    4,600       102,836  

Asahi Kasei

    4,100       37,056  

Astellas Pharma

    14,400       199,101  

Bandai Namco Holdings

    4,500       263,530  

Bridgestone

    4,500       171,196  

Brother Industries

    3,400       58,781  

Casio Computer

    3,500       48,911  

Central Japan Railway

    1,600       316,308  

Chubu Electric Power

    1,200       17,696  

Chugai Pharmaceutical

    3,600       257,291  

Dai Nippon Printing

    3,900       84,259  

Daiichi Sankyo

    4,400       288,962  

Daikin Industries

    500       61,800  

East Japan Railway

    1,200       114,279  

Fast Retailing

    500       292,676  

Fuji Electric

    1,000       28,527  

FUJIFILM Holdings

    4,200       179,630  

Fujitsu

    2,400       184,567  

Hakuhodo DY Holdings

    8,000       118,029  

Hamamatsu Photonics

    700       24,158  

Hikari Tsushin

    600       140,457  

Hitachi

    6,400       218,191  

Hitachi Chemical

    5,300       164,160  

 

The accompanying notes are an integral part of the financial statements.
35

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

               

Hitachi High-Technologies

    3,000     $ 161,834  

Honda Motor

    1,300       30,827  

Hoya

    3,800       309,317  

ITOCHU

    10,800       215,116  

Itochu Techno-Solutions

    5,400       148,916  

Japan Airlines

    1,300       40,557  

Japan Airport Terminal

    700       27,883  

Japan Prime Realty Investment ‡

    21       95,969  

Japan Real Estate Investment ‡

    19       126,518  

JSR

    1,300       21,249  

Kakaku.com

    2,800       69,985  

Kamigumi

    3,200       74,920  

Kaneka

    1,500       44,911  

Kao

    600       43,299  

KDDI

    1,800       47,945  

Keihan Holdings

    3,100       129,725  

Keio

    1,600       99,999  

Kobayashi Pharmaceutical

    400       29,922  

Kose

    100       17,151  

Kyocera

    3,700       219,721  

Lion

    1,200       23,297  

Marubeni

    5,400       34,429  

Marui Group

    1,300       25,873  

Medipal Holdings

    6,300       133,602  

MEIJI Holdings

    600       41,695  

MINEBEA MITSUMI

    1,000       15,438  

Mitsubishi

    9,900       240,508  

Mitsubishi Electric

    12,300       148,259  

Mitsubishi Heavy Industries

    3,900       146,537  

Mitsubishi UFJ Lease & Finance

    3,100       16,739  

Mitsui

    3,400       53,173  

Mitsui Fudosan

    900       21,564  

MS&AD Insurance Group Holdings

    6,000       190,383  

Murata Manufacturing

    4,900       204,839  

Nexon

    2,800       37,573  

NGK Spark Plug

    2,700       46,653  

Nippon Building Fund ‡

    32       234,999  

Nippon Telegraph & Telephone

    9,000       431,468  

 

The accompanying notes are an integral part of the financial statements.
36

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

               

Nissan Chemical

    300     $ 12,681  

Nisshin Seifun Group

    2,400       45,074  

Nomura Research Institute

    3,300       65,498  

NTT Data

    10,000       129,084  

Obic

    1,400       159,991  

Omron

    2,300       113,255  

Oriental Land

    1,200       174,713  

Otsuka

    2,000       74,140  

Pan Pacific International Holdings

    6,400       100,188  

Park24

    1,000       20,473  

Persol Holdings

    2,200       44,617  

Recruit Holdings

    10,300       311,815  

Ricoh

    2,600       24,037  

Sankyo

    1,700       58,679  

Santen Pharmaceutical

    1,200       21,003  

Secom

    2,100       178,974  

Sega Sammy Holdings

    1,800       24,880  

Sekisui Chemical

    1,800       25,895  

Sekisui House

    3,700       65,650  

SG Holdings

    5,400       144,213  

Shimadzu

    1,400       34,747  

Shimano

    200       28,710  

Shin-Etsu Chemical

    1,300       130,979  

Shinsei Bank

    2,200       30,399  

Shionogi

    2,000       107,036  

Shiseido

    400       32,665  

SoftBank Group

    10,900       493,440  

Sohgo Security Services

    600       30,270  

Sompo Holdings

    700       27,900  

Sony

    3,200       181,434  

Sony Financial Holdings

    6,600       152,043  

Sumitomo

    2,200       32,935  

Sumitomo Heavy Industries

    2,200       63,138  

Sumitomo Mitsui Trust Holdings

    600       19,579  

Suzuken

    2,900       155,816  

Taiheiyo Cement

    1,200       30,261  

TDK

    500       39,610  

Terumo

    5,300       153,984  

 

The accompanying notes are an integral part of the financial statements.
37

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

               

Toho

    3,100     $ 131,184  

Toho Gas

    3,600       139,592  

Tokio Marine Holdings

    5,400       277,595  

Tokyo Gas

    4,500       113,618  

Toppan Printing

    4,300       68,500  

Tosoh

    1,200       15,382  

Toyo Suisan Kaisha

    1,800       73,174  

Toyoda Gosei

    1,200       22,316  

Toyota Industries

    400       22,004  

Toyota Motor

    6,200       405,895  

Toyota Tsusho

    700       21,706  

Unicharm

    3,000       92,170  

West Japan Railway

    1,400       117,909  

Yamaha

    2,300       99,180  

Yamazaki Baking

    1,100       19,117  

Yokogawa Electric

    2,400       43,578  

Yokohama Rubber

    2,100       40,331  
              13,107,565  

MALAYSIA — 0.2%

               

AMMB Holdings

    83,100       82,932  

Fraser & Neave Holdings

    3,200       26,804  

Hong Leong Bank

    2,300       9,071  

Hong Leong Financial Group

    19,200       76,966  

Malayan Banking

    18,700       38,628  

Malaysia Airports Holdings

    10,500       20,495  

Nestle Malaysia

    1,000       35,038  

Petronas Dagangan

    2,500       13,591  

PPB Group

    14,300       63,363  

Public Bank

    20,100       96,983  

RHB Bank

    89,900       121,927  

Sime Darby

    25,500       13,884  

Telekom Malaysia

    19,000       16,917  

Tenaga Nasional

    3,500       11,598  
              628,197  

MEXICO — 0.1%

               

Grupo Bimbo, Ser A

    19,900       34,743  

Grupo Financiero Banorte, Cl O

    2,900       15,648  

Megacable Holdings

    6,200       25,367  

 

The accompanying notes are an integral part of the financial statements.
38

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

MEXICO — continued

               

Promotora y Operadora de Infraestructura

    3,530     $ 29,464  

Wal-Mart de Mexico

    36,000       102,136  
              207,358  

NETHERLANDS — 0.4%

               

Aegon

    11,916       45,384  

ASML Holding

    224       49,917  

Koninklijke Ahold Delhaize

    10,255       239,933  

Koninklijke DSM

    1,688       210,112  

Koninklijke KPN

    14,408       45,659  

Koninklijke Vopak

    634       30,265  

NN Group

    2,233       74,817  

Randstad

    374       17,473  

Wolters Kluwer

    3,941       284,170  
              997,730  

NORWAY — 0.1%

               

DNB

    2,116       34,222  

Gjensidige Forsikring

    3,252       62,819  

Mowi

    4,189       100,232  
              197,273  

PHILIPPINES — 0.2%

               

Alliance Global Group

    312,900       76,336  

Globe Telecom

    3,440       134,107  

International Container Terminal Services

    16,790       43,733  

Manila Electric

    12,080       84,719  

Megaworld

    994,700       98,008  

Robinsons Land

    209,400       100,437  

Universal Robina

    25,940       86,172  
              623,512  

POLAND — 0.2%

               

CD Projekt

    561       35,809  

Cyfrowy Polsat

    8,455       61,904  

Dino Polska *

    1,057       40,898  

Grupa Lotos

    6,026       130,550  

KGHM Polska Miedz

    1,563       30,818  

Orange Polska

    21,017       33,712  

Polski Koncern Naftowy ORLEN

    5,568       127,034  

Powszechna Kasa Oszczednosci Bank Polski

    6,212       61,194  
              521,919  

 

The accompanying notes are an integral part of the financial statements.
39

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

PORTUGAL — 0.0%

               

Galp Energia SGPS

    2,675     $ 38,459  
                 

SINGAPORE — 0.4%

               

Ascendas Real Estate Investment Trust ‡

    33,000       73,177  

CapitaLand Commercial Trust ‡

    24,200       37,102  

CapitaLand Mall Trust ‡

    79,300       151,254  

ComfortDelGro

    90,200       159,052  

DBS Group Holdings

    3,900       68,865  

SATS

    12,700       43,887  

Singapore Technologies Engineering

    32,700       92,730  

United Overseas Bank

    3,900       70,039  

Venture

    3,000       32,714  

Wilmar International

    51,400       141,017  

Yangzijiang Shipbuilding Holdings

    89,600       58,779  
              928,616  

SOUTH AFRICA — 0.4%

               

Absa Group

    8,971       90,819  

Anglo American Platinum

    2,659       163,038  

AngloGold Ashanti ADR

    11,192       254,618  

Bidvest Group

    1,323       15,558  

Clicks Group

    1,125       14,746  

Exxaro Resources

    9,673       86,878  

FirstRand

    20,169       79,836  

Foschini Group

    3,780       37,485  

Investec

    3,752       19,799  

Kumba Iron Ore

    3,921       101,311  

Liberty Holdings

    3,634       26,221  

Pick n Pay Stores

    4,249       16,155  

RMB Holdings

    14,939       70,117  

Sanlam

    4,220       20,246  

SPAR Group

    927       10,604  

Standard Bank Group

    2,218       25,946  

Telkom SOC

    19,380       101,404  
              1,134,781  

SOUTH KOREA — 0.9%

               

BGF retail

    597       100,372  

Cheil Worldwide

    6,067       132,388  

Daelim Industrial

    1,694       136,669  

 

The accompanying notes are an integral part of the financial statements.
40

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SOUTH KOREA — continued

               

Doosan Bobcat

    2,206     $ 65,244  

Fila Korea

    2,249       106,112  

GS Retail

    1,415       45,181  

Hanon Systems

    4,145       39,708  

Hyundai Glovis

    896       118,210  

Kangwon Land

    3,848       89,581  

Kia Motors

    6,717       241,835  

Korea Investment Holdings

    315       18,774  

Korea Zinc

    352       126,402  

KT&G

    2,049       172,454  

Meritz Securities

    26,756       105,016  

NCSoft

    329       145,840  

Samsung Electronics

    9,170       333,123  

Samsung Fire & Marine Insurance

    46       8,685  

Shinhan Financial Group

    1,517       51,003  

SK Hynix

    430       27,426  

SK Telecom

    1,017       200,932  
              2,264,955  

SPAIN — 0.5%

               

ACS Actividades de Construccion y Servicios

    3,792       143,550  

Amadeus IT Group

    1,560       116,442  

Endesa

    7,878       202,461  

Iberdrola

    48,096       494,458  

Mapfre

    23,883       62,297  

Red Electrica

    7,902       157,552  
              1,176,760  

SWEDEN — 0.5%

               

Essity, Cl B

    3,085       96,364  

Hennes & Mauritz, Cl B

    12,211       234,164  

Hexagon, Cl B

    1,121       49,907  

Investor, Cl B

    5,626       264,372  

Lundin Petroleum

    1,972       60,060  

Securitas, Cl B

    7,272       108,907  

Skandinaviska Enskilda Banken, Cl A

    7,712       66,309  

Swedish Match

    2,288       89,958  

Tele2, Cl B

    4,458       62,968  

Telefonaktiebolaget LM Ericsson, Cl B

    28,160       219,848  

Telia

    33,866       148,324  
              1,401,181  

 

The accompanying notes are an integral part of the financial statements.
41

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SWITZERLAND — 2.2%

               

Baloise Holding

    261     $ 44,560  

Chocoladefabriken Lindt & Spruengli

    22       162,743  

Nestle

    15,722       1,763,046  

Novartis

    13,699       1,233,370  

Partners Group Holding

    241       195,549  

Roche Holding

    4,351       1,191,851  

Sika

    353       50,781  

Sonova Holding

    630       146,316  

Straumann Holding

    88       69,099  

Swiss Life Holding

    588       279,222  

Temenos

    369       62,052  

Zurich Insurance Group

    1,668       593,445  
              5,792,034  

TAIWAN — 2.0%

               

Acer

    72,000       39,405  

Advantech

    5,000       42,514  

ASE Technology Holding

    41,000       92,826  

Asia Cement

    92,000       125,940  

Chailease Holding

    38,110       150,989  

Chang Hwa Commercial Bank

    174,420       111,971  

Chicony Electronics

    6,000       16,824  

China Steel

    301,000       221,623  

CTBC Financial Holding

    145,000       93,925  

Delta Electronics

    30,000       139,959  

E.Sun Financial Holding

    229,215       184,185  

Eclat Textile

    9,000       109,900  

Eva Airways

    178,000       80,203  

Far Eastern New Century

    48,000       43,544  

Feng TAY Enterprise

    20,900       135,999  

First Financial Holding

    65,650       44,870  

Formosa Chemicals & Fibre

    59,000       165,346  

Formosa Petrochemical

    19,000       58,719  

Formosa Taffeta

    79,000       85,601  

Fubon Financial Holding

    31,000       43,051  

Giant Manufacturing

    9,000       62,479  

Hon Hai Precision Industry

    60,000       141,965  

Hua Nan Financial Holdings

    16,872       10,710  

Inventec

    55,000       37,653  

 

The accompanying notes are an integral part of the financial statements.
42

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

TAIWAN — continued

               

Lite-On Technology

    63,000     $ 100,069  

Mega Financial Holding

    186,000       170,118  

Micro-Star International

    5,000       13,334  

Nan Ya Plastics

    18,000       39,395  

Novatek Microelectronics

    30,000       177,616  

Phison Electronics

    8,000       73,059  

Pou Chen

    26,000       32,409  

President Chain Store

    6,000       55,734  

Realtek Semiconductor

    27,000       185,145  

Shanghai Commercial & Savings Bank *

    35,000       56,518  

SinoPac Financial Holdings

    246,000       92,732  

Taiwan Business Bank

    345,450       135,312  

Taiwan Cement

    136,973       167,527  

Taiwan Cooperative Financial Holding

    154,500       98,281  

Taiwan High Speed Rail *

    20,000       24,144  

Taiwan Semiconductor Manufacturing ADR

    24,793       1,056,925  

Uni-President Enterprises

    70,000       170,495  

United Microelectronics

    52,000       22,256  

Vanguard International Semiconductor

    36,000       73,305  

Walsin Technology

    11,000       55,389  

Wistron

    17,000       13,480  

Yuanta Financial Holding

    304,000       174,529  

Zhen Ding Technology Holding

    50,000       184,905  
              5,412,878  

THAILAND — 0.4%

               

Advanced Info Service NVDR

    6,200       46,986  

Bangkok Bank NVDR

    27,000       150,808  

Bangkok Dusit Medical Services NVDR

    68,500       52,800  

Home Product Center NVDR

    130,900       76,903  

Kasikornbank NVDR

    10,100       52,791  

Krung Thai Bank NVDR

    280,600       157,573  

Land & Houses NVDR

    193,100       68,195  

PTT NVDR

    58,800       84,973  

PTT Exploration & Production NVDR

    42,800       174,144  

Siam Cement NVDR

    6,800       92,460  

Siam Commercial Bank NVDR

    30,800       124,408  

Thai Union Group NVDR

    146,400       83,310  
              1,165,351  

 

The accompanying notes are an integral part of the financial statements.
43

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

TURKEY — 0.1%

               

Akbank T.A.S.

    36,668     $ 43,796  

Arcelik

    20,317       59,696  

KOC Holding

    38,490       115,810  

TAV Havalimanlari Holding

    2,660       10,799  

Turkcell Iletisim Hizmetleri

    13,156       29,266  

Turkiye Garanti Bankasi

    30,689       47,025  

Turkiye Is Bankasi, Cl C

    48,213       45,707  

Turkiye Sise ve Cam Fabrikalari

    33,442       24,903  
              377,002  

UNITED KINGDOM — 2.1%

               

Admiral Group

    1,418       37,143  

Anglo American

    10,087       218,810  

AstraZeneca

    4,910       437,612  

Auto Trader Group

    15,035       97,464  

Barratt Developments

    26,089       201,032  

Berkeley Group Holdings

    1,472       70,247  

BHP Group

    25,107       543,113  

BP

    96,783       590,858  

Burberry Group

    5,893       155,940  

Compass Group

    9,955       252,782  

Croda International

    450       25,829  

Diageo

    9,499       405,585  

Evraz

    24,515       147,870  

Experian

    5,803       178,074  

GlaxoSmithKline

    8,173       170,143  

Halma

    3,871       92,903  

Johnson Matthey

    834       29,632  

Mondi

    2,667       52,099  

National Grid

    10,752       112,759  

Next

    1,325       95,708  

Persimmon

    636       14,745  

Rio Tinto

    7,753       391,551  

Royal Dutch Shell, Cl A

    16,703       464,419  

Sage Group

    12,704       108,440  

Segro ‡

    1,769       16,930  

Smith & Nephew

    8,496       203,366  

Spirax-Sarco Engineering

    980       96,176  

Tesco

    47,089       125,903  

 

The accompanying notes are an integral part of the financial statements.
44

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

UNITED KINGDOM — continued

               

Unilever

    1,986     $ 125,615  

Whitbread

    730       38,852  
              5,501,600  

UNITED STATES — 0.0%

               

Credicorp

    63       13,049  
                 

Total Common Stock

               

(Cost $77,524,082)

            80,671,086  
                 

PREFERRED STOCK — 0.3%

               

BRAZIL — 0.3% (1)

               

Cia Brasileira de Distribuicao

    2,400       50,788  

Petroleo Brasileiro

    100,500       616,688  

Telefonica Brasil

    13,500       174,903  

Total Preferred Stock

               

(Cost $876,101)

            842,379  
                 

RIGHTS — 0.0%

               
   

Number of
Rights

         

The Shanghai Commercial & SA, Expires 10/07/2019

    2,843       1,340  

Total Rights

               

(Cost $–)

            1,340  
                 

SHORT-TERM INVESTMENT — 3.9%

               
   

Shares

         

Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (A)

               

(Cost $10,301,339)

    10,301,339       10,301,339  

Total Investments — 100.0%

               

(Cost $261,231,664)

          $ 264,900,413  

 

 

The accompanying notes are an integral part of the financial statements.
45

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

A list of open futures contracts held by the Fund at August 31, 2019, is as follows:

 

Type of
Contract

Number of
Contracts
Long

Expiration
Date

 

Notional
Amount

   

Value

   

Unrealized
Depreciation

 

MSCI EAFE Index

21

Sep-2019

  $ 1,969,496     $ 1,936,095     $ (33,401 )

SGX Nifty 50

140

Sep-2019

    3,105,584       3,095,260       (10,324 )
        $ 5,075,080     $ 5,031,355     $ (43,725 )

 

A list of open total return swap agreements held by the Fund at August 31, 2019, is as follows:

 

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

 

Notional
Amount

   

Value

   

Net
Unrealized
Depreciation

 

ReFlow

SPILX NAV

SOFR +35 BPS

SPLIX

Annually

02/05/2020

USD

    5,100,818     $ (174,564 )   $ (174,564 )

 

Percentages are based on Net Assets of $264,899,507.

 

*

Non-income producing security.

Real Estate Investment Trust

(1)

Rate is not available.

(A)

The rate reported is the 7-day effective yield as of August 31, 2019.

 

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NVDR— Non-Voting Depository Receipt

S&P— Standard & Poor’s

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPILX — Symmetry Panoramic International Equity Fund

USD — United States Dollar

VOL — Volatility

 

The accompanying notes are an integral part of the financial statements.
46

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

The following table summarizes the inputs used as of August 31, 2019, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Registered Investment Companies

  $ 173,084,269     $     $     $ 173,084,269  

Common Stock

                               

Australia

          3,092,955             3,092,955  

Belgium

          351,685             351,685  

Brazil

    3,422,034                   3,422,034  

Canada

    5,144,142                   5,144,142  

China

          572,119             572,119  

Denmark

          597,401             597,401  

Finland

          736,675             736,675  

France

          3,383,642             3,383,642  

Germany

          2,986,018             2,986,018  

Hong Kong

          15,479,963             15,479,963  

Hungary

          246,357             246,357  

Indonesia

          1,567,747             1,567,747  

Italy

          1,600,128             1,600,128  

Japan

          13,107,565             13,107,565  

Malaysia

          628,197             628,197  

Mexico

    207,358                   207,358  

Netherlands

          997,730             997,730  

Norway

          197,273             197,273  

Philippines

          623,512             623,512  

Poland

          521,919             521,919  

Portugal

          38,459             38,459  

Singapore

          928,616             928,616  

South Africa

    254,618       880,163             1,134,781  

South Korea

          2,264,955             2,264,955  

Spain

          1,176,760             1,176,760  

Sweden

          1,401,181             1,401,181  

Switzerland

          5,792,034             5,792,034  

Taiwan

    1,056,925       4,355,953             5,412,878  

Thailand

          1,165,351             1,165,351  

Turkey

          377,002             377,002  

United Kingdom

          5,501,600             5,501,600  

United States

    13,049                   13,049  

Total Common Stock

    10,098,126       70,572,960             80,671,086  

Preferred Stock

                               

Brazil

    842,379                   842,379  

Rights

          1,340             1,340  

Short-Term Investment

    10,301,339                   10,301,339  

Total Investments in Securities

  $ 194,326,113     $ 70,574,300     $     $ 264,900,413  

 

The accompanying notes are an integral part of the financial statements.
47

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

 

 

Other Financial Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Futures Contracts^

                               

Unrealized Depreciation

  $ (43,725 )   $     $     $ (43,725 )

Total Return Swap^

                               

Unrealized Depreciation

          (174,564 )           (174,564 )

Total Other Financial Instruments

  $ (43,725 )   $ (174,564 )   $     $ (218,289 )

 

^

Futures contracts and swap contracts are valued at the unrealized depreciation on the instrument.

 

Amounts designated as “—” are $0.

 

For the period ended August 31, 2019, there were no Level 3 securities.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.
48

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

SECTOR WEIGHTINGS (UNAUDITED)

 

 

Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 69.1%

   

Shares

   

Value

 

EQUITY FUNDS — 69.1%

               

DFA Emerging Markets Core Equity Portfolio, Cl I

    2,178,361     $ 42,521,607  

DFA International Core Equity Portfolio, Cl I

    1,543,783       19,112,033  

DFA International Real Estate Securities, Cl I

    2,650,478       13,915,009  

DFA International Vector Equity Portfolio, Cl I

    3,606,953       39,063,304  

DFA Real Estate Securities Portfolio, Cl I

    568,190       23,238,961  

DFA US Core Equity 2 Portfolio, Cl I

    3,678,651       79,826,734  

DFA US Vector Equity Portfolio, Cl I

    4,617,318       81,865,055  

iShares Edge MSCI Min Vol Global ETF

    548,157       51,312,977  

Total Registered Investment Companies

               

(Cost $339,539,877)

            350,855,680  

 

COMMON STOCK — 27.9%

AUSTRALIA — 0.5%

               

Alumina

    31,304       45,722  

Aristocrat Leisure

    1,429       28,650  

Aurizon Holdings

    3,891       15,529  

Australia & New Zealand Banking Group

    4,632       83,404  

Brambles

    15,789       119,840  

Coca-Cola Amatil

    4,759       34,786  

Commonwealth Bank of Australia

    1,241       65,930  

Crown Resorts

    4,236       34,230  

CSL

    674       109,506  

 

The accompanying notes are an integral part of the financial statements.
49

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

AUSTRALIA — continued

               

Dexus ‡

    16,870     $ 146,683  

Flight Centre Travel Group

    739       23,135  

Fortescue Metals Group

    25,951       139,894  

Goodman Group ‡

    21,902       214,444  

GPT Group ‡

    23,611       101,619  

Macquarie Group

    2,570       213,677  

Mirvac Group ‡

    52,900       113,646  

Orica

    3,285       47,607  

QBE Insurance Group

    8,602       72,275  

REA Group

    523       36,711  

Santos

    22,171       107,379  

Scentre Group ‡

    34,204       93,104  

Suncorp Group

    4,119       38,230  

Telstra

    62,895       157,259  

Vicinity Centres ‡

    16,001       27,927  

Washington H Soul Pattinson

    858       12,083  

Wesfarmers

    7,466       196,387  

Woodside Petroleum

    6,516       140,659  

Woolworths Group

    3,463       88,159  
              2,508,475  

BELGIUM — 0.1%

               

Ageas

    964       51,613  

Proximus SADP

    3,592       106,224  

UCB

    1,673       124,890  
              282,727  

BRAZIL — 0.5%

               

Atacadao

    15,800       85,200  

Banco Bradesco ADR

    23,776       189,970  

Banco do Brasil

    9,700       108,244  

Banco Santander Brasil ADR

    8,328       85,362  

CCR

    4,900       19,229  

Centrais Eletricas Brasileiras

    12,100       135,435  

Cia de Saneamento Basico do Estado de Sao Paulo ADR

    9,217       114,106  

Cia Siderurgica Nacional

    27,900       95,807  

Engie Brasil Energia

    8,300       90,256  

Equatorial Energia

    500       11,563  

IRB Brasil Resseguros S

    5,100       130,487  

 

The accompanying notes are an integral part of the financial statements.
50

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

BRAZIL — continued

               

Itau Unibanco Holding ADR

    33,082     $ 272,596  

Itausa - Investimentos Itau

    68,800       204,855  

JBS

    31,100       224,181  

Lojas Renner

    12,400       151,579  

Multiplan Empreendimentos Imobiliarios

    4,000       25,376  

Natura Cosmeticos

    7,100       114,018  

Petrobras Distribuidora

    17,100       118,308  

Porto Seguro

    6,900       93,461  

Sul America

    13,800       159,961  

TIM Participacoes ADR

    1,680       24,965  

Vale ADR, Cl B

    26,785       294,635  
              2,749,594  

CANADA — 0.8%

               

Alimentation Couche-Tard, Cl B

    4,549       286,320  

Bank of Montreal

    3,072       210,568  

Bausch Health *

    3,487       74,302  

BCE

    4,769       225,662  

Brookfield Asset Management, Cl A

    5,522       284,768  

CAE

    4,217       110,382  

Canadian National Railway

    3,878       357,100  

Canadian Pacific Railway

    944       227,293  

Canadian Tire, Cl A

    139       14,040  

CGI, Cl A *

    2,796       219,287  

Constellation Software

    134       130,508  

Empire

    5,636       155,483  

Gildan Activewear

    3,454       126,626  

H&R Real Estate Investment Trust ‡

    4,859       82,589  

iA Financial

    417       17,342  

Imperial Oil

    611       14,993  

Intact Financial

    1,584       154,807  

Loblaw

    1,643       89,924  

Magna International

    326       16,322  

Manulife Financial

    10,861       180,201  

Metro, Cl A

    1,401       59,443  

National Bank of Canada

    2,005       94,151  

Open Text

    1,086       42,489  

Power Financial

    1,919       40,920  

RioCan Real Estate Investment Trust ‡

    2,250       44,750  

 

The accompanying notes are an integral part of the financial statements.
51

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CANADA — continued

               

Rogers Communications, Cl B

    3,986     $ 197,324  

Royal Bank of Canada

    4,510       337,318  

Shopify, Cl A *

    64       24,651  

SmartCentres Real Estate Investment Trust ‡

    2,011       47,821  

Sun Life Financial

    315       12,911  

Toronto-Dominion Bank

    4,368       236,871  
              4,117,166  

CHINA — 0.1%

               

Agricultural Bank of China, Cl A

    31,800       15,129  

Bank of Beijing, Cl A

    26,800       19,702  

Bank of China, Cl A

    31,200       15,413  

Bank of Communications, Cl A

    23,300       17,642  

Bank of Ningbo, Cl A

    2,400       7,668  

Bank of Shanghai, Cl A

    12,297       15,530  

BYD, Cl A

    1,000       6,922  

China Everbright Bank, Cl A

    30,400       15,998  

China Fortune Land Development, Cl A

    2,600       9,714  

China Merchants Bank, Cl A

    2,100       10,073  

China Merchants Securities, Cl A

    3,400       7,604  

China Merchants Shekou Industrial Zone Holdings, Cl A

    4,300       11,881  

China Minsheng Banking, Cl A

    24,100       19,592  

China Railway Construction, Cl A

    8,500       10,819  

China State Construction Engineering, Cl A

    14,000       10,725  

China United Network Communications, Cl A

    11,800       9,661  

China Vanke, Cl A

    3,400       12,274  

CITIC Securities, Cl A

    2,600       8,126  

Daqin Railway, Cl A

    7,200       7,796  

Guotai Junan Securities, Cl A

    3,200       7,658  

Haier Smart Home, Cl A

    3,500       7,791  

Huatai Securities, Cl A

    2,800       7,426  

Huaxia Bank, Cl A

    20,800       21,062  

Industrial & Commercial Bank of China, Cl A

    16,300       12,285  

Industrial Bank, Cl A

    5,400       12,983  

Ping An Bank, Cl A

    4,000       7,926  

Ping An Insurance Group of China, Cl A

    600       7,328  

Poly Developments and Holdings Group, Cl A

    5,700       10,724  

SAIC Motor, Cl A

    3,100       10,883  

 

The accompanying notes are an integral part of the financial statements.
52

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CHINA — continued

               

Shanghai Pudong Development Bank, Cl A

    10,000     $ 15,792  

Shenwan Hongyuan Group, Cl A

    11,700       7,825  

Suning.com, Cl A

    5,300       7,967  

Tsingtao Brewery, Cl H

    12,000       80,906  
              450,825  

DENMARK — 0.1%

               

Carlsberg, Cl B

    97       14,350  

Chr Hansen Holding

    231       19,409  

Coloplast, Cl B

    817       97,321  

Demant *

    922       27,938  

DSV

    727       72,028  

Orsted

    576       55,085  

Tryg

    2,800       83,698  

Vestas Wind Systems

    1,550       113,710  
              483,539  

FINLAND — 0.1%

               

Elisa

    1,385       69,645  

Kone, Cl B

    2,606       150,756  

Neste

    4,341       136,838  

Nokia

    10,696       52,979  

Orion, Cl B

    1,989       73,893  

Stora Enso, Cl R

    1,877       21,061  

UPM-Kymmene

    2,630       71,117  
              576,289  

FRANCE — 0.5%

               

Air Liquide

    672       93,724  

Airbus

    583       80,453  

AXA

    7,470       171,640  

Carrefour

    3,882       66,190  

Cie Generale des Etablissements Michelin SCA

    1,051       110,678  

CNP Assurances

    836       15,185  

Dassault Systemes

    311       43,872  

Edenred

    574       27,951  

EssilorLuxottica

    516       76,196  

Eutelsat Communications

    679       11,819  

Hermes International

    328       224,318  

Kering

    263       127,270  

L’Oreal

    745       203,756  

 

The accompanying notes are an integral part of the financial statements.
53

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FRANCE — continued

               

LVMH Moet Hennessy Louis Vuitton

    1,401     $ 559,161  

Peugeot

    6,971       156,078  

Sanofi

    4,382       376,582  

Sartorius Stedim Biotech

    458       71,011  

SCOR

    857       34,179  

Sodexo

    858       97,234  

Suez

    1,354       21,016  

Teleperformance

    96       20,985  

Thales

    212       24,544  

TOTAL

    3,095       154,786  

Ubisoft Entertainment *

    195       15,747  
              2,784,375  

GERMANY — 0.5%

               

adidas

    853       253,023  

Allianz

    2,109       465,286  

Aroundtown

    11,032       91,824  

Brenntag

    1,258       60,725  

Carl Zeiss Meditec

    904       104,472  

Deutsche Boerse

    776       114,371  

Deutsche Telekom

    12,909       215,525  

E.ON

    7,673       71,364  

Evonik Industries

    2,840       72,602  

Hannover Rueck

    1,261       201,133  

MTU Aero Engines

    510       139,567  

Muenchener Rueckversicherungs-Gesellschaft in Muenchen

    697       167,086  

Puma

    687       52,261  

QIAGEN *

    1,696       59,034  

RWE

    1,219       34,752  

Volkswagen

    333       54,409  

Vonovia

    4,172       208,039  

Wirecard

    120       19,304  
              2,384,777  

HONG KONG — 2.5%

               

Agile Group Holdings

    22,000       28,070  

Agricultural Bank of China, Cl H

    515,000       197,985  

Air China, Cl H

    50,000       43,186  

Anhui Conch Cement, Cl H

    38,500       216,062  

 

The accompanying notes are an integral part of the financial statements.
54

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

               

BAIC Motor, Cl H

    19,000     $ 10,700  

Bank of China, Cl H

    925,000       352,031  

Bank of Communications, Cl H

    390,000       254,610  

Beijing Enterprises Holdings

    9,500       45,078  

BOC Aviation

    10,700       92,982  

BYD Electronic International

    73,000       87,153  

China Aoyuan Group

    69,000       81,161  

China CITIC Bank, Cl H

    81,000       42,285  

China Coal Energy, Cl H

    49,000       19,417  

China Construction Bank, Cl H

    1,024,000       757,076  

China Everbright Bank, Cl H

    396,000       164,837  

China Jinmao Holdings Group

    172,000       95,792  

China Mengniu Dairy

    7,000       27,728  

China Merchants Bank, Cl H

    157,500       715,882  

China Minsheng Banking, Cl H

    307,500       202,082  

China Mobile

    83,500       689,511  

China Oriental Group

    54,000       21,313  

China Overseas Land & Investment

    68,000       214,548  

China Railway Construction, Cl H

    32,500       35,051  

China Resources Beer Holdings

    6,000       34,071  

China Resources Gas Group

    26,000       128,123  

China Resources Land

    48,000       194,648  

China Shenhua Energy, Cl H

    34,500       67,231  

China Vanke, Cl H

    65,400       225,416  

CIFI Holdings Group

    40,000       21,422  

CITIC

    137,000       162,044  

CLP Holdings

    15,000       154,068  

CNOOC

    197,000       293,048  

COSCO SHIPPING Ports

    38,000       33,282  

Country Garden Holdings

    34,000       42,155  

CRRC

    80,000       54,944  

CSPC Pharmaceutical Group

    8,000       15,963  

ENN Energy Holdings

    3,300       37,558  

Far East Horizon

    67,000       60,019  

Future Land Development Holdings

    120,000       94,767  

Great Wall Motor, Cl H

    98,000       62,080  

Guangdong Investment

    70,000       147,398  

Guangzhou R&F Properties

    36,000       57,822  

 

The accompanying notes are an integral part of the financial statements.
55

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

               

Haier Electronics Group

    7,000     $ 18,227  

Hang Lung Properties

    51,000       115,323  

Hang Seng Bank

    2,400       49,906  

Henderson Land Development

    36,800       171,008  

Hong Kong & China Gas

    77,000       148,462  

Hua Hong Semiconductor

    37,000       61,604  

Huadian Power International, Cl H

    124,000       48,344  

Hysan Development

    11,000       44,355  

Industrial & Commercial Bank of China, Cl H

    1,651,000       1,038,901  

Jiangsu Expressway, Cl H

    6,000       7,959  

Jiangxi Copper, Cl H

    43,000       48,340  

Kaisa Group Holdings

    42,000       14,520  

KWG Group Holdings

    34,000       29,558  

Lenovo Group

    160,000       104,752  

Li Ning

    51,000       150,321  

Link REIT ‡

    18,000       201,536  

Logan Property Holdings

    70,000       98,738  

Longfor Group Holdings

    41,000       146,338  

Luye Pharma Group

    21,000       16,278  

Maanshan Iron & Steel, Cl H

    62,000       23,215  

MTR

    10,500       60,718  

New China Life Insurance, Cl H

    25,500       100,391  

New World Development

    97,000       120,664  

Ping An Insurance Group of China, Cl H

    122,500       1,397,091  

Postal Savings Bank of China, Cl H

    84,000       50,508  

Shandong Weigao Group Medical Polymer, Cl H

    96,000       98,967  

Shenzhen International Holdings

    11,874       22,471  

Shenzhou International Group Holdings

    4,000       54,282  

Shimao Property Holdings

    42,000       118,468  

Shui On Land

    78,000       16,196  

Sihuan Pharmaceutical Holdings Group

    346,000       61,664  

Sino Biopharmaceutical

    12,000       17,802  

Sinopec Engineering Group, Cl H

    41,000       26,782  

Sinopharm Group, Cl H

    4,000       14,450  

Sinotruk Hong Kong

    64,500       99,260  

SJM Holdings

    46,000       43,184  

SSY Group

    22,000       19,401  

Sun Hung Kai Properties

    16,000       225,556  

 

The accompanying notes are an integral part of the financial statements.
56

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

               

Sunac China Holdings

    34,000     $ 135,912  

Swire Properties

    40,000       131,113  

Techtronic Industries

    20,500       140,826  

Tingyi Cayman Islands Holding

    12,000       16,501  

Uni-President China Holdings

    18,000       19,984  

Vitasoy International Holdings

    12,000       55,842  

Want Want China Holdings

    19,000       14,775  

Weichai Power, Cl H

    117,000       178,275  

WH Group

    167,000       134,098  

Wheelock

    8,000       46,516  

Yanzhou Coal Mining, Cl H

    14,000       12,156  

Yihai International Holding

    5,000       29,877  

Yue Yuen Industrial Holdings

    11,000       28,152  

Yuexiu Property

    370,000       79,487  

Yuzhou Properties

    60,000       25,239  

Zhejiang Expressway, Cl H

    60,000       50,104  

Zhuzhou CRRC Times Electric, Cl H

    8,900       35,458  

Zijin Mining Group, Cl H

    32,000       11,995  
              12,512,449  

HUNGARY — 0.0%

               

MOL Hungarian Oil & Gas

    12,485       122,146  

OTP Bank Nyrt

    1,730       68,837  
              190,983  

INDONESIA — 0.2%

               

Adaro Energy

    277,400       22,040  

Astra International

    209,600       98,563  

Bank Central Asia

    123,500       265,567  

Bank Mandiri Persero

    205,500       104,923  

Bank Negara Indonesia Persero

    213,500       115,716  

Bank Rakyat Indonesia Persero

    802,400       241,221  

Gudang Garam

    12,900       63,155  

Indocement Tunggal Prakarsa

    50,800       77,738  

Indofood CBP Sukses Makmur

    34,600       29,401  

Indofood Sukses Makmur

    54,800       30,599  

Jasa Marga Persero

    69,600       27,490  

Pakuwon Jati

    1,826,300       82,465  

Semen Indonesia Persero

    21,800       20,329  

Telekomunikasi Indonesia Persero

    223,400       69,959  
              1,249,166  

 

The accompanying notes are an integral part of the financial statements.
57

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

IRELAND — 0.0%

               

Globe Life

    536     $ 47,843  
                 

ITALY — 0.3%

               

Assicurazioni Generali

    11,451       207,508  

Davide Campari-Milano

    3,683       34,546  

Enel

    32,139       233,284  

Eni

    17,358       261,438  

Ferrari

    357       56,254  

Leonardo

    4,665       57,223  

Mediobanca Banca di Credito Finanziario

    9,383       93,022  

Moncler

    2,315       86,955  

Poste Italiane

    15,834       170,249  

Recordati

    381       16,698  

Terna Rete Elettrica Nazionale

    12,855       80,724  
              1,297,901  

JAPAN — 2.1%

               

ABC-Mart

    1,600       102,195  

Advantest

    4,100       168,132  

AGC

    500       14,409  

Alfresa Holdings

    1,300       29,366  

Alps Alpine

    700       12,202  

Amada Holdings

    8,800       91,676  

Asahi Intecc

    4,000       89,423  

Asahi Kasei

    2,800       25,306  

Astellas Pharma

    11,300       156,239  

Bandai Namco Holdings

    3,600       210,824  

Bridgestone

    3,600       136,957  

Brother Industries

    2,600       44,950  

Casio Computer

    2,700       37,731  

Central Japan Railway

    1,300       257,000  

Chubu Electric Power

    1,000       14,747  

Chugai Pharmaceutical

    3,000       214,410  

Dai Nippon Printing

    3,100       66,975  

Daiichi Sankyo

    3,500       229,856  

Daikin Industries

    500       61,800  

East Japan Railway

    900       85,709  

Fast Retailing

    400       234,141  

Fuji Electric

    800       22,821  

 

The accompanying notes are an integral part of the financial statements.
58

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

               

FUJIFILM Holdings

    3,400     $ 145,415  

Fujitsu

    1,900       146,115  

Hakuhodo DY Holdings

    6,000       88,522  

Hamamatsu Photonics

    500       17,255  

Hikari Tsushin

    500       117,048  

Hitachi

    5,100       173,871  

Hitachi Chemical

    4,300       133,187  

Hitachi High-Technologies

    2,500       134,862  

Honda Motor

    1,200       28,456  

Hoya

    3,000       244,197  

ITOCHU

    8,600       171,296  

Itochu Techno-Solutions

    4,600       126,854  

Japan Airlines

    2,000       62,396  

Japan Airport Terminal

    500       19,916  

Japan Prime Realty Investment ‡

    18       82,259  

Japan Real Estate Investment ‡

    16       106,541  

JSR

    1,000       16,346  

JTEKT

    1,300       14,073  

Kakaku.com

    2,200       54,988  

Kamigumi

    2,500       58,531  

Kaneka

    1,200       35,929  

Kao

    500       36,082  

KDDI

    1,600       42,618  

Keihan Holdings

    2,300       96,248  

Keio

    1,300       81,250  

Kikkoman

    300       13,485  

Kobayashi Pharmaceutical

    300       22,442  

Kose

    100       17,150  

Kyocera

    2,900       172,214  

Lion

    1,100       21,356  

Marubeni

    4,300       27,416  

Marui Group

    1,100       21,892  

Medipal Holdings

    5,000       106,033  

MEIJI Holdings

    500       34,746  

MINEBEA MITSUMI

    900       13,894  

Mitsubishi

    7,800       189,492  

Mitsubishi Electric

    9,700       116,920  

Mitsubishi Heavy Industries

    3,100       116,478  

 

The accompanying notes are an integral part of the financial statements.
59

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

               

Mitsubishi UFJ Lease & Finance

    2,500     $ 13,499  

Mitsui

    2,700       42,225  

Mitsui Fudosan

    700       16,772  

MS&AD Insurance Group Holdings

    4,700       149,133  

Murata Manufacturing

    3,700       154,674  

Nexon

    2,000       26,838  

NGK Spark Plug

    2,100       36,286  

Nippon Building Fund ‡

    26       190,936  

Nippon Telegraph & Telephone

    7,100       340,380  

Nisshin Seifun Group

    1,500       28,171  

Nomura Research Institute

    2,400       47,635  

NTT Data

    7,600       98,104  

Obic

    1,000       114,279  

Oji Holdings

    2,500       11,637  

Omron

    1,800       88,634  

Oriental Land

    1,000       145,594  

Otsuka

    1,700       63,020  

Pan Pacific International Holdings

    5,200       81,403  

Persol Holdings

    1,800       36,505  

Recruit Holdings

    7,500       227,049  

Ricoh

    2,600       24,037  

Rohm

    200       14,234  

Sankyo

    2,300       79,389  

Santen Pharmaceutical

    1,400       24,504  

Secom

    1,700       144,884  

Sega Sammy Holdings

    1,300       17,969  

Sekisui Chemical

    1,400       20,141  

Sekisui House

    2,700       47,907  

SG Holdings

    4,500       120,178  

Shimadzu

    1,300       32,265  

Shimano

    200       28,710  

Shin-Etsu Chemical

    1,100       110,828  

Shinsei Bank

    1,600       22,109  

Shionogi

    1,600       85,629  

Shiseido

    300       24,499  

SoftBank Group

    8,900       402,900  

Sohgo Security Services

    600       30,270  

Sompo Holdings

    800       31,886  

 

The accompanying notes are an integral part of the financial statements.
60

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

               

Sony

    2,600     $ 147,415  

Sony Financial Holdings

    5,300       122,095  

Sumitomo

    2,200       32,935  

Sumitomo Heavy Industries

    1,800       51,659  

Sumitomo Mitsui Trust Holdings

    400       13,053  

Suzuken

    2,300       123,578  

Taiheiyo Cement

    1,000       25,217  

TDK

    400       31,688  

Terumo

    4,200       122,025  

Toho

    2,600       110,025  

Toho Gas

    2,900       112,449  

Tokio Marine Holdings

    4,300       221,048  

Tokyo Gas

    3,600       90,894  

Toppan Printing

    3,400       54,163  

Tosoh

    1,500       19,227  

Toyo Suisan Kaisha

    1,500       60,978  

Toyoda Gosei

    1,000       18,597  

Toyota Motor

    5,000       327,335  

Toyota Tsusho

    700       21,706  

Unicharm

    2,400       73,736  

West Japan Railway

    1,100       92,643  

Yamaha

    1,800       77,619  

Yokogawa Electric

    1,800       32,683  

Yokohama Rubber

    2,300       44,172  
              10,616,695  

MALAYSIA — 0.1%

               

AMMB Holdings

    55,800       55,687  

Fraser & Neave Holdings

    2,600       21,779  

Hong Leong Bank

    10,100       39,834  

Hong Leong Financial Group

    14,500       58,126  

Malayan Banking

    17,100       35,323  

Malaysia Airports Holdings

    9,100       17,762  

Nestle Malaysia

    900       31,534  

Petronas Dagangan

    2,300       12,503  

PPB Group

    10,700       47,412  

Public Bank

    14,700       70,928  

RHB Bank

    72,300       98,057  

Sime Darby

    23,500       12,795  

 

The accompanying notes are an integral part of the financial statements.
61

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

MALAYSIA — continued

               

Telekom Malaysia

    14,900     $ 13,267  

Tenaga Nasional

    2,700       8,947  
              523,954  

MEXICO — 0.0%

               

Grupo Bimbo, Ser A

    17,700       30,902  

Grupo Financiero Banorte, Cl O

    2,900       15,648  

Megacable Holdings

    5,300       21,685  

Promotora y Operadora de Infraestructura

    2,510       20,950  

Wal-Mart de Mexico

    29,300       83,127  
              172,312  

NETHERLANDS — 0.2%

               

Aegon

    10,595       40,353  

ASML Holding

    172       38,329  

Koninklijke Ahold Delhaize

    8,499       198,849  

Koninklijke DSM

    1,408       175,259  

Koninklijke KPN

    13,012       41,235  

Koninklijke Vopak

    424       20,241  

NN Group

    1,652       55,351  

Randstad

    429       20,043  

Wolters Kluwer

    3,025       218,121  
              807,781  

NORWAY — 0.0%

               

DNB

    1,253       20,265  

Gjensidige Forsikring

    3,242       62,626  

Mowi

    3,469       83,004  
              165,895  

PHILIPPINES — 0.1%

               

Alliance Global Group

    258,300       63,016  

Globe Telecom

    2,845       110,911  

International Container Terminal Services

    13,450       35,034  

Manila Electric

    11,250       78,898  

Megaworld

    852,600       84,007  

Robinsons Land

    170,500       81,779  

Universal Robina

    20,620       68,499  
              522,144  

POLAND — 0.1%

               

CD Projekt

    458       29,234  

Cyfrowy Polsat

    7,148       52,334  

 

The accompanying notes are an integral part of the financial statements.
62

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

POLAND — continued

               

Dino Polska *

    998     $ 38,616  

Grupa Lotos

    4,495       97,382  

KGHM Polska Miedz

    1,219       24,035  

Orange Polska

    18,512       29,694  

Polski Koncern Naftowy ORLEN

    4,324       98,652  

Powszechna Kasa Oszczednosci Bank Polski

    5,867       57,795  
              427,742  

PORTUGAL — 0.0%

               

Galp Energia SGPS

    1,876       26,972  
                 

SINGAPORE — 0.1%

               

Ascendas Real Estate Investment Trust ‡

    20,200       44,794  

CapitaLand Commercial Trust ‡

    10,700       16,405  

CapitaLand Mall Trust ‡

    61,400       117,112  

ComfortDelGro

    70,200       123,785  

DBS Group Holdings

    3,300       58,271  

SATS

    10,000       34,557  

Singapore Technologies Engineering

    25,600       72,596  

United Overseas Bank

    3,600       64,652  

Venture

    2,300       25,081  

Wilmar International

    37,300       102,334  

Yangzijiang Shipbuilding Holdings

    71,400       46,840  
              706,427  

SOUTH AFRICA — 0.2%

               

Absa Group

    6,742       68,253  

Anglo American Platinum

    2,033       124,654  

AngloGold Ashanti ADR

    8,956       203,749  

Bidvest Group

    1,064       12,512  

Capitec Bank Holdings

    359       25,900  

Clicks Group

    942       12,348  

Exxaro Resources

    7,677       68,951  

FirstRand

    15,718       62,217  

Foschini Group

    2,817       27,935  

Investec

    3,268       17,245  

Kumba Iron Ore

    3,038       78,496  

Liberty Holdings

    2,853       20,586  

Pick n Pay Stores

    3,469       13,189  

RMB Holdings

    11,733       55,069  

 

The accompanying notes are an integral part of the financial statements.
63

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SOUTH AFRICA — continued

               

Sanlam

    3,752     $ 18,001  

SPAR Group

    800       9,152  

Standard Bank Group

    1,962       22,951  

Telkom SOC

    15,214       79,606  
              920,814  

SOUTH KOREA — 0.4%

               

BGF retail

    501       84,231  

Cheil Worldwide

    4,718       102,951  

Daelim Industrial

    1,285       103,672  

Doosan Bobcat

    1,780       52,645  

Fila Korea

    1,809       85,352  

GS Retail

    1,110       35,442  

Hanon Systems

    4,402       42,170  

Hyundai Glovis

    741       97,760  

Kangwon Land

    3,436       79,990  

Kia Motors

    5,185       186,678  

Korea Investment Holdings

    235       14,006  

Korea Zinc

    261       93,724  

KT&G

    1,584       133,317  

Meritz Securities

    21,885       85,897  

NCSoft

    270       119,686  

Samsung Electronics

    7,149       259,705  

Shinhan Financial Group

    1,356       45,590  

SK Hynix

    384       24,493  

SK Telecom

    789       155,885  
              1,803,194  

SPAIN — 0.2%

               

ACS Actividades de Construccion y Servicios

    2,931       110,956  

Amadeus IT Group

    1,321       98,602  

Endesa

    6,309       162,139  

Iberdrola

    39,081       401,778  

Mapfre

    19,344       50,457  

Red Electrica

    6,508       129,758  
              953,690  

SWEDEN — 0.2%

               

Essity, Cl B

    2,626       82,026  

Hennes & Mauritz, Cl B

    9,960       190,998  

Hexagon, Cl B

    890       39,623  

 

The accompanying notes are an integral part of the financial statements.
64

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SWEDEN — continued

               

Investor, Cl B

    4,453     $ 209,252  

Lundin Petroleum

    1,448       44,101  

Securitas, Cl B

    5,589       83,702  

Skandinaviska Enskilda Banken, Cl A

    6,021       51,770  

Swedish Match

    1,854       72,895  

Tele2, Cl B

    3,799       53,660  

Telefonaktiebolaget LM Ericsson, Cl B

    21,502       167,868  

Telia

    27,932       122,334  
              1,118,229  

SWITZERLAND — 0.9%

               

Baloise Holding

    221       37,731  

Chocoladefabriken Lindt & Spruengli

    18       133,153  

Nestle

    12,686       1,422,592  

Novartis

    10,901       981,456  

Partners Group Holding

    202       163,904  

Roche Holding

    3,495       957,370  

Sika

    318       45,746  

Sonova Holding

    509       118,214  

Straumann Holding

    74       58,106  

Swiss Life Holding

    460       218,439  

Temenos

    311       52,299  

Zurich Insurance Group

    1,259       447,930  
              4,636,940  

TAIWAN — 0.8%

               

Acer

    51,000       27,912  

Advantech

    4,000       34,012  

ASE Technology Holding

    33,000       74,714  

Asia Cement

    71,000       97,193  

Chailease Holding

    29,870       118,343  

Chang Hwa Commercial Bank

    141,780       91,017  

Chicony Electronics

    5,000       14,020  

China Steel

    204,000       150,203  

CTBC Financial Holding

    123,000       79,675  

Delta Electronics

    24,000       111,967  

E.Sun Financial Holding

    186,371       149,758  

Eclat Textile

    7,000       85,477  

Eva Airways

    138,000       62,180  

Far Eastern New Century

    32,000       29,029  

 

The accompanying notes are an integral part of the financial statements.
65

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

TAIWAN — continued

               

Feng TAY Enterprise

    15,400     $ 100,210  

First Financial Holding

    40,400       27,613  

Formosa Chemicals & Fibre

    46,000       128,914  

Formosa Petrochemical

    17,000       52,538  

Formosa Taffeta

    58,000       62,846  

Fubon Financial Holding

    20,000       27,775  

Giant Manufacturing

    8,000       55,537  

Hon Hai Precision Industry

    47,000       111,206  

Inventec

    39,000       26,699  

Lite-On Technology

    46,000       73,066  

Mega Financial Holding

    154,000       140,850  

Nan Ya Plastics

    16,000       35,018  

Novatek Microelectronics

    24,000       142,093  

Phison Electronics

    7,000       63,926  

Pou Chen

    15,000       18,698  

President Chain Store

    5,000       46,445  

Realtek Semiconductor

    21,000       144,002  

Shanghai Commercial & Savings Bank *

    31,000       50,059  

SinoPac Financial Holdings

    200,000       75,392  

Taiwan Business Bank

    276,150       108,167  

Taiwan Cement

    105,940       129,572  

Taiwan Cooperative Financial Holding

    124,630       79,280  

Taiwan High Speed Rail *

    12,000       14,486  

Taiwan Semiconductor Manufacturing ADR

    19,413       827,576  

Uni-President Enterprises

    56,000       136,396  

United Microelectronics

    37,000       15,836  

Vanguard International Semiconductor

    27,000       54,978  

Walsin Technology

    9,000       45,318  

Wistron

    16,000       12,687  

WPG Holdings

    10,000       12,651  

Yuanta Financial Holding

    236,000       135,489  

Zhen Ding Technology Holding

    39,000       144,226  
              4,225,049  

THAILAND — 0.2%

               

Advanced Info Service NVDR

    4,300       32,587  

Bangkok Bank NVDR

    20,200       112,826  

Bangkok Dusit Medical Services NVDR

    58,400       45,015  

Home Product Center NVDR

    113,400       66,622  

 

The accompanying notes are an integral part of the financial statements.
66

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

THAILAND — continued

               

Kasikornbank NVDR

    7,600     $ 39,724  

Krung Thai Bank NVDR

    221,800       124,553  

Land & Houses NVDR

    181,700       64,169  

PTT NVDR

    50,600       73,123  

PTT Exploration & Production NVDR

    32,200       131,015  

Siam Cement NVDR

    5,200       70,705  

Siam Commercial Bank NVDR

    25,800       104,212  

Thai Union Group NVDR

    121,800       69,312  
              933,863  

TURKEY — 0.1%

               

Akbank T.A.S.

    27,252       32,549  

Arcelik

    15,892       46,694  

KOC Holding

    29,923       90,033  

TAV Havalimanlari Holding

    2,090       8,485  

Turkcell Iletisim Hizmetleri

    13,924       30,975  

Turkiye Garanti Bankasi

    23,153       35,477  

Turkiye Is Bankasi, Cl C

    36,553       34,653  

Turkiye Sise ve Cam Fabrikalari

    27,225       20,273  
              299,139  

UNITED KINGDOM — 0.9%

               

Admiral Group

    1,239       32,454  

Anglo American

    7,720       167,465  

AstraZeneca

    3,942       351,338  

Auto Trader Group

    12,621       81,815  

Barratt Developments

    20,629       158,959  

Berkeley Group Holdings

    1,139       54,355  

BHP Group

    20,115       435,127  

BP

    73,734       450,144  

Burberry Group

    4,821       127,573  

Compass Group

    7,924       201,210  

Croda International

    333       19,113  

Diageo

    7,629       325,741  

Evraz

    19,958       120,383  

Experian

    5,055       155,121  

GlaxoSmithKline

    7,433       154,738  

Halma

    3,072       73,728  

Johnson Matthey

    633       22,490  

Mondi

    2,039       39,832  

 

The accompanying notes are an integral part of the financial statements.
67

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

UNITED KINGDOM — continued

               

National Grid

    9,427     $ 98,863  

Next

    1,012       73,099  

Persimmon

    515       11,940  

Rio Tinto

    6,242       315,240  

Royal Dutch Shell, Cl A

    14,170       393,991  

Sage Group

    10,243       87,433  

Segro ‡

    3,044       29,132  

Smith & Nephew

    7,141       170,932  

Spirax-Sarco Engineering

    797       78,216  

Tesco

    36,035       96,348  

Unilever

    1,546       97,785  

Whitbread

    711       37,841  
              4,462,406  

UNITED STATES — 15.1%

               

COMMUNICATION SERVICES — 1.1%

               

AMC Networks, Cl A *

    447       21,680  

AT&T

    5,046       177,922  

Cable One

    189       245,250  

Cinemark Holdings

    1,569       59,873  

Comcast, Cl A

    17,550       776,763  

Discovery *

    4,972       137,227  

DISH Network, Cl A *

    2,998       100,613  

IAC *

    1,040       264,826  

Interpublic Group

    1,858       36,937  

Live Nation Entertainment *

    592       41,150  

Match Group

    2,938       249,142  

New York Times, Cl A

    3,431       100,185  

Nexstar Media Group, Cl A

    1,780       176,024  

Omnicom Group

    1,508       114,699  

Sinclair Broadcast Group, Cl A

    4,332       193,077  

T-Mobile US *

    4,883       381,118  

Twitter *

    941       40,134  

Verizon Communications

    19,722       1,147,032  

Viacom, Cl B

    5,697       142,311  

Walt Disney

    8,054       1,105,492  
              5,511,455  

 

The accompanying notes are an integral part of the financial statements.
68

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CONSUMER DISCRETIONARY — 1.8%

               

AutoZone *

    304     $ 334,914  

Best Buy

    666       42,391  

Bright Horizons Family Solutions *

    620       102,331  

Burlington Stores *

    344       69,657  

Chipotle Mexican Grill, Cl A *

    178       149,239  

Columbia Sportswear

    1,561       146,406  

Darden Restaurants

    2,241       271,116  

Dick’s Sporting Goods

    3,426       116,621  

Dollar General

    2,510       391,786  

Domino’s Pizza

    254       57,617  

DR Horton

    2,680       132,580  

Etsy *

    2,450       129,335  

Expedia Group

    530       68,953  

Garmin

    2,860       233,290  

Gentex

    5,203       138,400  

Genuine Parts

    462       41,714  

Graham Holdings, Cl B

    124       87,303  

Grand Canyon Education *

    737       92,567  

H&R Block

    3,812       92,327  

Hasbro

    656       72,468  

Home Depot

    192       43,759  

Hyatt Hotels, Cl A

    1,087       78,427  

Lowe’s

    3,326       373,177  

Lululemon Athletica *

    1,940       358,260  

McDonald’s

    2,885       628,843  

NIKE, Cl B

    8,309       702,111  

O’Reilly Automotive *

    949       364,188  

Penske Automotive Group

    766       32,769  

Planet Fitness, Cl A *

    1,591       112,340  

Pool

    436       85,622  

PulteGroup

    6,632       224,162  

Ralph Lauren, Cl A

    363       32,067  

Ross Stores

    1,468       155,623  

ServiceMaster Global Holdings *

    1,390       79,286  

Skechers U.S.A., Cl A *

    2,105       66,644  

Starbucks

    8,080       780,205  

Target

    3,626       388,127  

Tempur Sealy International *

    2,637       203,366  

 

The accompanying notes are an integral part of the financial statements.
69

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CONSUMER DISCRETIONARY — continued

               

TJX

    8,285     $ 455,426  

Toll Brothers

    2,049       74,153  

Tractor Supply

    2,280       232,286  

Ulta Beauty *

    849       201,833  

Under Armour, Cl A *

    4,149       77,213  

VF

    1,551       127,104  

Williams-Sonoma

    2,819       185,490  

Yum! Brands

    946       110,474  
              8,943,970  

CONSUMER STAPLES — 1.4%

               

Casey’s General Stores

    1,211       203,266  

Church & Dwight

    3,677       293,351  

Clorox

    1,123       177,614  

Costco Wholesale

    2,553       752,522  

Estee Lauder, Cl A

    624       123,546  

General Mills

    2,626       141,279  

Hershey

    1,506       238,671  

Hormel Foods

    2,936       125,103  

Kimberly-Clark

    1,454       205,174  

McCormick

    1,873       305,056  

Mondelez International, Cl A

    5,510       304,262  

PepsiCo

    5,007       684,607  

Philip Morris International

    3,778       272,356  

Pilgrim’s Pride *

    847       26,393  

Post Holdings *

    1,201       119,728  

Procter & Gamble

    12,819       1,541,228  

Sysco

    2,858       212,435  

Tyson Foods, Cl A

    1,407       130,907  

Walmart

    10,812       1,235,379  
              7,092,877  

ENERGY — 0.1%

               

Cabot Oil & Gas

    1,296       22,188  

Chevron

    3,390       399,071  

Kinder Morgan

    1,775       35,979  

Phillips 66

    1,445       142,520  

Valero Energy

    298       22,434  
              622,192  

 

The accompanying notes are an integral part of the financial statements.
70

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FINANCIALS — 2.0%

               

Aflac

    5,769     $ 289,488  

Alleghany *

    291       218,049  

Allstate

    1,821       186,452  

Ally Financial

    7,125       223,369  

American Express

    4,117       495,563  

American Financial Group

    803       81,079  

Aon

    1,079       210,243  

Arch Capital Group *

    5,490       216,855  

Assurant

    816       100,368  

Assured Guaranty

    3,619       153,988  

Axis Capital Holdings

    2,939       180,425  

BB&T

    4,791       228,291  

Capital One Financial

    1,191       103,164  

Chubb

    2,085       325,844  

Cincinnati Financial

    1,095       123,177  

Citizens Financial Group

    2,102       70,922  

CME Group, Cl A

    1,175       255,316  

Commerce Bancshares

    818       46,683  

Credit Acceptance *

    455       205,956  

Discover Financial Services

    3,244       259,423  

East West Bancorp

    541       22,251  

Erie Indemnity, Cl A

    549       120,401  

Evercore, Cl A

    481       38,365  

Everest Re Group

    892       210,405  

Fidelity National Financial

    1,240       54,486  

Fifth Third Bancorp

    3,016       79,773  

First American Financial

    1,312       76,686  

First Citizens BancShares, Cl A

    71       31,567  

Hanover Insurance Group

    1,225       163,109  

Huntington Bancshares

    9,333       123,662  

JPMorgan Chase

    11,471       1,260,204  

Kemper

    723       50,596  

KeyCorp

    4,346       72,144  

Lincoln National

    3,602       190,474  

MarketAxess Holdings

    395       157,060  

Marsh & McLennan

    1,874       187,194  

Mercury General

    1,010       54,035  

MetLife

    5,710       252,953  

 

The accompanying notes are an integral part of the financial statements.
71

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FINANCIALS — continued

               

MGIC Investment

    19,930     $ 252,114  

Nasdaq

    752       75,080  

Navient

    7,369       93,881  

Old Republic International

    5,609       131,026  

Popular

    2,816       148,037  

Primerica

    604       71,979  

Principal Financial Group

    529       28,153  

Progressive

    6,610       501,038  

Prosperity Bancshares

    356       23,112  

Prudential Financial

    2,088       167,228  

Regions Financial

    5,494       80,322  

RenaissanceRe Holdings

    598       107,969  

SVB Financial Group *

    282       54,883  

Synchrony Financial

    6,786       217,491  

T Rowe Price Group

    1,440       159,293  

TCF Financial

    1,231       47,467  

Travelers

    2,521       370,486  

US Bancorp

    3,447       181,622  

WR Berkley

    3,874       276,022  
              10,107,223  

HEALTH CARE — 1.7%

               

Abbott Laboratories

    7,211       615,243  

Amgen

    683       142,487  

Anthem

    1,581       413,463  

Bio-Rad Laboratories, Cl A *

    243       82,063  

Bio-Techne

    146       27,969  

Boston Scientific *

    2,491       106,440  

Bruker

    3,580       154,549  

Charles River Laboratories International *

    580       76,096  

Chemed

    363       155,883  

Danaher

    3,449       490,068  

DexCom *

    474       81,343  

Edwards Lifesciences *

    492       109,145  

Eli Lilly

    4,986       563,269  

Encompass Health

    808       49,118  

Exact Sciences *

    1,063       126,731  

Exelixis *

    2,609       51,789  

HCA Healthcare

    856       102,891  

 

The accompanying notes are an integral part of the financial statements.
72

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HEALTH CARE — continued

               

Henry Schein *

    2,930     $ 180,547  

Hill-Rom Holdings

    465       50,071  

Horizon Therapeutics *

    7,808       215,735  

Humana

    161       45,597  

ICU Medical *

    270       43,672  

IDEXX Laboratories *

    411       119,083  

Illumina *

    180       50,641  

Intuitive Surgical *

    199       101,757  

Ionis Pharmaceuticals *

    2,330       147,279  

Jazz Pharmaceuticals *

    219       28,065  

Johnson & Johnson

    4,603       590,841  

Laboratory Corp of America Holdings *

    297       49,765  

Masimo *

    1,147       175,778  

McKesson

    537       74,251  

Medtronic

    3,694       398,546  

Merck

    12,758       1,103,184  

Molina Healthcare *

    427       55,630  

Premier, Cl A *

    1,782       62,833  

ResMed

    902       125,649  

STERIS

    624       96,346  

Thermo Fisher Scientific

    2,135       612,873  

UnitedHealth Group

    1,109       259,506  

Universal Health Services, Cl B

    1,308       189,111  

Veeva Systems, Cl A *

    1,753       281,146  

Zimmer Biomet Holdings

    540       75,168  

Zoetis, Cl A

    1,788       226,039  
              8,707,660  

INDUSTRIALS — 2.0%

               

Acuity Brands

    670       84,025  

AGCO

    3,563       246,275  

Alaska Air Group

    971       57,988  

Allegion

    1,479       142,383  

Allison Transmission Holdings

    3,583       159,193  

AMETEK

    646       55,511  

Armstrong World Industries

    1,644       156,953  

Boeing

    886       322,584  

Carlisle

    1,231       178,446  

CH Robinson Worldwide

    395       33,373  

 

The accompanying notes are an integral part of the financial statements.
73

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDUSTRIALS — continued

               

Cintas

    808     $ 213,150  

Clean Harbors *

    939       69,063  

Copart *

    1,247       94,011  

CSX

    4,972       333,224  

Cummins

    1,455       217,188  

Curtiss-Wright

    312       38,264  

Delta Air Lines

    2,495       144,361  

Donaldson

    573       27,710  

Dover

    2,179       204,259  

Eaton

    2,759       222,707  

Emerson Electric

    3,460       206,181  

Expeditors International of Washington

    2,046       145,471  

Fastenal

    3,670       112,375  

Flowserve

    1,690       72,129  

Gardner Denver Holdings *

    3,864       110,820  

HD Supply Holdings *

    1,308       50,894  

HEICO

    1,690       244,492  

Honeywell International

    3,093       509,170  

Hubbell, Cl B

    1,115       146,221  

IDEX

    511       84,167  

Ingersoll-Rand

    2,828       342,443  

ITT

    3,041       173,094  

Jacobs Engineering Group

    1,942       172,566  

JB Hunt Transport Services

    478       51,643  

Johnson Controls International

    5,614       239,661  

Landstar System

    300       33,456  

Lennox International

    292       74,104  

ManpowerGroup

    1,569       128,250  

Masco

    2,115       86,144  

Middleby *

    1,284       140,803  

Nordson

    327       44,459  

Norfolk Southern

    1,853       322,515  

Old Dominion Freight Line

    619       101,367  

Oshkosh

    3,049       214,253  

PACCAR

    1,991       130,530  

Parker-Hannifin

    569       94,323  

Republic Services, Cl A

    3,611       322,282  

Robert Half International

    1,447       77,371  

 

The accompanying notes are an integral part of the financial statements.
74

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDUSTRIALS — continued

               

Roper Technologies

    526     $ 192,916  

Snap-on

    733       108,982  

Southwest Airlines

    1,458       76,283  

Teledyne Technologies *

    573       176,822  

Textron

    521       23,445  

Timken

    1,165       46,810  

Toro

    1,067       76,835  

Union Pacific

    3,679       595,851  

United Airlines Holdings *

    2,924       246,522  

United Parcel Service, Cl B

    848       100,624  

United Technologies

    1,039       135,319  

Verisk Analytics, Cl A

    1,635       264,118  

Wabtec

    334       23,116  

Waste Management

    2,585       308,520  

Woodward

    1,843       198,768  

WW Grainger

    194       53,088  

Xylem

    922       70,634  
              10,130,505  

INFORMATION TECHNOLOGY — 3.4%

               

Accenture, Cl A

    1,261       249,892  

Adobe *

    413       117,502  

Akamai Technologies *

    1,021       91,002  

Analog Devices

    2,054       225,591  

ANSYS *

    425       87,788  

Apple

    17,309       3,613,081  

Aspen Technology *

    716       95,371  

Atlassian, Cl A *

    543       73,039  

Autodesk *

    156       22,280  

Automatic Data Processing

    1,956       332,207  

Avalara *

    1,543       130,136  

Avnet

    874       36,612  

Booz Allen Hamilton Holding, Cl A

    3,423       258,471  

Broadridge Financial Solutions

    1,083       140,184  

Cadence Design Systems *

    2,668       182,705  

CDW

    2,105       243,127  

Ciena *

    3,356       137,361  

Cisco Systems

    19,455       910,689  

Coupa Software *

    1,089       151,295  

 

The accompanying notes are an integral part of the financial statements.
75

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INFORMATION TECHNOLOGY — continued

               

EPAM Systems *

    681     $ 130,296  

Euronet Worldwide *

    758       116,080  

Fair Isaac *

    423       149,200  

FLIR Systems

    1,240       61,095  

Fortinet *

    1,732       137,140  

Intel

    7,525       356,760  

Intuit

    1,667       480,696  

Jack Henry & Associates

    665       96,398  

Keysight Technologies *

    3,093       299,588  

KLA

    677       100,128  

Lam Research

    1,088       229,035  

Leidos Holdings

    1,748       152,705  

Manhattan Associates *

    1,822       150,552  

Mastercard, Cl A

    1,044       293,750  

Maxim Integrated Products

    835       45,541  

Microsoft

    28,509       3,930,251  

MongoDB, Cl A *

    978       148,959  

Motorola Solutions

    1,328       240,248  

Okta, Cl A *

    1,392       176,088  

Oracle

    9,528       496,028  

Palo Alto Networks *

    294       59,864  

Paychex

    901       73,612  

Paycom Software *

    556       139,067  

PayPal Holdings *

    804       87,676  

QUALCOMM

    984       76,526  

Sabre

    3,676       86,901  

salesforce.com *

    157       24,503  

ServiceNow *

    906       237,227  

Smartsheet, Cl A *

    2,094       101,768  

Splunk *

    328       36,677  

Teradyne

    4,175       221,150  

Twilio, Cl A *

    380       49,579  

Ubiquiti

    1,378       152,283  

Universal Display

    239       49,107  

VeriSign *

    1,307       266,432  

ViaSat *

    634       50,295  

Visa, Cl A

    842       152,251  

VMware, Cl A

    606       85,713  

 

The accompanying notes are an integral part of the financial statements.
76

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INFORMATION TECHNOLOGY — continued

               

Workday, Cl A *

    500     $ 88,640  

Xilinx

    993       103,332  

Zebra Technologies, Cl A *

    1,013       207,695  

Zendesk *

    1,445       115,889  

Zscaler *

    2,258       155,215  
              17,510,273  

MATERIALS — 0.4%

               

Air Products & Chemicals

    1,290       291,437  

AptarGroup

    500       61,110  

Ashland Global Holdings

    353       25,854  

Ball

    4,010       322,444  

Celanese, Cl A

    363       41,153  

CF Industries Holdings

    2,056       99,079  

Crown Holdings *

    2,749       180,994  

Eastman Chemical

    333       21,768  

Ecolab

    2,094       432,013  

PPG Industries

    409       45,313  

Reliance Steel & Aluminum

    1,453       141,275  

RPM International

    1,035       70,039  

Scotts Miracle-Gro

    972       103,343  

Sonoco Products

    2,515       143,858  
              1,979,680  

REAL ESTATE — 0.5%

               

Apartment Investment & Management, Cl A ‡

    3,141       160,191  

CBRE Group, Cl A *

    2,325       121,528  

EPR Properties ‡

    1,681       131,538  

Equity Commonwealth ‡

    2,003       67,421  

Equity Residential ‡

    2,708       229,530  

Extra Space Storage ‡

    637       77,663  

HCP ‡

    5,072       176,049  

Jones Lang LaSalle

    385       51,609  

Kimco Realty ‡

    4,261       78,317  

Liberty Property Trust ‡

    476       24,809  

Life Storage ‡

    604       64,000  

Medical Properties Trust ‡

    12,042       223,861  

National Retail Properties ‡

    1,007       56,543  

Omega Healthcare Investors ‡

    5,325       216,621  

Spirit Realty Capital ‡

    940       45,064  

 

The accompanying notes are an integral part of the financial statements.
77

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

REAL ESTATE — continued

               

Sun Communities ‡

    773     $ 114,249  

Ventas ‡

    3,376       247,765  

Welltower ‡

    3,028       271,188  
              2,357,946  

UTILITIES — 0.7%

               

AES

    6,883       105,516  

Ameren

    3,759       290,007  

American Electric Power

    4,591       418,470  

Atmos Energy

    1,469       161,928  

CMS Energy

    4,617       291,102  

DTE Energy

    2,907       376,921  

Duke Energy

    582       53,975  

Entergy

    1,271       143,420  

Eversource Energy

    1,083       86,781  

Exelon

    8,448       399,252  

Hawaiian Electric Industries

    1,697       75,347  

NextEra Energy

    353       77,335  

OGE Energy

    4,647       199,217  

Pinnacle West Capital

    2,551       243,136  

Public Service Enterprise Group

    2,556       154,561  

Xcel Energy

    6,550       420,641  
              3,497,609  
              76,461,390  

Total Common Stock

               

(Cost $130,248,475)

            141,420,745  
                 

PREFERRED STOCK — 0.1%

BRAZIL — 0.1% (1)

               

Cia Brasileira de Distribuicao

    1,800       38,091  

Petroleo Brasileiro

    79,300       486,600  

Telefonica Brasil

    10,500       136,036  

Total Preferred Stock

               

(Cost $691,817)

            660,727  

 

The accompanying notes are an integral part of the financial statements.
78

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

RIGHTS — 0.0%

   

Number of
Rights

   

Value

 

The Shanghai Commercial & SA, Expires 10/07/2019

    2,518     $ 1,187  

WPG Holdings *^

    952        

Total Rights

               

(Cost $–)

            1,187  
                 

SHORT-TERM INVESTMENT — 2.8%

   

Shares

         

Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (A)

               

(Cost $14,088,901)

    14,088,901       14,088,901  

Total Investments — 99.9%

               

(Cost $484,569,070)

          $ 507,027,240  

 

A list of the open futures contracts held by the Fund at August 31, 2019, is as follows:

 

Type of
Contract

Number of
Contracts
Long

Expiration
Date

 

Notional
Amount

   

Value

   

Unrealized
Appreciation
(Depreciation)

 

MSCI EAFE Index

20

Sep-2019

  $ 1,830,771     $ 1,843,900     $ 13,129  

S&P 500 Index E-MINI

6

Sep-2019

    868,486       877,440       8,954  

SGX Nifty 50

110

Sep-2019

    2,440,086       2,431,990       (8,096 )
        $ 5,139,343     $ 5,153,330     $ 13,987  

 

A list of open total return swap agreements held by the Fund at August 31, 2019, is as follows:

 

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

 

Notional
Amount

   

Value

   

Net
Unrealized
Appreciation

 

ReFlow

SPGEX NAV

SOFR +35 BPS

SPGEX

Annually

02/05/2020

USD

    7,804,614     $ (48,213 )   $ (48,213 )

 

Percentages are based on Net Assets of $507,433,834.

 

*

Non-income producing security.

Real Estate Investment Trust

^

Expiration date unavailable

(1)

Rate is not available.

(A)

The rate reported is the 7-day effective yield as of August 31, 2019.

 

 

The accompanying notes are an integral part of the financial statements.
79

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NVDR— Non-Voting Depository Receipt

S&P— Standard & Poor’s

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPGEX — Symmetry Panoramic Global Equity Fund

USD — United States Dollar

VOL — Volatility

 

The following table summarizes the inputs used as of August 31, 2019, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Registered Investment Companies

  $ 350,855,680     $     $     $ 350,855,680  

Common Stock

                               

Australia

          2,508,475             2,508,475  

Belgium

          282,727             282,727  

Brazil

    2,749,594                   2,749,594  

Canada

    4,117,166                   4,117,166  

China

          450,825             450,825  

Denmark

          483,539             483,539  

Finland

          576,289             576,289  

France

          2,784,375             2,784,375  

Germany

          2,384,777             2,384,777  

Hong Kong

          12,512,449             12,512,449  

Hungary

          190,983             190,983  

Indonesia

          1,249,166             1,249,166  

Ireland

    47,843                   47,843  

Italy

          1,297,901             1,297,901  

Japan

          10,616,695             10,616,695  

Malaysia

          523,954             523,954  

Mexico

    172,312                   172,312  

Netherlands

          807,781             807,781  

Norway

          165,895             165,895  

Philippines

          522,144             522,144  

Poland

          427,742             427,742  

Portugal

          26,972             26,972  

Singapore

          706,427             706,427  

South Africa

    203,749       717,065             920,814  

South Korea

          1,803,194             1,803,194  

 

The accompanying notes are an integral part of the financial statements.
80

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

Investments in Securities

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Spain

  $     $ 953,690     $     $ 953,690  

Sweden

          1,118,229             1,118,229  

Switzerland

          4,636,940             4,636,940  

Taiwan

    827,576       3,397,473             4,225,049  

Thailand

          933,863             933,863  

Turkey

          299,139             299,139  

United Kingdom

          4,462,406             4,462,406  

United States

    76,461,390                   76,461,390  

Total Common Stock

    84,579,630       56,841,115             141,420,745  

Preferred Stock

                               

Brazil

    660,727                   660,727  

Rights

          1,187             1,187  

Short-Term Investment

    14,088,901                   14,088,901  

Total Investments in Securities

  $ 450,184,938     $ 56,842,302     $     $ 507,027,240  

 

Other Financial Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Futures Contracts^

                               

Unrealized Appreciation

  $ 22,083     $     $     $ 22,083  

Unrealized Depreciation

    (8,096 )                 (8,096 )

Total Return Swap ^

                               

Unrealized Appreciation

          (48,213 )           (48,213 )

Total Other Financial Instruments

  $ 13,987     $ (48,213 )   $     $ (34,226 )

 

^

Futures contracts and swap contracts are valued at the unrealized appreciation and depreciation on the instrument.

 

Amounts designated as “—” are $0.

 

For the period ended August 31, 2019, there were no Level 3 securities.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.
81

 

 

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

SECTOR WEIGHTINGS (UNAUDITED)

 

 

Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 98.4%

   

Shares

   

Value

 

EQUITY FUNDS — 98.4%

               

AQR TM Emerging Multi-Style Fund, Cl R6

    145,720     $ 1,391,628  

AQR TM International Multi-Style Fund, Cl R6

    202,958       2,074,226  

AQR TM Large Capital Multi-Style Fund, Cl R6

    254,041       3,269,503  

DFA Emerging Markets Core Equity Portfolio, Cl I

    109,076       2,129,163  

DFA International Vector Equity Portfolio, Cl I

    278,042       3,011,200  

DFA Real Estate Securities Portfolio, Cl I

    28,036       1,146,689  

DFA TA US Core Equity 2 Portfolio, Cl I

    248,081       4,572,130  

DFA TA World ex US Core Equity Portfolio, Cl I

    158,697       1,588,558  

DFA US Vector Equity Portfolio, Cl I

    274,883       4,873,670  

iShares Edge MSCI Min Vol Global ETF

    29,236       2,736,782  

Total Registered Investment Companies

               

(Cost $26,255,743)

            26,793,549  
                 

SHORT-TERM INVESTMENT — 2.6%

Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (A)

               

(Cost $706,728)

    706,728       706,728  

Total Investments — 101.0%

               

(Cost $26,962,471)

          $ 27,500,277  

 

A list of open total return swap agreements held by the Fund at August 31, 2019, is as follows:

 

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

 

Notional
Amount

   

Value

   

Net
Unrealized
Depreciation

 

ReFlow

SPGTX NAV

SOFR +35 BPS

SPGTX

Annually

02/05/2020

USD

    706,728     $ (10,848 )   $ (10,848 )

 

Percentages are based on Net Assets of $27,234,571.

 

(A)

The rate reported is the 7-day effective yield as of August 31, 2019.

 

 

The accompanying notes are an integral part of the financial statements.
82

 

 

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
AUGUST 31, 2019

 

 

BPS — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

SPGTX — Symmetry Panoramic Tax-Managed Global Equity Fund

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

VOL — Volatility

 

The following table summarizes the inputs used as of August 31, 2019, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Registered Investment Companies

  $ 26,793,549     $     $     $ 26,793,549  

Short-Term Investment

    706,728                   706,728  

Total Investments in Securities

  $ 27,500,277     $     $     $ 27,500,277  

 

Other Financial Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Total Return Swap^

                               

Unrealized Depreciation

  $     $ (10,848 )   $     $ (10,848 )

Total Other Financial Instruments

  $     $ (10,848 )   $     $ (10,848 )

 

^

Swap contracts are valued at the unrealized depreciation on the instrument.

 

Amounts designated as “—” are $0.

 

For the period ended August 31, 2019, there were no Level 3 securities.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.
83

 

 

SYMMETRY PANORAMIC US FIXED INCOME FUND
AUGUST 31, 2019

 

 

SECTOR WEIGHTINGS (UNAUDITED)

 

 

Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 98.1%

   

Shares

   

Value

 

FIXED INCOME FUNDS — 98.1%

               

DFA One-Year Fixed Income Portfolio, Cl I

    1,063,226     $ 10,961,865  

iShares Core 1-5 Year USD Bond ETF, Cl 5

    174,944       8,860,914  

Vanguard Short-Term Bond Index Fund, Cl Admiral Shares (A)

    7,823,690       83,087,592  

Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A)

    8,466,386       94,908,189  

Total Registered Investment Companies

               

(Cost $187,777,371)

            197,818,560  
                 

SHORT-TERM INVESTMENT — 2.0%

Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)

               

(Cost $3,959,359)

    3,959,359       3,959,359  

Total Investments — 100.1%

               

(Cost $191,736,730)

          $ 201,777,919  

 

Percentages are based on Net Assets of $201,574,248.

 

(A)

Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)

The rate reported is the 7-day effective yield as of August 31, 2019.

 

Cl — Class

ETF — Exchange-Traded Fund

USD — U.S. Dollar

 

As of August 31, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.
84

 

 

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
AUGUST 31, 2019

 

 

SECTOR WEIGHTINGS (UNAUDITED)

 

 

Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 98.7%

   

Shares

   

Value

 

MUNICIPAL BOND FUNDS — 98.7%

               

DFA Intermediate-Term Municipal Bond Portfolio, Cl I

    208,292     $ 2,176,651  

DFA Short-Term Municipal Bond Portfolio, Cl I (A)

    497,344       5,067,935  

iShares National Muni Bond ETF

    3,757       432,806  

iShares Short-Term National Muni Bond ETF

    7,936       849,311  

Total Registered Investment Companies

               

(Cost $8,445,485)

            8,526,703  
                 

SHORT-TERM INVESTMENT — 2.3%

Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)

               

(Cost $196,742)

    196,742       196,742  

Total Investments — 100.9%

               

(Cost $8,642,227)

          $ 8,723,445  

 

Percentages are based on Net Assets of $8,642,578.

 

(A)

Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)

The rate reported is the 7-day effective yield as of August 31, 2019.

 

Cl — Class

ETF — Exchange-Traded Fund

 

As of August 31, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.
85

 

 

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
AUGUST 31, 2019

 

 

SECTOR WEIGHTINGS (UNAUDITED)

 

 

Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 98.2%

   

Shares

   

Value

 

FIXED INCOME FUNDS — 98.2%

               

DFA Five-Year Global Fixed Income Portfolio, Cl I

    2,358,835     $ 25,900,007  

Vanguard Total Bond Market ETF

    7,001       595,785  

Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A)

    15,765,784       176,734,437  

Vanguard Total International Bond ETF

    40,001       2,365,259  

Vanguard Total International Bond Index Fund, Cl Admiral Shares (A)

    4,404,405       156,180,212  

Total Registered Investment Companies

               

(Cost $337,275,801)

            361,775,700  
                 

SHORT-TERM INVESTMENT — 1.8%

Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)

               

(Cost $6,734,674)

    6,734,674       6,734,674  

Total Investments — 100.0%

               

(Cost $344,010,475)

          $ 368,510,374  

 

Percentages are based on Net Assets of $368,586,465.

 

(A)

Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)

The rate reported is the 7-day effective yield as of August 31, 2019.

 

Cl — Class

ETF — Exchange-Traded Fund

 

As of August 31, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.
86

 

 

SYMMETRY PANORAMIC ALTERNATIVES FUND
AUGUST 31, 2019

 

 

SECTOR WEIGHTINGS (UNAUDITED)

 

 

Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 102.5%

   

Shares

   

Value

 

EQUITY FUNDS — 102.5%

               

AQR Alternative Risk Premia Fund, Cl R6

    17,897     $ 169,489  

AQR Diversified Arbitrage Fund, Cl R6 (A)

    35,220       326,841  

AQR Managed Futures Strategy Fund, Cl R6

    18,485       171,538  

JPMorgan Systematic Alpha Fund, Cl R6 (A)

    20,344       290,314  

Total Registered Investment Companies

               

(Cost $936,690)

            958,182  
                 

SHORT-TERM INVESTMENT — 1.0%

Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)

               

(Cost $9,682)

    9,682       9,682  

Total Investments — 103.5%

               

(Cost $946,372)

          $ 967,864  

 

Percentages are based on Net Assets of $934,754.

 

(A)

Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)

The rate reported is the 7-day effective yield as of August 31, 2019.

 

Cl — Class

 

As of August 31, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.
87

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

 

 

Statements of Assets and Liabilities

   

US Equity
Fund

   

International
Equity Fund

   

Global Equity
Fund

   

Tax-Managed
Global Equity
Fund

 

Assets:

                               

Investments, at Value

  $ 506,787,959     $ 264,900,413     $ 507,027,240     $ 27,500,277  

Deposit of Foreign Currency at Broker, at Value ††

          730,401       561,662        

Foreign Currency, at Value †††

          207,268       379,356        

Receivable for Capital Shares Sold

    299,415       158,931       266,996       170,735  

Dividends and Interest Receivable

    217,919       265,770       345,495       1,008  

Unrealized Appreciation on Swap Contracts

    144,844                    

Deposits with Broker for Futures

    89,800                    

Unrealized Appreciation on Futures Contracts

    40,809             13,987        

Deferred Offering Costs

    17,230       9,598       17,863       230  

Reclaim Receivable

          60,583       46,523        

Cash Collateral on Swap Contracts

          240,000              

Receivable Due from Adviser

                      2,009  

Prepaid Expenses

    4,439       2,956       4,539       3,917  

Total Assets

    507,602,415       266,575,920       508,663,661       27,678,176  
                                 

Liabilities:

                               

Payable for Capital Shares Redeemed

    390,446       195,471       387,517        

Shareholder Servicing Fees Payable

    102,933       55,597       104,905       3,054  

Offering Costs Payable

    86,151       47,989       89,316       1,153  

Payable Due to Adviser

    72,037       59,459       74,965        

Chief Compliance Officer Fees Payable

    21,807       11,412       21,862       1,049  

Audit Fees Payable

    18,312       18,312       18,312       18,312  

Payable Due to Administrator

    16,309       8,545       16,359       818  

Transfer Agent Fees Payable

    6,829       6,529       6,341       6,770  

Trustees Fees Payable

    6,248       6,248       6,248       6,248  

Payable for Investment Securities Purchased

          527,973             384,099  

Unrealized Depreciation on Swap Contracts

          174,564       48,213       10,848  

Due to Broker for Futures

          434,153       316,965        

Unrealized Depreciation on Spot Currency Contracts

                1        

Unrealized Depreciation on Futures Contracts

          43,725              

Other Accrued Expenses

    114,890       86,436       138,823       11,254  

Total Liabilities

    835,962       1,676,413       1,229,827       443,605  
                                 

Net Assets

  $ 506,766,453     $ 264,899,507     $ 507,433,834     $ 27,234,571  

 

The accompanying notes are an integral part of the financial statements.
88

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

 

 

STATEMENTS OF ASSETS AND LIABILITIES - continued

   

US Equity
Fund

   

International
Equity Fund

   

Global Equity
Fund

   

Tax-Managed
Global Equity
Fund

 

Cost of Investments

  $ 474,320,244     $ 261,231,664     $ 484,569,070     $ 26,962,471  

†† Cost of Deposit of Foreign Currency at Broker, at Value

          786,665       604,933        

††† Cost of Foreign Currency, at Value

          208,973       381,505        
                                 

Net Assets Consist of:

                               

Paid-in Capital

  $ 468,447,405     $ 260,317,187     $ 480,546,523     $ 26,636,256  

Total Distributable Earnings

    38,319,048       4,582,320       26,887,311       598,315  

Net Assets

  $ 506,766,453     $ 264,899,507     $ 507,433,834     $ 27,234,571  
                                 

Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)

    47,896,223       25,990,473       48,639,640       2,595,626  

Class I Shares Net Asset Value, Offering and Redemption Price Per Share

  $ 10.58     $ 10.19     $ 10.43     $ 10.49  

 

The accompanying notes are an integral part of the financial statements.
89

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

 

 

STATEMENTS OF ASSETS AND LIABILITIES

   

US Fixed
Income Fund

   

Municipal
Fixed Income
Fund

   

Global Fixed
Income Fund

   

Alternatives
Fund

 

Assets:

                               

Investments, at Value

  $ 201,777,919     $ 8,723,445     $ 368,510,374     $ 967,864  

Receivable for Capital Shares Sold

    546,178       83,821       235,209        

Dividends and Interest Receivable

    399,489       7,150       554,005       16  

Deferred Offering Costs

    6,738       60       11,707       5  

Receivable Due from Adviser

          2,922             3,026  

Prepaid Expenses

    2,037       1,704       3,951       1,345  

Total Assets

    202,732,361       8,819,102       369,315,246       972,256  
                                 

Liabilities:

                               

Payable for Investment Securities Purchased

    810,080       134,538              

Payable for Capital Shares Redeemed

    157,318       953       413,314        

Shareholder Servicing Fees Payable

    39,964       1,043       71,733       42  

Offering Costs Payable

    33,692       301       58,536       25  

Payable Due to Adviser

    23,714             46,492        

Audit Fees Payable

    18,312       18,312       18,312       18,312  

Chief Compliance Officer Fees Payable

    8,309       333       15,192       38  

Payable Due to Administrator

    6,491       266       11,870       29  

Trustees Fees Payable

    6,248       6,248       6,248       6,248  

Transfer Agent Fees Payable

    5,859       6,067       5,653       5,702  

Income Distributions Payable

          73       169        

Other Accrued Expenses

    48,126       8,390       81,262       7,106  

Total Liabilities

    1,158,113       176,524       728,781       37,502  
                                 

Net Assets

  $ 201,574,248     $ 8,642,578     $ 368,586,465     $ 934,754  
                                 

Cost of Investments

  $ 191,736,730     $ 8,642,227     $ 344,010,475     $ 946,372  
                                 

Net Assets Consist of:

                               

Paid-in Capital

  $ 191,385,722     $ 8,561,185     $ 343,600,568     $ 916,041  

Total Distributable Earnings

    10,188,526       81,393       24,985,897       18,713  

Net Assets

  $ 201,574,248     $ 8,642,578     $ 368,586,465     $ 934,754  
                                 

Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)

    18,995,021       844,577       34,061,762       93,439  

Class I Shares Net Asset Value, Offering and Redemption Price Per Share

  $ 10.61     $ 10.23     $ 10.82     $ 10.00  

 

The accompanying notes are an integral part of the financial statements.
90

 

 

SYMMETRY PANORAMIC TRUST
PERIOD ENDED AUGUST 31, 2019
(1)

 

 

Statements of Operations

   

US Equity
Fund

   

International
Equity Fund

   

Global Equity
Fund

   

Tax-Managed
Global Equity
Fund

 

Investment Income:

                               

Dividend Income

  $ 6,399,688     $ 6,728,360     $ 9,039,991     $ 152,380  

Interest Income

    2,001                    

Less: Foreign Taxes Withheld

    (173 )     (238,008 )     (190,907 )      

Total Investment Income

    6,401,516       6,490,352       8,849,084       152,380  
                                 

Expenses:

                               

Investment Advisory Fees

    1,953,976       1,349,262       2,286,006       70,806  

Shareholder Servicing Fees

    424,546       231,742       435,176       10,016  

Administration Fees

    134,684       76,380       137,196       11,765  

Trustees’ Fees

    21,875       21,875       21,875       21,875  

Chief Compliance Officer Fees

    21,807       11,412       21,862       1,050  

Offering Costs

    68,921       38,391       71,453       922  

Registration Fees

    51,100       28,764       52,402       5,543  

Legal Fees

    50,279       27,038       51,122       1,657  

Custodian Fees

    49,213       123,568       153,163       795  

Transfer Agent Fees

    33,224       31,762       30,982       32,896  

Audit Fees

    18,750       18,750       18,750       18,750  

Printing Fees

    14,948       8,816       15,085       539  

Insurance and Other Expenses

    56,853       39,923       62,795       10,754  
                                 

Total Expenses

    2,900,176       2,007,683       3,357,867       187,368  

Less:

                               

Waiver of Investment Advisory Fees

    (826,743 )     (599,334 )     (1,019,406 )     (42,388 )

Reimbursement by Investment Adviser

    (368,145 )     (155,466 )     (452,555 )     (99,228 )

Net Expenses

    1,705,288       1,252,883       1,885,906       45,752  
                                 

Net Investment Income

    4,696,228       5,237,469       6,963,178       106,628  

 

(1)

The Funds commenced operations on November 12, 2018.

 

The accompanying notes are an integral part of the financial statements.
91

 

 

SYMMETRY PANORAMIC TRUST
PERIOD ENDED AUGUST 31, 2019
(1)

 

 

STATEMENTS OF OPERATIONS - continued

   

US Equity
Fund

   

International
Equity Fund

   

Global Equity
Fund

   

Tax-Managed
Global Equity
Fund

 

Net Realized and Unrealized Gain (Loss) on Investments

                               

Net Realized Loss on Investments Sold

  $ (2,526,111 )   $ (3,897,441 )   $ (4,608,933 )   $ (35,022 )

Net Realized Gain on Futures Contracts

    265,745       370,520       531,690        

Net Realized Gain on Foreign Currency Transactions

          5,627       5,071        

Net Realized Gain Received on Distributions from Registered Investment Companies

    4,905,291       1,658,818       4,279,626       3,047  

Net Unrealized Appreciation on Investments

    32,467,715       3,668,749       22,458,170       537,806  

Net Unrealized Appreciation (Depreciation) on Futures Contracts

    40,809       (43,725 )     13,987        

Net Unrealized Appreciation (Depreciation) on Swap Contracts

    144,844       (174,564 )     (48,213 )     (10,848 )

Net Unrealized Depreciation on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies

          (59,745 )     (46,768 )      

Net Realized and Unrealized Gain on Investments, Swap Contracts, Futures Contracts, Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies

    35,298,293       1,528,239       22,584,630       494,983  

Net Increase in Net Assets Resulting from Operations

  $ 39,994,521     $ 6,765,708     $ 29,547,808     $ 601,611  

 

(1)

The Funds commenced operations on November 12, 2018.

 

The accompanying notes are an integral part of the financial statements.
92

 

 

SYMMETRY PANORAMIC TRUST
PERIOD ENDED AUGUST 31, 2019
(1)

 

 

STATEMENTS OF OPERATIONS

   

US Fixed
Income Fund

   

Municipal
Fixed Income
Fund

   

Global Fixed
Income Fund

   

Alternatives
Fund

 

Investment Income:

                               

Dividend Income

  $ 3,544,212     $ 52,744     $ 7,840,278     $ 2,421  

Total Investment Income

    3,544,212       52,744       7,840,278       2,421  
                                 

Expenses:

                               

Investment Advisory Fees

    622,546       16,373       1,283,106       3,762  

Shareholder Servicing Fees

    164,867       3,253       293,917       105  

Administration Fees

    56,770       8,958       96,209       7,750  

Trustees’ Fees

    21,875       21,875       21,875       21,875  

Chief Compliance Officer Fees

    8,309       333       15,192       38  

Transfer Agent Fees

    28,541       29,623       27,951       27,697  

Offering Costs

    26,954       241       46,829       20  

Registration Fees

    20,487       2,375       38,046       1,686  

Legal Fees

    19,460       549       34,858       35  

Audit Fees

    18,750       18,750       18,750       18,750  

Custodian Fees

    10,529       282       18,893       34  

Printing Fees

    6,686       207       10,701       16  

Insurance and Other Expenses

    27,581       9,589       42,147       9,076  
                                 

Total Expenses

    1,033,355       112,408       1,948,474       90,844  

Less:

                               

Waiver of Investment Advisory Fees

    (276,511 )     (7,635 )     (665,829 )     (2,883 )

Reimbursement by Investment Adviser

    (189,641 )     (90,492 )     (221,622 )     (86,503 )

Net Expenses

    567,203       14,281       1,061,023       1,458  
                                 

Net Investment Income

    2,977,009       38,463       6,779,255       963  
                                 

Net Realized and Unrealized Gain (Loss) on Investments

                               

Net Realized Gain (Loss) on Investments Sold

    146,607       (149 )     484,192       (1,460 )

Net Realized Gain Received on Distributions from Registered Investment Companies

                      9  

Net Unrealized Appreciation on Investments

    10,041,189       81,218       24,499,899       21,492  

Net Realized and Unrealized Gain on Investments

    10,187,796       81,069       24,984,091       20,041  

Net Increase in Net Assets Resulting from Operations

  $ 13,164,805     $ 119,532     $ 31,763,346     $ 21,004  

 

(1)

The Funds commenced operations on November 12, 2018.

 

The accompanying notes are an integral part of the financial statements.
93

 

 

SYMMETRY PANORAMIC TRUST

 

 

Statements of Changes in Net Assets

   

US Equity
Fund

   

International
Equity Fund

 
   

Period Ended
August 31,
2019
*

   

Period Ended
August 31,
2019
*

 

Operations:

               

Net Investment Income

  $ 4,696,228     $ 5,237,469  

Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts

    2,644,925       (1,862,476 )

Net Unrealized Appreciation on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies

    32,653,368       3,390,715  

Net Increase in Net Assets Resulting from Operations

    39,994,521       6,765,708  
                 

Distributions

    (1,675,473 )     (2,183,388 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    567,425,503       308,823,565  

Reinvestment of Distributions

    1,675,473       2,183,388  

Redeemed

    (100,653,571 )     (50,689,766 )

Net Class I Share Transactions

    468,447,405       260,317,187  

Net Increase in Net Assets from Share Transactions

    468,447,405       260,317,187  

Total Increase in Net Assets

    506,766,453       264,899,507  
                 

Net Assets:

               

Beginning of Period

           

End of Period

  $ 506,766,453     $ 264,899,507  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    57,531,373       30,665,775  

Reinvestment of Distributions

    184,118       226,024  

Redeemed

    (9,819,268 )     (4,901,326 )

Net Increase in Shares Outstanding from Share Transactions

    47,896,223       25,990,473  

 

*

The Fund commenced operations on November 12, 2018.

 

Amounts designated as “—” are $0.

 

The accompanying notes are an integral part of the financial statements.
94

 

 

SYMMETRY PANORAMIC TRUST

 

 

STATEMENTS OF CHANGES IN NET ASSETS

   

Global Equity
Fund

   

Tax-Managed
Global Equity
Fund

 
   

Period Ended
August 31,
2019
*

   

Period Ended
August 31,
2019
*

 

Operations:

               

Net Investment Income

  $ 6,963,178     $ 106,628  

Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts

    207,454       (31,975 )

Net Unrealized Appreciation on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies

    22,377,176       526,958  

Net Increase in Net Assets Resulting from Operations

    29,547,808       601,611  
                 

Distributions

    (2,660,497 )     (3,296 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    578,259,771       28,640,183  

Reinvestment of Distributions

    2,660,497       3,296  

Redeemed

    (100,373,745 )     (2,007,223 )

Net Class I Share Transactions

    480,546,523       26,636,256  

Net Increase in Net Assets from Share Transactions

    480,546,523       26,636,256  

Total Increase in Net Assets

    507,433,834       27,234,571  
                 

Net Assets:

               

Beginning of Period

           

End of Period

  $ 507,433,834     $ 27,234,571  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    58,111,094       2,783,966  

Reinvestment of Distributions

    285,155       353  

Redeemed

    (9,756,609 )     (188,693 )

Net Increase in Shares Outstanding from Share Transactions

    48,639,640       2,595,626  

 

*

The Fund commenced operations on November 12, 2018.

 

Amounts designated as “—” are $0.

 

The accompanying notes are an integral part of the financial statements.
95

 

 

SYMMETRY PANORAMIC TRUST

 

 

STATEMENTS OF CHANGES IN NET ASSETS

   

US Fixed
Income Fund

   

Municipal
Fixed Income
Fund

 
   

Period Ended
August 31,
2019
*

   

Period Ended
August 31,
2019
*

 

Operations:

               

Net Investment Income

  $ 2,977,009     $ 38,463  

Net Realized Gain (Loss) on Investments

    146,607       (149 )

Net Unrealized Appreciation on Investments

    10,041,189       81,218  

Net Increase in Net Assets Resulting from Operations

    13,164,805       119,532  
                 

Distributions

    (2,976,279 )     (38,139 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    235,234,437       9,841,507  

Reinvestment of Distributions

    2,976,247       37,879  

Redeemed

    (46,824,962 )     (1,318,201 )

Net Class I Share Transactions

    191,385,722       8,561,185  

Net Increase in Net Assets from Share Transactions

    191,385,722       8,561,185  

Total Increase in Net Assets

    201,574,248       8,642,578  
                 

Net Assets:

               

Beginning of Period

           

End of Period

  $ 201,574,248     $ 8,642,578  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    23,256,893       970,457  

Reinvestment of Distributions

    287,747       3,723  

Redeemed

    (4,549,619 )     (129,603 )

Net Increase in Shares Outstanding from Share Transactions

    18,995,021       844,577  

 

*

The Fund commenced operations on November 12, 2018.

 

Amounts designated as “—” are $0.

 

The accompanying notes are an integral part of the financial statements.
96

 

 

SYMMETRY PANORAMIC TRUST

 

 

STATEMENTS OF CHANGES IN NET ASSETS

   

Global Fixed
Income Fund

   

Alternatives
Fund

 
   

Period Ended
August 31,
2019
*

   

Period Ended
August 31,
2019
*

 

Operations:

               

Net Investment Income

  $ 6,779,255     $ 963  

Net Realized Gain (Loss) on Investments and Distributions from Registered Investment Companies

    484,192       (1,451 )

Net Unrealized Appreciation on Investments

    24,499,899       21,492  

Net Increase in Net Assets Resulting from Operations

    31,763,346       21,004  
                 

Distributions

    (6,777,449 )     (2,291 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    404,450,934       849,369  

Reinvestment of Distributions

    6,776,920       2,291  

Redeemed

    (67,627,286 )     (35,619 )

Net Class I Share Transactions

    343,600,568       816,041  

Net Increase in Net Assets from Share Transactions

    343,600,568       816,041  

Total Increase in Net Assets

    368,586,465       834,754  
                 

Net Assets:

               

Beginning of Period

          100,000  

End of Period

  $ 368,586,465     $ 934,754  
                 

Share Transactions:

               

Class I Shares:

               

Issued (**including 10,000 seed shares)

    39,942,278       96,842  **

Reinvestment of Distributions

    662,692       239  

Redeemed

    (6,543,208 )     (3,642 )

Net Increase in Shares Outstanding from Share Transactions

    34,061,762       93,439  

 

*

The Fund commenced operations on November 12, 2018.

 

Amounts designated as “—” are $0.

 

The accompanying notes are an integral part of the financial statements.
97

 

 

SYMMETRY PANORAMIC US EQUITY FUND

 

 

Financial Highlights

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Period
Ended
August 31,
2019
*

 

Net Asset Value, Beginning of Period

  $ 10.00  

Income from Operations:

       

Net Investment Income(1)

    0.11  

Net Realized and Unrealized Gain

    0.51  

Total from Operations

    0.62  

Dividends and Distributions:

       

Net Investment Income

    (0.04 )

Total Dividends and Distributions

    (0.04 )

Net Asset Value, End of Period

  $ 10.58  

Total Return

    6.26 %

Ratios and Supplemental Data

       

Net Assets, End of Period (Thousands)

  $ 506,766  

Ratio of Expenses to Average Net Assets(2)

    0.48 %**

Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)

    0.82 %**

Ratio of Net Investment Income to Average Net Assets(2) (3)

    1.32 %**

Portfolio Turnover Rate

    22 %***

 

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*

Commenced operations on November 12, 2018.

**

Annualized.

***

Not Annualized.

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

The accompanying notes are an integral part of the financial statements.
98

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Period
Ended
August 31,
2019
*

 

Net Asset Value, Beginning of Period

  $ 10.00  

Income from Operations:

       

Net Investment Income(1)

    0.23  

Net Realized and Unrealized Gain

    0.06  

Total from Operations

    0.29  

Dividends and Distributions:

       

Net Investment Income

    (0.10 )

Total Dividends and Distributions

    (0.10 )

Net Asset Value, End of Period

  $ 10.19  

Total Return

    2.93 %

Ratios and Supplemental Data

       

Net Assets, End of Period (Thousands)

  $ 264,900  

Ratio of Expenses to Average Net Assets(2)

    0.65 %**

Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)

    1.04 %**

Ratio of Net Investment Income to Average Net Assets(2) (3)

    2.72 %**

Portfolio Turnover Rate

    24 %***

 

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*

Commenced operations on November 12, 2018.

**

Annualized.

***

Not Annualized.

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

The accompanying notes are an integral part of the financial statements.
99

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Period
Ended
August 31,
2019
*

 

Net Asset Value, Beginning of Period

  $ 10.00  

Income from Operations:

       

Net Investment Income(1)

    0.16  

Net Realized and Unrealized Gain

    0.33  

Total from Operations

    0.49  

Dividends and Distributions:

       

Net Investment Income

    (0.06 )

Total Dividends and Distributions

    (0.06 )

Net Asset Value, End of Period

  $ 10.43  

Total Return

    4.99 %

Ratios and Supplemental Data

       

Net Assets, End of Period (Thousands)

  $ 507,434  

Ratio of Expenses to Average Net Assets(2)

    0.52 %**

Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)

    0.93 %**

Ratio of Net Investment Income to Average Net Assets(2) (3)

    1.92 %**

Portfolio Turnover Rate

    23 %***

 

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*

Commenced operations on November 12, 2018.

**

Annualized.

***

Not Annualized.

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

The accompanying notes are an integral part of the financial statements.
100

 

 

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Period
Ended
August 31,
2019
*

 

Net Asset Value, Beginning of Period

  $ 10.00  

Income from Operations:

       

Net Investment Income(1)

    0.08  

Net Realized and Unrealized Gain

    0.44  

Total from Operations

    0.52  

Dividends and Distributions:

       

Net Investment Income

    (0.03 )

Total Dividends and Distributions

    (0.03 )

Net Asset Value, End of Period

  $ 10.49  

Total Return

    5.20 %

Ratios and Supplemental Data

       

Net Assets, End of Period (Thousands)

  $ 27,235  

Ratio of Expenses to Average Net Assets(2)

    0.42 %**

Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)

    1.72 %**

Ratio of Net Investment Income to Average Net Assets(2) (3)

    0.98 %**

Portfolio Turnover Rate

    11 %***

 

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*

Commenced operations on November 12, 2018.

**

Annualized.

***

Not Annualized.

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

The accompanying notes are an integral part of the financial statements.
101

 

 

SYMMETRY PANORAMIC US FIXED INCOME FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Period
Ended
August 31,
2019
*

 

Net Asset Value, Beginning of Period

  $ 10.00  

Income from Operations:

       

Net Investment Income(1)

    0.18  

Net Realized and Unrealized Gain

    0.59  

Total from Operations

    0.77  

Dividends and Distributions:

       

Net Investment Income

    (0.16 )

Total Dividends and Distributions

    (0.16 )

Net Asset Value, End of Period

  $ 10.61  

Total Return

    7.75 %

Ratios and Supplemental Data

       

Net Assets, End of Period (Thousands)

  $ 201,574  

Ratio of Expenses to Average Net Assets(2)

    0.41 %**

Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)

    0.75 %**

Ratio of Net Investment Income to Average Net Assets(2) (3)

    2.15 %**

Portfolio Turnover Rate

    16 %***

 

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*

Commenced operations on November 12, 2018.

**

Annualized.

***

Not Annualized.

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

The accompanying notes are an integral part of the financial statements.
102

 

 

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Period
Ended
August 31,
2019
*

 

Net Asset Value, Beginning of Period

  $ 10.00  

Income from Operations:

       

Net Investment Income(1)

    0.09  

Net Realized and Unrealized Gain

    0.22  

Total from Operations

    0.31  

Dividends and Distributions:

       

Net Investment Income

    (0.08 )

Total Dividends and Distributions

    (0.08 )

Net Asset Value, End of Period

  $ 10.23  

Total Return

    3.10 %

Ratios and Supplemental Data

       

Net Assets, End of Period (Thousands)

  $ 8,643  

Ratio of Expenses to Average Net Assets(2)

    0.41 %**

Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)

    3.23 %**

Ratio of Net Investment Income to Average Net Assets(2) (3)

    1.10 %**

Portfolio Turnover Rate

    9 %***

 

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*

Commenced operations on November 12, 2018.

**

Annualized.

***

Not Annualized.

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

The accompanying notes are an integral part of the financial statements.
103

 

 

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Period
Ended
August 31,
2019
*

 

Net Asset Value, Beginning of Period

  $ 10.00  

Income from Operations:

       

Net Investment Income(1)

    0.23  

Net Realized and Unrealized Gain

    0.81  

Total from Operations

    1.04  

Dividends and Distributions:

       

Net Investment Income

    (0.22 )

Total Dividends and Distributions

    (0.22 )

Net Asset Value, End of Period

  $ 10.82  

Total Return

    10.58 %

Ratios and Supplemental Data

       

Net Assets, End of Period (Thousands)

  $ 368,586  

Ratio of Expenses to Average Net Assets(2)

    0.43 %**

Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)

    0.79 %**

Ratio of Net Investment Income to Average Net Assets(2) (3)

    2.75 %**

Portfolio Turnover Rate

    7 %***

 

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*

Commenced operations on November 12, 2018.

**

Annualized.

***

Not Annualized.

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

The accompanying notes are an integral part of the financial statements.
104

 

 

SYMMETRY PANORAMIC ALTERNATIVES FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Period
Ended
August 31,
2019
*

 

Net Asset Value, Beginning of Period

  $ 10.00  

Income from Operations:

       

Net Investment Income(1)

    0.03  

Net Realized and Unrealized Gain

    0.20  

Total from Operations

    0.23  

Dividends and Distributions:

       

Net Investment Income

    (0.23 )

Total Dividends and Distributions

    (0.23 )

Net Asset Value, End of Period

  $ 10.00  

Total Return

    2.39 %

Ratios and Supplemental Data

       

Net Assets, End of Period (Thousands)

  $ 935  

Ratio of Expenses to Average Net Assets(2)

    0.50 %**

Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)

    31.15 %**

Ratio of Net Investment Income to Average Net Assets(2) (3)

    0.33 %**

Portfolio Turnover Rate

    15 %***

 

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*

Commenced operations on November 12, 2018.

**

Annualized.

***

Not Annualized.

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

The accompanying notes are an integral part of the financial statements.
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Notes to Financial Statements

 

1. Organization:

 

The Symmetry Panoramic Trust (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust, dated April 3, 2018. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company currently consisting of eight separate portfolios. The financial statements herein are those of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund and Symmetry Panoramic Alternatives Fund (each a “Fund” and collectively, the “Funds”). The investment objective of each of Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund is to seek long-term capital appreciation. The investment objective of Symmetry Panoramic US Fixed Income Fund is to seek total return through exposure to US fixed income securities. The investment objective of Symmetry Panoramic Municipal Fixed Income Fund is to provide current income that is exempt from federal personal income tax. The investment objective of Symmetry Panoramic Global Fixed Income Fund is to seek total return through exposure to global fixed income securities. The investment objective of Symmetry Panoramic Alternatives Fund is to seek positive long-term absolute returns. An “absolute return” seeks to earn a positive total return over the long-term, regardless of market conditions or general market direction. The Funds are classified as diversified investment companies. The Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund, and Symmetry Panoramic Alternatives Fund are “fund of funds” and offer shareholders the opportunity to invest in certain underlying investment companies, which are separately managed series of the following investment companies: AQR Funds, Dimensional Fund Advisors LP (DFA), iShares Funds, JPMorgan Asset Management and Vanguard Funds. Symmetry Partners, LLC serves as the Funds’ investment adviser (the “Adviser”). The Funds currently offer Class I Shares. The Funds commenced operations on November 12, 2018. The assets of each Fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

 

2. Significant Accounting Policies:

 

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

 


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Use of Estimates — The preparation of financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

 

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are either fair valued or valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm Eastern Standard Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust’s fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

 

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

 


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Securities for which market prices are not readily available are valued in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

 

Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.

 

Swaps are marked-to-market daily based upon the outstanding value by contract and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations.

 

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called.

 

The Funds use MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee has established a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value the non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by

 


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MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts SEI Investments Global Funds Services (the “Administrator”) and can request that a meeting of the Committee be held.

 

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.

 

In accordance with U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

 

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

 

 

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and

 

 

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

 

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

 

Industry classifications are summarized in the Funds’ Schedules of Investments.

 

Federal Income Taxes — It is each Fund’s intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986 (the “Code”), as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

 


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The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

 

As of and during the period ended August 31, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended August 31, 2019, the Funds did not incur any significant interest or penalties.

 

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date.

 

Foreign Taxes — The Symmetry Panoramic International Equity Fund, the Symmetry Panoramic Global Equity Fund, the Symmetry Panoramic Tax-Managed Global Equity Fund and the Symmetry Panoramic Global Fixed Income Fund may be subject to foreign withholding or other foreign income taxes with respect to dividends or interest received from (and, in some cases, gains recognized on shares of stock of) non-U.S. companies. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

 

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement

 


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dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

 

Futures Contracts — Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, and Symmetry Panoramic Global Equity Fund all utilized futures contracts during the period ended August 31, 2019. To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

 

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

 

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of August 31, 2019.

 

For the period ended August 31, 2019, the average monthly notional amount of futures contracts held were as follows:

 

 

 

Symmetry
Panoramic US
Equity Fund

   

Symmetry
Panoramic
International
Equity Fund

   

Symmetry
Panoramic Global
Equity Fund

 

Average Monthly Notional Balance Long

  $ 2,229,764     $ 5,431,697     $ 6,032,324  

Ending Monthly Notional Balance Long

    2,737,751       5,075,080       5,139,343  

 

Swap Contracts — The Funds are authorized to enter into swap agreements, including total return swaps. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered.

 


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Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, futures contract, basket of securities or futures contracts, defined portfolios of bonds, loans and mortgages, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security, commodity or market without owning or taking physical custody of such security, commodity or market. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked-to-market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

 

Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Fund may have open at period end. Entering into swap contracts involves, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedules of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Funds’ custodian.

 

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds’ ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds’ ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, it will not be able to implement its investment strategy. As of August 31, 2019, Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund have swap agreements with one counterparty, ReFlow Fund, LLC (“ReFlow”).

 


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The Funds may participate in a variety of liquidity programs offered by ReFlow. These include the ReFlow Redemption Service and ReFlow NAVswap. The ReFlow Redemption Service provides participating funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed from the fund, subject to certain limitations. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow’s discretion. In the event a Fund uses the ReFlow Redemption Service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund.

 

ReFlow NAVswap is an International Swaps and Derivatives Association governed total return swap in which a fund receives a return that corresponds to the daily change in the reference fund’s net asset value. In return, the fund pays Secured Overnight Financing Rate (SOFR) plus a spread. By participating in the ReFlow programs, a fund may maintain a cash balance to meet redemptions without suffering a significant cash drag. In an environment of declining market values, a fund participating in the ReFlow programs may experience a greater decrease in value than it would if it did not participate in the programs and instead maintained a higher cash balance.

 

For the period ended August 31, 2019, the monthly average balances of swap contracts held by the Funds was as follows:

 

 

 

Symmetry
Panoramic
US Equity
Fund

   

Symmetry
Panoramic
International
Equity Fund

   

Symmetry
Panoramic
Global
Equity Fund

   

Symmetry
Panoramic
Tax-Managed
Global
Equity Fund

 

Average Monthly Notional Balance Long

  $ 6,990,447     $ 3,602,833     $ 6,336,574     $ 286,294  

Ending Monthly Notional Balance Long

    8,119,411       5,100,818       7,804,614       706,728  

 

For the period ended August 31, 2019, the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund only held equity risk derivatives. Additional information can be found on the Schedule of Investments, Statement of Assets and Liabilities and the Statement of Operations.

 

Offsetting Assets and Liabilities — The Funds may be subject to various Master Netting Arrangements with various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions,

 


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and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty.

 

Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

 

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or cash pledged as collateral for futures contracts and swap contracts (cash). The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

 

For presentation purposes, the Master Netting tables have been omitted.

 

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

 

Expenses — Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed to a particular Fund are apportioned among the Funds based on the number of Funds and/or relative net assets.

 

Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and is classified as cash on the Statements of Assets and Liabilities. Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

 


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Dividends and Distributions to Shareholders — Income dividends are derived from net investment income (i.e., interest and other income, less any related expenses) a Fund earns from its portfolio securities and other investments. Capital gain distributions are derived from gains realized when a Fund sells a portfolio security. Long-term capital gains are derived from gains realized when a Fund sells a portfolio security it has owned for more than one year, and short-term capital gains are derived from gains realized when a portfolio security was owned for one year or less. Distributions received from underlying funds can be classified as either ordinary income, return of capital, or long-term capital gains.

 

Dividends from net investment income and distributable net realized capital gains, if any, are declared and distributed annually by the Funds. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; and temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.

 

The Symmetry Panoramic US Equity Fund, the Symmetry Panoramic International Equity Fund, the Symmetry Panoramic Global Equity Fund, the Symmetry Panoramic Tax-Managed Global Equity Fund, and the Symmetry Panoramic Alternatives Fund each intend to distribute substantially all of their net investment income and net capital gains, if any, at least annually, or more frequently as determined to be appropriate by the Adviser. The Symmetry Panoramic US Fixed Income Fund, the Symmetry Panoramic Municipal Fixed Income Fund, and the Symmetry Panoramic Global Fixed Income Fund each intend to distribute substantially all of their net investment income and net capital gains, if any, monthly.

 

Organization and Offering Costs — Organization costs are expensed as incurred. Offering costs are amortized for a period of twelve months upon commencement of operations of a Fund. Organization and offering costs are subject to recoupment by the Adviser, within twelve months of commencement of operations subject to the Organizational Expense Agreement and Expense Limitation Agreement. The Adviser will reimburse the Funds for any organization and offering costs incurred by the Funds. The Trust incurred offering costs of $317,163 which are being amortized to expense over a twelve month period. As of August 31, 2019, the Trust had $63,431 remaining to be amortized.

 

3. Transactions with Affiliates:

 

Certain officers of the Trust are also employees of the Administrator, a wholly-owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

 


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The services provided by the Chief Compliance Officer (“CCO”) and the CCO’s staff, who are employees of Atlantic Fund Services (now part of Apex Group Ltd.), are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser and other service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

 

4. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:

 

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended August 31, 2019, the Funds were charged as follows for these services:

 

Fund

 

Administration
Fee

 

Symmetry Panoramic US Equity Fund

  $ 134,684  

Symmetry Panoramic International Equity Fund

    76,380  

Symmetry Panoramic Global Equity Fund

    137,196  

Symmetry Panoramic Tax-Managed Global Equity Fund

    11,765  

Symmetry Panoramic US Fixed Income Fund

    56,770  

Symmetry Panoramic Municipal Fixed Income Fund

    8,958  

Symmetry Panoramic Global Fixed Income Fund

    96,209  

Symmetry Panoramic Alternatives Fund

    7,750  

 

The Distributor serves as each Fund’s Distributor pursuant to a Distribution Agreement with the Trust.

 

The Bank of New York Mellon acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

 

Atlantic Fund Services, LLC (now part of the Apex Group) serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.

 

 


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5. Investment Advisory Agreement:

 

The Adviser has entered into an investment advisory agreement with each Fund. For its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate disclosed below based on the average daily net assets of each of the Funds. Subject to general oversight by the Board of Trustees, the Adviser manages and supervises the investment operations and business affairs of the Funds. The Adviser may select, contract with and compensate one or more sub-advisers to manage all or a portion of a Fund’s portfolio assets, subject to oversight by the Adviser. In this role, the Adviser has supervisory responsibility for managing the investment and reinvestment of each Fund’s portfolio assets through proactive oversight and monitoring of each sub-adviser and the Fund, as described in further detail below. The Adviser is responsible for developing overall investment strategies for the Funds and overseeing and implementing each Fund’s continuous investment programs and provides a variety of advisory oversight and investment research services. The Adviser also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or sub-adviser changes) and coordinates and oversees services provided under other agreements. The Adviser has ultimate responsibility to oversee a sub-adviser and recommend to the Board of Trustees its hiring, termination, and replacement. In this capacity, the Adviser, among other things: (i) monitors on a daily basis the compliance of the sub-adviser with the investment objectives and related policies of the Fund; (ii) monitors significant changes that may impact the sub-adviser’s overall business and regularly performs due diligence reviews of the sub-adviser; (iii) reviews the performance of the sub-adviser; and (iv) reports periodically on such performance to the Board of Trustees. The Adviser employs a team of investment professionals who provide these ongoing research and monitoring services.

 

In addition to investment advisory fees, each Fund pays other expenses including costs incurred in connection with the maintenance of its securities law registration, printing and mailing prospectuses and statements of additional information to shareholders, certain financial accounting services, taxes or governmental fees, custodial, transfer and shareholder servicing agent costs, expenses of outside counsel and independent accountants, preparation of shareholder reports and expenses of trustee and shareholders meetings.

 

The Adviser has agreed to limit each Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in the below table until at least October 31, 2020 (the “Expense Limitation”). For purposes of the Expense Limitation, the term “Operating Expenses” with respect to the Funds is defined to include all expenses necessary or appropriate for the operation of a Fund and including the Adviser’s investment advisory or management fee detailed in the advisory agreement, any Rule 12b-l fees and/or shareholder services fees and other expenses described in the advisory agreement, but does not include: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on

 


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securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of a Fund’s officers and Trustees, and contractual indemnification of an affected Fund’s service providers (other than the Adviser)).

 

 

Advisory
Fee Before
Expense
Limitation

Expense
Limitation

Symmetry Panoramic US Equity Fund

0.55%

0.48%

Symmetry Panoramic International Equity Fund

0.70%

0.65%

Symmetry Panoramic Global Equity Fund

0.63%

0.52%

Symmetry Panoramic Tax-Managed Global Equity Fund

0.65%

0.42%

Symmetry Panoramic US Fixed Income Fund

0.45%

0.41%

Symmetry Panoramic Municipal Fixed Income Fund

0.47%

0.41%

Symmetry Panoramic Global Fixed Income Fund

0.52%

0.43%

Symmetry Panoramic Alternatives Fund

1.29%

0.50%

 

The Adviser also has contractually agreed to waive its management fee for each of the Funds until at least October 31, 2020 (“Fee Waiver”) so that the aggregate management fee retained by the Adviser with respect to each of the Funds after payment of sub-advisory fees does not exceed the following:

 

Symmetry Panoramic US Equity Fund

0.25%

Symmetry Panoramic International Equity Fund

0.25%

Symmetry Panoramic Global Equity Fund

0.25%

Symmetry Panoramic Tax-Managed Global Equity Fund

0.26%

Symmetry Panoramic US Fixed Income Fund

0.25%

Symmetry Panoramic Municipal Fixed Income Fund

0.25%

Symmetry Panoramic Global Fixed Income Fund

0.25%

Symmetry Panoramic Alternatives Fund

0.30%

 

The Adviser may recover all or a portion of the Expense Limitation within a three-year rolling period from the year in which it reduced its fee or reimbursed expenses if a Fund’s total annual operating expenses are below the Expense Limitation that was in place at the time of such fee reductions or expense reimbursements. The Expense Limitation and Fee Waiver agreements may be terminated by the Board of Trustees without penalty on 60 days’ written notice to the Adviser. The Expense Limitation and Fee Waiver agreements shall terminate automatically in the event of assignment of the investment advisory agreement.

 


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As of August 31, 2019, the following amounts of waivers/reimbursements subject to recoupment (expiring in 2022):

 

Symmetry Panoramic US Equity Fund

  $ 367,716  

Symmetry Panoramic International Equity Fund

    155,300  

Symmetry Panoramic Global Equity Fund

    452,187  

Symmetry Panoramic Tax-Managed Global Equity Fund

    99,132  

Symmetry Panoramic US Fixed Income Fund

    189,463  

Symmetry Panoramic Municipal Fixed Income Fund

    90,462  

Symmetry Panoramic Global Fixed Income Fund

    221,220  

Symmetry Panoramic Alternatives Fund

    86,499  

 

The Adviser has engaged AQR Capital Management, LLC (“AQR”), to provide sub-advisory services to each of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund and Symmetry Panoramic Global Equity Fund (together, the “Sub-Advised Funds”). The Adviser pays AQR a portion of its fee, calculated daily and paid monthly. The Sub-Advised Funds are not responsible for the payment of the sub-advisory fees.

 

A Trustee and certain Officers are also employees/officers of the Adviser.

 

6. Investment Transactions:

 

The cost of security purchases and the proceeds from security sales other than short-term securities, for the period ended August 31, 2019, were as follows:

 

 

 

Purchases

   

Sales and
Maturities

 

Symmetry Panoramic US Equity Fund

  $ 558,462,196     $ 93,486,850  

Symmetry Panoramic International Equity Fund

    309,567,583       54,698,201  

Symmetry Panoramic Global Equity Fund

    577,183,211       102,055,643  

Symmetry Panoramic Tax-Managed Global Equity Fund

    27,774,501       1,483,711  

Symmetry Panoramic US Fixed Income Fund

    214,916,883       27,286,119  

Symmetry Panoramic Municipal Fixed Income Fund

    8,847,607       401,973  

Symmetry Panoramic Global Fixed Income Fund

    359,181,475       22,389,866  

Symmetry Panoramic Alternatives Fund

    1,000,630       62,480  

 


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7. Federal Tax Information:

 

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period that the differences arise.

 

The tax character of dividends and distributions declared during the fiscal year was as follows:

 

 

 

 

Ordinary
Income

   

Long-Term
Capital Gain

   

Total

 

Symmetry Panoramic US Equity Fund

2019

  $ 1,675,473     $     $ 1,675,473  

Symmetry Panoramic International Equity Fund

2019

    2,183,388             2,183,388  

Symmetry Panoramic Global Equity Fund

2019

    2,660,497             2,660,497  

Symmetry Panoramic Tax-Managed Global Equity Fund

2019

    3,296             3,296  

Symmetry Panoramic US Fixed Income Fund

2019

    2,976,279             2,976,279  

Symmetry Panoramic Municipal Fixed Income Fund

2019

    38,139             38,139  

Symmetry Panoramic Global Fixed Income Fund

2019

    6,777,449             6,777,449  

Symmetry Panoramic Alternatives Fund

2019

    2,291             2,291  

 


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As of August 31, 2019, the components of Distributable Earnings on a tax basis were as follows:

 

 

 

Symmetry
Panoramic
US Equity
Fund

   

Symmetry
Panoramic
International
Equity Fund

   

Symmetry
Panoramic
Global
Equity Fund

   

Symmetry
Panoramic
Tax-Managed
Global
Equity Fund

 

Undistributed Ordinary Income

  $ 3,028,973     $ 3,334,704     $ 4,526,826     $ 103,358  

Undistributed Long-Term Capital Gain

    3,359,648             869,088        

Post-October Losses

                       

Late-Year Loss Deferral

                       

Capital Loss Carryforwards

          (1,692,583 )           (24,681 )

Unrealized Appreciation

    31,930,427       2,940,199       21,491,397       519,638  

Other Temporary Differences

                       

Total Distributable Earnings

  $ 38,319,048     $ 4,582,320     $ 26,887,311     $ 598,315  

 

 

 

Symmetry
Panoramic
US Fixed
Income Fund

   

Symmetry
Panoramic
Municipal
Fixed Income
Fund

   

Symmetry
Panoramic
Global Fixed
Income Fund

   

Symmetry
Panoramic
Alternatives
Fund

 

Undistributed Ordinary Income

  $ 147,661     $ 323     $ 500,942     $  

Post-October Losses

                      (1,451 )

Late-Year Loss Deferral

                      (1,328 )

Capital Loss Carryforwards

          (70 )            

Unrealized Appreciation

    10,040,865       81,140       24,484,955       21,492  

Other Temporary Differences

                       

Total Distributable Earnings

  $ 10,188,526     $ 81,393     $ 24,985,897     $ 18,713  

 

Post-October losses represent losses realized on investment transactions from November 1, 2018 through August 31, 2019, that, in accordance with Federal income tax regulations, the Funds elect to defer and treat as having arisen in the following fiscal year.

 


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Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2019 through August 31, 2019 and specified losses realized on investment transactions from November 1, 2018 through August 31, 2019. The Symmetry Panoramic Alternatives Fund elects to defer the Post-October loss of $1,451 and the late-year loss of $1,328 and treat each as having arisen in the following fiscal year.

 

For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future capital gains. Losses carried forward are as follows:

 

 

 

Short-Term
Loss

   

Long-Term
Loss

   

Total

 

Symmetry Panoramic US Equity Fund

  $     $     $  

Symmetry Panoramic International Equity Fund

    1,692,583             1,692,583  

Symmetry Panoramic Global Equity Fund

                 

Symmetry Panoramic Tax-Managed Global Equity Fund

    24,681             24,681  

Symmetry Panoramic US Fixed Income Fund

                 

Symmetry Panoramic Municipal Fixed Income Fund

    70             70  

Symmetry Panoramic Global Fixed Income Fund

                 

Symmetry Panoramic Alternatives Fund

                 

 

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at August 31, 2019, were as follows:

 

 

 

Federal
Tax Cost

   

Aggregate
Gross
Unrealized
Appreciation

   

Aggregate
Gross
Unrealized
Depreciation

   

Net
Unrealized
Appreciation

 

Symmetry Panoramic US Equity Fund

  $ 475,002,375     $ 33,628,778     $ (1,843,195 )   $ 31,785,583  

Symmetry Panoramic International Equity Fund

    261,715,581       8,074,169       (4,889,337 )     3,184,832  

Symmetry Panoramic Global Equity Fund

    485,432,765       26,621,276       (5,026,801 )     21,594,475  

Symmetry Panoramic Tax-Managed Global Equity Fund

    26,969,790       687,825       (157,339 )     530,486  

Symmetry Panoramic US Fixed Income Fund

    191,737,054       10,041,189       (324 )     10,040,865  

Symmetry Panoramic Municipal Fixed Income Fund

    8,642,306       81,219       (79 )     81,140  

 


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Federal
Tax Cost

   

Aggregate
Gross
Unrealized
Appreciation

   

Aggregate
Gross
Unrealized
Depreciation

   

Net
Unrealized
Appreciation

 

Symmetry Panoramic Global Fixed Income Fund

  $ 344,025,419     $ 24,499,899     $ (14,944 )   $ 24,484,955  

Symmetry Panoramic Alternatives Fund

    946,372       21,492             21,492  

 

8. Concentration of Risks:

 

As with all mutual funds, there is no guarantee that any of the Funds will achieve the Fund’s investment objective. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the “FDIC”) or any other government agency. The principal risk factors affecting shareholder investments in the Funds are described below.

 

Please note that each of the Funds primarily will invest in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”), or directly in securities or other instruments. Therefore, the risks described below for each Fund are in reference to either the Underlying Funds, direct purchases of the Funds, or both unless otherwise noted.

 

The table below and the paragraphs that follow show additional information about the principal (marked with an “✔”) and certain non-principal (marked with an “●”) investment strategies and techniques that a Fund may employ in pursuing the Fund’s investment objective and related risks.

 

= principal

 

= non-principal

 

 

US Equity

International
Equity

Global
Equity

Tax-
Managed
Global
Equity

US Fixed
Income

Municipal
Fixed
Income

Global
Fixed
Income

Alternatives

Investing in Underlying Funds

Investments of Underlying Funds

Arbitrage Risk

             

Asset Allocation Risk

Borrowing Risk

Cash Management Strategies

Commodities Risk

             

 


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US Equity

International
Equity

Global
Equity

Tax-
Managed
Global
Equity

US Fixed
Income

Municipal
Fixed
Income

Global
Fixed
Income

Alternatives

Convertible Securities Risk

             

Credit Default Swaps Risk

             

Currency Risk

 

   

Cybersecurity Risk

Derivatives Risk

Distressed Investments Risk

             

Emerging Markets Risk

 

   

Equity Risk

     

Exchange-Traded Notes Risk

             

Financial Sector Risk

       

Fixed Income Securities

       

Foreign (Non-U.S.) Investment Risk

 

   

Forward and Futures Contract Risk

 

   

Geographic and Sector Risk

High Portfolio Turnover Risk

High Yield Risk

       

Index Tracking Error Risk

Investment Companies and ETFs Risk

Investment Style Risk

     

IPO and SEO Risk

             

Leveraging Risk

Litigation and Enforcement Risk

             

Liquidity Risk

Management Risk

 


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US Equity

International
Equity

Global
Equity

Tax-
Managed
Global
Equity

US Fixed
Income

Municipal
Fixed
Income

Global
Fixed
Income

Alternatives

Market Capitalization Risk

     

Market Events Risk

Market Risk

Money Market Instrument Risk

       

 

Municipal Bond Risk

         

 

ReFlow Liquidity Program

REIT Risk

       

Restricted Securities

             

Securities Issued in PIPE Transactions

             

Securities Lending Risk

       

Short Sales Risk

             

Small Fund Risk

         

 

SPACs Risk

             

Subsidiary Risk

             

Swap Risk

Taxability Risk

         

   

Tax Risk

             

Tax-Managed Investing Risk

     

       

Temporary Defensive Positioning

U.S. Government Securities Risk

Valuation Risk

Volatility Risk

     

 

General Risks of Investing in Underlying Funds — Because each Fund invests in the Underlying Funds, a Fund’s shareholders will be affected by the investment policies of the Underlying Funds in direct proportion to the amount of assets a Fund allocates to those Underlying Funds. Certain of the Funds also may invest in Underlying Funds that in turn invest in foreign issuers and thus are subject to additional risks, including changes in foreign currency exchange rates and country risk. Foreign investments of the Underlying Funds may include securities of issuers located in emerging countries in Asia, Latin

 


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America, Eastern Europe and Africa. The Funds also may invest in Underlying Funds that invest in mid-, small-, and micro-capitalization stocks, which may be riskier than investing in larger, more established companies.

 

A Fund’s investment in Underlying Funds that invest in fixed-income securities will be subject to, among other things, credit (or default) risk and interest rate/maturity risk. Credit (or default) risk is the risk that an issuer or guarantor of a security or a counterparty to a transaction may default on its payment obligations or experience a decline in credit quality. Interest rate/maturity risk is the risk that increases in prevailing interest rates will cause fixed-income securities held by a Fund to decline in value. The magnitude of this decline will often be greater for longer-term fixed-income securities than shorter-term fixed-income securities.

 

The Underlying Funds will also be subject to prepayment (or call) risk (the risk that an issuer will exercise its right to pay principal on an obligation held by a Fund earlier than expected) and debt extension risk (the risk that an issuer will exercise its right to pay principal on an obligation held by a Fund later than expected).

 

The Funds may invest in Underlying Funds that invest in asset-backed and structured investment securities, which may involve a greater chance of default during periods of economic downturn than other securities, and may be less liquid and more difficult to value and liquidate. Underlying Funds also may invest in real estate securities, commodity-related securities and money market investments. The risks of the Underlying Funds’ investments and a Fund to the extent a Fund invested in those investments directly are discussed in more detail below.

 

Arbitrage Risk — The risk incurred when a Fund invests in securities purchased pursuant to an arbitrage strategy in order to take advantage of a perceived relationship between the value of two securities presents certain risks. Securities purchased or sold short pursuant to an arbitrage strategy may not perform as intended, which may result in a loss to a Fund. Additionally, issuers of a security purchased pursuant to an arbitrage strategy are often engaged in significant corporate events, such as restructurings, acquisitions, mergers, takeovers, tender offers or exchanges, or liquidations. Such corporate events may not be completed as initially planned or may fail.

 

Asset Allocation Risk — The risk that the selection by the Adviser of the Underlying Funds and the allocation of a Fund’s assets among the Underlying Funds and the Sub-Adviser will cause a Fund to underperform other funds with similar investment objectives. In this regard, a Fund also may temporarily deviate from its factor exposures for the purpose of managing distributions. In addition, the Adviser may invest Fund assets in Underlying Funds managed by a limited number of investment managers. In such circumstances, a Fund’s performance could be substantially dependent on the performance of such managers. Similarly, the Adviser’s allocation of a Fund’s assets to a limited number of Underlying Funds may adversely affect the performance of a Fund, and, in such circumstances, it will be more sensitive to the performance and risks associated with those Underlying Funds and any investments in which such Underlying Funds focus.

 


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Cash Management Strategies — Although the Funds will generally invest substantially all of its assets in accordance with their respective investment objectives and principal investment strategies, each Fund may, at times, hold a substantial amount of its assets in cash or short-term cash equivalents, such as money market instruments, money market funds or repurchase agreements, in order to satisfy redemptions or on a temporary basis while the portfolio managers look for suitable investment opportunities. The percentage of a Fund’s assets invested in cash and short-term cash equivalents may vary and will depend on various factors, including market conditions and purchases and redemptions of Fund shares. Substantial holdings in cash or cash equivalents could reduce the magnitude of losses incurred by the Fund during periods of falling markets or cause the Fund to miss investment opportunities during periods of rising markets. The Fund’s investments in short-term cash equivalents, such as money market instruments, may be subject to credit and counterparty risk (the risk that an issuer or counterparty will default or become less creditworthy) and interest rate risk (the risk that the value of an investment in an income-producing security will decrease as interest rates rise). To the extent permitted by its principal investment strategies and investment policies, a Fund may acquire shares of exchange-traded funds or invest in index futures contracts based on a relevant market index in an effort to maintain exposure to the market, or engage in swap agreements, but a Fund’s efforts to maintain market exposure in this manner may not be successful. If you are concerned about the volatility of your investment in a Fund, you may wish to consult your financial intermediary and consider whether a lower risk exposure is more appropriate for your investment portfolio.

 

Commodities Risk — Exposure to commodities markets may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies.

 

The energy sector can be significantly affected by changes in the prices and supplies of oil and other energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations, policies of the Organization of Petroleum Exporting Countries (“OPEC”) and relationships among OPEC members and between OPEC and oil importing nations. The metals sector can be affected by sharp price volatility over short periods caused by global economic, financial and political factors, resource availability, government regulation, economic cycles, changes in inflation or expectations about inflation in various countries, interest rates, currency fluctuations, metal sales by governments, central banks or international agencies, investment speculation and fluctuations in industrial and commercial supply and demand. The commodity-linked

 


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securities in which a Fund may invest may be issued by companies in the financial services sector, including the banking, brokerage and insurance sectors. As a result, events affecting issuers in the financial services sector may cause a Fund’s share value to fluctuate.

 

Convertible Securities — Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer’s underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of “usable” bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer’s capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security’s underlying common stock.

 

Credit Default Swaps Risk — A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps may have as reference obligations one or more securities that are not currently held by a Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided generally that no credit event on a reference obligation has occurred. Credit default swaps involve risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).

 

Currency Risk — The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency risk may be particularly high to the extent that a Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to emerging market countries. Conversely, in strategies where currency risk is hedged, the risk is that an increase in the value of the local currency relative to the U.S. dollar will not be earned by a Fund investor.

 

Cybersecurity Risk — With the increased use of the Internet and because information technology (“IT”) systems and digital data underlie most of a Fund’s operations, a Fund and its Adviser, any Sub-Advisers, custodian, transfer agent, distributor and other service providers and the financial intermediaries (collectively “Service Providers”) are exposed to the risk that their operations and data may be compromised as a result of internal and external cyber-failures, breaches or attacks (“Cyber Risk”). This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain unauthorized access to

 


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or release confidential information, (iii) shut down a Fund or Service Provider website through denial-of-service attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate cyber-attacks.

 

Derivatives Risk — A Fund may invest in derivatives, which are financial instruments whose value is typically based on the value of a security, commodity or index, in order to better track the Index. These instruments include options, futures contracts, swap agreements, including total return swap agreements, and similar instruments. A Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested.

 

The market value of derivative instruments and securities may be more volatile than that of other instruments, and each type of derivative instrument may have its own special risks, including the risk of mispricing or improper valuation of derivatives and the inability of derivatives to correlate perfectly with underlying assets, rates, and indices. Many derivatives, in particular privately negotiated derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to a Fund. The value of derivatives may not correlate perfectly, or at all, with the value of the assets, reference rates or indices they are designed to closely track.

 

Derivatives are subject to a number of other risks, including liquidity risk (the possibility that the derivative may be difficult to purchase or sell and the Adviser may be unable to initiate a transaction or liquidate a position at an advantageous time or price), leverage risk (the possibility that adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the amount invested in the derivative), interest rate risk (some derivatives are more sensitive to interest rate changes and market price fluctuations), and counterparty risk (the risk that a counterparty may be unable to perform according to a contract, and that any deterioration in a counterparty’s creditworthiness could adversely affect the instrument). In addition, because derivative products are highly specialized, investment techniques and risk analyses employed with respect to investments in derivatives are different from those associated with stocks and bonds. Finally, a Fund’s use of derivatives may cause a Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if a Fund had not used such instruments.

 

Derivative instruments also are subject to the risk that the market value of an instrument will change to the detriment of a Fund. If the Adviser inaccurately forecast the values of securities, interest rates or other economic factors in using derivatives, a Fund might have been in a better position if it had not entered into the transaction at all. Some strategies involving derivative instruments can reduce the risk of loss, but they can also reduce the opportunity for gain or result in losses by offsetting favorable price movements in

 


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other investments held by a Fund. A Fund may also have to buy or sell a security at a disadvantageous time or price because regulations require funds to maintain offsetting positions or asset coverage in connection with certain derivatives transactions.

 

If the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, a Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what a Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

 

Distressed Investments Risk — Distressed investments include loans, loan participations, bonds, notes, and non-performing and sub-performing mortgage loans, many of which are not publicly traded and may involve a substantial degree of risk. In certain periods, there may be little or no liquidity in the markets for these securities or instruments. In addition, the prices of such securities or instruments may be subject to periods of abrupt and erratic market movements and above-average price volatility. It may be more difficult to value such securities, and the spread between the bid and asked prices of such securities may be greater than normally expected. If a Fund’s evaluation of the risks and anticipated outcome of an investment in a distressed security should prove incorrect, a Fund may lose a substantial portion or all of its investment or it may be required to accept cash or securities with a value less than the original investment.

 

Emerging Markets Risk — A Fund’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets. These risks include less social, political and economic stability; smaller securities markets with low or nonexistent trading volume and greater illiquidity and price volatility; more restrictive national policies on foreign investment, including restrictions on investment in issuers or industries deemed sensitive to national interests; less transparent and established taxation policies; less developed regulatory or legal structures governing private and foreign investment; more pervasiveness of corruption and crime; less financial sophistication, creditworthiness and/or resources possessed by, and less government regulation of, the financial institutions and issuers with which a Fund transacts; less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the U.S.; greater concentration in a few industries resulting in greater vulnerability to regional and global trade conditions; higher rates of inflation and more rapid and extreme fluctuations in inflation rates; greater sensitivity to interest rate changes; increased volatility in currency exchange rates and potential for currency devaluations and/or currency controls; greater debt burdens relative to the size of the economy; more delays in settling portfolio transactions and heightened risk of loss from share registration and custody practices; and less assurance that recent favorable economic developments will not be slowed or reversed by unanticipated economic, political or social events in such countries.

 


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Because of these risk factors, a Fund’s investments in developing market countries are subject to greater price volatility and illiquidity than investments in developed markets. Governments of emerging market and frontier market countries may own or control parts of the private sector. Accordingly, government actions could have a significant impact on economic conditions. Certain emerging market and frontier market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular sector and/or company, limit the investment by foreign persons to a specific class of securities of an issuer that may have less advantageous rights than a domestically available class, require foreign investors to maintain a trading account with only one licensed securities company in the relevant market and/or impose additional taxes on foreign investors. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment.

 

Equity Risk — Equity securities are susceptible to general market fluctuations and volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

 

Exchange-Traded Notes Risk — Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. A Fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on a Fund’s right to redeem its investment in an exchange-traded note, which is meant to be held until maturity.

 

Financial Sector Risk — The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. A Fund may be adversely affected by events or developments negatively impacting the financial sector.

 

Fixed Income Securities Risk — Fixed income securities held by a Fund are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, and liquidity risk, which are more fully described below. In addition, current market conditions may pose heightened risks for fixed income securities. Current interest rates are at or near historic lows, and as the Federal Reserve Board has begun tapering its quantitative easing program and in December of 2015 began raising the federal funds rate, there is a risk that interest rates will rise. Future increases in interest rates could result in less liquidity and greater volatility of fixed income securities. A fund may lose money if short-term or long-term interest rates rise sharply. Moreover, new regulations applicable to and changing business

 


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practices of financial intermediaries restricting their market marking activities for certain fixed income securities, which may reduce the liquidity and increase the volatility for such fixed income securities.

 

 

Call Risk. During periods of declining interest rates, a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates. A Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in its income.

 

 

Credit Risk. Fixed income securities are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt. Lower rated fixed income securities involve greater credit risk, including the possibility of default or bankruptcy.

 

 

Interest Rate Risk. Fixed income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Fixed income securities with longer maturities sometimes offer higher yields, but are subject to greater price shifts as a result of interest rate changes than fixed income securities with shorter maturities.

 

 

Liquidity Risk. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. These features make it more difficult to sell or buy a security at a favorable price or time. Consequently, a Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on its performance. Infrequent trading of securities may also lead to an increase in their price volatility. Liquidity risk also refers to the possibility that a Fund may not be able to sell a security or close out an investment contract when it wants to. If this happens, a Fund will be required to hold the security or keep the position open, and it could incur losses.

 

 

Prepayment and Extension Risk. Many types of fixed income securities are subject to prepayment risk. Prepayment occurs when the issuer of a fixed income security can repay principal prior to the security’s maturity. Fixed income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a fixed income security can be difficult to predict and result in greater volatility. On the other hand, rising interest rates could cause prepayments of the obligations to decrease, extending the life of mortgage- and asset-backed securities with lower payment rates. This is known as extension risk and may increase a Fund’s sensitivity to rising rates and its potential for price declines.

 


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Variable and Floating Rate Securities. Variable and floating rate securities generally are less sensitive to interest changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Floating rate securities will not generally increase in value if interest rates decline.

 

Foreign (Non-U.S.) Investment Risk — Foreign securities include direct investments in non-U.S. dollar-denominated securities traded primarily outside of the United States and dollar-denominated securities of foreign issuers. Foreign securities also include indirect investments such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). ADRs are U.S. dollar-denominated receipts representing shares of foreign-based corporations. ADRs are receipts that are traded in the United States, and entitle the holder to all dividend and capital gain distributions that are paid out on the underlying foreign shares. EDRs and GDRs are receipts that often trade on foreign exchanges. They represent ownership in an underlying foreign or U.S. security and generally are denominated in a foreign currency. Foreign government obligations may include debt obligations of supranational entities, including international organizations (such as The International Bank for Reconstruction and Development, also known as the World Bank) and international banking institutions and related government agencies.

 

Special Risks of Foreign Securities — Foreign securities involve special risks and costs, which are considered by the investment adviser in evaluating the creditworthiness of issuers and making investment decisions for a Fund. Foreign securities fluctuate in price because of political, financial, social and economic events in foreign countries (including, for example, military confrontations, war and terrorism). A foreign security could also lose value because of more or less stringent foreign securities regulations and less stringent accounting and disclosure standards. In addition, foreign markets may have greater volatility than domestic markets and foreign securities may be less liquid and harder to value than domestic securities.

 

Foreign securities, and in particular foreign debt securities, are sensitive to changes in interest rates. In addition, investment in the securities of foreign governments involves the risk that foreign governments may default on their obligations or may otherwise not respect the integrity of their obligations. The performance of investments in securities denominated in a foreign currency also will depend, in part, on the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Absent other events which otherwise could affect the value of a foreign security (such as a change in the political climate or an issuer’s credit quality), appreciation in the value of the foreign currency generally results in an increase in value of a foreign currency-denominated security in terms of U.S. dollars. A decline in the value of the foreign currency relative to the U.S. dollar generally results in a decrease in value of a foreign currency-denominated security. Additionally, many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline.

 


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Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Foreign investments also may involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability. Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls or freezes on the convertibility of currency, trade restrictions (including tariffs) or the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Additionally, foreign banks and foreign branches of domestic banks may be subject to less stringent reserve requirements and to different accounting, auditing and recordkeeping requirements.

 

While the Funds’ investments may, if permitted, be denominated in foreign currencies, the portfolio securities and other assets held by the Funds are valued in U.S. dollars. Price fluctuations may occur in the dollar value of foreign securities because of changing currency exchange rates or, in the case of hedged positions, because the U.S. dollar declines in value relative to the currency hedged. Currency exchange rates may fluctuate significantly over short periods of time causing a Fund’s NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the United States or abroad. To the extent that a Fund is invested in foreign securities while also maintaining currency positions, it may be exposed to greater combined risk. The net currency positions of the Funds may expose them to risks independent of their securities positions.

 

The Funds may operate in euros and/or may hold euros and/or euro-denominated bonds and other obligations. The euro requires participation of multiple sovereign states forming the Euro zone and is therefore sensitive to the credit and general economic and political positions of each such state, including, each state’s actual and intended ongoing engagement with and/or support for the other sovereign states then forming the European Union (“EU”), in particular those within the Euro zone. Changes in these factors might materially and adversely impact the value of securities in which a Fund has invested.

 

In addition, voters in the United Kingdom (“UK”) have approved withdrawal from the European Union. Securities issued by companies domiciled in the UK could be subject to changing regulatory and tax regimes. Banking and financial services companies that operate in the UK or EU could be disproportionately impacted by those actions. Other countries may seek to withdraw from the EU and/or abandon the euro, the common currency of the EU, which could exacerbate market and currency volatility and negatively impact the Funds’ investments in securities issued by companies located in EU countries. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. Recent and upcoming European

 


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elections could, depending on the outcomes, further call into question the future direction of the EU. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. The impact of these actions, especially if they occur in a disorderly fashion, is not clear, but could be significant and far-reaching. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

 

Forward and Futures Contract Risk — The successful use of forward and futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if a Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and a Fund may have to sell securities at a time when it may be disadvantageous to do so. A Fund could be unable to recover assets held at the futures clearing broker, even assets directly traceable to a Fund from the futures clearing broker in the event of a bankruptcy of the broker. A futures clearing broker is required to segregate customer funds pursuant to the Commodities Exchange Act and the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”). However, in the unlikely event of the broker’s bankruptcy, there is no equivalent of the Securities Investors Protection Corporation insurance as is applicable in the case of securities broker dealers’ bankruptcies.

 

Geographic and Sector Risk — The risk that if a Fund invests a significant portion of its total assets in certain issuers within the same geographic region or economic sector, an adverse economic, business or political development affecting that region or sector may affect the value of a Fund’s investments more than if a Fund’s investments were not so focused. While the Funds may not concentrate in any one industry, a Fund may invest without limitation in a particular country or market sector.

 

High Portfolio Turnover Risk — A Fund may engage in active trading, including investments made on a shorter-term basis, which may lead to increased expenses that may result in lower investment returns.

 

High Yield Risk — Exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a government or company than other fixed income instruments. These securities are subject to greater risk of loss,

 


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greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish the Fund’s ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. If the issuer of a security is in default with respect to interest or principal payments, the issuer’s security could lose its entire value. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect a Fund’s performance.

 

Index Tracking Error Risk — The performance of a Fund and its index may differ from each other for a variety of reasons. For example, a Fund that is index-based in which a Fund invests incurs operating expenses and portfolio transaction costs not incurred by the Fund’s index. In addition, the Fund may not be fully invested in the securities of the index that it tracks at all times or may hold securities not included in its index.

 

Investment Companies and Exchange-Traded Funds Risk — When a Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company’s or ETF’s operating expenses, including the management fees of the Underlying Fund in addition to those paid by a Fund. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. A Fund also will incur brokerage costs when it purchases and sells ETFs.

 

Investment Style Risk — The risk that different investment styles (e.g., “growth,” “value,” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. A Fund may outperform or underperform other funds that employ a different investment style.

 

 

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Momentum Style Risk. Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy may suffer.

 

 

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Value Investing Risk is the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by a Fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.

 

 

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Quantitative Investing Risk the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result

 


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of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

 

Certain Sub-Advisers may rely heavily on quantitative models and information and data supplied by third parties (“Models and Data”). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging investments.

 

When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose a Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used for a Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. A Fund bears the risk that the quantitative models used will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable a Fund to achieve its investment objective.

 

All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

 

IPO and SEO Risk — The market value of shares sold in an initial public offering (an “IPO”) will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. “SEOs” are seasoned (i.e., secondary) equity offerings of U.S. equity securities. The purchase of IPO shares may involve high transaction costs. IPO and SEO shares are subject to market risk and liquidity risk. In addition, the prices of securities sold in IPOs or SEOs may be highly volatile or may decline shortly after the initial public offering or seasoned equity offering.

 

Leveraging Risk — Financial leverage refers to the use of debt to acquire assets. The Fund may use leverage through a line of credit offered by a bank or may purchase derivatives that have the effect of creating leverage. The use of leverage may exaggerate any increase or decrease in a Fund’s net asset value, causing a Fund to be more volatile. The use of leverage may increase expenses and increase the impact of a Fund’s other risks. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet regulatory requirements resulting in increased volatility of returns. Leverage, including borrowing, may cause a Fund to be more volatile than if a Fund had not been leveraged. Additionally, for certain derivatives, such as futures, adverse changes in the value or level of the reference asset, rate, or index may result in a loss substantially greater than the amount paid for the derivative.

 


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Liquidity Risk — There is risk that a Fund may not be able to pay redemption proceeds within the time periods described in this Prospectus because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that a Fund would like or difficult to value. A Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on fund management or performance. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, Rule 144A securities, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk.

 

Litigation and Enforcement Risk — Companies involved in significant restructuring tend to involve increased litigation risk, including for investors in these companies. This risk may be greater in the event a Fund takes a large position or is otherwise prominently involved. The expense of defending against (or asserting) claims and paying any amounts pursuant to settlements or judgments would be borne by the Fund (directly if it were directly involved or indirectly in the case of claims by or against an underlying company or settlements or judgments paid by an underlying company). Further, ownership of companies over certain threshold levels involves additional filing requirements and substantive regulation on such owners, and if a Fund fails to comply with all of these requirements, the Fund may be forced to disgorge profits, pay fines or otherwise bear losses or other costs from such failure to comply.

 

In addition, there have been a number of widely reported instances of violations of securities laws through the misuse of confidential information. Such violations may result in substantial liabilities for damages caused to others, for the disgorgement of profits realized and for penalties. Investigations and enforcement proceedings may be charged with involvement in such violations. Furthermore, if persons associated with a company in which a Fund invested engages in such violations, that fund could be exposed to losses.

 

Management Risk — The net asset value of a Fund changes daily based on the performance of the securities and derivatives in which it invests. The Adviser’s judgments about the attractiveness, value and potential appreciation of particular securities or derivatives in which a Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser may have conflicts of interest that could interfere with its management of a Fund’s portfolio. For example, the Adviser or its affiliates may manage other investment funds or have other clients that may be similar to, or overlap with, the investment objective and strategy of a Fund, creating potential conflicts of interest when making decisions regarding which investments may be appropriate for a Fund and other clients. Further information regarding conflicts of interest is available in the SAI.

 


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Market Capitalization Risk — Stocks fall into the following broad market capitalization categories—large, medium, small and micro. A Fund that invests primarily in one of these categories carries the risk that due to current market conditions that category may be out of favor with investors. If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of micro, small or medium capitalization companies, investors may migrate to the stocks of micro, small and medium-sized companies. Larger, more established companies may also be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

 

Investing in medium, small, and micro capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their stocks, as compared with larger companies. In addition, securities of these companies are subject to the risk that, during certain periods, the liquidity of particular issuers or industries will shrink or disappear with little forewarning as a result of adverse economic or market conditions, or adverse investor perceptions, whether or not accurate. Securities of medium, small and micro capitalization issuers may therefore be subject to greater price volatility and may decline more significantly in market downturns than securities of larger companies.

 

Micro, small and medium capitalization issuers also may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and may have substantial borrowings or may otherwise have a weak financial condition, and may be susceptible to bankruptcy. Transaction costs for these investments are often higher than those of larger capitalization companies. There is typically less publicly available information about small and micro capitalization companies. Generally, the smaller the company size, the greater the risk.

 

Some micro, small, and medium capitalization companies also may be relatively new issuers, which carries risks in addition to the risks of other medium, small and micro capitalization companies. New issuers may be more speculative because such companies are relatively unseasoned. These companies will often be involved in the development or marketing of a new product with no established market, which could lead to significant losses.

 

Market Risk — Overall capital market risk may affect the value of individual instruments in which a Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of a Fund’s investments goes down, your investment in a Fund decreases in value and you could lose money.

 

Market Events Risk — Financial markets are subject to periods of volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced in and around 2008. These conditions are an inevitable part of investing in capital markets

 


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and may continue, recur, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, may take steps to support financial markets, including by keeping interest rates at historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S. government and the Federal Reserve may also reduce market support activities. Such reduction, including interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which a Fund invests. Policy and legislative changes in the United States and in other countries may also contribute to decreased liquidity and increased volatility in the financial markets. The impact of these influences on the markets, and the practical implications for market participants, may not be fully known for some time.

 

Money Market Instrument Risk — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. It is possible to lose money by investing in a money market fund. Recently, the SEC adopted money market fund reform intended to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The money market fund reforms may impact the structure, operations and return potential of the money market funds in which a Fund invests.

 

Municipal Bond Risk — The Funds that invest in municipal bonds may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of municipal bonds to pay interest or repay principal. In addition, the ability of an issuer to make payments or repay interest may be affected by litigation or bankruptcy. In the event of bankruptcy of such an issuer, a Fund investing in the issuer’s securities could experience delays in collecting principal and interest, and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, a Fund may, in some instances, take possession of, and manage, the assets securing the issuer’s obligations on such securities, which may increase the Fund’s operating expenses. Any income derived from the Fund’s ownership or operation of such assets may not be tax-exempt. Municipal bonds are generally subject to interest rate, credit and market risk.

 

Because many municipal bonds are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal bonds backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Municipal bonds are subject to the risk that the Internal Revenue Service (the “IRS”)

 


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may determine that an issuer has not complied with applicable tax requirements and that interest from the municipal bond is taxable, which may result in a significant decline in the value of the security.

 

Municipal bonds may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal bond issuers than for issuers of other securities, and the investment performance of a Fund investing in municipal bonds may therefore be more dependent on the analytical abilities of the Adviser than if the Fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal bonds also tends to be less well-developed or liquid than many other securities markets, a by-product of lower capital commitments to the asset class by the dealer community, which may adversely affect a Fund’s ability to sell municipal bonds it holds at attractive prices or value municipal bonds.

 

ReFlow Liquidity Program — The Fund may participate in a variety of liquidity programs offered by ReFlow Fund, LLC (“ReFlow”). These include the ReFlow Redemption Service and ReFlow NAVswap, both of which are designed to provide alternative sources of liquidity to funds experiencing net redemptions of their shares. The ReFlow Redemption Service provides participating funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed from the fund and settling the next business day, subject to certain limitations. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow’s discretion. In the event the Fund uses the ReFlow Redemption Service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. ReFlow NAVswap also provides participating funds with a source of cash to meet net shareholder redemptions. ReFlow NAVswap is an International Swaps and Derivatives Association governed total return swap in which a fund receives a return that corresponds to the daily change in the fund’s net asset value. In return, the fund pays one-month SOFR plus a spread. By participating in the ReFlow programs, the Fund may maintain a lower cash balance than might otherwise be required. In an environment of declining market values, a fund participating in the ReFlow programs may experience a greater decrease in value than it would if it did not participate in the programs and instead maintained a higher cash balance.

 

REIT Risk — There is risk that investments in real estate investment trusts (REITs) will make a Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. REITs may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets.

 


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Restricted Securities — A Fund may invest securities in which the disposition would be subject to legal restrictions (so called “restricted securities”). Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act of 1933, as amended (the “Securities Act”). Where registration is required, a Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time a Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than that which prevailed when it decided to sell. Restricted securities issued pursuant to Rule 144A under the Securities Act that have a readily available market usually are not deemed illiquid for purposes of this limitation by a Fund. However, investing in Rule 144A securities could result in increasing the level of a Fund’s illiquidity if qualified institutional buyers become, for a time, uninterested in purchasing these securities.

 

Securities Issued In PIPE Transactions — A Fund may invest in securities that are purchased in private investment in public equity (“PIPE”) transactions. Securities acquired by a Fund in such transactions are subject to resale restrictions under securities laws. While issuers in PIPE transactions typically agree that they will register the securities for resale by a Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered. In addition, a PIPE issuer may require a Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, a Fund’s ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by a Fund may be deemed illiquid.

 

Securities Lending Risk — To realize additional income, a Fund may lend portfolio securities with a value of up to 33⅓% of a Fund’s total assets, including any collateral received from the loans. A Fund receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. The collateral a Fund receives will generally take the form of cash, U.S. Government securities, letters of credit, or other collateral as deemed appropriate by the Adviser. A Fund may use any cash collateral it receives to invest in short-term investments, including money market funds. It is the Trust’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, from time to time the value of the collateral received by a Fund may be less than the value of the securities on loan. A Fund will receive income earned on the securities loaned during the lending period and a portion of the interest or rebate earned on the collateral received. The risks associated with lending portfolio securities, as with other extensions of secured credit, include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the securities loaned, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral.

 


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Short Sales Risk — A Fund may attempt to limit its exposure to a possible market decline in the value of its portfolio securities through short sales of securities that its portfolio manager believes possess volatility characteristics similar to those being hedged. A Fund may also use short sales for non-hedging purposes to pursue its investment objectives if, in the portfolio manager’s view, the security is over-valued. Short selling is speculative in nature and, in certain circumstances, can substantially increase the effect of adverse price movements on a Fund’s portfolio. A short sale of a security involves the risk of an unlimited increase in the market price of the security that can in turn result in an inability to cover the short position and a theoretically unlimited loss. No assurance can be given that securities necessary to cover a Fund’s short position will be available for purchase. The SEC and other U.S. and non-U.S. regulatory authorities have imposed, and may impose in the future, restrictions on short selling, either on a temporary or permanent basis. Such restrictions may include placing limitations on specific companies and/or industries with respect to which a Fund may enter into short positions, and may hinder a Fund in, or prevent it from, implementing its investment strategies, and may negatively affect performance.

 

Small Fund Risk — The Fund currently has fewer assets than larger funds. Thus, like other small funds, inflows and outflows may impact its market exposure. In addition, if the Fund does not attract additional assets, the Fund’s fixed costs will continue to be spread over a small asset base, which could result in increased shareholder expenses (if the Fund were not subject to an expense cap) or force the Fund to liquidate.

 

SPACs Risk — A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities and cash; if an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity’s shareholders. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the Volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

 

Subsidiary Risk — By investing in a Subsidiary, a Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved. A Subsidiary is not registered under the 1940 Act and generally is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls

 


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the Subsidiary, and the Fund and the Subsidiary are both managed by the same adviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in its prospectus and statement of additional information and could adversely affect a Fund.

 

Swap Risk — Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated by the Fund or the counterparty in accordance with its terms. If a swap were to terminate, the Fund may be unable to implement its investment strategies and the Fund may not be able to seek to achieve its investment objective.

 

Taxability Risk — Some or all of a Fund’s income may be subject to the federal alternative minimum tax, which could reduce a Fund’s after-tax returns from the Funds. In addition, there is no guarantee that all of a Fund’s income will remain exempt from federal or state or local income taxes. Income from municipal bonds held by a Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or non-compliant conduct of a bond issuer. A Fund may sell securities that lose their tax-exempt statuses at inopportune times, which may cause tax consequences or a decrease in a Fund’s value.

 

Tax Risk — The federal income tax treatment of the complex securities in which the Funds may invest may not be clear or may be subject to recharacterization by the IRS. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies could make it more difficult for a Fund itself to comply with such rules. Furthermore, the ability of the Fund to gain commodity exposure as contemplated may be adversely affected by future legislation, regulatory developments, interpretive guidance or other actions by the IRS or the Treasury Department. In addition, the Fund’s use of derivatives may cause a Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if a Fund had not used such instruments.

 

 


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Tax-Managed Investing Risk — Market conditions may limit a Fund’s ability to generate tax losses or to generate dividend income taxed at favorable tax rates. A Fund’s tax-managed strategy may cause a Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. A Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although a Fund can generally be expected to distribute a smaller percentage of returns each year than an equity mutual fund that is managed without regard to tax considerations, there can be no assurance about the size of taxable distributions to shareholders.

 

Temporary Defensive Position — In response to adverse market, economic, political or other conditions, each Fund may temporarily invest up to 100% of its total assets, without limitation, in high-quality short-term debt securities, money market instruments and cash. These short-term debt securities and money market instruments include: shares of money market mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements. While the Fund is in a temporary defensive position, the opportunity to achieve upside return may be limited.

 

U.S. Government Securities Risk — Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

 

Valuation Risk — The sale price a Fund could receive for a security may differ from a Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology. Because portfolio securities of a Fund may be traded on non-U.S. exchanges, and non-U.S. exchanges may be open on days when a Fund does not price its shares, the value of the securities in a Fund’s portfolio may change on days when shareholders will not be able to purchase or sell a Fund’s shares.

 

Volatility Risk — A Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause a Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

 

 


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9. Other:

 

As of August 31, 2019, the percentage of total shares outstanding held by shareholders for the Funds, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders were as follows:

 

 

No. of
Shareholders

%
Ownership

Symmetry Panoramic US Equity Fund

1

94.06%

Symmetry Panoramic International Equity Fund

1

93.84%

Symmetry Panoramic Global Equity Fund

1

94.62%

Symmetry Panoramic Tax-Managed Global Equity Fund

2

66.47%

Symmetry Panoramic US Fixed Income Fund

1

93.44%

Symmetry Panoramic Municipal Fixed Income Fund

2

77.60%

Symmetry Panoramic Global Fixed Income Fund

1

94.20%

Symmetry Panoramic Alternatives Fund

2

93.53%

 

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

 

10. Regulatory Matters:

 

On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earning on a book basis in the Statements of Assets & Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statements of Changes in Net Assets.

 

11. New Accounting Pronouncement:

 

In August 2018, the FASB issued Accounting Standards Update 2018-13 (ASU 2018-13), Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. This ASU was adopted early as of August 31, 2019. The implications of this ASU have been reflected as applicable in the Notes to Financial Statements and the Schedules of Investments.

 


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12. Subsequent Events:

 

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of August 31, 2019.

 


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Report of Independent Registered Public Accounting Firm

 

To the Shareholders and Board of Trustees of
Symmetry Panoramic Trust

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund, and Symmetry Panoramic Alternatives Fund (the “Funds”), each a series of Symmetry Panoramic Trust, as of August 31, 2019, and the related statements of operations, changes in net assets, and the financial highlights for the period November 12, 2018 (commencement of operations) to August 31, 2019, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2019, the results of their operations, the changes in their net assets, and the financial highlights for the period November 12, 2018 (commencement of operations) to August 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

We have served as the Funds’ auditor since 2018.

 

COHEN & COMPANY, LTD.
Cleveland, Ohio
October 30, 2019

 


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Trustees and Officers of the Trust (Unaudited)

 

Set forth below are the names, year of birth, position with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is Symmetry Partners, LLC, 151 National Drive, Glastonbury, Connecticut 06033. Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Trustees.” The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-844-796-3863. The following chart lists Trustees and Officers as of August 31, 2019:

 

Name and
Year of Birth

Position(s)
Held with
the Trust

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Interested Trustee

John McDermott

(1962)

Chairman, Trustee

Trustee (Since 2018)

Consultant, Chief Investment Strategist, Symmetry Partners, LLC (2005-present); Chair, Department of Finance, Fairfield University School of Business (2014-present).

 

Qualifications: Dr. McDermott’s experience includes research on hedging, market liquidity, and index reconstitution, which has been published in notable financial journals including the Journal of Banking and Finance, Journal of Financial Markets, Journal of Futures Market, and Journal of Index Investing. Dr. McDermott also serves as a member of the Index Committee for Janus Index and Calculation Services.

8

None.

 


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Name and
Year of Birth

Position(s)
Held with
the Trust

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Independent Trustees

Tracie Ahern

(1968)

Trustee

Trustee (Since 2018)

Chief Financial Officer, PineBridge Investments (April 2019-Present); Principal, Danesmead Partners (July 2016-April 2019); Adjunct Professor, Monmouth University School of Business (September 2016); Adviser (January 2016-June 2016) and Chief Operating Officer/Chief Financial Officer (February 2015-January 2016), Brightwood Capital Advisors LLC; Chief Financial Officer, Soros Fund Management LLC (February 2007-January 2015).

 

Qualifications: Ms. Ahern’s experience includes serving as an Independent Trustee on the boards of mutual funds and private equity/hedge funds. She also has served on several executive committees for several institutions, including Brightwood Capital Advisors LLC. Ms. Ahern is a Certified Public Accountant and has significant experience with SEC Regulatory Reporting including Public Company Financial Reporting.

8

None.

 


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Name and
Year of Birth

Position(s)
Held with
the Trust

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Independent Trustees (continued)

Jack Jennings

(1957)

Trustee

Trustee (Since 2018)

Executive Dean for Administration, Harvard Graduate School of Education (2008-present).

 

Qualifications: Mr. Jennings has 32 years of financial planning and management experience. He also has more than 20 years of experience directing, developing, and implementing strategic plans and organizational change. Mr. Jennings also has 18 years of experience in higher education, including 4 years of experience as undergraduate management professor.

8

None.

Thomas P. Lemke

(1954)

Trustee

Trustee (Since 2018)

Retired (2013-present); Executive Vice President, General Counsel, and Head of Governance Group, Legg Mason, Inc. (2005-2013).

 

Qualifications: Mr. Lemke’s experience includes serving as an Independent Trustee on boards of mutual funds. He serves as Chair of a Board Governance Committee. Mr. Lemke also is a former co-chair of the Investment Management Group at Morgan, Lewis & Bockius, LLP. In addition, Mr. Lemke’s experience includes serving as General Counsel and Head of Governance at Legg Mason, Inc.

8

Independent Director, J.P. Morgan Exchange Traded Funds; Independent Director, SEI Advisors Inner Circle Fund III.

 


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Name and
Year of Birth

Position(s)
Held with
the Trust

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Independent Trustees (continued)

Fred Naddaff

(1958)

Trustee

Trustee (Since 2018)

Retired; Chief Operating Officer of Transfer Agency and Investor Services, FIS Global Asset Management (2012-2018).

 

Qualifications: Mr. Naddaff’s experience includes a 40 year career in the financial services industry. He has experience in all aspects of mutual fund operations, fund accounting, administration, regulatory and compliance. In addition to FIS Global, he has held senior management positions at Citi Fund Services, BISYS Fund Services and First Data Investor Services Group.

8

None.

 


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Name and
Year of Birth

Position(s)
Held with
the Trust

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Officers

Dana D’Auria

(1977)

President

Managing Director and Portfolio Manager, Symmetry Partners, LLC (December 2017-present); Director of Research, Symmetry Partners, LLC (2013-November 2017); Research Manager, Symmetry Partners, LLC (2008-2013).

8

None.

Steve Connors

(1984)

Treasurer, Principal Financial Officer

Treasurer, Controller and Chief Financial Officer, SEI Investments (2015-present); Director, SEI Investments, Fund Accounting (2014-present); Audit Manager, Deloitte & Touche LLP (2011-2014).

8

None.

Carlyn Edgar

(1963)

Chief Compliance Officer

Senior Vice President, Apex Group Ltd. (2008-present).

8

None.

Casey Dylan

(1971)

Chief Operating Officer

Director Investment Product Strategy and Communications, Symmetry Partners, LLC (September 2017-present); Director of Investment Specialist and Advisor Services Group, Symmetry Partners, LLC (January 2015-September 2017); Consultant, Empirica Solutions Group (March 2013-January 2015).

   

Philip McDonald

(1976)

Vice President

Director of Investments, Symmetry Partners, LLC (December 2017-present); Director of Fixed Income and Alternatives, Symmetry Partners, LLC (June 2016-November 2017; Associate Director of Research, Symmetry Partners, LLC (April 2013-May 2016).

8

None.

Sarah Bauer

(1978)

Vice President

Managing Director, Symmetry Partners, LLC (December 2017-present); Director of National Accounts, Symmetry Partners, LLC (2012-November 2017).

8

None.

 


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Name and
Year of Birth

Position(s)
Held with
the Trust

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Officers (continued)

Sara Taylor

(1973)

Chief Legal Officer, Secretary

Compliance Officer & Counsel, Symmetry Partners, LLC (October 2017-present); Assistant Director, The Hartford (July 2014-October 2017); Senior Compliance Specialist, The Hartford (May 2010-June 2014).

8

None.

Zachary Tackett

(1988)

Anti-Money Laundering Compliance Officer, Identity Theft Prevention Officer

Counsel, Apex Group Ltd. (2014-present); Intern Associate, Coakley & Hyde, PLLC (2010-2013).

8

None.

 


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Disclosure of Fund Expenses (Unaudited)

 

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for Fund management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

 

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

 

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from March 1, 2019 to August 31, 2019.

 

The table on the next page illustrates your Fund’s costs in two ways:

 

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

 

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

 

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

 


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Note: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as wire transfers, redemption fees, or returned checks. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

Beginning
Account
Value
3/1/19

Ending
Account
Value
8/31/19

Annualized
Expense
Ratios

Expenses
Paid
During
Period
*

Symmetry Panoramic US Equity Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,029.20

0.48%

$ 2.46

Hypothetical 5% Return

$ 1,000.00

$ 1,022.79

0.48%

$ 2.45

Symmetry Panoramic International Equity Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 973.30

0.65%

$ 3.23

Hypothetical 5% Return

$ 1,000.00

$ 1,021.93

0.65%

$ 3.31

Symmetry Panoramic Global Equity Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,005.80

0.52%

$ 2.63

Hypothetical 5% Return

$ 1,000.00

$ 1,022.58

0.52%

$ 2.65

Symmetry Panoramic Tax-Managed Global Equity Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 997.10

0.42%

$ 2.11

Hypothetical 5% Return

$ 1,000.00

$ 1,023.09

0.42%

$ 2.14

Symmetry Panoramic US Fixed Income Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,053.40

0.41%

$ 2.12

Hypothetical 5% Return

$ 1,000.00

$ 1,023.14

0.41%

$ 2.09

Symmetry Panoramic Municipal Fixed Income Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,017.10

0.41%

$ 2.08

Hypothetical 5% Return

$ 1,000.00

$ 1,023.14

0.41%

$ 2.09

Symmetry Panoramic Global Fixed Income Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,076.00

0.43%

$ 2.25

Hypothetical 5% Return

$ 1,000.00

$ 1,023.04

0.43%

$ 2.19

 


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Beginning
Account
Value
3/1/19

Ending
Account
Value
8/31/19

Annualized
Expense
Ratios

Expenses
Paid
During
Period
*

Symmetry Panoramic Alternatives Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,025.70

0.50%

$ 2.55

Hypothetical 5% Return

$ 1,000.00

$ 1,022.68

0.50%

$ 2.55

 

*

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

 


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Notice to Shareholders (Unaudited)

 

For shareholders that do not have an August 31, 2019 tax year end, this notice is for informational purposes only. For shareholders with an August 31, 2019 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal period ended August 31, 2019, the Fund is designating the following items with regard to distributions paid during the period:

 

 

Long Term
Capital Gain
Distribution

Ordinary
Income
Distributions

Total
Distributions

Dividends
Qualifying
for Corporate
Dividend
Received
Deduction
(1)

Symmetry Panoramic US Equity Fund

0.00%

100.00%

100.00%

77.03%

Symmetry Panoramic International Equity Fund

0.00%

100.00%

100.00%

8.19%

Symmetry Panoramic Global Equity Fund

0.00%

100.00%

100.00%

35.86%

Symmetry Panoramic Tax-Managed Global Equity Fund

0.00%

100.00%

100.00%

12.66%

Symmetry Panoramic US Fixed Income Fund

0.00%

100.00%

100.00%

0.00%

Symmetry Panoramic Municipal Fixed Income Fund

0.00%

100.00%

100.00%

0.00%

Symmetry Panoramic Global Fixed Income Fund

0.00%

100.00%

100.00%

0.00%

Symmetry Panoramic Alternatives Fund

0.00%

100.00%

100.00%

0.00%

 


158

 

 

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

 

 

 

Qualifying
Dividend
Income
(2)

U.S.
Government
Interest
(3)

Interest
Related
Dividends
(4)

Qualified
Short-Term
Capital
Gain
(5)

Symmetry Panoramic US Equity Fund

100.00%

0.00%

0.00%

0.00%

Symmetry Panoramic International Equity Fund

78.78%

0.00%

0.00%

0.00%

Symmetry Panoramic Global Equity Fund

90.32%

0.00%

0.00%

0.00%

Symmetry Panoramic Tax-Managed Global Equity Fund

98.89%

0.00%

0.00%

0.00%

Symmetry Panoramic US Fixed Income Fund

0.00%

0.00%

0.00%

0.00%

Symmetry Panoramic Municipal Fixed Income Fund

0.00%

0.00%

0.00%

0.00%

Symmetry Panoramic Global Fixed Income Fund

0.00%

0.00%

0.00%

0.00%

Symmetry Panoramic Alternatives Fund

0.00%

0.00%

0.00%

0.00%

 

(1)

Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and are reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

 

(2)

The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of the Fund to designate the maximum amount permitted by law.

 

(3)

“U.S. Government Interest” represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income.

 

(4)

The percentage in this column represents the amount of “Interest Related Dividend” and is reflected as a percentage of ordinary income distributions. Interest related dividends are exempted from U.S. withholding tax when paid to foreign investors.

 

(5)

The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” and is reflected as a percentage of short term capital gain distributions that is exempted from U.S. withholding tax when paid to foreign investors.

 

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2019. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.

 


159

 

 

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(This Page Intentionally Left Blank.)

 

 

Symmetry Panoramic Funds

P.O. Box 588

Portland, ME 04112

1-844-796-3863

 

Investment Adviser:

Symmetry Partners, LLC

151 National Drive

Glastonbury, CT 06033

 

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

 

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

 

Legal Counsel:

K&L Gates LLP

1601 K Street, NW

Washington, DC 20006-1600

 

Independent Registered Public Accounting Firm:

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

 

 

 

 

 

 

 

This information must be preceded or accompanied by a current prospectus for the Funds described.

 

 

 

Item 2. Code of Ethics.

 

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, comptroller or principal accounting officer or any person who performs a similar function.

 

Item 3. Audit Committee Financial Expert.

 

(a) (1) The Registrant’s Board of Trustees has determined that the Registrant has an audit committee financial expert serving on the audit committee.

 

(a) (2) The audit committee financial expert Tracie Ahern is an independent trustee as defined in Form N-CSR Item 3 (a) (2).

 

Item 4. Principal Accountant Fees and Services.

 

Fees billed by Cohen & Company, Ltd (Cohen) related to the Registrant.

 

Cohen billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

 

  2019
    All fees and services to the Trust that were pre-approved All fees and services to service affiliates that were pre-approved All other fees and services to service affiliates that did not require pre-approval
(a)

Audit Fees

$94,000 $3,500 N/A
(b)

Audit-Related Fees

N/A N/A N/A
(c)

Tax Fees

$24,000 $6,600 N/A
(d)

All Other Fees

N/A N/A N/A

 

(e)(1) The Trust’s Audit Committee has adopted, and the Board of Trustees has ratified, an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Trust may be pre-approved.

 

 

 

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

 

  2019

Audit-Related Fees

0%
Tax Fees 0%

All Other Fees

0%

 

(f)       Not Applicable.

 

(g)       The aggregate non-audit fees and services billed by Cohen for the fiscal years 2019 were $97,500.

 

(h)       During the past fiscal year, Registrant's principal accountant provided certain non-audit services to Registrant's investment adviser or to entities controlling, controlled by, or under common control with Registrant's investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant's Board of Trustees reviewed and considered these non-audit services provided by Registrant's principal accountant to Registrant's affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable to open-end management investment companies.

 

Item 6. Investments

 

The Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end management investment companies.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies

 

Not applicable to open-end management investment companies.

 

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

 

Not applicable to open-end management investment companies.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”).

 

 

 

Item 11. Controls and Procedures.

 

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions have concluded that the Registrant’s disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act (17 CFR § 270.30a-15(b) or § 240.15d-15(b)).

 

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.3a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable to open-end management investment companies.

 

Item 13. Exhibits.

 

(a)(1) Code of Ethics attached hereto.

 

(a)(2) A separate certification of each principal executive officer and principal financial officer of the Registrant, as required by Rule 30a-2(a) under the 1940 Act (17 CFR § 270.30a-2(a)), are filed herewith.

 

(b) Officer certifications as required by Rule 30a-2(b) under the 1940 Act (17 CFR § 270.30a-2(b)) also accompany this filing as an exhibit.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Symmetry Panoramic Trust  
     
By /s/ Dana D'Auria  
  Dana D'Auria  
  President  

Date: November 8, 2019

   

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By /s/ Dana D'Auria  
  Dana D'Auria  
  President  
Date: November 8, 2019    
     
By /s/ Stephen Connors  
  Stephen Connors  
  Treasurer & Principal Financial Officer  
Date: November 8, 2019    

 

 

 

EX-99.CODE ETH 2 fp0046585_ex99code.htm

Disclosure Controls Policy

 

SECTION 1.BACKGROUND

 

The Trust have adopted this Policy and each Fund's PEO and PFO ("Certifying Officers) have designed this Policy so that financial and non-financial information required to be disclosed in:

 

The annual and semi-annual reports on Form N-CSR ("Reports on Form N-CSR") that are filed or submitted by the Trust under Section 13(a) or 15(d) of the 1934 Act;

 

Quarterly schedules of investments reported on Form N-Q ("Reports on Form N-Q" and, together with the Reports on Form N-CSR, "Reports"); and

 

Proxy statements and information statements filed with the SEC pursuant to the 1934 Act, is recorded, processed, summarized and reported within the time periods required.

 

This Policy is also designed (i) to ensure that information required to be disclosed in such filings is accumulated and communicated to the applicable Certifying Officer to allow timely decisions regarding required disclosure and (ii) to enable the Certifying Officers to make the applicable certifications required by Rule 30a-2 under the 1940 Act, and Section 906 of the Sarbanes-Oxley Act of 2002 ("Certifications").

 

SECTION 2.CERTIFYING OFFICER SUPPORT

 

Each Service Provider and the CCO shall support and provide appropriate staff support to the Certifying Officers with respect to each Certification or any amendment thereto as the Certifying Officers may request. The Certifying Officers shall (i) have access to the Board, the CCO and the appropriate personnel of each Service Provider and (ii) identify to the Board any lack of such access.

 

SECTION 3.AUTHORITY AND DUTIES OF THE CERTIFYING OFFICERS

 

(A)       The Certifying Officers shall: (i) implement this Policy and ensure that the processes required by this Policy are properly documented, communicated, implemented and enforced; (ii) shall consider the materiality of information and determine the Trust's disclosure obligations on a timely basis; (iii) perform the duties and obligations described in this Policy; and (iv) keep abreast of the rules issued by the SEC, follow industry developments regarding disclosure controls and internal controls, and recommend amendments to or amend this Policy, as necessary.

 

(B)       The Certifying Officers may consult with Fund Counsel or Trustee Counsel as they deem appropriate, at the expense of the Trust.

 

SECTION 4.PREPARATION, CERTIFICATION AND SIGNING OF REPORTS AND AMENDMENTS

 

(A)        Report Preparation. The Administrator shall maintain and use procedural and disclosure checklists to oversee the drafting and review of Reports and to accumulate information for evaluation by Certifying Officers.

 

70 

 

(B)        Certification and Signing. Each Certifying Officer shall participate in the Evaluation Process described in Section 5 and execute the required Certifications if the Certifying Officer determines the execution to be appropriate. Powers of attorney are not permitted. In addition, each Report must be signed by the Trust and by the Certifying Officers.

 

If a Certifying Officer determines that he cannot certify a Report or amendment thereto as required, and cannot make or cause to be made the changes or corrections necessary to be able to make the Certification, then the Certifying Officer shall promptly request that a meeting of the Audit Committee or of the Board be convened, and at such meeting report as to his determination and the reasons therefore.

 

(C)       Back-Up Certifications. At the request of a Certifying Officer, the applicable Service Providers shall provide certifications ("Back-Up Certifications") to the Trust upon which the Certifying Officers can rely. Back-Up Certifications: (i) must be provided prior to the Final Certification Review Meeting; (ii) shall contain such representations as may be agreed upon between the Certifying Officers and the provider of the Back-up Certification; and (iii) must be signed by an appropriate person with the requisite signing authority.

 

(D)       Report Amendments. If a Certifying Officer determines that a Report should be amended, the Report shall be amended as soon as practicable. The Certifications originally required for the Report must be re-executed with respect to the amendment. Powers of attorney are not permitted and Back-Up Certifications are required.

 

SECTION 5.EVALUATION PROCESS

 

(A)       Reports. The Certifying Officers shall, in a timely manner, review each Report (and any amendment to a Report) and any related materials, convene and participate in pre-certification meetings, as needed, and consult any other materials, persons or areas that each the Certifying Officer deems appropriate. Review shall be for the purpose of: (i) ensuring the accuracy and adequacy of the disclosures in each Report or amendment thereto; (ii) ensuring the Fair Presentation (as defined below) of a Fund's financial condition, results of operations and cash flows reflected in each Report on Form N-CSR or any amendment thereto; and (iii) preparing to be able to certify to the representations contained in a Certification. A Certifying Officer shall manually sign a copy of each Certification, as applicable, with respect to each Report or amendment thereto prior to the filing of that Report or amendment.

 

(B)       Fair Presentation. Fair Presentation encompasses (i) the selection of appropriate accounting policies; (ii) proper application of appropriate accounting policies; (iii) disclosure of financial information that is informative and reasonably reflects the underlying transactions and events; and (iv) inclusion of any additional disclosure necessary to provide investors with a materially accurate and complete picture of a Fund's financial condition, results of operations, and cash flows.

 

(C)        Report Amendments. The Certifying Officers shall be promptly notified by a Service Provider or the CCO if the Service Provider or CCO has knowledge of any information that could give rise to an obligation by a Fund to file an amendment to a Report. The Certifying Officers shall determine whether to file an amendment to a Report.

 

(D)       Evaluation Meeting. A Certifying Officer of a Fund shall convene a meeting of the applicable Service Provider staff ("Evaluation Meeting"), which shall be held within 90 days prior to the filing of a Report with the SEC with respect to a Fund, or within two weeks prior to the filing with the SEC of an amendment to a Report (in either case, the "Evaluation Date"), to evaluate the effectiveness of the design and operation of this Policy with respect to the preparation of the Report or amendment. At the Evaluation Meeting the Certifying Officers will, as they deem appropriate:

 

71 

 

(1)Review the purpose of the evaluation process;

 

(2)Review and evaluate the efficiency and effectiveness of this Policy;

 

(3)       Discuss any failure of the procedures in connection with the preparation, review and finalization of Reports or amendments thereto and any issues raised under this Policy since the last Evaluation Meeting was held;

 

(4)Consider any recommended changes; and

 

(5)Consider any reports from, or discussions with, the Auditor or the Trust's Audit Committee.

 

As soon as practicable after each Evaluation Meeting, (i) the Administrator shall prepare a report with respect to the Evaluation Meeting and (ii) the Administrator and applicable Primary Adviser shall recommend to the Certifying Officers in writing any change in this Policy that the Administrator or applicable Primary Adviser deems necessary in order to carry out the purposes of this Policy.

 

(E)       Final Certification Review Meeting. A Certifying Officer of a Fund shall convene a meeting of the applicable Service Provider staff ("Final Certification Review Meeting"), which shall be held prior to the execution of the Certification, and within two weeks prior to the filing of a Report or an amendment thereto, for the purpose of ensuring the completeness and accuracy of the Report or amendment and to assist the Certifying Officers in their review of the matters relating to the Certifications, Report or any amendment to a Report, with respect to a Fund.

 

To the extent a Certifying Officer deems appropriate, any person who signed a Back-Up Certification (as defined below) or who participated in the preparation of the financial statements, a Report or any amendment to a Report, may be requested, and shall be available, to participate in the Final Certification Review Meeting. As applicable, Service Providers shall deliver, or cause to be delivered, questions and comments with respect to the contents of any Report or amendment prior to the Final Certification Review Meeting. At the Final Certification Review Meeting, each Certifying Officer shall ascertain whether the Certifying Officer can execute the Certification and can appropriately make the determinations called for in each Certification.

 

At the request of a Certifying Officer, each applicable Service Provider shall report (i) regarding the matters considered and determinations made at the Evaluation Meeting and (ii) its conclusions regarding the determinations contained in the Certification, and shall review with the Certifying Officers each of the following items, to the extent the Certifying Officers deem appropriate:

 

(1)This Policy;

 

(2)Forms of the Certification;

 

(3)The responsibilities of the Service Provider;

 

(4)The then-current Form N-CSR or N-Q, as applicable;

 

72 

 

(5)Final drafts of each Report or amendment thereto;

 

(6)Any Back-Up Certifications (as defined below) received;

 

(7)Proposed disclosure regarding the evaluation of effectiveness of this Policy as well as results of the Evaluation Meeting;

 

(8)       Information forming the basis of disclosures contained in any Report, amendment thereto or Back-Up Certifications ("Relevant Information") provided by the Trust's Valuation Committee and any applicable Service Provider;

 

(9)Any Relevant Information provided by any Service Provider;

 

(10)Any Relevant Information provided by the CCO;

 

(11)Relevant Information concerning general developments and risks relevant to the Trust or the Fund;

 

(12)Any other information that may be material (as required under Rule 12b-20 under the 1934 Act);

 

(13)Any special disclosure issues, including any issues that required consultation with or action by the Audit Committee; and

 

(14)Any other relevant information or back-up documentation, if any.

 

(F)       Other Procedures. The Certifying Officers shall implement the processes contemplated herein with the assistance of the Administrator and the various other service providers to the Trust or applicable Fund. As agreed between the Certifying Officers and the Administrator, the Administrator may carry out any of the responsibilities or duties contemplated herein other than executing a Certification or Report. The Evaluation Meeting may coincide with the Final Certification Review Meeting. The Certifying Officers may implement, as they deem appropriate, similar policies and procedures with respect to the filing of proxy statements, information statements, registration statements and other filings under the securities laws.

 

SECTION 6.DISCLOSURE TO AUDITORS AND THE AUDIT COMMITTEE

 

The Certifying Officers shall disclose to the Auditors and the Audit Committee, based on their most recent evaluation of this Policy: (i) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect a Fund's ability to record, process, summarize, and report financial information; and (ii) any fraud, whether or not material, that involves management, Trust employees or Service Providers who have a significant role in the Trust' internal control over financial reporting. Such disclosures shall be made as soon as practicable after discovery, but in any event before the filing of any applicable Report or amendment thereto.

 

73 

 

SECTION 7.RECORDKEEPING

 

The Certifying Officers shall ensure that minutes of each Evaluation Meeting and each Final Certification Review Meeting are kept and will be maintained as part of the records of the Trust.

 

SECTION 8.AMENDMENTS

 

This Policy may be amended solely upon the approval of each Certifying Officer, provided that material amendments to this Policy are presented to the Board for approval at the next regularly scheduled Board meeting.

 

74 

EX-99.CERT 3 fp0046585_ex99cert.htm

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940

and Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Dana D'Auria, certify that:

 

1.I have reviewed this report on Form N-CSR of the Symmetry Panoramic Trust (the “Registrant”);

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: November 8, 2019  
   
/s/ Dana D'Auria  
Dana D'Auria  
President  

 

 

 

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940

and Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Stephen Connors, certify that:

 

1.I have reviewed this report on Form N-CSR of the Symmetry Panoramic Trust (the “Registrant”);

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: November 8, 2019  
   
/s/ Stephen Connors   
Stephen Connors  
Treasurer & Principal Financial Officer  

 

 

 

 

EX-99.906 CERT 4 fp0046585_ex99906cert.htm

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

 

The undersigned, the President of the Symmetry Panoramic Trust (the “Fund”), with respect to the Fund’s Form N-CSR for the period ended August 31, 2019, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

1.such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

 

Dated: November 8, 2019    
     
  /s/ Dana D'Auria  
  Dana D'Auria  
  President  

 

 

 

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

 

The undersigned, the Treasurer and Principal Financial Officer of the Symmetry Panoramic Trust (the “Fund”), with respect to the Fund’s Form N-CSR for the period ended August 31, 2019, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

1.such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

 

Dated: November 8, 2019    
     
  /s/ Stephen Connors  
  Stephen Connors  
  Treasurer & Principal Financial Officer  

 

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