0001398344-20-009734.txt : 20200508 0001398344-20-009734.hdr.sgml : 20200508 20200508160016 ACCESSION NUMBER: 0001398344-20-009734 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20200229 FILED AS OF DATE: 20200508 DATE AS OF CHANGE: 20200508 EFFECTIVENESS DATE: 20200508 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-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-23334 FILM NUMBER: 20860415 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-CSRS 1 fp0053011_ncsrs.htm

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, 2020

 

Date of reporting period: February 29, 2020

 

 

 

Item 1. Reports to Stockholders.

 

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

 

 

Symmetry Panoramic Trust

 

SEMI-ANNUAL REPORT

 

FEBRUARY 29, 2020

 

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
FEBRUARY 29, 2020

 

 

TABLE OF CONTENTS

 

 

   

Shareholders’ Letter

1

Schedules of Investments

4

Statements of Assets and Liabilities

88

Statements of Operations

90

Statements of Changes in Net Assets

93

Financial Highlights

101

Notes to Financial Statements

109

Disclosure of Fund Expenses

155

 

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 as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT 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
FEBRUARY 29, 2020
(Unaudited)

 

 

Shareholders’ Letter

 

Dear Shareholders,

 

The last half year saw somewhat mixed performance across geographic markets and style factors that drive returns. While the tech-heavy Nasdaq turned in double-digit performance, lower priced value stocks continued to struggle on a relative basis. Small caps had some losses over this timespan, but the broad global market brought in modest positive returns. Meanwhile, fixed income also turned in largely positive performance.

 

While this report reflects results through our fiscal second quarter, which ended February 29, 2020, we all now know that the ensuing period has abruptly erased many of the soaring gains equity markets had delivered over the last few years. The onslaught of the Covid-19 pandemic and the shut-down measures taken to stem the virus have inflicted a serious toll on productive enterprise, interrupting supply and demand chains and raising the discount rate as investors require a higher return to assume risk.

 

It is far too early to assess the full impact this shock to the system will entail. Some businesses will adapt and ultimately thrive, some will take a hit but slowly dig back and some will be lost. Trillions in government relief packages will create another set of winners and losers. As is so often the case, it is dangerous to assume in advance that we can predict which businesses, sectors or countries will take the hardest hits and which will triumph. We stress to our investors the importance of remaining diversified. While market volatility of this nature seems to take everything down with it, the fact is that some drops are worse than others, and the results of being concentrated in the wrong investments can be catastrophic.

 

We also caution our clients against drastic asset allocation changes unrelated to personal circumstances. Selling out of your investments in the hopes of getting back in at the bottom is difficult to do in a way that actually adds to your long-term return. We advise finding a long-term allocation to risky assets that you can live with and sticking with it.

 

Stay healthy and safe.

 

 

9/1/2019 -
2/29/2020

Market Indices

 

Russell 2000 TR USD

-1.03

NASDAQ Composite TR USD

16.93

S&P 500 TR USD

3.89

MSCI EAFE NR USD

-1.81

DJ Industrial Average TR USD

-5.19

BBgBarc US Agg Bond TR USD

6.90

BBgBarc Global Aggregate TR USD

2.84

BBgBarc US Govt/Credit 1-5 Yr TR USD

4.69

MSCI ACWI Ex USA IMI NR USD

0.24

 


1

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

 

9/1/2019 -
2/29/2020

BBgBarc Global Aggregate TR Hdg USD

4.18

DJ US Select REIT TR USD

-12.94

MSCI US Broad Market GR USD

3.43

MSCI World All Cap NR USD

1.23

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

2.48

FTSE USBIG 1-5 Yr

4.68

Factor Indices

 

MSCI ACWI IMI NR USD

1.75

MSCI ACWI Value NR USD

-4.15

MSCI ACWI Small NR USD

-2.02

MSCI ACWI Momentum NR USD

1.74

MSCI ACWI Quality NR USD

11.54

MSCI ACWI Minimum Vol (USD) NR USD

-5.02

MSCI USA GR USD

4.47

MSCI USA Value GR USD

-4.17

MSCI USA Small Cap GR USD

-3.47

MSCI USA Momentum GR USD

1.00

MSCI USA Quality GR USD

10.49

MSCI USA Minimum Volatility (USD) GR USD

-4.33

MSCI World ex USA NR USD

-1.83

MSCI World Ex USA Value NR USD

-2.81

MSCI World Ex USA Small Cap NR USD

0.23

MSCI World ex US Momentum NR USD

2.01

MSCI World ex USA Quality NR USD

3.27

MSCI World ex USA Min Vol (USD) NR USD

-4.22

MSCI EM NR USD

5.95

MSCI EM Value NR USD

-3.76

MSCI EM Small NR USD

-0.70

MSCI EM Momentum NR USD

5.67

MSCI EM Quality NR USD

3.84

MSCI EM Minimum Vol (USD) NR USD

-9.34

Alternatives Index

 

HFRI FOF: Conservative Index

4.44

 

Source: Morningstar

 

Sincerely,
Dana D’Auria
President, Symmetry Panoramic Trust

 


2

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(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. 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.

 

All indexes have certain limitations. Investors cannot invest directly in an index. Indexes do not have fees. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. Actual performance for client accounts may differ materially from the index portfolios. There is always the risk that an investor may lose money. Even a long-term investment approach cannot guarantee a profit. Economic, political, and issuer-specific events will cause the value of securities, and the portfolios that own them, to rise or fall. Indexes are referred to for comparative purposes only and do not represent similar asset classes in terms of components or risk exposure; thus, their returns may vary significantly.

 

© Morningstar 2020. 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.

 


3

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

SECTOR WEIGHTINGS†

 

 

†Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 74.6%

   

Shares

   

Value

 

EQUITY FUNDS — 74.6%

               

DFA Real Estate Securities Portfolio, Cl I

    851,437     $ 32,873,990  

DFA US Core Equity 2 Portfolio, Cl I

    5,806,698       122,695,520  

DFA US Large Capital Value Portfolio, Cl I

    404,892       13,430,264  

DFA US Targeted Value Portfolio, Cl I

    474,149       9,179,519  

DFA US Vector Equity Portfolio, Cl I (A)

    7,998,499       135,494,574  

iShares Edge MSCI Min Vol USA ETF

    801,665       49,118,015  

Vanguard U.S. Value Factor

    146,400       9,482,328  

Total Registered Investment Companies

               

(Cost $373,824,162)

            372,274,210  

 

COMMON STOCK — 24.0%

COMMUNICATION SERVICES — 1.5%

               

AT&T

    47,424       1,670,273  

Cable One

    297       467,187  

Discovery *

    3,058       78,591  

DISH Network, Cl A *

    3,056       102,437  

Facebook, Cl A *

    18,342       3,530,285  

IAC *

    379       77,293  

Live Nation Entertainment *

    965       58,643  

Match Group *

    5,816       378,040  

Nexstar Media Group, Cl A

    2,521       289,865  

Omnicom Group

    2,159       149,575  

 

The accompanying notes are an integral part of the financial statements.
4

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

COMMUNICATION SERVICES — continued

               

Roku, Cl A *

    2,681     $ 304,749  

Sinclair Broadcast Group, Cl A

    3,743       86,875  

T-Mobile US *

    1,160       104,586  

Twitter *

    1,175       39,010  

Zynga, Cl A *

    6,275       42,105  
              7,379,514  

CONSUMER DISCRETIONARY — 2.6%

               

Aptiv

    2,262       176,685  

Aramark

    2,650       92,061  

AutoNation *

    5,566       237,835  

AutoZone *

    492       507,995  

Best Buy

    4,206       318,184  

BorgWarner

    2,635       83,266  

Bright Horizons Family Solutions *

    1,002       157,464  

Burlington Stores *

    659       142,515  

Carter’s

    1,695       155,042  

Chipotle Mexican Grill, Cl A *

    133       102,886  

Columbia Sportswear

    706       57,398  

Darden Restaurants

    953       92,918  

Dick’s Sporting Goods

    2,399       87,348  

Dollar General

    4,070       611,721  

Dollar Tree *

    897       74,478  

Domino’s Pizza

    263       89,278  

DR Horton

    7,888       420,194  

eBay

    7,324       253,703  

Etsy *

    1,353       78,217  

Expedia Group

    674       66,470  

Floor & Decor Holdings, Cl A *

    3,823       195,164  

Garmin

    4,548       401,998  

General Motors

    6,261       190,961  

Gentex

    11,072       295,622  

Genuine Parts

    1,067       93,085  

Graham Holdings, Cl B

    93       46,768  

Hasbro

    1,669       128,930  

Hilton Worldwide Holdings

    999       97,103  

Home Depot

    3,094       673,997  

Hyatt Hotels, Cl A

    1,779       136,271  

Leggett & Platt

    2,612       103,592  

Lennar, Cl A

    6,459       389,736  

 

The accompanying notes are an integral part of the financial statements.
5

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CONSUMER DISCRETIONARY — continued

LKQ *

    8,594     $ 254,210  

Lowe’s

    448       47,743  

Lululemon Athletica *

    2,196       477,432  

NIKE, Cl B

    1,590       142,114  

NVR *

    125       458,397  

O’Reilly Automotive *

    581       214,226  

Penske Automotive Group

    1,240       57,065  

Polaris

    453       37,386  

Pool

    832       175,519  

PulteGroup

    13,143       528,349  

Ross Stores

    1,457       158,493  

ServiceMaster Global Holdings *

    2,316       82,843  

Skechers U.S.A., Cl A *

    10,401       344,065  

Starbucks

    7,225       566,657  

Target

    6,942       715,026  

Tempur Sealy International *

    4,189       313,128  

TJX

    8,121       485,636  

Toll Brothers

    5,865       217,181  

Tractor Supply

    1,638       144,979  

Ulta Beauty *

    216       55,532  

Under Armour, Cl A *

    3,938       55,880  

VF

    748       53,856  

Whirlpool

    1,698       217,106  

Williams-Sonoma

    4,229       263,847  

Yum! Brands

    1,237       110,402  
              12,735,957  

CONSUMER STAPLES — 1.8%

               

Brown-Forman, Cl B

    1,019       62,577  

Campbell Soup

    3,500       157,920  

Casey’s General Stores

    2,017       328,811  

Church & Dwight

    2,512       174,634  

Conagra Brands

    2,675       71,396  

Costco Wholesale

    3,470       975,556  

Coty, Cl A

    13,643       125,925  

Estee Lauder, Cl A

    3,081       565,672  

Flowers Foods

    6,286       135,338  

General Mills

    5,752       281,848  

Hershey

    2,512       361,703  

 

The accompanying notes are an integral part of the financial statements.
6

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CONSUMER STAPLES — continued

Kimberly-Clark

    1,640     $ 215,152  

Lamb Weston Holdings

    846       73,509  

McCormick

    607       88,737  

Mondelez International, Cl A

    2,832       149,530  

Philip Morris International

    2,936       240,370  

Pilgrim’s Pride *

    10,166       215,112  

Post Holdings *

    974       98,627  

Procter & Gamble

    16,867       1,909,850  

Sysco

    3,379       225,210  

Tyson Foods, Cl A

    5,592       379,305  

US Foods Holding *

    3,024       101,728  

Walmart

    19,420       2,091,146  
              9,029,656  

ENERGY — 0.1%

               

Chevron

    1,480       138,143  

Kinder Morgan

    2,862       54,865  

Phillips 66

    2,571       192,465  

Valero Energy

    3,894       257,977  
              643,450  

FINANCIALS — 4.5%

               

Aflac

    8,892       381,022  

Alleghany *

    456       306,546  

Allstate

    3,196       336,379  

Ally Financial

    12,792       320,696  

American Express

    2,497       274,495  

American Financial Group

    1,361       125,784  

American International Group

    5,963       251,400  

Ameriprise Financial

    2,361       333,609  

Aon

    1,592       331,136  

Arch Capital Group *

    9,561       386,551  

Assurant

    1,848       222,850  

Assured Guaranty

    6,470       264,041  

Axis Capital Holdings

    4,645       260,677  

Bank of America

    72,315       2,060,977  

Bank OZK

    2,445       62,079  

BlackRock, Cl A

    508       235,209  

Capital One Financial

    2,412       212,883  

 

The accompanying notes are an integral part of the financial statements.
7

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FINANCIALS — continued

Chubb

    3,348     $ 485,560  

Cincinnati Financial

    3,798       354,125  

Citigroup

    19,008       1,206,248  

Citizens Financial Group

    8,478       268,668  

CME Group, Cl A

    208       41,355  

Commerce Bancshares

    1,435       87,592  

Credit Acceptance *

    249       100,397  

Discover Financial Services

    4,390       287,896  

Eaton Vance

    838       34,576  

Erie Indemnity, Cl A

    1,935       276,550  

Evercore, Cl A

    793       52,830  

Everest Re Group

    1,418       351,494  

Fidelity National Financial

    3,238       125,505  

Fifth Third Bancorp

    13,415       327,326  

First American Financial

    2,866       163,649  

First Citizens BancShares, Cl A

    166       75,249  

Globe Life

    911       84,413  

Goldman Sachs Group

    3,056       613,553  

Hanover Insurance Group

    1,940       229,968  

Hartford Financial Services Group

    4,524       225,974  

Huntington Bancshares

    15,565       190,983  

Intercontinental Exchange

    903       80,566  

JPMorgan Chase

    23,822       2,765,972  

Kemper

    1,256       86,463  

KeyCorp

    12,851       210,114  

Legg Mason

    1,258       62,674  

Lincoln National

    4,063       184,420  

MarketAxess Holdings

    1,180       382,709  

Marsh & McLennan

    2,839       296,846  

Mercury General

    3,114       134,867  

MetLife

    7,186       306,986  

MGIC Investment

    31,450       378,343  

Morgan Stanley

    4,756       214,163  

Nasdaq

    1,248       127,982  

Navient

    15,734       176,693  

New York Community Bancorp

    12,837       138,768  

Northern Trust

    1,104       96,887  

Old Republic International

    8,930       176,100  

 

The accompanying notes are an integral part of the financial statements.
8

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FINANCIALS — continued

PNC Financial Services Group

    4,563     $ 576,763  

Popular

    4,160       199,597  

Primerica

    836       93,080  

Principal Financial Group

    1,212       53,801  

Progressive

    3,665       268,131  

Prosperity Bancshares

    663       42,830  

Prudential Financial

    2,864       216,089  

Regions Financial

    12,462       168,486  

Reinsurance Group of America, Cl A

    376       45,883  

RenaissanceRe Holdings

    1,462       249,125  

SEI Investments

    599       32,771  

State Street

    2,549       173,612  

SVB Financial Group *

    460       95,754  

Synchrony Financial

    11,843       344,631  

T Rowe Price Group

    2,945       347,540  

Travelers

    2,681       321,211  

Truist Financial

    8,763       404,325  

US Bancorp

    12,480       579,571  

Western Alliance Bancorp

    1,482       68,231  

Willis Towers Watson

    1,221       231,074  

WR Berkley

    6,054       406,466  
              22,689,769  

HEALTH CARE — 1.5%

               

Amgen

    966       192,939  

Bio-Rad Laboratories, Cl A *

    413       145,384  

Bio-Techne

    249       47,033  

Boston Scientific *

    1,892       70,742  

Bristol-Myers Squibb

    11,158       658,992  

Bruker

    3,744       163,089  

Cerner

    515       35,674  

Charles River Laboratories International *

    326       50,716  

Chemed

    570       238,043  

CVS Health

    1,942       114,928  

Danaher

    5,839       844,203  

DaVita *

    1,417       109,988  

DENTSPLY SIRONA

    4,384       215,868  

Edwards Lifesciences *

    2,320       475,229  

Exact Sciences *

    658       53,265  

 

The accompanying notes are an integral part of the financial statements.
9

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HEALTH CARE — continued

Exelixis *

    8,905     $ 165,544  

HCA Healthcare

    367       46,613  

Henry Schein *

    1,065       64,901  

Hill-Rom Holdings

    809       77,704  

Horizon Therapeutics *

    12,709       434,902  

Humana *

    892       285,155  

IDEXX Laboratories *

    361       91,878  

Intuitive Surgical *

    114       60,871  

Jazz Pharmaceuticals *

    404       46,290  

Laboratory Corp of America Holdings *

    274       48,139  

Masimo *

    744       121,518  

McKesson

    736       102,937  

Medtronic

    5,437       547,343  

Merck

    1,602       122,649  

Mettler-Toledo International *

    52       36,488  

Quest Diagnostics

    1,368       145,090  

ResMed

    769       122,240  

STERIS

    673       106,751  

Teleflex

    485       162,485  

Thermo Fisher Scientific

    851       247,471  

Universal Health Services, Cl B

    1,998       247,232  

Veeva Systems, Cl A *

    1,993       282,946  

West Pharmaceutical Services

    536       80,700  

Zimmer Biomet Holdings

    501       68,211  

Zoetis, Cl A

    4,442       591,808  
              7,723,959  

INDUSTRIALS — 3.4%

               

AECOM *

    1,596       71,724  

AGCO

    5,808       350,978  

Alaska Air Group

    1,595       80,484  

Allegion

    2,437       280,231  

Allison Transmission Holdings

    5,860       237,916  

AMETEK

    1,896       163,056  

Arconic

    4,467       131,106  

Armstrong World Industries

    2,743       274,711  

Boeing

    173       47,594  

BWX Technologies

    1,015       55,663  

Carlisle

    2,129       309,323  

 

The accompanying notes are an integral part of the financial statements.
10

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDUSTRIALS — continued

CH Robinson Worldwide

    657     $ 45,267  

Cintas

    1,493       398,243  

Clean Harbors *

    1,422       98,858  

Copa Holdings, Cl A

    899       74,743  

Copart *

    3,856       325,755  

CoStar Group *

    494       329,789  

CSX

    1,200       84,540  

Cummins

    2,707       409,542  

Curtiss-Wright

    965       115,742  

Delta Air Lines

    2,419       111,589  

Donaldson

    931       41,970  

Dover

    3,956       406,439  

Eaton

    5,518       500,593  

Emerson Electric

    3,295       211,242  

Expeditors International of Washington

    1,001       70,490  

Fastenal

    8,740       299,083  

Flowserve

    2,497       100,354  

Fortune Brands Home & Security

    3,707       228,907  

Gardner Denver Holdings *

    6,692       219,431  

General Electric

    22,281       242,417  

HD Supply Holdings *

    2,085       79,272  

HEICO

    2,671       288,067  

Honeywell International

    1,302       211,145  

Hubbell, Cl B

    1,886       251,291  

Huntington Ingalls Industries

    407       83,651  

IDEX

    853       126,244  

IHS Markit

    504       35,905  

Illinois Tool Works

    1,980       332,204  

Ingersoll-Rand

    4,673       603,004  

ITT

    3,825       230,074  

Jacobs Engineering Group

    3,653       337,318  

JB Hunt Transport Services

    387       37,322  

Johnson Controls International

    9,026       330,081  

Kansas City Southern

    1,374       207,034  

L3Harris Technologies

    970       191,798  

Landstar System

    522       52,706  

Lockheed Martin

    2,616       967,580  

ManpowerGroup

    2,676       203,215  

 

The accompanying notes are an integral part of the financial statements.
11

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDUSTRIALS — continued

Masco

    9,326     $ 385,350  

Middleby *

    1,496       167,268  

Nordson

    554       80,496  

Norfolk Southern

    1,267       231,038  

Northrop Grumman

    1,863       612,629  

Old Dominion Freight Line

    1,471       285,080  

Oshkosh

    4,061       293,001  

Owens Corning

    4,118       232,626  

PACCAR

    4,533       303,258  

Parker-Hannifin

    945       174,608  

Regal Beloit

    478       37,112  

Republic Services, Cl A

    3,839       346,508  

Robert Half International

    1,217       61,349  

Snap-on

    1,062       153,725  

Southwest Airlines

    4,017       185,545  

Spirit AeroSystems Holdings, Cl A

    590       31,176  

Stanley Black & Decker

    409       58,773  

Teledyne Technologies *

    1,039       350,476  

Timken

    2,486       111,472  

Toro

    1,733       123,788  

Union Pacific

    1,164       186,019  

United Airlines Holdings *

    1,963       120,901  

United Parcel Service, Cl B

    852       77,098  

United Rentals *

    2,147       284,434  

United Technologies

    2,499       326,344  

Verisk Analytics, Cl A

    1,823       282,766  

Waste Management

    2,298       254,641  

Woodward

    3,086       318,475  

WW Grainger

    282       78,266  

XPO Logistics *

    435       32,177  

Xylem

    1,535       118,717  
              17,190,807  

INFORMATION TECHNOLOGY — 7.1%

               

Accenture, Cl A

    2,741       494,997  

Akamai Technologies *

    3,038       262,817  

Alteryx, Cl A *

    1,115       155,676  

Analog Devices

    1,392       151,798  

ANSYS *

    1,005       243,401  

 

The accompanying notes are an integral part of the financial statements.
12

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INFORMATION TECHNOLOGY — continued

Apple

    30,651     $ 8,378,757  

Applied Materials

    11,759       683,433  

Aspen Technology *

    1,183       126,001  

Atlassian, Cl A *

    296       42,908  

Autodesk *

    257       49,056  

Automatic Data Processing

    730       112,960  

Avalara *

    3,947       334,508  

Booz Allen Hamilton Holding, Cl A

    5,479       390,653  

Broadridge Financial Solutions

    1,543       161,027  

CACI International, Cl A *

    1,050       257,271  

Cadence Design Systems *

    6,339       419,262  

CDW

    3,616       413,019  

Ciena *

    1,750       67,288  

Cisco Systems

    2,709       108,170  

Coupa Software *

    964       144,359  

DocuSign, Cl A *

    529       45,658  

Entegris

    6,136       327,171  

EPAM Systems *

    1,419       316,721  

Euronet Worldwide *

    675       83,727  

Fair Isaac *

    873       328,274  

FleetCor Technologies *

    1,240       329,580  

FLIR Systems

    2,053       87,191  

Fortinet *

    1,141       116,451  

Genpact

    5,760       221,530  

Global Payments

    2,068       380,450  

Intel

    20,442       1,134,940  

International Business Machines

    2,975       387,196  

Intuit

    496       131,862  

Jabil

    8,858       283,899  

Jack Henry & Associates

    1,090       165,397  

Keysight Technologies *

    5,030       476,643  

KLA

    2,298       353,226  

Lam Research

    2,708       794,608  

Leidos Holdings

    3,813       391,404  

Manhattan Associates *

    2,617       176,281  

Maxim Integrated Products

    1,401       77,924  

Microchip Technology

    964       87,444  

Micron Technology *

    14,640       769,478  

 

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

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INFORMATION TECHNOLOGY — continued

Microsoft

    51,239     $ 8,301,230  

MongoDB, Cl A *

    706       107,665  

Motorola Solutions

    2,167       359,029  

NortonLifeLock

    2,019       38,422  

NVIDIA

    1,299       350,821  

Okta, Cl A *

    1,134       145,220  

Oracle

    746       36,897  

Palo Alto Networks *

    212       39,139  

Paychex

    1,646       127,532  

Paycom Software *

    1,316       371,967  

Qorvo *

    3,439       345,895  

QUALCOMM

    9,375       734,062  

RingCentral, Cl A *

    358       84,399  

ServiceNow *

    263       85,762  

Skyworks Solutions

    3,209       321,478  

Smartsheet, Cl A *

    952       44,078  

Splunk *

    516       76,022  

SYNNEX

    1,922       240,307  

Synopsys *

    2,410       332,411  

Teradyne

    7,098       417,078  

Texas Instruments

    3,960       451,994  

Twilio, Cl A *

    615       69,274  

Ubiquiti

    1,291       175,137  

Universal Display

    1,707       271,055  

VeriSign *

    893       169,447  

VMware, Cl A *

    456       54,957  

Western Union

    8,974       200,928  

Xerox Holdings

    10,677       343,800  

Xilinx

    1,171       97,767  

Zebra Technologies, Cl A *

    1,577       332,700  

Zendesk *

    1,591       126,182  

Zscaler *

    816       42,424  
              35,359,495  

MATERIALS — 0.9%

               

Air Products & Chemicals

    2,542       558,249  

AptarGroup

    1,196       120,880  

Ashland Global Holdings

    611       43,711  

Avery Dennison

    933       106,819  

 

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

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

MATERIALS — continued

Ball

    4,037     $ 284,447  

Celanese, Cl A

    2,254       211,290  

CF Industries Holdings

    2,818       103,871  

Crown Holdings *

    5,089       358,774  

Ecolab

    1,205       217,442  

FMC

    391       36,402  

Graphic Packaging Holding

    8,429       113,960  

Martin Marietta Materials

    1,362       309,896  

NewMarket

    192       74,609  

Packaging Corp of America

    1,478       133,936  

PPG Industries

    2,131       222,583  

Reliance Steel & Aluminum

    3,182       325,487  

Royal Gold

    1,042       100,522  

RPM International

    1,706       109,372  

Scotts Miracle-Gro

    3,264       345,951  

Sherwin-Williams

    842       435,104  

Sonoco Products

    2,284       110,112  

Vulcan Materials

    1,108       133,248  
              4,456,665  

REAL ESTATE — 0.4%

               

Apartment Investment & Management, Cl A ‡

    4,167       199,349  

CBRE Group, Cl A *

    3,755       210,806  

EPR Properties ‡

    2,607       154,439  

Equity Residential ‡

    795       59,704  

Extra Space Storage ‡

    757       75,973  

Healthpeak Properties ‡

    4,939       156,270  

Jones Lang LaSalle

    627       92,652  

Kimco Realty ‡

    7,187       124,694  

Life Storage ‡

    758       81,796  

Medical Properties Trust ‡

    15,300       323,289  

National Retail Properties ‡

    1,555       79,072  

Omega Healthcare Investors ‡

    3,054       120,938  

Spirit Realty Capital ‡

    1,512       68,796  

Sun Communities ‡

    935       142,943  

Ventas ‡

    696       37,424  

Welltower ‡

    482       36,063  
              1,964,208  

 

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

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

UTILITIES — 0.2%

               

AES

    3,565     $ 59,642  

Ameren

    489       38,631  

Atmos Energy

    1,350       139,388  

CMS Energy

    1,072       64,770  

Entergy

    682       79,733  

Hawaiian Electric Industries

    2,753       117,939  

OGE Energy

    3,659       139,408  

Pinnacle West Capital

    776       69,444  

Xcel Energy

    904       56,337  
              765,292  

Total Common Stock

               

(Cost $115,887,667)

            119,938,772  

 

SHORT-TERM INVESTMENT — 1.8%

Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)

               

(Cost $8,956,824)

    8,956,824       8,956,824  

Total Investments — 100.4%

               

(Cost $498,668,653)

          $ 501,169,806  

 

A list of open futures contracts held by the Fund at February 29, 2020, is as follows:

 

Type of
Contract

Number of
Contracts
Long

Expiration
Date

 

Notional
Amount

   

Value

   

Unrealized
Depreciation

 

S&P 500 Index E-MINI

17

Mar-2020

  $ 2,707,943     $ 2,508,435     $ (199,508 )

 

A list of open total return swap agreements held by the Fund at February 29, 2020, is as follows:

 

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

 

Notional
Amount

   

Value

   

Net
Unrealized
Depreciation

 

ReFlow

SPUSX NAV

SOFR +25 BPS

SPUSX

Annually

02/16/2021

USD

    3,669,818     $ (567,592 )   $ (567,592 )

 

Percentages are based on Net Assets of $499,367,152.

 

*

Non-income producing security.

Real Estate Investment Trust

 

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

 

 

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

(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 February 29, 2020.

 

BPS — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MIN — Minimum

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

VOL — Volatility

 

The following table summarizes the inputs used as of February 29, 2020, 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

  $ 372,274,210     $     $     $ 372,274,210  

Common Stock

    119,938,772                   119,938,772  

Short-Term Investment

    8,956,824                   8,956,824  

Total Investments in Securities

  $ 501,169,806     $     $     $ 501,169,806  

 

Other Financial Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Futures Contracts^

                               

Unrealized Depreciation

  $ (199,508 )   $     $     $ (199,508 )

Total Return Swap^

                               

Unrealized Depreciation

          (567,592 )           (567,592 )

Total Other Financial Instruments

  $ (199,508 )   $ (567,592 )   $     $ (767,100 )

 

^

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

 

Amounts designated as “— “ are $0.

 

For the period ended February 29, 2020, there were no transfers in or out of 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.
17

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

SECTOR WEIGHTINGS†

 

 

†Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 66.7%

   

Shares

   

Value

 

EQUITY FUNDS — 66.7%

               

DFA Emerging Markets Core Equity Portfolio, Cl I

    2,682,408     $ 52,038,713  

DFA International Core Equity Portfolio, Cl I

    1,529,238       18,671,999  

DFA International Real Estate Securities, Cl I

    4,013,484       18,421,892  

DFA International Vector Equity Portfolio, Cl I

    6,109,624       65,067,495  

iShares Edge MSCI Min Vol EAFE ETF

    246,049       16,933,092  

iShares Edge MSCI Min Vol Emerging Markets ETF

    200,818       10,715,649  

Total Registered Investment Companies

               

(Cost $189,130,553)

            181,848,840  

 

COMMON STOCK — 30.3%

AUSTRALIA — 1.0%

               

Aristocrat Leisure

    6,454       138,243  

Aurizon Holdings

    24,699       77,350  

Australia & New Zealand Banking Group

    2,407       38,632  

Brambles

    8,744       67,638  

Coca-Cola Amatil

    11,384       83,102  

Coles Group

    5,205       47,901  

Commonwealth Bank of Australia

    1,998       105,777  

CSL

    1,344       266,140  

Dexus ‡

    2,190       17,252  

Fortescue Metals Group

    47,251       300,416  

Goodman Group ‡

    16,781       162,916  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

AUSTRALIA — continued

               

Harvey Norman Holdings

    34,623     $ 83,310  

Macquarie Group

    584       50,987  

Magellan Financial Group

    4,288       153,841  

Medibank Pvt

    49,522       90,775  

Mirvac Group ‡

    68,430       134,275  

National Australia Bank

    5,331       86,545  

Orica

    9,615       123,474  

QBE Insurance Group

    9,195       80,694  

REA Group

    426       27,045  

Santos

    39,264       174,119  

Sonic Healthcare

    3,960       74,243  

Suncorp Group

    3,963       29,110  

Telstra

    80,186       178,713  

Wesfarmers

    2,418       63,558  

Westpac Banking

    3,026       46,336  

Woolworths Group

    2,779       69,917  
              2,772,309  

AUSTRIA — 0.1%

               

OMV

    4,322       181,393  

Verbund

    1,674       79,041  
              260,434  

BELGIUM — 0.1%

               

Ageas

    1,852       85,792  

Proximus SADP

    3,114       76,827  

UCB

    204       18,855  
              181,474  

BRAZIL — 0.6%

               

B3 - Brasil Bolsa Balcao

    13,300       140,081  

Banco do Brasil

    17,000       176,162  

BB Seguridade Participacoes

    4,200       29,773  

BR Malls Participacoes

    6,500       23,692  

CCR

    6,400       23,142  

Cia de Saneamento Basico do Estado de Sao Paulo ADR

    11,466       149,402  

Cia Siderurgica Nacional

    38,400       95,315  

Cosan

    2,200       35,731  

IRB Brasil Resseguros S

    1,400       10,306  

Itausa - Investimentos Itau

    35,700       96,118  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

BRAZIL — continued

JBS

    36,400     $ 182,330  

Lojas Renner

    5,800       67,781  

Multiplan Empreendimentos Imobiliarios

    2,900       19,779  

Natura & Holding

    1,100       11,086  

Petrobras Distribuidora

    21,800       125,089  

Sul America

    12,400       147,794  

TIM Participacoes ADR

    4,097       73,869  

Vale ADR, Cl B

    8,785       86,269  

WEG

    21,900       209,602  
              1,703,321  

CANADA — 1.3%

               

Air Canada, Cl B *

    5,592       142,690  

Alimentation Couche-Tard, Cl B

    8,020       243,543  

AltaGas

    4,689       70,112  

Atco, Cl I

    2,404       89,694  

Bank of Montreal

    238       16,173  

BCE

    4,871       213,928  

Brookfield Asset Management, Cl A

    5,888       352,118  

CAE

    2,720       72,770  

Canadian Pacific Railway

    581       143,998  

Canadian Utilities, Cl A

    661       19,560  

CGI, Cl A *

    2,261       158,864  

CI Financial

    7,196       119,500  

Constellation Software

    171       174,208  

Dollarama

    1,110       32,632  

Empire

    1,696       37,894  

Gildan Activewear

    580       14,048  

H&R Real Estate Investment Trust ‡

    1,225       17,714  

Hydro One

    1,413       28,360  

iA Financial

    3,215       153,031  

IGM Financial

    3,797       101,244  

Intact Financial

    1,902       206,163  

Magna International

    3,666       166,851  

Manulife Financial

    16,679       280,334  

National Bank of Canada

    2,925       152,041  

Onex

    748       41,996  

Open Text

    1,148       48,067  

Royal Bank of Canada

    1,839       136,762  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CANADA — continued

Shopify, Cl A *

    82     $ 38,073  

Sun Life Financial

    5,040       217,746  

Toronto-Dominion Bank

    546       28,084  

Wheaton Precious Metals

    1,709       48,599  

WSP Global

    928       61,166  
              3,627,963  

CHINA — 0.5%

               

Agricultural Bank of China, Cl A

    35,800       17,438  

Anhui Conch Cement, Cl A

    4,300       33,764  

Bank of Beijing, Cl A

    31,100       22,681  

Bank of China, Cl A

    32,800       16,659  

Bank of Communications, Cl A

    25,400       18,927  

Bank of Ningbo, Cl A

    4,608       16,553  

Bank of Shanghai, Cl A

    15,700       19,374  

Baoshan Iron & Steel, Cl A

    18,500       13,768  

BOE Technology Group, Cl A

    45,600       31,868  

BYD, Cl A

    2,200       20,187  

China Everbright Bank, Cl A

    35,600       19,203  

China Fortune Land Development, Cl A

    5,200       17,537  

China International Travel Service, Cl A

    1,900       21,365  

China Merchants Bank, Cl A

    7,100       34,665  

China Merchants Securities, Cl A

    7,300       18,323  

China Merchants Shekou Industrial Zone Holdings, Cl A

    10,900       26,955  

China Minsheng Banking, Cl A

    28,800       23,559  

China Pacific Insurance Group, Cl A

    2,700       12,266  

China Petroleum & Chemical, Cl A

    25,000       16,498  

China Railway Construction, Cl A

    14,700       19,984  

China Shipbuilding Industry, Cl A

    29,000       18,325  

China State Construction Engineering, Cl A

    24,300       18,627  

China United Network Communications, Cl A

    21,300       16,687  

China Vanke, Cl A

    7,800       32,951  

China Yangtze Power, Cl A

    5,800       14,107  

CITIC Securities, Cl A

    9,300       31,079  

CRRC, Cl A

    15,500       14,201  

Daqin Railway, Cl A

    15,100       15,287  

Foshan Haitian Flavouring & Food, Cl A

    1,500       21,323  

Gree Electric Appliances of Zhuhai, Cl A

    2,500       21,639  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CHINA — continued

Guotai Junan Securities, Cl A

    7,200     $ 17,398  

Haier Smart Home, Cl A

    7,342       18,145  

Haitong Securities, Cl A

    11,100       22,444  

Hangzhou Hikvision Digital Technology, Cl A

    8,335       41,646  

Huatai Securities, Cl A

    6,600       17,370  

Huaxia Bank, Cl A

    24,900       24,755  

Industrial & Commercial Bank of China, Cl A

    19,500       14,728  

Industrial Bank, Cl A

    7,200       17,762  

Inner Mongolia Yili Industrial Group, Cl A

    4,400       18,116  

Jiangsu Hengrui Medicine, Cl A

    4,100       49,321  

Jiangsu Yanghe Brewery Joint-Stock, Cl A

    1,200       16,729  

Kweichow Moutai, Cl A

    500       75,257  

Luxshare Precision Industry, Cl A

    7,700       51,870  

Luzhou Laojiao, Cl A

    1,900       20,284  

Midea Group, Cl A

    2,800       21,282  

NARI Technology, Cl A

    7,100       20,175  

New China Life Insurance, Cl A

    2,700       17,024  

PetroChina, Cl A

    21,900       15,839  

Ping An Bank, Cl A

    9,600       19,846  

Ping An Insurance Group of China, Cl A

    4,400       48,724  

Poly Developments and Holdings Group, Cl A

    11,900       27,412  

SAIC Motor, Cl A

    5,600       17,741  

Sany Heavy Industry, Cl A

    13,100       32,684  

Shanghai Pudong Development Bank, Cl A

    12,100       18,702  

Shenwan Hongyuan Group, Cl A

    24,800       16,616  

Suning.com, Cl A

    11,399       15,186  

Tsingtao Brewery, Cl H

    24,000       124,217  

Wuliangye Yibin, Cl A

    2,300       40,387  

Yonghui Superstores, Cl A

    9,400       11,599  
              1,479,059  

DENMARK — 0.3%

               

Carlsberg, Cl B

    1,065       139,729  

Chr Hansen Holding

    294       20,976  

Coloplast, Cl B

    121       16,171  

DSV Panalpina

    1,519       153,027  

Novo Nordisk, Cl B

    4,966       290,255  

Orsted

    161       16,565  

Tryg

    3,167       87,611  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

DENMARK — continued

Vestas Wind Systems

    493     $ 47,856  
              772,190  

FINLAND — 0.3%

               

Elisa

    1,640       93,876  

Kone, Cl B

    4,106       232,289  

Neste

    3,766       148,886  

Orion, Cl B

    442       17,566  

Stora Enso, Cl R

    1,971       23,527  

UPM-Kymmene

    6,426       197,778  
              713,922  

FRANCE — 2.3%

               

Air Liquide

    2,483       337,954  

Airbus

    1,491       178,340  

Amundi

    2,519       180,551  

Atos

    612       45,630  

AXA

    12,346       286,719  

BNP Paribas

    8,243       400,608  

Bouygues

    3,729       146,782  

Bureau Veritas

    1,361       33,274  

Capgemini

    273       29,898  

Carrefour

    4,047       69,995  

Cie de Saint-Gobain

    2,970       104,135  

Cie Generale des Etablissements Michelin SCA

    1,804       192,464  

Credit Agricole

    26,259       314,974  

Danone

    2,032       143,178  

Dassault Systemes

    438       69,038  

Edenred

    695       36,265  

Eiffage

    518       55,174  

EssilorLuxottica

    313       42,608  

Faurecia

    3,620       164,871  

Hermes International

    429       300,129  

Kering

    76       42,729  

Legrand

    676       51,585  

L’Oreal

    279       74,498  

LVMH Moet Hennessy Louis Vuitton

    2,187       900,888  

Pernod Ricard

    220       35,613  

Peugeot

    8,665       168,561  

Safran

    1,403       193,576  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FRANCE — continued

Sanofi

    3,409     $ 316,868  

Sartorius Stedim Biotech

    542       103,036  

Schneider Electric

    4,005       400,649  

SCOR

    878       31,564  

Societe Generale

    3,534       99,681  

Sodexo

    990       94,948  

Suez

    6,718       106,306  

Teleperformance

    127       30,935  

Thales

    301       30,310  

Valeo

    5,331       134,730  

Veolia Environnement

    4,190       120,214  

Vinci

    1,632       164,837  
              6,234,115  

GERMANY — 1.0%

               

adidas

    1,148       319,094  

Allianz

    2,481       535,157  

Brenntag

    1,896       84,866  

Carl Zeiss Meditec

    1,371       143,822  

Deutsche Boerse

    506       79,670  

Deutsche Post

    6,125       184,038  

Evonik Industries

    1,867       46,393  

GEA Group

    4,183       111,057  

Hannover Rueck

    1,586       283,164  

HeidelbergCement

    2,670       159,255  

KION Group

    741       39,558  

MTU Aero Engines

    150       36,895  

Muenchener Rueckversicherungs-Gesellschaft in Muenchen

    848       216,429  

Puma

    399       30,615  

RWE

    463       15,989  

SAP

    2,378       294,404  

Volkswagen

    1,563       263,649  
              2,844,055  

HONG KONG — 5.5%

               

Agile Group Holdings

    80,000       111,846  

Agricultural Bank of China, Cl H

    332,000       132,136  

Air China, Cl H

    24,000       19,168  

Anhui Conch Cement, Cl H

    48,500       353,654  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

ANTA Sports Products

    22,000     $ 177,190  

ASM Pacific Technology

    8,900       104,916  

BAIC Motor, Cl H

    158,500       77,685  

Bank of China, Cl H

    724,000       284,673  

Bank of Communications, Cl H

    17,000       10,814  

BOC Aviation

    1,900       16,509  

Bosideng International Holdings

    236,000       68,821  

BYD Electronic International

    14,000       26,219  

China Agri-Industries Holdings

    146,000       79,181  

China Aoyuan Group

    113,000       161,433  

China Coal Energy, Cl H

    36,000       11,621  

China Conch Venture Holdings

    5,500       26,749  

China Construction Bank, Cl H

    1,252,000       1,007,692  

China Everbright Bank, Cl H

    496,000       198,693  

China Jinmao Holdings Group

    236,000       171,068  

China Lesso Group Holdings

    122,000       182,386  

China Medical System Holdings

    104,000       128,078  

China Mengniu Dairy

    3,000       10,723  

China Merchants Bank, Cl H

    171,000       809,518  

China Minsheng Banking, Cl H

    385,000       257,989  

China National Building Material, Cl H

    162,000       185,784  

China Overseas Land & Investment

    66,000       219,784  

China Resources Beer Holdings

    16,000       73,623  

China Resources Cement Holdings

    114,000       142,781  

China Resources Gas Group

    18,000       89,663  

China Resources Land

    62,000       283,875  

China Shenhua Energy, Cl H

    10,500       18,119  

China Tower, Cl H

    476,000       114,583  

China Unicom Hong Kong

    74,000       58,369  

China Vanke, Cl H

    36,400       139,279  

CIFI Holdings Group

    222,000       168,188  

CITIC

    10,000       11,012  

CK Asset Holdings

    4,000       24,685  

CNOOC

    303,000       414,139  

Country Garden Holdings

    176,000       231,253  

Country Garden Services Holdings

    43,000       166,573  

CSPC Pharmaceutical Group

    76,000       173,345  

ENN Energy Holdings

    5,300       58,481  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

Geely Automobile Holdings

    91,000     $ 157,239  

Great Wall Motor, Cl H

    207,500       149,405  

Guangzhou R&F Properties

    45,200       69,777  

Haier Electronics Group

    41,000       116,760  

Haitian International Holdings

    29,000       56,989  

Hang Lung Properties

    13,000       28,092  

Henderson Land Development

    7,300       33,451  

Hua Hong Semiconductor

    4,000       8,480  

Industrial & Commercial Bank of China, Cl H

    1,951,000       1,318,590  

Kaisa Group Holdings

    213,000       94,178  

Kerry Properties

    7,500       21,205  

Kingboard Laminates Holdings

    96,500       95,518  

KWG Group Holdings

    125,500       182,109  

Lenovo Group

    32,000       19,595  

Li Ning

    58,000       153,454  

Link ‡

    2,200       20,308  

Logan Property Holdings

    108,000       183,719  

Longfor Group Holdings

    61,000       282,593  

Luye Pharma Group

    24,000       14,592  

Meituan Dianping, Cl B *

    38,400       487,041  

MTR

    7,000       39,065  

New China Life Insurance, Cl H

    3,100       11,673  

New World Development

    18,000       23,020  

PICC Property & Casualty, Cl H

    174,000       178,718  

Ping An Insurance Group of China, Cl H

    109,000       1,208,226  

Postal Savings Bank of China, Cl H

    571,000       358,277  

Seazen Group

    160,000       163,510  

Shandong Weigao Group Medical Polymer, Cl H

    112,000       143,050  

Shenzhen Expressway, Cl H

    32,000       38,706  

Shenzhen Investment

    154,000       51,422  

Shenzhou International Group Holdings

    900       10,830  

Shimao Property Holdings

    56,500       200,561  

Shui On Land

    79,000       15,619  

Sino Biopharmaceutical

    102,000       147,299  

Sinopec Engineering Group, Cl H

    28,000       13,887  

Sinopharm Group, Cl H

    6,400       19,646  

Sinotruk Hong Kong

    66,500       126,391  

SSY Group

    12,000       10,002  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

Sun Art Retail Group

    11,500     $ 14,874  

Sun Hung Kai Properties

    3,000       42,212  

Sunac China Holdings

    53,000       286,269  

Techtronic Industries

    4,000       32,214  

Tingyi Cayman Islands Holding

    30,000       54,601  

Uni-President China Holdings

    45,000       46,443  

Vitasoy International Holdings

    6,000       21,577  

Want Want China Holdings

    96,000       73,511  

Weichai Power, Cl H

    125,000       249,118  

WH Group

    152,000       154,209  

Wheelock

    3,000       22,885  

Xinjiang Goldwind Science & Technology, Cl H

    13,600       13,607  

Yanzhou Coal Mining, Cl H

    152,000       114,949  

Yihai International Holding

    21,000       140,758  

Yue Yuen Industrial Holdings

    7,500       17,988  

Yuexiu Property

    502,000       101,765  

Yuzhou Properties

    257,000       126,056  

Zhejiang Expressway, Cl H

    14,000       10,506  

Zhongsheng Group Holdings

    40,000       151,261  

Zoomlion Heavy Industry Science and Technology

    206,200       171,294  
              15,101,392  

HUNGARY — 0.0%

               

OTP Bank Nyrt

    2,057       89,540  
                 

INDONESIA — 0.2%

               

Adaro Energy

    1,377,600       111,004  

Bank Central Asia

    4,400       9,680  

Bank Mandiri Persero

    36,500       18,377  

Bank Negara Indonesia Persero

    55,700       27,166  

Bank Rakyat Indonesia Persero

    755,900       220,201  

Bumi Serpong Damai *

    411,300       28,687  

Gudang Garam

    2,900       10,300  

Indofood Sukses Makmur

    134,600       60,885  

Jasa Marga Persero

    37,400       12,177  

Pakuwon Jati

    656,800       24,237  

Semen Indonesia Persero

    12,100       8,890  

XL Axiata *

    516,100       93,088  
              624,692  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

ITALY — 0.9%

               

Assicurazioni Generali

    13,494     $ 241,663  

Enel

    58,524       492,056  

Ferrari

    1,460       229,450  

Intesa Sanpaolo

    122,005       296,058  

Leonardo

    7,132       73,560  

Mediobanca Banca di Credito Finanziario

    15,697       142,766  

Moncler

    1,188       46,364  

Poste Italiane

    19,284       205,153  

Prysmian

    3,611       85,982  

Recordati

    1,626       69,742  

Snam

    7,302       36,081  

STMicroelectronics

    8,700       236,932  

Terna Rete Elettrica Nazionale

    11,972       79,283  

UniCredit

    13,737       175,225  
              2,410,315  

JAPAN — 5.5%

               

ABC-Mart

    1,900       106,747  

Advantest

    5,100       228,368  

AGC

    600       16,779  

Air Water

    2,300       30,201  

Alfresa Holdings

    1,100       19,122  

Alps Alpine

    800       11,804  

Amada Holdings

    11,200       103,077  

Asahi Intecc

    3,300       77,589  

Asahi Kasei

    4,100       33,667  

Astellas Pharma

    5,200       81,228  

Bandai Namco Holdings

    4,300       212,474  

Bridgestone

    4,500       148,919  

Brother Industries

    6,200       107,123  

Casio Computer

    5,200       89,021  

Central Japan Railway

    800       130,087  

Chubu Electric Power

    1,200       15,514  

Chugai Pharmaceutical

    2,800       302,790  

Credit Saison

    2,300       32,991  

Dai Nippon Printing

    3,900       92,520  

Daiichi Sankyo

    4,900       298,276  

Daikin Industries

    1,100       148,323  

Disco

    400       78,264  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

East Japan Railway

    1,200     $ 92,302  

Fast Retailing

    100       49,507  

Fuji Electric

    1,000       26,890  

FUJIFILM Holdings

    4,200       203,348  

Fujitsu

    2,400       249,612  

Hakuhodo DY Holdings

    7,300       83,039  

Hamamatsu Photonics

    700       26,989  

Hikari Tsushin

    700       131,989  

Hirose Electric

    400       42,272  

Hitachi

    8,500       282,900  

Hitachi High-Technologies

    3,200       232,216  

Honda Motor

    1,300       33,249  

Hoshizaki

    300       25,234  

Hoya

    3,800       332,681  

ITOCHU

    12,900       293,451  

Itochu Techno-Solutions

    5,400       147,033  

Japan Airlines

    1,300       31,888  

Japan Airport Terminal

    700       27,176  

Japan Prime Realty Investment ‡

    21       92,564  

Japan Real Estate Investment ‡

    19       129,540  

JSR

    4,100       71,092  

Kakaku.com

    2,800       59,422  

Kamigumi

    3,200       61,018  

Kaneka

    1,500       39,837  

Kansai Paint

    3,700       80,007  

Kao

    400       28,967  

KDDI

    11,800       333,347  

Keihan Holdings

    3,100       125,107  

Keio

    1,600       76,459  

Keyence

    300       94,600  

Kobayashi Pharmaceutical

    400       28,901  

Kyocera

    3,700       230,011  

Lion

    1,200       19,432  

LIXIL Group

    5,500       81,220  

M3

    4,100       104,569  

Marubeni

    5,400       35,343  

Marui Group

    1,300       25,411  

Medipal Holdings

    5,800       104,045  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

MEIJI Holdings

    600     $ 35,112  

Minebea Mitsumi

    2,000       34,539  

Mitsubishi

    4,700       115,931  

Mitsubishi Electric

    14,000       173,573  

Mitsubishi Heavy Industries

    3,900       122,628  

Mitsubishi UFJ Lease & Finance

    13,000       73,470  

Mitsui

    4,500       73,929  

Mitsui Fudosan

    900       20,475  

MS&AD Insurance Group Holdings

    6,000       191,995  

Murata Manufacturing

    2,000       103,518  

Nabtesco

    900       23,825  

Nexon

    2,000       31,555  

NGK Spark Plug

    2,700       43,640  

Nintendo

    500       169,225  

Nippon Building Fund ‡

    17       127,455  

Nippon Paint Holdings

    900       40,571  

Nippon Telegraph & Telephone

    20,100       468,887  

Nisshin Seifun Group

    2,400       39,919  

Nitto Denko

    900       44,568  

Nomura Holdings

    8,500       37,343  

Nomura Real Estate Holdings

    1,500       32,334  

Nomura Research Institute

    7,300       159,951  

NTT Data

    7,500       88,392  

Obayashi

    3,000       29,915  

Obic

    1,400       169,272  

Olympus

    14,400       259,248  

Omron

    3,000       157,415  

Oracle Japan

    700       53,690  

Oriental Land

    1,200       135,664  

ORIX

    1,700       27,285  

Otsuka

    2,600       112,119  

Pan Pacific International Holdings

    5,000       82,348  

Park24

    1,000       19,444  

Persol Holdings

    2,200       29,165  

Recruit Holdings

    6,200       209,303  

Ricoh

    2,600       23,951  

Rohm

    300       19,289  

Sankyo

    1,700       55,322  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

Santen Pharmaceutical

    1,200     $ 19,219  

Secom

    1,200       94,207  

Sega Sammy Holdings

    1,800       23,493  

Sekisui Chemical

    4,100       59,736  

Sekisui House

    8,200       158,731  

SG Holdings

    5,400       105,727  

Shimadzu

    2,600       62,459  

Shimano

    200       27,791  

Shimizu

    5,100       45,605  

Shin-Etsu Chemical

    3,000       328,556  

Shinsei Bank

    2,200       28,767  

Shionogi

    1,000       53,352  

Shiseido

    400       23,538  

SMC

    300       117,577  

SoftBank Group

    1,500       69,180  

Sohgo Security Services

    600       27,742  

Sony

    1,600       100,889  

Sony Financial Holdings

    3,800       75,090  

Subaru

    7,000       167,064  

SUMCO

    2,300       34,085  

Sumitomo

    2,200       31,162  

Sumitomo Electric Industries

    1,200       14,117  

Sumitomo Heavy Industries

    2,200       46,980  

Sumitomo Mitsui Trust Holdings

    600       20,317  

Suzuken

    2,900       94,149  

Sysmex

    900       57,439  

Taiheiyo Cement

    1,200       29,315  

Taiyo Nippon Sanso

    4,500       79,781  

TDK

    1,800       171,115  

Teijin

    1,600       26,073  

Terumo

    3,800       121,437  

THK

    1,800       40,524  

Toho

    3,100       93,627  

Toho Gas

    2,800       93,980  

Tokio Marine Holdings

    2,800       148,082  

Tokyo Electron

    1,400       288,346  

Tokyo Gas

    2,400       48,083  

Toppan Printing

    5,800       100,214  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

Tosoh

    3,400     $ 45,741  

Toyo Suisan Kaisha

    1,800       69,931  

Toyoda Gosei

    2,600       55,864  

Toyota Industries

    2,200       113,355  

Toyota Motor

    15,100       989,105  

Toyota Tsusho

    700       20,748  

Unicharm

    2,200       69,926  

Welcia Holdings

    500       29,559  

West Japan Railway

    1,400       97,744  

Yamaha

    1,900       92,126  

Yamazaki Baking

    1,100       18,195  

Yokogawa Electric

    2,400       38,405  

Yokohama Rubber

    2,700       43,489  

Z Holdings

    29,100       104,869  
              15,050,423  

MALAYSIA — 0.2%

               

AMMB Holdings

    60,700       53,208  

Fraser & Neave Holdings

    1,400       10,183  

Gamuda

    99,600       78,062  

Hong Leong Financial Group

    10,000       36,239  

Malaysia Airports Holdings

    10,500       16,487  

MISC

    26,100       46,932  

Petronas Dagangan

    2,500       13,588  

RHB Bank

    58,800       77,426  

Sime Darby

    25,500       12,079  

Telekom Malaysia

    138,600       121,355  
              465,559  

MEXICO — 0.2%

               

Fibra Uno Administracion ‡

    69,400       105,107  

Grupo Aeroportuario del Pacifico, Cl B

    4,900       53,025  

Grupo Bimbo, Ser A

    13,200       19,911  

Grupo Financiero Banorte, Cl O

    2,900       15,856  

Grupo Mexico

    66,300       156,664  

Kimberly-Clark de Mexico, Cl A

    35,600       67,771  

Megacable Holdings

    6,200       20,821  

Promotora y Operadora de Infraestructura

    2,830       27,726  

Wal-Mart de Mexico

    7,700       21,677  
              488,558  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

NETHERLANDS — 0.5%

               

ASML Holding

    2,742     $ 751,895  

Heineken

    416       41,419  

Koninklijke Ahold Delhaize

    1,524       35,614  

Koninklijke DSM

    2,094       235,483  

Koninklijke KPN

    13,687       33,258  

Koninklijke Philips

    1,837       78,429  

Randstad

    2,620       135,005  

Wolters Kluwer

    1,455       106,353  
              1,417,456  

NORWAY — 0.1%

               

DNB

    908       15,101  

Gjensidige Forsikring

    3,808       76,674  

Orkla

    10,695       90,064  

Schibsted, Cl B

    962       23,116  
              204,955  

PHILIPPINES — 0.1%

               

Globe Telecom

    1,525       53,178  

International Container Terminal Services

    8,270       17,158  

Manila Electric

    1,990       10,529  

Megaworld

    229,700       15,330  

Robinsons Land

    149,100       62,218  

Universal Robina

    5,240       14,508  
              172,921  

POLAND — 0.1%

               

CD Projekt

    1,809       128,812  

Cyfrowy Polsat

    12,417       80,035  

Dino Polska *

    584       21,154  

KGHM Polska Miedz

    1,531       27,686  

Orange Polska

    49,341       77,813  

Polski Koncern Naftowy ORLEN

    1,339       20,076  

Powszechna Kasa Oszczednosci Bank Polski

    4,038       32,292  
              387,868  

PORTUGAL — 0.1%

               

Jeronimo Martins SGPS

    7,975       140,491  
                 

SINGAPORE — 0.2%

               

Ascendas Real Estate Investment Trust ‡

    19,500       42,862  

CapitaLand Mall Trust ‡

    43,000       70,378  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SINGAPORE — continued

ComfortDelGro

    49,600     $ 69,513  

Singapore Technologies Engineering

    8,700       26,197  

United Overseas Bank

    900       15,928  

Venture

    1,400       16,522  

Wilmar International

    76,600       218,114  
              459,514  

SOUTH AFRICA — 0.5%

               

Absa Group

    6,471       55,711  

Anglo American Platinum

    2,853       191,310  

AngloGold Ashanti ADR

    7,470       130,352  

Bidvest Group

    1,323       15,258  

Capitec Bank Holdings

    279       23,408  

Clicks Group

    4,236       64,499  

Exxaro Resources

    5,798       41,904  

FirstRand

    2,779       9,892  

Foschini Group

    4,363       35,098  

Gold Fields ADR

    12,383       73,431  

Impala Platinum Holdings *

    19,398       153,965  

Investec

    3,752       19,180  

Kumba Iron Ore

    5,477       99,667  

Liberty Holdings

    3,634       21,980  

Momentum Metropolitan Holdings

    41,567       47,497  

MTN Group

    17,328       81,903  

Pick n Pay Stores

    4,249       15,096  

RMB Holdings

    2,794       12,635  

Sanlam

    4,220       17,726  

Sibanye Stillwater

    47,268       95,354  

SPAR Group

    927       9,821  

Standard Bank Group

    2,218       21,069  

Telkom SOC

    19,380       32,478  

Vodacom Group

    3,995       28,232  
              1,297,466  

SOUTH KOREA — 1.3%

               

BGF retail

    136       16,934  

Cheil Worldwide

    2,814       44,713  

Coway

    603       34,206  

Daelim Industrial *

    708       42,099  

Doosan Bobcat

    1,247       29,086  

Fila Korea

    430       13,619  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SOUTH KOREA — continued

GS Retail

    868     $ 25,194  

Hanon Systems

    2,992       25,946  

Hyundai Glovis

    618       62,298  

Hyundai Mobis

    949       164,701  

Kakao

    511       72,849  

Kangwon Land *

    1,980       37,353  

Kia Motors

    6,717       199,402  

Korea Investment Holdings *

    1,549       80,113  

Korea Zinc *

    311       106,564  

KT&G

    410       28,536  

LG

    187       10,422  

LG Electronics

    373       18,594  

LG Innotek

    248       26,691  

Meritz Securities

    10,449       29,901  

NCSoft

    122       65,075  

Posco International

    3,022       37,276  

Samsung Card

    1,312       36,309  

Samsung Electronics

    37,183       1,644,810  

Samsung Engineering *

    3,526       40,869  

Shinhan Financial Group

    1,517       40,193  

Shinsegae

    110       21,288  

SK Hynix

    5,931       422,881  

SK Telecom

    109       19,029  
              3,396,951  

SPAIN — 0.2%

               

ACS Actividades de Construccion y Servicios

    1,944       57,940  

Aena SME

    591       94,950  

Iberdrola

    31,951       364,957  
              517,847  

SWEDEN — 0.8%

               

Assa Abloy, Cl B

    7,917       177,959  

Atlas Copco, Cl A

    10,956       391,456  

Boliden

    2,701       56,097  

Electrolux

    3,402       69,158  

Epiroc, Cl A

    6,838       78,903  

Essity, Cl B

    2,515       75,338  

Hennes & Mauritz, Cl B

    13,560       245,718  

Hexagon, Cl B

    302       16,184  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SWEDEN — continued

Husqvarna, Cl B

    3,124     $ 20,947  

Investor, Cl B

    1,869       93,226  

L E Lundbergforetagen, Cl B

    2,653       110,000  

Sandvik

    11,230       185,900  

Securitas, Cl B

    1,928       26,213  

Skandinaviska Enskilda Banken, Cl A

    5,210       49,820  

Skanska, Cl B

    6,668       145,163  

SKF, Cl B

    11,096       195,008  

Tele2, Cl B

    4,405       64,066  

Volvo, Cl B

    10,800       168,373  
              2,169,529  

SWITZERLAND — 1.9%

               

Adecco Group

    2,567       137,210  

Baloise Holding

    412       66,355  

Chocoladefabriken Lindt & Spruengli

    5       39,005  

EMS-Chemie Holding

    88       51,546  

Geberit

    375       186,921  

Kuehne + Nagel International

    1,107       161,868  

LafargeHolcim

    5,067       236,540  

Nestle

    13,464       1,382,322  

Novartis

    6,571       556,150  

Partners Group Holding

    42       36,345  

Roche Holding

    3,987       1,282,582  

Sika

    198       35,295  

Sonova Holding

    675       160,903  

Straumann Holding

    52       48,638  

Swiss Life Holding

    554       253,077  

Swisscom

    98       52,277  

Vifor Pharma

    876       146,398  

Zurich Insurance Group

    1,153       445,680  
              5,279,112  

TAIWAN — 2.7%

               

Accton Technology

    19,000       100,640  

Acer

    72,000       38,209  

Advantech

    9,000       85,753  

ASE Technology Holding

    56,000       128,269  

Asia Cement

    92,000       133,229  

Catcher Technology

    20,000       150,961  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

TAIWAN — continued

Chailease Holding

    23,110     $ 85,436  

Chang Hwa Commercial Bank

    134,420       102,100  

Chicony Electronics

    39,000       105,339  

Compal Electronics

    18,000       10,861  

CTBC Financial Holding

    80,000       59,168  

Delta Electronics

    12,000       53,972  

E.Sun Financial Holding

    205,215       193,965  

Eclat Textile

    3,000       34,806  

Eva Airways

    152,310       59,919  

Far Eastern New Century

    48,000       44,263  

Feng TAY Enterprise

    4,900       27,118  

First Financial Holding

    52,650       40,920  

Formosa Petrochemical

    11,000       30,808  

Formosa Taffeta

    39,000       42,739  

Foxconn Technology

    40,000       77,401  

Fubon Financial Holding

    31,000       44,839  

Giant Manufacturing

    9,000       48,224  

Globalwafers

    8,000       104,393  

Hon Hai Precision Industry

    115,000       291,945  

Hotai Motor

    6,000       121,231  

Hua Nan Financial Holdings

    16,872       11,841  

Inventec

    64,000       47,761  

Largan Precision

    1,000       140,713  

Lite-On Technology

    75,000       106,002  

MediaTek

    22,000       257,081  

Mega Financial Holding

    54,000       57,089  

Micro-Star International

    39,000       114,489  

Nan Ya Plastics

    5,000       11,129  

Nanya Technology

    64,000       159,667  

Nien Made Enterprise

    6,000       46,891  

Novatek Microelectronics

    27,000       167,662  

Pegatron

    74,000       149,014  

Phison Electronics

    7,000       74,893  

Pou Chen

    43,000       47,866  

Powertech Technology

    41,000       135,010  

President Chain Store

    3,000       29,028  

Quanta Computer

    25,000       50,074  

Realtek Semiconductor

    23,000       166,848  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

TAIWAN — continued

Shanghai Commercial & Savings Bank *

    37,843     $ 62,089  

SinoPac Financial Holdings

    246,000       104,170  

Standard Foods

    31,000       68,565  

Synnex Technology International

    42,000       51,481  

Taiwan Business Bank

    345,450       135,557  

Taiwan Cement

    110,973       153,127  

Taiwan Cooperative Financial Holding

    154,500       105,931  

Taiwan High Speed Rail

    20,000       22,528  

Taiwan Semiconductor Manufacturing ADR

    28,513       1,535,140  

Uni-President Enterprises

    12,000       28,671  

United Microelectronics

    261,000       127,133  

Vanguard International Semiconductor

    29,000       69,689  

Walsin Technology

    20,000       135,720  

Win Semiconductors

    10,000       84,743  

Winbond Electronics

    192,000       99,163  

Wistron

    146,000       127,938  

Wiwynn *

    8,000       185,093  

Yageo

    7,000       90,606  

Yuanta Financial Holding

    171,000       107,144  

Zhen Ding Technology Holding

    50,000       186,594  
              7,470,648  

THAILAND — 0.2%

               

Advanced Info Service NVDR

    19,500       124,069  

Bangkok Bank NVDR

    4,800       20,078  

Bangkok Dusit Medical Services NVDR

    31,800       22,482  

CP ALL NVDR

    4,800       10,037  

Home Product Center NVDR

    35,200       14,390  

Kasikornbank NVDR

    4,200       15,894  

Krung Thai Bank NVDR

    58,700       26,104  

Land & Houses NVDR

    112,000       29,911  

PTT NVDR

    23,700       29,440  

PTT Exploration & Production NVDR

    25,600       87,435  

Siam Commercial Bank NVDR

    10,400       28,903  

Srisawad NVDR

    15,100       32,461  

Thai Union Group NVDR

    34,300       16,719  
              457,923  

TURKEY — 0.3%

               

Akbank T.A.S.

    109,048       118,648  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

TURKEY — continued

Anadolu Efes Biracilik Ve Malt Sanayii

    5,266     $ 18,573  

Arcelik

    41,375       123,509  

BIM Birlesik Magazalar

    2,567       19,794  

Eregli Demir ve Celik Fabrikalari

    75,092       99,830  

Ford Otomotiv Sanayi

    8,023       100,906  

KOC Holding

    42,575       118,088  

TAV Havalimanlari Holding

    2,660       8,718  

Turkcell Iletisim Hizmetleri

    9,194       20,722  

Turkiye Garanti Bankasi

    77,424       118,820  

Turkiye Is Bankasi, Cl C

    128,332       117,975  
              865,583  

UNITED KINGDOM — 1.3%

               

Admiral Group

    2,931       80,073  

Anglo American

    3,959       91,749  

Antofagasta

    1,525       14,941  

Ashtead Group

    2,476       76,301  

Associated British Foods

    885       25,605  

AstraZeneca

    6,880       602,169  

Auto Trader Group

    4,696       31,357  

BAE Systems

    3,592       28,158  

Barratt Developments

    26,089       253,835  

Berkeley Group Holdings

    2,425       148,789  

BHP Group

    1,273       23,415  

British American Tobacco

    4,125       162,162  

Burberry Group

    755       16,125  

Compass Group

    1,799       39,622  

Croda International

    450       26,273  

Diageo

    2,000       71,050  

Direct Line Insurance Group

    7,077       28,078  

Evraz

    5,304       22,450  

Experian

    6,188       206,472  

GlaxoSmithKline

    1,261       25,192  

GVC Holdings

    5,241       53,960  

Halma

    5,740       143,287  

Meggitt

    10,457       73,524  

Melrose Industries

    38,413       104,538  

Micro Focus International

    4,907       47,048  

National Grid

    3,250       41,020  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

UNITED KINGDOM — continued

Next

    1,650     $ 129,377  

Persimmon

    1,214       44,588  

RELX

    3,655       87,646  

Rentokil Initial

    10,623       66,298  

Rio Tinto

    8,883       418,600  

Sage Group

    4,205       37,127  

Smith & Nephew

    1,772       39,595  

Spirax-Sarco Engineering

    369       40,148  

Taylor Wimpey

    82,426       215,798  

Unilever

    650       34,867  

United Utilities Group

    2,190       26,572  

Whitbread

    730       36,918  

WPP

    1,371       13,230  
              3,627,957  

Total Common Stock

               

(Cost $81,706,899)

            82,685,542  

 

PREFERRED STOCK — 0.2%          

BRAZIL — 0.2% (1)

          
Cia Brasileira de Distribuicao   1,100    17,824 
Petroleo Brasileiro   81,900    458,775 
Telefonica Brasil   13,500    161,116 
Total Preferred Stock          
(Cost $710,846)        637,715 

 

SHORT-TERM INVESTMENT — 3.0%          
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (A)          
(Cost $8,226,822)   8,226,822    8,226,822 
Total Investments — 100.2%          
(Cost $279,775,120)       $273,398,919 

 

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

A list of open futures contracts held by the Fund at February 29, 2020, is as follows:

 

Type of
Contract

Number of
Contracts
Long

Expiration
Date

 

Notional
Amount

   

Value

   

Unrealized
Depreciation

 

MSCI Emerging Markets

11

Mar-2020

  $ 612,401     $ 554,840     $ (57,561 )

S&P TSX 60 Index

7

Mar-2020

    1,096,545       1,012,986       (49,265 )

SGX Nifty 50

145

Mar-2020

    3,425,998       3,238,430       (187,568 )
        $ 5,134,944     $ 4,806,256     $ (294,394 )

 

A list of open total return swap agreements held by the Fund at February, 2020, 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

SPILX

Annually

02/16/2021

USD

    1,822,708     $ (211,342 )   $ (211,342 )

 

Percentages are based on Net Assets of $272,811,242.

 

*

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 February 29, 2020.

 

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

TSX — Toronto Stock Exchange

USD — United States Dollar

VOL — Volatility

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

The following table summarizes the inputs used as of February 29, 2020, 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

  $ 181,848,840     $     $     $ 181,848,840  

Common Stock

                               

Australia

    2,772,309                   2,772,309  

Austria

    260,434                   260,434  

Belgium

    181,474                   181,474  

Brazil

    1,703,321                   1,703,321  

Canada

    3,627,963                   3,627,963  

China

    1,479,059                   1,479,059  

Denmark

    772,190                   772,190  

Finland

    713,922                   713,922  

France

    6,234,115                   6,234,115  

Germany

    2,844,055                   2,844,055  

Hong Kong

    15,101,392                   15,101,392  

Hungary

    89,540                   89,540  

Indonesia

    624,692                   624,692  

Italy

    2,410,315                   2,410,315  

Japan

    15,050,423                   15,050,423  

Malaysia

    465,559                   465,559  

Mexico

    488,558                   488,558  

Netherlands

    1,417,456                   1,417,456  

Norway

    204,955                   204,955  

Philippines

    172,921                   172,921  

Poland

    387,868                   387,868  

Portugal

    140,491                   140,491  

Singapore

    459,514                   459,514  

South Africa

    1,297,466                   1,297,466  

South Korea

    3,396,951                   3,396,951  

Spain

    517,847                   517,847  

Sweden

    2,169,529                   2,169,529  

Switzerland

    5,279,112                   5,279,112  

Taiwan

    6,830,550       640,098             7,470,648  

Thailand

    457,923                   457,923  

Turkey

    865,583                   865,583  

United Kingdom

    3,627,957                   3,627,957  

Total Common Stock

    82,045,444       640,098             82,685,542  

Preferred Stock

                               

Brazil

    637,715                   637,715  

Short-Term Investment

    8,226,822                   8,226,822  

Total Investments in Securities

  $ 272,758,821     $ 640,098     $     $ 273,398,919  

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

Other Financial Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Futures Contracts^

                               

Unrealized Depreciation

  $ (294,394 )   $     $     $ (294,394 )

Total Return Swap^

                               

Unrealized Depreciation

          (211,342 )           (211,342 )

Total Other Financial Instruments

  $ (294,394 )   $ (211,342 )   $     $ (505,736 )

 

^

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

 

Amounts designated as “—” are $0.

 

For the period ended February 29, 2020, there were no transfers in or out of 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.
43

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

SECTOR WEIGHTINGS†

 

 

†Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 71.0%

   

Shares

   

Value

 

EQUITY FUNDS — 71.0%

               

DFA Emerging Markets Core Equity Portfolio, Cl I

    2,296,204     $ 44,546,366  

DFA International Core Equity Portfolio, Cl I

    1,098,625       13,414,206  

DFA International Real Estate Securities, Cl I

    2,556,511       11,734,385  

DFA International Vector Equity Portfolio, Cl I

    4,851,593       51,669,463  

DFA Real Estate Securities Portfolio, Cl I

    568,190       21,937,806  

DFA US Core Equity 2 Portfolio, Cl I

    3,261,461       68,914,679  

DFA US Large Capital Value Portfolio, Cl I

    331,526       10,996,731  

DFA US Targeted Value Portfolio, Cl I

    236,680       4,582,125  

DFA US Vector Equity Portfolio, Cl I

    4,395,901       74,466,570  

iShares Edge MSCI Min Vol Global ETF

    565,609       51,000,963  

Vanguard U.S. Value Factor

    83,900       5,434,203  

Total Registered Investment Companies

               

(Cost $363,961,545)

            358,697,497  

 

COMMON STOCK — 26.9%

AUSTRALIA — 0.5%

               

Aristocrat Leisure

    5,048       108,127  

Aurizon Holdings

    17,052       53,402  

Australia & New Zealand Banking Group

    1,224       19,645  

Brambles

    7,362       56,947  

Coca-Cola Amatil

    8,442       61,626  

Coles Group

    4,026       37,051  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

AUSTRALIA — continued

               

Commonwealth Bank of Australia

    1,741     $ 92,171  

Crown Resorts

    1,799       11,878  

CSL

    1,044       206,734  

Dexus ‡

    2,210       17,409  

Fortescue Metals Group

    37,311       237,219  

Goodman Group ‡

    13,255       128,685  

Harvey Norman Holdings

    24,777       59,618  

Macquarie Group

    713       62,249  

Magellan Financial Group

    3,390       121,623  

Medibank Pvt

    40,537       74,305  

Mirvac Group ‡

    52,900       103,802  

National Australia Bank

    4,791       77,779  

Orica

    7,651       98,253  

QBE Insurance Group

    7,289       63,968  

REA Group

    415       26,346  

Santos

    29,659       131,525  

Sonic Healthcare

    3,416       64,044  

Suncorp Group

    3,040       22,330  

Telstra

    66,065       147,241  

Wesfarmers

    1,933       50,809  

Westpac Banking

    1,628       24,929  

Woolworths Group

    2,242       56,407  
              2,216,122  

AUSTRIA — 0.0%

               

OMV

    2,820       118,354  

Verbund

    1,138       53,733  
              172,087  

BELGIUM — 0.0%

               

Ageas

    1,331       61,658  

Proximus SADP

    2,771       68,364  

UCB

    190       17,561  
              147,583  

BRAZIL — 0.3%

               

B3 - Brasil Bolsa Balcao

    10,400       109,537  

Banco Bradesco ADR

    1,128       7,648  

Banco do Brasil

    12,900       133,676  

BR Malls Participacoes

    5,000       18,225  

CCR

    5,200       18,803  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

BRAZIL — continued

Cia de Saneamento Basico do Estado de Sao Paulo ADR

    9,217     $ 120,097  

Cia Siderurgica Nacional

    29,900       74,217  

Cosan

    1,700       27,610  

IRB Brasil Resseguros S

    1,100       8,098  

Itausa - Investimentos Itau

    27,700       74,579  

JBS

    28,200       141,255  

Lojas Renner

    4,500       52,588  

Multiplan Empreendimentos Imobiliarios

    2,200       15,005  

Natura & Holding

    900       9,071  

Petrobras Distribuidora

    17,100       98,121  

Porto Seguro

    600       8,025  

Sul America

    9,700       115,613  

TIM Participacoes ADR

    3,216       57,984  

Vale ADR, Cl B

    6,888       67,640  

WEG

    17,000       162,705  
              1,320,497  

CANADA — 0.6%

               

Air Canada, Cl B *

    4,459       113,780  

Alimentation Couche-Tard, Cl B

    6,081       184,661  

AltaGas

    3,641       54,442  

Atco, Cl I

    1,791       66,823  

BCE

    4,116       180,770  

Brookfield Asset Management, Cl A

    4,752       284,182  

CAE

    2,242       59,982  

Canadian Pacific Railway

    463       114,752  

Canadian Utilities, Cl A

    775       22,934  

CGI, Cl A *

    1,748       122,819  

CI Financial

    5,870       97,480  

Constellation Software

    136       138,551  

Dollarama

    949       27,899  

Empire

    1,438       32,129  

Gildan Activewear

    456       11,045  

H&R Real Estate Investment Trust ‡

    1,129       16,326  

Hydro One

    1,426       28,621  

iA Financial

    2,427       115,523  

IGM Financial

    3,093       82,472  

Intact Financial

    1,593       172,669  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CANADA — continued

Magna International

    2,786     $ 126,799  

Manulife Financial

    13,020       218,835  

National Bank of Canada

    2,479       128,858  

Onex

    718       40,312  

Open Text

    1,055       44,173  

Royal Bank of Canada

    1,610       119,732  

Shopify, Cl A *

    65       30,180  

Sun Life Financial

    4,250       183,615  

Wheaton Precious Metals

    1,224       34,807  

WSP Global

    771       50,818  
              2,905,989  

CHINA — 0.2%

               

Agricultural Bank of China, Cl A

    31,800       15,489  

Anhui Conch Cement, Cl A

    3,288       25,818  

Bank of Beijing, Cl A

    26,800       19,545  

Bank of China, Cl A

    31,200       15,847  

Bank of Communications, Cl A

    23,300       17,362  

Bank of Ningbo, Cl A

    2,400       8,621  

Bank of Shanghai, Cl A

    12,297       15,175  

Baoshan Iron & Steel, Cl A

    13,800       10,270  

BOE Technology Group, Cl A

    37,000       25,858  

BYD, Cl A

    1,700       15,599  

China Everbright Bank, Cl A

    30,400       16,398  

China Fortune Land Development, Cl A

    3,900       13,153  

China International Travel Service, Cl A

    1,900       21,366  

China Merchants Bank, Cl A

    5,100       24,900  

China Merchants Securities, Cl A

    5,500       13,805  

China Merchants Shekou Industrial Zone Holdings, Cl A

    8,400       20,773  

China Minsheng Banking, Cl A

    24,100       19,715  

China Pacific Insurance Group, Cl A

    1,900       8,631  

China Petroleum & Chemical, Cl A

    19,200       12,670  

China Railway Construction, Cl A

    8,500       11,555  

China Shipbuilding Industry, Cl A

    23,100       14,597  

China State Construction Engineering, Cl A

    14,000       10,732  

China United Network Communications, Cl A

    11,800       9,245  

China Vanke, Cl A

    6,100       25,769  

China Yangtze Power, Cl A

    3,400       8,270  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CHINA — continued

CITIC Securities, Cl A

    7,000     $ 23,393  

CRRC, Cl A

    11,000       10,078  

Daqin Railway, Cl A

    12,600       12,756  

Foshan Haitian Flavouring & Food, Cl A

    1,500       21,323  

Gree Electric Appliances of Zhuhai, Cl A

    1,900       16,445  

Guotai Junan Securities, Cl A

    5,377       12,993  

Haier Smart Home, Cl A

    5,441       13,447  

Haitong Securities, Cl A

    8,300       16,783  

Hangzhou Hikvision Digital Technology, Cl A

    6,307       31,513  

Huatai Securities, Cl A

    5,700       15,001  

Huaxia Bank, Cl A

    20,800       20,679  

Industrial & Commercial Bank of China, Cl A

    16,300       12,311  

Industrial Bank, Cl A

    5,400       13,321  

Inner Mongolia Yili Industrial Group, Cl A

    3,200       13,175  

Jiangsu Hengrui Medicine, Cl A

    3,000       36,089  

Jiangsu Yanghe Brewery Joint-Stock, Cl A

    900       12,546  

Kweichow Moutai, Cl A

    400       60,205  

Luxshare Precision Industry, Cl A

    5,704       38,424  

Luzhou Laojiao, Cl A

    1,900       20,284  

Midea Group, Cl A

    2,100       15,962  

NARI Technology, Cl A

    5,400       15,345  

New China Life Insurance, Cl A

    2,100       13,241  

PetroChina, Cl A

    16,800       12,150  

Ping An Bank, Cl A

    7,000       14,471  

Ping An Insurance Group of China, Cl A

    3,200       35,435  

Poly Developments and Holdings Group, Cl A

    9,100       20,962  

SAIC Motor, Cl A

    3,100       9,821  

Sany Heavy Industry, Cl A

    12,400       30,938  

Shanghai Pudong Development Bank, Cl A

    10,000       15,456  

Shenwan Hongyuan Group, Cl A

    19,500       13,065  

Suning.com, Cl A

    8,900       11,857  

Tsingtao Brewery, Cl H

    18,000       93,163  

Wuliangye Yibin, Cl A

    2,000       35,119  

Yonghui Superstores, Cl A

    10,200       12,586  
              1,151,500  

DENMARK — 0.1%

               

Carlsberg, Cl B

    883       115,850  

Chr Hansen Holding

    231       16,481  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

DENMARK — continued

Coloplast, Cl B

    96     $ 12,830  

DSV Panalpina

    1,153       116,155  

Novo Nordisk, Cl B

    3,991       233,268  

Orsted

    235       24,179  

Tryg

    2,800       77,458  

Vestas Wind Systems

    380       36,887  
              633,108  

FINLAND — 0.1%

               

Elisa

    1,385       79,279  

Kone, Cl B

    3,358       189,972  

Neste

    2,596       102,631  

Orion, Cl B

    579       23,010  

Stora Enso, Cl R

    1,272       15,183  

UPM-Kymmene

    5,231       160,999  
              571,074  

FRANCE — 1.0%

               

Air Liquide

    1,704       231,927  

Airbus

    1,400       167,455  

Amundi

    2,064       147,938  

Atos

    426       31,762  

AXA

    10,707       248,656  

BNP Paribas

    6,702       325,716  

Bouygues

    3,037       119,544  

Bureau Veritas

    1,291       31,563  

Carrefour

    3,371       58,303  

Cie de Saint-Gobain

    2,391       83,834  

Cie Generale des Etablissements Michelin SCA

    1,051       112,128  

CNP Assurances

    836       13,096  

Credit Agricole

    21,824       261,777  

Danone

    373       26,282  

Dassault Systemes

    311       49,020  

Edenred

    574       29,951  

Eiffage

    534       56,878  

EssilorLuxottica

    434       59,080  

Faurecia

    2,934       133,627  

Hermes International

    328       229,469  

Kering

    148       83,209  

Legrand

    668       50,974  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FRANCE — continued

L’Oreal

    248     $ 66,221  

LVMH Moet Hennessy Louis Vuitton

    1,663       685,037  

Peugeot

    6,971       135,607  

Safran

    1,124       155,082  

Sanofi

    2,821       262,213  

Sartorius Stedim Biotech

    458       87,067  

Schneider Electric

    3,162       316,317  

SCOR

    857       30,809  

Societe Generale

    2,918       82,306  

Sodexo

    858       82,288  

Suez

    1,874       29,654  

Teleperformance

    96       23,384  

Thales

    212       21,348  

TOTAL

    2,362       102,046  

Valeo

    4,312       108,977  

Veolia Environnement

    1,298       37,240  

Vinci

    621       62,723  
              4,840,508  

GERMANY — 0.4%

               

adidas

    877       243,768  

Allianz

    1,666       359,360  

Brenntag

    1,520       68,036  

Carl Zeiss Meditec

    1,028       107,840  

Deutsche Boerse

    467       73,530  

Deutsche Post

    4,650       139,719  

Evonik Industries

    1,541       38,292  

GEA Group

    3,378       89,684  

Hannover Rueck

    1,261       225,138  

HeidelbergCement

    2,133       127,225  

KION Group

    584       31,177  

MTU Aero Engines

    149       36,649  

Muenchener Rueckversicherungs-Gesellschaft in Muenchen

    697       177,891  

Puma

    269       20,640  

RWE

    433       14,953  

SAP

    1,827       226,188  

Volkswagen

    1,142       192,635  
              2,172,725  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — 2.3%

               

Agile Group Holdings

    66,000     $ 92,273  

Agricultural Bank of China, Cl H

    261,000       103,878  

Air China, Cl H

    22,000       17,571  

Anhui Conch Cement, Cl H

    38,500       280,736  

ANTA Sports Products

    17,000       136,920  

ASM Pacific Technology

    7,100       83,697  

BAIC Motor, Cl H

    121,000       59,305  

Bank of China, Cl H

    513,000       201,709  

Bank of Communications, Cl H

    21,000       13,358  

BOC Aviation

    1,800       15,641  

Bosideng International Holdings

    180,000       52,490  

BYD Electronic International

    11,000       20,601  

China Agri-Industries Holdings

    115,000       62,369  

China Aoyuan Group

    84,000       120,003  

China Coal Energy, Cl H

    37,000       11,944  

China Conch Venture Holdings

    4,500       21,886  

China Construction Bank, Cl H

    974,000       783,939  

China Everbright Bank, Cl H

    380,000       152,224  

China Jinmao Holdings Group

    172,000       124,677  

China Lesso Group Holdings

    93,000       139,032  

China Medical System Holdings

    81,000       99,753  

China Mengniu Dairy

    3,000       10,723  

China Merchants Bank, Cl H

    132,500       627,258  

China Minsheng Banking, Cl H

    307,500       206,056  

China National Building Material, Cl H

    126,000       144,498  

China Overseas Land & Investment

    54,000       179,823  

China Railway Construction, Cl H

    11,500       13,091  

China Resources Beer Holdings

    12,000       55,217  

China Resources Cement Holdings

    90,000       112,722  

China Resources Gas Group

    14,000       69,738  

China Resources Land

    48,000       219,774  

China Shenhua Energy, Cl H

    10,500       18,119  

China Tower, Cl H

    378,000       90,992  

China Unicom Hong Kong

    46,000       36,283  

China Vanke, Cl H

    29,700       113,642  

CIFI Holdings Group

    164,000       124,247  

CITIC

    10,000       11,012  

CK Asset Holdings

    2,000       12,342  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

CLP Holdings

    2,000     $ 20,956  

CNOOC

    237,000       323,931  

Country Garden Holdings

    140,000       183,951  

Country Garden Services Holdings

    33,000       127,835  

CSPC Pharmaceutical Group

    58,000       132,289  

ENN Energy Holdings

    3,300       36,412  

Geely Automobile Holdings

    71,000       122,681  

Great Wall Motor, Cl H

    163,500       117,724  

Guangzhou R&F Properties

    36,000       55,575  

Haier Electronics Group

    32,000       91,130  

Haitian International Holdings

    23,000       45,198  

Hang Lung Properties

    11,000       23,770  

Hang Seng Bank

    700       14,518  

Henderson Land Development

    5,800       26,578  

Hong Kong & China Gas

    7,000       13,351  

Hua Hong Semiconductor

    3,000       6,360  

Hysan Development

    4,000       14,295  

Industrial & Commercial Bank of China, Cl H

    1,516,000       1,024,594  

Kaisa Group Holdings

    170,000       75,165  

Kerry Properties

    5,500       15,550  

Kingboard Laminates Holdings

    76,000       75,227  

KWG Group Holdings

    96,000       139,303  

Lenovo Group

    28,000       17,146  

Li Ning

    45,500       120,382  

Link ‡

    1,800       16,616  

Logan Property Holdings

    84,000       142,893  

Longfor Group Holdings

    44,500       206,154  

Luye Pharma Group

    21,000       12,768  

Meituan Dianping, Cl B *

    29,900       379,232  

MTR

    6,000       33,485  

New China Life Insurance, Cl H

    3,100       11,673  

New World Development

    10,000       12,789  

PICC Property & Casualty, Cl H

    136,000       139,688  

Ping An Insurance Group of China, Cl H

    85,500       947,737  

Postal Savings Bank of China, Cl H

    445,000       279,218  

Seazen Group

    124,000       126,720  

Shandong Weigao Group Medical Polymer, Cl H

    88,000       112,397  

Shenzhen Expressway, Cl H

    26,000       31,449  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HONG KONG — continued

Shenzhen International Holdings

    5,874     $ 11,231  

Shenzhen Investment

    96,000       32,055  

Shenzhou International Group Holdings

    800       9,626  

Shimao Property Holdings

    42,000       149,090  

Shui On Land

    78,000       15,421  

Sino Biopharmaceutical

    78,000       112,640  

Sinopharm Group, Cl H

    4,000       12,279  

Sinotruk Hong Kong

    52,000       98,832  

SJM Holdings

    16,000       18,826  

SSY Group

    10,000       8,335  

Sun Hung Kai Properties

    2,500       35,177  

Sunac China Holdings

    39,000       210,651  

Techtronic Industries

    2,500       20,133  

Tingyi Cayman Islands Holding

    24,000       43,680  

Uni-President China Holdings

    28,000       28,898  

Vitasoy International Holdings

    4,000       14,385  

Want Want China Holdings

    77,000       58,962  

Weichai Power, Cl H

    98,000       195,309  

WH Group

    120,500       122,251  

Yanzhou Coal Mining, Cl H

    120,000       90,749  

Yihai International Holding

    17,000       113,947  

Yue Yuen Industrial Holdings

    6,000       14,390  

Yuexiu Property

    370,000       75,006  

Yuzhou Properties

    199,000       97,608  

Zhejiang Expressway, Cl H

    10,000       7,504  

Zhongsheng Group Holdings

    32,000       121,009  

Zoomlion Heavy Industry Science and Technology

    158,400       131,586  
              11,765,863  

HUNGARY — 0.0%

               

OTP Bank Nyrt

    1,730       75,306  
                 

INDONESIA — 0.1%

               

Adaro Energy

    1,073,000       86,460  

Astra International

    18,700       7,177  

Bank Central Asia

    3,500       7,700  

Bank Mandiri Persero

    28,300       14,248  

Bank Negara Indonesia Persero

    44,200       21,557  

Bank Rakyat Indonesia Persero

    586,400       170,824  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDONESIA — continued

Bumi Serpong Damai *

    234,500     $ 16,356  

Gudang Garam

    2,200       7,814  

Indofood Sukses Makmur

    100,500       45,460  

Jasa Marga Persero

    30,900       10,061  

Pakuwon Jati

    539,900       19,923  

Semen Indonesia Persero

    9,400       6,906  

XL Axiata *

    402,400       72,580  
              487,066  

IRELAND — 0.0%

               

Globe Life

    536       49,666  
                 

ITALY — 0.4%

               

Assicurazioni Generali

    11,451       205,075  

Enel

    45,606       383,445  

Ferrari

    1,117       175,545  

Intesa Sanpaolo

    87,821       213,107  

Leonardo

    5,207       53,705  

Mediobanca Banca di Credito Finanziario

    11,867       107,932  

Moncler

    1,850       72,200  

Poste Italiane

    15,834       168,450  

Prysmian

    2,668       63,528  

Recordati

    1,118       47,953  

Snam

    8,262       40,825  

STMicroelectronics

    6,847       186,468  

Terna Rete Elettrica Nazionale

    12,855       85,131  

UniCredit

    10,291       131,269  
              1,934,633  

JAPAN — 2.3%

               

ABC-Mart

    1,600       89,892  

Advantest

    3,900       174,635  

AGC

    500       13,983  

Air Water

    1,600       21,009  

Alfresa Holdings

    1,000       17,384  

Alps Alpine

    700       10,328  

Amada Holdings

    8,800       80,989  

Asahi Intecc

    2,400       56,429  

Asahi Kasei

    1,600       13,139  

Astellas Pharma

    3,100       48,424  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

Bandai Namco Holdings

    3,000     $ 148,238  

Bridgestone

    4,500       148,919  

Brother Industries

    4,800       82,934  

Casio Computer

    3,900       66,765  

Central Japan Railway

    500       81,304  

Chugai Pharmaceutical

    2,200       237,907  

Credit Saison

    1,700       24,385  

Dai Nippon Printing

    3,100       73,542  

Daiichi Sankyo

    3,800       231,316  

Daikin Industries

    900       121,355  

Disco

    300       58,698  

East Japan Railway

    1,200       92,302  

Fuji Electric

    500       13,445  

FUJIFILM Holdings

    3,400       164,615  

Fujitsu

    1,900       197,609  

Hakuhodo DY Holdings

    4,000       45,501  

Hamamatsu Photonics

    500       19,278  

Hikari Tsushin

    500       94,278  

Hirose Electric

    300       31,704  

Hitachi

    6,600       219,663  

Hitachi High-Technologies

    2,500       181,418  

Honda Motor

    1,200       30,691  

Hoshizaki

    300       25,234  

Hoya

    3,000       262,643  

ITOCHU

    10,100       229,757  

Itochu Techno-Solutions

    4,600       125,250  

Japan Airlines

    1,700       41,700  

Japan Airport Terminal

    500       19,411  

Japan Prime Realty Investment ‡

    16       70,525  

Japan Real Estate Investment ‡

    15       102,268  

JSR

    3,100       53,752  

JTEKT

    1,300       12,641  

Kakaku.com

    2,200       46,689  

Kamigumi

    2,500       47,670  

Kaneka

    800       21,246  

Kansai Paint

    3,100       67,033  

Kao

    300       21,725  

KDDI

    9,400       265,548  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

Keihan Holdings

    2,100     $ 84,750  

Keio

    1,100       52,566  

Keyence

    200       63,067  

Kikkoman

    300       13,679  

Kobayashi Pharmaceutical

    300       21,675  

Kose

    100       11,839  

Kyocera

    2,900       180,279  

Lion

    1,100       17,813  

LIXIL Group

    4,200       62,023  

M3

    3,200       81,615  

Marubeni

    4,300       28,143  

Marui Group

    1,100       21,502  

Medipal Holdings

    4,200       75,343  

MEIJI Holdings

    500       29,260  

MinebeaMitsumi

    1,600       27,631  

Mitsubishi

    700       17,266  

Mitsubishi Electric

    11,500       142,578  

Mitsubishi Estate

    1,200       20,325  

Mitsubishi Heavy Industries

    3,100       97,473  

Mitsubishi UFJ Lease & Finance

    9,600       54,254  

Mitsui

    3,500       57,500  

MS&AD Insurance Group Holdings

    4,300       137,596  

Murata Manufacturing

    1,400       72,463  

Nabtesco

    1,200       31,767  

Nagoya Railroad

    700       18,150  

Nexon

    1,400       22,088  

NGK Spark Plug

    1,600       25,861  

Nintendo

    400       135,380  

Nippon Building Fund ‡

    12       89,968  

Nippon Paint Holdings

    700       31,555  

Nippon Telegraph & Telephone

    15,700       366,245  

Nisshin Seifun Group

    1,500       24,950  

Nitto Denko

    700       34,664  

Nomura Holdings

    5,700       25,042  

Nomura Real Estate Holdings

    1,900       40,956  

Nomura Research Institute

    5,700       124,894  

NTT Data

    2,800       33,000  

Obayashi

    2,300       22,935  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

Obic

    1,000     $ 120,909  

Oji Holdings

    2,500       11,748  

Olympus

    11,300       203,438  

Omron

    2,300       120,685  

Oracle Japan

    600       46,020  

Oriental Land

    1,200       135,664  

ORIX

    4,000       64,200  

Otsuka

    2,100       90,557  

Pan Pacific International Holdings

    3,000       49,409  

PeptiDream *

    800       31,544  

Persol Holdings

    1,400       18,559  

Recruit Holdings

    4,800       162,041  

Ricoh

    2,600       23,951  

Rohm

    400       25,719  

Sankyo

    1,400       45,559  

Santen Pharmaceutical

    1,400       22,422  

Secom

    700       54,954  

Sega Sammy Holdings

    1,300       16,967  

Sekisui Chemical

    3,100       45,166  

Sekisui House

    6,700       129,695  

SG Holdings

    3,400       66,569  

Shimadzu

    2,000       48,046  

Shimano

    200       27,791  

Shimizu

    4,300       38,451  

Shin-Etsu Chemical

    2,400       262,845  

Shinsei Bank

    1,600       20,922  

Shionogi

    400       21,341  

Shiseido

    200       11,769  

SMC

    200       78,384  

SoftBank Group

    500       23,060  

Sohgo Security Services

    1,000       46,237  

Sony

    1,300       81,973  

Sony Financial Holdings

    2,500       49,402  

Subaru

    5,500       131,265  

SUMCO

    1,600       23,711  

Sumitomo

    2,200       31,162  

Sumitomo Electric Industries

    900       10,588  

Sumitomo Heavy Industries

    1,800       38,438  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

JAPAN — continued

Sumitomo Mitsui Trust Holdings

    400     $ 13,545  

Suntory Beverage & Food

    500       18,496  

Suzuken

    2,300       74,670  

Sysmex

    700       44,675  

Taiheiyo Cement

    1,000       24,429  

Taiyo Nippon Sanso

    3,700       65,597  

TDK

    1,400       133,089  

Teijin

    1,500       24,444  

Terumo

    1,700       54,327  

THK

    1,400       31,519  

Toho

    2,600       78,526  

Toho Gas

    1,400       46,990  

Tokio Marine Holdings

    2,200       116,350  

Tokyo Electron

    1,100       226,558  

Tokyo Gas

    1,600       32,055  

Toppan Printing

    4,700       81,208  

Tosoh

    2,900       39,014  

Toyo Suisan Kaisha

    1,500       58,276  

Toyoda Gosei

    2,100       45,121  

Toyota Industries

    1,700       87,593  

Toyota Motor

    11,600       759,842  

Toyota Tsusho

    700       20,748  

Unicharm

    900       28,606  

Welcia Holdings

    400       23,648  

West Japan Railway

    1,400       97,744  

Yamaha

    900       43,639  

Yokogawa Electric

    1,800       28,804  

Yokohama Rubber

    2,300       37,046  

Z Holdings

    22,400       80,724  
              11,551,710  

MALAYSIA — 0.1%

               

AMMB Holdings

    47,800       41,900  

Fraser & Neave Holdings

    1,300       9,456  

Gamuda

    78,300       61,368  

Hong Leong Financial Group

    6,800       24,643  

Malaysia Airports Holdings

    5,700       8,950  

MISC

    20,400       36,682  

RHB Bank

    43,200       56,885  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

MALAYSIA — continued

Sime Darby

    23,500     $ 11,132  

Telekom Malaysia

    108,100       94,650  
              345,666  

MEXICO — 0.1%

               

Fibra Uno Administracion ‡

    53,700       81,329  

Grupo Aeroportuario del Pacifico, Cl B

    3,700       40,040  

Grupo Bimbo, Ser A

    10,500       15,838  

Grupo Financiero Banorte, Cl O

    2,900       15,856  

Grupo Mexico

    51,700       122,165  

Kimberly-Clark de Mexico, Cl A

    26,900       51,209  

Megacable Holdings

    5,300       17,799  

Promotora y Operadora de Infraestructura

    2,510       24,591  

Wal-Mart de Mexico

    5,800       16,328  
              385,155  

NETHERLANDS — 0.2%

               

ASML Holding

    2,232       612,046  

Heineken

    525       52,272  

Koninklijke Ahold Delhaize

    1,682       39,306  

Koninklijke DSM

    1,619       182,066  

Koninklijke KPN

    12,448       30,248  

Koninklijke Philips

    1,335       56,996  

Randstad

    2,027       104,449  

Wolters Kluwer

    1,347       98,459  
              1,175,842  

NORWAY — 0.0%

               

Gjensidige Forsikring

    3,242       65,278  

Orkla

    6,940       58,443  

Schibsted, Cl B

    735       17,662  
              141,383  

PHILIPPINES — 0.0%

               

Globe Telecom

    1,140       39,753  

International Container Terminal Services

    5,850       12,137  

Manila Electric

    1,550       8,201  

Megaworld

    258,600       17,259  

Robinsons Land

    124,700       52,036  

Universal Robina

    3,820       10,577  
              139,963  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

POLAND — 0.1%

               

CD Projekt

    1,405     $ 100,045  

Cyfrowy Polsat

    9,597       61,858  

Dino Polska *

    477       17,278  

KGHM Polska Miedz

    1,219       22,044  

Orange Polska

    35,083       55,327  

Polski Koncern Naftowy ORLEN

    1,095       16,418  

Powszechna Kasa Oszczednosci Bank Polski

    3,294       26,342  
              299,312  

PORTUGAL — 0.0%

               

Jeronimo Martins SGPS

    6,117       107,760  
                 

SINGAPORE — 0.1%

               

Ascendas Real Estate Investment Trust ‡

    15,000       32,971  

CapitaLand Mall Trust ‡

    31,700       51,883  

ComfortDelGro

    36,200       50,733  

Oversea-Chinese Banking

    2,100       15,954  

Singapore Technologies Engineering

    6,400       19,272  

Venture

    1,400       16,522  

Wilmar International

    63,600       181,097  
              368,432  

SOUTH AFRICA — 0.2%

               

Absa Group

    5,175       44,553  

Anglo American Platinum

    2,141       143,566  

AngloGold Ashanti ADR

    5,904       103,025  

Bidvest Group

    1,064       12,271  

Capitec Bank Holdings

    297       24,918  

Clicks Group

    3,273       49,836  

Exxaro Resources

    4,642       33,549  

FirstRand

    2,158       7,681  

Foschini Group

    2,817       22,662  

Impala Platinum Holdings *

    14,582       115,739  

Investec

    3,268       16,706  

Kumba Iron Ore

    3,925       71,425  

Liberty Holdings

    2,853       17,257  

Momentum Metropolitan Holdings

    32,328       36,940  

MTN Group

    11,160       52,749  

Pick n Pay Stores

    3,469       12,325  

RMB Holdings

    2,452       11,089  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SOUTH AFRICA — continued

Sanlam

    3,752     $ 15,760  

Sibanye Stillwater

    37,538       75,726  

SPAR Group

    800       8,476  

Standard Bank Group

    1,962       18,637  

Telkom SOC

    15,214       25,497  

Vodacom Group

    3,213       22,705  
              943,092  

SOUTH KOREA — 0.5%

               

BGF retail

    107       13,323  

Cheil Worldwide

    2,277       36,180  

Coway

    466       26,434  

Daelim Industrial *

    583       34,666  

Doosan Bobcat

    1,035       24,141  

Fila Korea

    353       11,180  

GS Retail

    701       20,347  

Hanon Systems

    2,490       21,593  

Hyundai Glovis

    494       49,798  

Hyundai Mobis

    732       127,040  

Kakao

    389       55,457  

Kangwon Land *

    1,576       29,731  

Kia Motors

    5,185       153,923  

Korea Investment Holdings *

    1,205       62,322  

Korea Zinc *

    246       84,291  

KT&G

    340       23,664  

LG Electronics

    297       14,806  

LG Innotek

    198       21,310  

Meritz Securities

    8,635       24,710  

NCSoft

    96       51,207  

Posco International

    1,593       19,649  

Samsung Card

    1,024       28,339  

Samsung Electronics

    28,881       1,277,567  

Samsung Engineering *

    2,805       32,512  

Shinhan Financial Group

    995       26,363  

Shinsegae

    87       16,837  

SK Hynix

    4,641       330,904  

SK Telecom

    105       18,331  
              2,636,625  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SPAIN — 0.1%

               

ACS Actividades de Construccion y Servicios

    2,336     $ 69,624  

Aena SME

    405       65,067  

Amadeus IT Group

    163       11,446  

Iberdrola

    28,072       320,649  
              466,786  

SWEDEN — 0.3%

               

Assa Abloy, Cl B

    6,184       139,005  

Atlas Copco, Cl A

    8,369       299,023  

Boliden

    2,104       43,698  

Electrolux

    2,249       45,719  

Epiroc, Cl A

    5,538       63,903  

Essity, Cl B

    1,884       56,437  

Hennes & Mauritz, Cl B

    10,536       190,920  

Investor, Cl B

    2,074       103,452  

L E Lundbergforetagen, Cl B

    2,143       88,854  

Sandvik

    8,756       144,946  

Securitas, Cl B

    1,714       23,303  

Skandinaviska Enskilda Banken, Cl A

    3,382       32,340  

Skanska, Cl B

    5,212       113,465  

SKF, Cl B

    7,746       136,133  

Swedish Match

    258       15,077  

Tele2, Cl B

    3,954       57,507  

Volvo, Cl B

    7,668       119,545  
              1,673,327  

SWITZERLAND — 0.9%

               

Adecco Group

    1,830       97,816  

Baloise Holding

    364       58,625  

Chocoladefabriken Lindt & Spruengli

    5       39,005  

EMS-Chemie Holding

    77       45,103  

Geberit

    316       157,512  

Kuehne + Nagel International

    809       118,294  

LafargeHolcim

    3,907       182,388  

Nestle

    10,866       1,115,591  

Novartis

    5,208       440,790  

Partners Group Holding

    76       65,768  

Roche Holding

    3,020       971,507  

Sika

    243       43,317  

Sonova Holding

    543       129,438  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

SWITZERLAND — continued

Straumann Holding

    47     $ 43,961  

Swiss Life Holding

    432       197,346  

Swisscom

    99       52,811  

Temenos

    225       32,076  

Vifor Pharma

    688       114,979  

Zurich Insurance Group

    965       373,010  
              4,279,337  

TAIWAN — 1.2%

               

Accton Technology

    15,000       79,452  

Acer

    51,000       27,065  

Advantech

    6,000       57,169  

ASE Technology Holding

    44,000       100,783  

Asia Cement

    71,000       102,818  

Catcher Technology

    15,000       113,221  

Chailease Holding

    17,870       66,064  

Chang Hwa Commercial Bank

    106,780       81,105  

Chicony Electronics

    29,000       78,329  

CTBC Financial Holding

    65,000       48,074  

Delta Electronics

    9,000       40,479  

E.Sun Financial Holding

    163,371       154,415  

Eclat Textile

    2,000       23,204  

Eva Airways

    116,117       45,680  

Far Eastern New Century

    32,000       29,508  

Feng Tay Enterprise

    3,400       18,817  

First Financial Holding

    40,400       31,399  

Formosa Petrochemical

    9,000       25,207  

Formosa Taffeta

    30,000       32,876  

Foxconn Technology

    31,000       59,985  

Fubon Financial Holding

    20,000       28,928  

Giant Manufacturing

    8,000       42,865  

Globalwafers

    7,000       91,344  

Hon Hai Precision Industry

    89,000       225,940  

Hotai Motor

    5,000       101,026  

Inventec

    47,000       35,075  

Largan Precision

    1,000       140,713  

Lite-On Technology

    57,000       80,561  

MediaTek

    17,000       198,653  

Mega Financial Holding

    43,000       45,460  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

TAIWAN — continued

Micro-Star International

    30,000     $ 88,068  

Nan Ya Plastics

    4,000       8,903  

Nanya Technology

    47,000       117,255  

Nien Made Enterprise

    5,000       39,076  

Novatek Microelectronics

    21,000       130,403  

Pegatron

    57,000       114,781  

Phison Electronics

    5,000       53,495  

Pou Chen

    32,000       35,621  

Powertech Technology

    32,000       105,373  

President Chain Store

    2,000       19,352  

Quanta Computer

    18,000       36,053  

Realtek Semiconductor

    18,000       130,577  

Shanghai Commercial & Savings Bank *

    33,518       54,992  

SinoPac Financial Holdings

    200,000       84,691  

Standard Foods

    24,000       53,082  

Synnex Technology International

    32,000       39,224  

Taiwan Business Bank

    262,150       102,869  

Taiwan Cement

    88,940       122,725  

Taiwan Cooperative Financial Holding

    124,630       85,451  

Taiwan High Speed Rail

    12,000       13,517  

Taiwan Semiconductor Manufacturing ADR

    22,118       1,190,833  

Uni-President Enterprises

    9,000       21,503  

United Microelectronics

    202,000       98,394  

Vanguard International Semiconductor

    23,000       55,271  

Walsin Technology

    16,000       108,576  

Win Semiconductors

    8,000       67,794  

Winbond Electronics

    145,000       74,889  

Wistron

    113,000       99,020  

Wiwynn *

    6,000       138,819  

WPG Holdings

    10,000       12,701  

Yageo

    5,000       64,719  

Yuanta Financial Holding

    149,000       93,359  

Zhen Ding Technology Holding

    39,000       145,543  
              5,813,144  

THAILAND — 0.1%

               

Advanced Info Service NVDR

    15,000       95,438  

Bangkok Bank NVDR

    3,800       15,895  

Bangkok Dusit Medical Services NVDR

    25,400       17,957  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

THAILAND — continued

CP ALL NVDR

    3,700     $ 7,737  

Home Product Center NVDR

    27,700       11,324  

Kasikornbank NVDR

    3,400       12,866  

Krung Thai Bank NVDR

    44,100       19,611  

Land & Houses NVDR

    98,100       26,199  

PTT NVDR

    19,400       24,098  

PTT Exploration & Production NVDR

    19,700       67,284  

Siam Commercial Bank NVDR

    8,100       22,511  

Srisawad NVDR

    11,600       24,936  

Thai Union Group NVDR

    28,000       13,648  
              359,504  

TURKEY — 0.1%

               

Akbank T.A.S.

    79,060       86,020  

Anadolu Efes Biracilik Ve Malt Sanayii

    3,612       12,740  

Arcelik

    31,216       93,183  

BIM Birlesik Magazalar

    2,288       17,642  

Eregli Demir ve Celik Fabrikalari

    59,957       79,709  

Ford Otomotiv Sanayi

    6,320       79,487  

KOC Holding

    33,661       93,364  

TAV Havalimanlari Holding

    2,090       6,850  

Turkcell Iletisim Hizmetleri

    8,523       19,210  

Turkiye Garanti Bankasi

    61,041       93,678  

Turkiye Is Bankasi, Cl C

    97,542       89,670  
              671,553  

UNITED KINGDOM — 0.6%

               

Admiral Group

    1,239       33,849  

Anglo American

    3,122       72,352  

Antofagasta

    1,199       11,747  

Ashtead Group

    1,890       58,243  

AstraZeneca

    4,635       405,677  

Auto Trader Group

    6,458       43,123  

BAE Systems

    3,112       24,395  

Barratt Developments

    20,629       200,712  

Berkeley Group Holdings

    1,659       101,790  

BHP Group

    975       17,934  

BP

    5,088       26,295  

British American Tobacco

    2,703       106,260  

Burberry Group

    503       10,743  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

UNITED KINGDOM — continued

Compass Group

    1,455     $ 32,045  

Croda International

    333       19,442  

Diageo

    1,674       59,469  

Evraz

    3,856       16,321  

Experian

    5,055       168,668  

GlaxoSmithKline

    2,895       57,837  

GVC Holdings

    3,856       39,700  

Halma

    3,072       76,686  

Healthpeak Properties ‡

    2,311       73,120  

Johnson Matthey

    633       20,470  

Meggitt

    8,245       57,971  

Melrose Industries

    30,519       83,055  

Micro Focus International

    1,771       16,980  

Mondi

    2,039       41,133  

National Grid

    5,689       71,804  

Next

    1,262       98,954  

Persimmon

    2,243       82,382  

RELX

    1,830       43,883  

Rentokil Initial

    6,652       41,515  

Rio Tinto

    6,242       294,146  

Royal Dutch Shell, Cl A

    1,435       31,000  

Sage Group

    4,098       36,183  

Smith & Nephew

    1,485       33,182  

Spirax-Sarco Engineering

    797       86,716  

Taylor Wimpey

    40,188       105,215  

Tesco

    24,379       71,639  

Unilever

    636       34,116  

Whitbread

    449       22,707  
              2,929,459  

UNITED STATES — 14.0%

               

COMMUNICATION SERVICES — 0.9%

               

AT&T

    28,516       1,004,333  

Cable One

    189       297,301  

Discovery *

    1,418       36,442  

DISH Network, Cl A *

    1,151       38,581  

Facebook, Cl A *

    10,880       2,094,073  

IAC *

    217       44,255  

Interpublic Group

    1,858       39,687  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

COMMUNICATION SERVICES — continued

Live Nation Entertainment *

    592     $ 35,976  

Match Group *

    3,661       237,965  

New York Times, Cl A

    3,431       128,525  

Nexstar Media Group, Cl A

    1,248       143,495  

Omnicom Group

    1,256       87,016  

Roku, Cl A *

    1,530       173,915  

Sinclair Broadcast Group, Cl A

    3,532       81,978  

T-Mobile US *

    569       51,301  

Twitter *

    804       26,693  

Zynga, Cl A *

    4,242       28,464  
              4,550,000  

CONSUMER DISCRETIONARY — 1.5%

               

Aptiv

    1,365       106,620  

Aramark

    1,927       66,944  

AutoNation *

    3,329       142,248  

AutoZone *

    304       313,883  

Best Buy

    2,586       195,631  

BorgWarner

    1,566       49,486  

Bright Horizons Family Solutions *

    620       97,433  

Burlington Stores *

    363       78,502  

Carter’s

    1,084       99,154  

Chipotle Mexican Grill, Cl A *

    74       57,245  

Columbia Sportswear

    438       35,609  

Darden Restaurants

    520       50,700  

Dick’s Sporting Goods

    1,425       51,884  

Dollar General

    2,510       377,253  

Dollar Tree *

    517       42,927  

Domino’s Pizza

    120       40,735  

DR Horton

    4,556       242,698  

eBay

    4,109       142,336  

Etsy *

    849       49,081  

Expedia Group

    276       27,219  

Floor & Decor Holdings, Cl A *

    1,616       82,497  

Garmin

    2,860       252,795  

General Motors

    3,921       119,590  

Gentex

    5,869       156,702  

Genuine Parts

    462       40,305  

Graham Holdings, Cl B

    124       62,357  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CONSUMER DISCRETIONARY — continued

Grand Canyon Education *

    737     $ 59,461  

H&R Block

    1,698       35,098  

Hasbro

    832       64,272  

Hilton Worldwide Holdings

    296       28,771  

Home Depot

    1,912       416,510  

Hyatt Hotels, Cl A

    1,087       83,264  

Leggett & Platt

    1,690       67,025  

Lennar, Cl A

    3,691       222,715  

LKQ *

    5,760       170,381  

Lululemon Athletica *

    1,255       272,850  

NIKE, Cl B

    786       70,253  

NVR *

    63       231,032  

O’Reilly Automotive *

    307       113,197  

Penske Automotive Group

    766       35,251  

Planet Fitness, Cl A *

    1,105       74,577  

Pool

    436       91,978  

PulteGroup

    7,217       290,123  

Ross Stores

    677       73,644  

ServiceMaster Global Holdings *

    1,390       49,720  

Skechers U.S.A., Cl A *

    6,482       214,425  

Starbucks

    4,293       336,700  

Target

    3,984       410,352  

Tempur Sealy International *

    2,637       197,116  

TJX

    4,693       280,641  

Toll Brothers

    3,589       132,901  

Tractor Supply

    503       44,520  

Ulta Beauty *

    129       33,165  

Under Armour, Cl A *

    2,486       35,276  

VF

    303       21,816  

Whirlpool

    974       124,536  

Williams-Sonoma

    2,358       147,116  

Yum! Brands

    755       67,384  
              7,477,904  

CONSUMER STAPLES — 1.1%

               

Brown-Forman, Cl B

    355       21,801  

Campbell Soup

    1,577       71,154  

Casey’s General Stores

    1,114       181,604  

Church & Dwight

    718       49,915  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

CONSUMER STAPLES — continued

Conagra Brands

    1,369     $ 36,539  

Costco Wholesale

    2,015       566,497  

Coty, Cl A

    9,601       88,617  

Estee Lauder, Cl A

    2,101       385,744  

Flowers Foods

    2,090       44,998  

General Mills

    3,863       189,287  

Hershey

    1,745       251,263  

Hormel Foods

    790       32,864  

Kimberly-Clark

    991       130,009  

McCormick

    325       47,512  

Mondelez International, Cl A

    1,806       95,357  

Philip Morris International

    1,585       129,764  

Pilgrim’s Pride *

    6,822       144,353  

Post Holdings *

    505       51,136  

Procter & Gamble

    10,244       1,159,928  

Sysco

    1,616       107,707  

Tyson Foods, Cl A

    3,247       220,244  

US Foods Holding *

    1,114       37,475  

Walmart

    11,909       1,282,361  
              5,326,129  

ENERGY — 0.1%

               

Chevron

    1,164       108,648  

Kinder Morgan

    1,775       34,027  

Phillips 66

    1,379       103,232  

Valero Energy

    2,256       149,460  
              395,367  

FINANCIALS — 2.6%

               

Aflac

    5,377       230,404  

Alleghany *

    291       195,625  

Allstate

    2,061       216,920  

Ally Financial

    7,125       178,624  

American Express

    1,373       150,934  

American Financial Group

    803       74,213  

American International Group

    3,013       127,028  

Ameriprise Financial

    1,454       205,450  

Aon

    1,154       240,032  

Arch Capital Group *

    5,844       236,273  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FINANCIALS — continued

Assurant

    932     $ 112,390  

Assured Guaranty

    3,619       147,691  

Axis Capital Holdings

    2,939       164,937  

Bank of America

    42,243       1,203,925  

Bank of Hawaii

    567       42,196  

Bank OZK

    2,600       66,014  

BlackRock, Cl A

    312       144,459  

Capital One Financial

    1,224       108,030  

Chubb

    2,663       386,215  

Cincinnati Financial

    1,859       173,333  

Citigroup

    11,012       698,821  

Citizens Financial Group

    4,472       141,718  

CME Group, Cl A

    166       33,004  

Commerce Bancshares

    858       52,372  

Credit Acceptance *

    168       67,738  

Discover Financial Services

    3,244       212,741  

East West Bancorp

    541       20,958  

Erie Indemnity, Cl A

    852       121,768  

Evercore, Cl A

    481       32,044  

Everest Re Group

    892       221,109  

Fidelity National Financial

    2,461       95,388  

Fifth Third Bancorp

    5,607       136,811  

First American Financial

    1,582       90,332  

First Citizens BancShares, Cl A

    149       67,543  

First Hawaiian

    837       20,046  

Franklin Resources

    1,527       33,228  

Goldman Sachs Group

    1,808       362,992  

Hanover Insurance Group

    1,225       145,212  

Hartford Financial Services Group

    1,748       87,313  

Huntington Bancshares

    9,333       114,516  

Intercontinental Exchange

    651       58,082  

JPMorgan Chase

    14,090       1,635,990  

Kemper

    723       49,771  

KeyCorp

    5,168       84,497  

Legg Mason

    1,018       50,717  

Lincoln National

    2,228       101,129  

MarketAxess Holdings

    554       179,679  

Marsh & McLennan

    2,023       211,525  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

FINANCIALS — continued

Mercury General

    1,272     $ 55,090  

MetLife

    4,940       211,037  

MGIC Investment

    19,930       239,758  

Morgan Stanley

    2,815       126,760  

Nasdaq

    752       77,118  

Navient

    8,403       94,366  

New York Community Bancorp

    6,570       71,022  

Northern Trust

    350       30,716  

Old Republic International

    5,609       110,609  

PNC Financial Services Group

    2,407       304,245  

Popular

    2,816       135,112  

Primerica

    604       67,249  

Principal Financial Group

    783       34,757  

Progressive

    2,106       154,075  

Prosperity Bancshares

    356       22,998  

Prudential Financial

    1,127       85,032  

Regions Financial

    5,494       74,279  

RenaissanceRe Holdings

    804       137,002  

State Street

    1,400       95,354  

SVB Financial Group *

    218       45,379  

Synchrony Financial

    6,786       197,473  

T Rowe Price Group

    1,614       190,468  

Travelers

    1,675       200,682  

Truist Financial

    4,791       221,057  

US Bancorp

    7,029       326,427  

Western Alliance Bancorp

    2,319       106,767  

Willis Towers Watson

    461       87,244  

WR Berkley

    3,874       260,100  
              13,293,913  

HEALTH CARE — 0.9%

               

Abbott Laboratories

    380       29,271  

Amgen

    543       108,453  

Anthem

    163       41,906  

Bio-Rad Laboratories, Cl A *

    243       85,541  

Bio-Techne

    146       27,578  

Boston Scientific *

    1,035       38,699  

Bristol-Myers Squibb

    6,413       378,752  

Bruker

    2,482       108,116  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

HEALTH CARE — continued

Charles River Laboratories International *

    322     $ 50,094  

Chemed

    363       151,596  

CVS Health

    1,173       69,418  

Danaher

    3,610       521,934  

DaVita *

    665       51,617  

DENTSPLY SIRONA

    1,773       87,302  

Edwards Lifesciences *

    1,221       250,110  

Eli Lilly

    173       21,820  

Exact Sciences *

    441       35,699  

Exelixis *

    2,121       39,429  

HCA Healthcare

    245       31,117  

Henry Schein *

    702       42,780  

Hill-Rom Holdings

    465       44,663  

Horizon Therapeutics *

    7,808       267,190  

Humana *

    471       150,569  

IDEXX Laboratories *

    269       68,463  

Intuitive Surgical *

    44       23,494  

Jazz Pharmaceuticals *

    173       19,822  

Laboratory Corp of America Holdings *

    209       36,719  

Masimo *

    523       85,422  

McKesson

    298       41,678  

Medtronic

    3,314       333,620  

Merck

    588       45,017  

Mettler-Toledo International *

    55       38,593  

Molina Healthcare *

    263       32,231  

Premier, Cl A *

    914       26,899  

Quest Diagnostics

    487       51,651  

ResMed

    547       86,951  

STERIS

    624       98,979  

Teleflex

    107       35,847  

Thermo Fisher Scientific

    372       108,178  

Universal Health Services, Cl B

    1,308       161,852  

Veeva Systems, Cl A *

    1,162       164,969  

West Pharmaceutical Services

    332       49,986  

Zimmer Biomet Holdings

    314       42,751  

Zoetis, Cl A

    2,687       357,989  
              4,544,765  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDUSTRIALS — 2.0%

               

Acuity Brands

    670     $ 68,916  

AECOM *

    1,048       47,097  

AGCO

    3,563       215,312  

Alaska Air Group

    971       48,997  

Allegion

    1,479       170,070  

Allison Transmission Holdings

    3,245       131,747  

AMETEK

    835       71,810  

Arconic

    2,873       84,323  

Armstrong World Industries

    1,644       164,647  

Boeing

    104       28,611  

BWX Technologies

    774       42,446  

Carlisle

    1,231       178,852  

CH Robinson Worldwide

    395       27,216  

Cintas

    808       215,526  

Clean Harbors *

    642       44,632  

Copa Holdings, Cl A

    373       31,011  

Copart *

    2,344       198,021  

CoStar Group *

    281       187,593  

Cummins

    1,555       235,256  

Curtiss-Wright

    905       108,546  

Delta Air Lines

    2,232       102,962  

Donaldson

    573       25,831  

Dover

    2,179       223,870  

Eaton

    3,041       275,879  

Emerson Electric

    894       57,314  

Expeditors International of Washington

    712       50,139  

Fastenal

    4,329       148,138  

Flowserve

    1,351       54,297  

Fortune Brands Home & Security

    2,766       170,800  

Gardner Denver Holdings *

    3,462       113,519  

General Electric

    12,959       140,994  

HD Supply Holdings *

    1,308       49,730  

HEICO

    1,690       182,266  

Honeywell International

    1,802       292,230  

Hubbell, Cl B

    1,115       148,563  

Huntington Ingalls Industries

    154       31,652  

IDEX

    511       75,628  

Illinois Tool Works

    882       147,982  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDUSTRIALS — continued

Ingersoll-Rand

    2,828     $ 364,925  

ITT

    3,041       182,916  

Jacobs Engineering Group

    1,942       179,324  

JB Hunt Transport Services

    277       26,714  

JetBlue Airways *

    2,146       33,864  

Johnson Controls International

    5,950       217,591  

Kansas City Southern

    893       134,557  

L3Harris Technologies

    901       178,155  

Landstar System

    300       30,291  

Lennox International

    292       66,614  

Lockheed Martin

    1,472       544,449  

ManpowerGroup

    1,733       131,604  

Masco

    5,287       218,459  

Middleby *

    965       107,897  

Nordson

    327       47,513  

Northrop Grumman

    979       321,934  

Old Dominion Freight Line

    945       183,141  

Oshkosh

    3,049       219,985  

Owens Corning

    3,111       175,740  

PACCAR

    2,250       150,525  

Parker-Hannifin

    361       66,702  

Republic Services, Cl A

    2,364       213,375  

Robert Half International

    868       43,756  

Roper Technologies

    292       102,696  

Snap-on

    615       89,021  

Southwest Airlines

    1,741       80,417  

Stanley Black & Decker

    148       21,268  

Teledyne Technologies *

    573       193,284  

Timken

    1,478       66,273  

Toro

    1,067       76,216  

Union Pacific

    1,092       174,512  

United Airlines Holdings *

    1,271       78,281  

United Rentals *

    1,272       168,515  

United Technologies

    1,100       143,649  

Verisk Analytics, Cl A

    1,124       174,344  

Waste Management

    1,540       170,647  

Woodward

    1,843       190,198  

WW Grainger

    102       28,309  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INDUSTRIALS — continued

Xylem

    922     $ 71,307  
              10,261,391  

INFORMATION TECHNOLOGY — 4.1%

               

Accenture, Cl A

    1,314       237,295  

Akamai Technologies *

    1,702       147,240  

Alteryx, Cl A *

    513       71,625  

Analog Devices

    516       56,270  

ANSYS *

    491       118,915  

Apple

    18,086       4,943,989  

Applied Materials

    6,612       384,289  

Aspen Technology *

    716       76,261  

Atlassian, Cl A *

    160       23,194  

Automatic Data Processing

    399       61,741  

Avalara *

    2,511       212,807  

Avnet

    874       26,814  

Booz Allen Hamilton Holding, Cl A

    3,423       244,060  

Broadridge Financial Solutions

    966       100,812  

CACI International, Cl A *

    748       183,275  

Cadence Design Systems *

    2,892       191,277  

CDW

    2,105       240,433  

Ciena *

    1,957       75,247  

Cisco Systems

    1,541       61,532  

Coupa Software *

    540       80,865  

DocuSign, Cl A *

    330       28,482  

Entegris

    3,429       182,834  

EPAM Systems *

    681       151,999  

Euronet Worldwide *

    908       112,628  

Fair Isaac *

    423       159,061  

FleetCor Technologies *

    548       145,653  

FLIR Systems

    1,240       52,663  

Fortinet *

    728       74,300  

Genpact

    2,041       78,497  

Global Payments

    1,107       203,655  

Intel

    12,201       677,400  

International Business Machines

    1,650       214,748  

Intuit

    249       66,197  

Jabil

    5,377       172,333  

Jack Henry & Associates

    665       100,907  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INFORMATION TECHNOLOGY — continued

Keysight Technologies *

    3,093     $ 293,093  

KLA

    1,217       187,065  

Lam Research

    1,619       475,063  

Leidos Holdings

    2,282       234,247  

Manhattan Associates *

    1,822       122,730  

Maxim Integrated Products

    835       46,443  

Microchip Technology

    707       64,132  

Micron Technology *

    8,394       441,189  

Microsoft

    30,806       4,990,880  

MongoDB, Cl A *

    672       102,480  

Motorola Solutions

    1,416       234,603  

NVIDIA

    767       207,144  

Okta, Cl A *

    564       72,226  

Oracle

    441       21,812  

Palo Alto Networks *

    101       18,647  

Paychex

    901       69,809  

Paycom Software *

    736       208,030  

PayPal Holdings *

    202       21,814  

Qorvo *

    2,103       211,520  

QUALCOMM

    5,489       429,789  

RingCentral, Cl A *

    256       60,352  

Sabre

    2,285       31,110  

ServiceNow *

    238       77,609  

Skyworks Solutions

    1,878       188,138  

Smartsheet, Cl A *

    2,094       96,952  

Splunk *

    200       29,466  

SYNNEX

    1,381       172,666  

Synopsys *

    885       122,068  

Teradyne

    4,175       245,323  

Texas Instruments

    2,602       296,992  

Trade Desk, Cl A *

    127       36,481  

Twilio, Cl A *

    231       26,020  

Ubiquiti

    775       105,136  

Universal Display

    1,018       161,648  

VeriSign *

    386       73,244  

ViaSat *

    418       24,035  

VMware, Cl A *

    242       29,166  

Western Union

    4,796       107,382  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

INFORMATION TECHNOLOGY — continued

Workday, Cl A *

    141     $ 24,428  

Xerox Holdings

    6,340       204,148  

Xilinx

    534       44,584  

Zebra Technologies, Cl A *

    1,013       213,713  

Zendesk *

    808       64,083  

Zscaler *

    605       31,454  
              20,878,212  

MATERIALS — 0.5%

               

Air Products & Chemicals

    1,552       340,835  

AptarGroup

    500       50,535  

Ardagh Group, Cl A

    2,041       35,779  

Ashland Global Holdings

    353       25,254  

Avery Dennison

    508       58,161  

Ball

    2,014       141,906  

Celanese, Cl A

    1,328       124,487  

CF Industries Holdings

    1,771       65,279  

Crown Holdings *

    2,749       193,804  

Eagle Materials

    289       22,811  

Eastman Chemical

    333       20,483  

Ecolab

    581       104,841  

Gold Fields ADR

    10,662       63,226  

Graphic Packaging Holding

    7,155       96,736  

Martin Marietta Materials

    755       171,785  

Packaging Corp of America

    803       72,768  

PPG Industries

    1,061       110,821  

Reliance Steel & Aluminum

    1,887       193,021  

Royal Gold

    575       55,470  

RPM International

    1,035       66,354  

Scotts Miracle-Gro

    1,905       201,911  

Sherwin-Williams

    438       226,337  

Sonoco Products

    2,515       121,248  

Vulcan Materials

    638       76,726  
              2,640,578  

REAL ESTATE — 0.2%

               

Apartment Investment & Management, Cl A ‡

    1,474       70,516  

CBRE Group, Cl A *

    2,325       130,526  

EPR Properties ‡

    1,270       75,235  

Equity Commonwealth ‡

    2,003       63,014  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

COMMON STOCK — continued

   

Shares

   

Value

 

REAL ESTATE — continued

Equity Residential ‡

    727     $ 54,598  

Extra Space Storage ‡

    491       49,277  

Jones Lang LaSalle

    385       56,891  

Kimco Realty ‡

    4,261       73,928  

Life Storage ‡

    463       49,962  

Medical Properties Trust ‡

    8,885       187,740  

National Retail Properties ‡

    1,007       51,206  

Omega Healthcare Investors ‡

    1,800       71,280  

Spirit Realty Capital ‡

    940       42,770  

Sun Communities ‡

    610       93,257  
              1,070,200  

UTILITIES — 0.1%

               

AES

    1,618       27,069  

Atmos Energy

    843       87,040  

CMS Energy

    804       48,578  

Entergy

    422       49,336  

Hawaiian Electric Industries

    1,697       72,699  

OGE Energy

    829       31,585  

Southern

    1,688       101,888  

Xcel Energy

    516       32,157  
              450,352  
              70,888,811  

Total Common Stock

               

(Cost $132,561,507)

            135,620,588  

 

PREFERRED STOCK — 0.1%

BRAZIL — 0.1%(1)

          
Cia Brasileira de Distribuicao   900    14,583 
Petroleo Brasileiro   63,600    356,265 
Telefonica Brasil   10,500    125,312 
Total Preferred Stock          
(Cost $555,008)        496,160 

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

SHORT-TERM INVESTMENT — 2.3%

   

Shares

   

Value

 

Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (A)

               

(Cost $11,462,210)

    11,462,210     $ 11,462,210  

Total Investments — 100.3%

               

(Cost $508,540,270)

          $ 506,276,455  

 

A list of the open futures contracts held by the Fund at February 29, 2020, is as follows:

 

Type of
Contract

Number of
Contracts
Long

Expiration
Date

 

Notional
Amount

   

Value

   

Unrealized
Depreciation

 

MSCI EAFE Index

1

Mar-2020

  $ 101,657     $ 90,800     $ (10,857 )

MSCI Emerging Markets

11

Mar-2020

    607,099       554,840       (52,259 )

S&P 500 Index E-MINI

9

Mar-2020

    1,429,015       1,327,995       (101,020 )

S&P TSX 60 Index

6

Mar-2020

    939,895       868,273       (42,227 )

SGX Nifty 50

108

Mar-2020

    2,551,498       2,412,072       (139,426 )
        $ 5,629,164     $ 5,253,980     $ (345,789 )

 

A list of open total return swap agreements held by the Fund at February 29, 2020, is as follows:

 

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

 

Notional
Amount

   

Value

   

Net
Unrealized
Depreciation

 

ReFlow

SPGEX NAV

SOFR +35 BPS

SPGEX

Annually

02/16/2021

USD

    3,574,749     $ (529,146 )   $ (529,146 )

 

Percentages are based on Net Assets of $504,811,760.

 

*

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 February 29, 2020.

 

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

MSCI — Morgan Stanley Capital International

EAFE — Europe, Australia and Far East

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depository Receipt

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

S&P — Standard & Poor’s

SGX — Singapore Exchange

SOFR— Secured Overnight Financing Rate

SPGEX — Symmetry Panoramic Global Equity Fund

TSX — Toronto Stock Exchange

USD — U.S. Dollar

VOL — Volatility

 

The following table summarizes the inputs used as of February 29, 2020, 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

  $ 358,697,497     $     $     $ 358,697,497  

Common Stock

                               

Australia

    2,216,122                   2,216,122  

Austria

    172,087                   172,087  

Belgium

    147,583                   147,583  

Brazil

    1,320,497                   1,320,497  

Canada

    2,905,989                   2,905,989  

China

    1,151,500                   1,151,500  

Denmark

    633,108                   633,108  

Finland

    571,074                   571,074  

France

    4,840,508                   4,840,508  

Germany

    2,172,725                   2,172,725  

Hong Kong

    11,765,863                   11,765,863  

Hungary

    75,306                   75,306  

Indonesia

    487,066                   487,066  

Ireland

    49,666                   49,666  

Italy

    1,934,633                   1,934,633  

Japan

    11,551,710                   11,551,710  

Malaysia

    345,666                   345,666  

Mexico

    385,155                   385,155  

Netherlands

    1,175,842                   1,175,842  

Norway

    141,383                   141,383  

Philippines

    139,963                   139,963  

Poland

    299,312                   299,312  

Portugal

    107,760                   107,760  

Singapore

    368,432                   368,432  

South Africa

    943,092                   943,092  

South Korea

    2,636,625                   2,636,625  

Spain

    466,786                   466,786  

Sweden

    1,673,327                   1,673,327  

Switzerland

    4,279,337                   4,279,337  

Taiwan

    5,331,635       481,509             5,813,144  

 

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

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

Investments in Securities

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Thailand

  $ 359,504     $     $     $ 359,504  

Turkey

    671,553                   671,553  

United Kingdom

    2,929,459                   2,929,459  

United States

    70,888,811                   70,888,811  

Total Common Stock

    135,139,079       481,509             135,620,588  

Preferred Stock

                               

Brazil

    496,160                   496,160  

Short-Term Investment

    11,462,210                   11,462,210  

Total Investments in Securities

  $ 505,794,946     $ 481,509     $     $ 506,276,455  

 

Other Financial Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Futures Contracts^

                               

Unrealized Depreciation

  $ (345,789 )   $     $     $ (345,789 )

Total Return Swap^

                               

Unrealized Depreciation

          (529,146 )           (529,146 )

Total Financial Instruments

  $ (345,789 )   $ (529,146 )   $     $ (874,935 )

 

^

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

 

Amounts designated as “—” are $0.

 

For the period ended February 29, 2020, there were no transfers in or out of 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
FEBRUARY 29, 2020
(Unaudited)

 

 

SECTOR WEIGHTINGS†

 

 

†Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 98.1%

   

Shares

   

Value

 

EQUITY FUNDS — 98.1%

               

AQR TM Emerging Multi-Style Fund, Cl R6

    302,544     $ 2,865,090  

AQR TM International Multi-Style Fund, Cl R6

    438,040       4,362,883  

AQR TM Large Capital Multi-Style Fund, Cl R6

    518,876       6,532,649  

DFA Emerging Markets Core Equity Portfolio, Cl I

    180,386       3,499,495  

DFA International Vector Equity Portfolio, Cl I

    521,820       5,557,378  

DFA Real Estate Securities Portfolio, Cl I

    55,055       2,125,676  

DFA TA US Core Equity 2 Portfolio, Cl I

    367,606       6,624,257  

DFA TA World ex US Core Equity Portfolio, Cl I

    214,142       2,126,433  

DFA Tax-Managed US Marketwide Value Portfolio, Cl I

    39,579       1,102,660  

DFA US Vector Equity Portfolio, Cl I

    457,324       7,747,067  

iShares Edge MSCI Min Vol Global ETF

    53,608       4,833,833  

Vanguard U.S. Value Factor

    7,400       479,298  

Total Registered Investment Companies

               

(Cost $50,060,195)

            47,856,719  

 

SHORT-TERM INVESTMENT — 2.1%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (A)          
(Cost $1,045,307)   1,045,307    1,045,307 
Total Investments — 100.2%          
(Cost $51,105,502)       $48,902,026 

 

A list of open total return swap agreements held by the Fund at February 29, 2020, 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

02/16/2021

USD

    942,826     $ (108,975 )   $ (108,975 )

 

Percentages are based on Net Assets of $48,787,887.

 

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

 

 

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

(A)

The rate reported is the 7-day effective yield as of February 29, 2020.

 

BPS — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

SOFR — Secured Overnight Financing Rate

SPGTX — Symmetry Panoramic Tax-Managed Global Equity Fund

USD — U.S. Dollar

VOL — Volatility

 

The following table summarizes the inputs used as of February 29, 2020, 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

  $ 47,856,719     $     $     $ 47,856,719  

Short-Term Investment

    1,045,307                   1,045,307  

Total Investments in Securities

  $ 48,902,026     $     $     $ 48,902,026  

 

Other Financial Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Total Return Swap^

                               

Unrealized Depreciation

  $     $ (108,975 )   $     $ (108,975 )

Total Other Financial Instruments

  $     $ (108,975 )   $     $ (108,975 )

 

^

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

 

Amounts designated as “— ” are $0.

 

For the period ended February 29, 2020, there were no transfers in or out of 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
FEBRUARY 29, 2020
(Unaudited)

 

 

SECTOR WEIGHTINGS†

 

 

†Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 99.0%

   

Shares

   

Value

 

FIXED INCOME FUNDS — 99.0%

               

DFA One-Year Fixed Income Portfolio, Cl I

    381     $ 3,927  

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

    628,174       32,080,846  

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

    9,285,207       99,723,126  

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

    9,956,893       113,807,291  

Total Registered Investment Companies

               

(Cost $231,773,750)

            245,615,190  

 

SHORT-TERM INVESTMENT — 1.2%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)          
(Cost $2,995,472)   2,995,472    2,995,472 
Total Investments — 100.2%          
(Cost $234,769,222)       $248,610,662 

 

Percentages are based on Net Assets of $248,177,019.

 

(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 February 29, 2020.

 

Cl — Class

ETF — Exchange-Traded Fund

USD — U.S. Dollar

 

As of February 29, 2020, 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 the period ended February 29, 2020, there were no transfers in or out of 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.
84

 

 

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

SECTOR WEIGHTINGS†

 

 

†Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 98.1%

   

Shares

   

Value

 

MUNICIPAL BOND FUNDS — 98.1%

               

DFA Intermediate-Term Municipal Bond Portfolio, Cl I

    443,470     $ 4,665,301  

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

    1,072,492       10,928,695  

iShares National Muni Bond ETF

    8,228       960,290  

iShares Short-Term National Muni Bond ETF

    17,726       1,904,659  

Total Registered Investment Companies

               

(Cost $18,308,955)

            18,458,945  

 

SHORT-TERM INVESTMENT — 2.0%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)          
(Cost $371,843)   371,843    371,843 
Total Investments — 100.1%          
(Cost $18,680,798)       $18,830,788 

 

Percentages are based on Net Assets of $18,821,197.

 

(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 February 29, 2020.

 

Cl — Class

ETF — Exchange-Traded Fund

 

As of February 29, 2020, 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 the period ended February 29, 2020, there were no transfers in or out of 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.
85

 

 

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

SECTOR WEIGHTINGS†

 

 

†Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 99.4%

   

Shares

   

Value

 

FIXED INCOME FUNDS — 99.4%

               

DFA Five-Year Global Fixed Income Portfolio, Cl I

    2,593,870     $ 28,039,735  

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

    17,284,894       197,566,339  

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

    5,076,319       176,605,148  

Total Registered Investment Companies

               

(Cost $377,055,013)

            402,211,222  
                 
SHORT-TERM INVESTMENT — 0.8%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)          
(Cost $3,417,080)   3,417,080    3,417,080 
Total Investments — 100.2%          
(Cost $380,472,093)       $405,628,302 

 

Percentages are based on Net Assets of $404,795,113.

 

(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 February 29, 2020.

 

Cl — Class

 

As of February 29, 2020, 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 the period ended February 29, 2020, there were no transfers in or out of 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.
86

 

 

SYMMETRY PANORAMIC ALTERNATIVES FUND
FEBRUARY 29, 2020
(Unaudited)

 

 

SECTOR WEIGHTINGS†

 

 

†Percentages are based on total investments.

 

SCHEDULE OF INVESTMENTS

REGISTERED INVESTMENT COMPANIES — 100.4%

   

Shares

   

Value

 

EQUITY FUNDS — 100.4%

               

AQR Alternative Risk Premia Fund, Cl R6

    18,613     $ 159,697  

AQR Diversified Arbitrage Fund, Cl R6 (A)

    34,449       324,856  

AQR Managed Futures Strategy Fund, Cl R6

    19,919       162,539  

JPMorgan Systematic Alpha Fund, Cl R6 (A)

    19,898       269,020  

Total Registered Investment Companies

               

(Cost $940,963)

            916,112  

 

SHORT-TERM INVESTMENT — 1.0%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)          
(Cost $9,344)   9,344    9,344 
Total Investments — 101.4%          
(Cost $950,307)       $925,456 

 

Percentages are based on Net Assets of $912,314.

 

(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 February 29, 2020.

 

Cl — Class

 

As of February 29, 2020, 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 the period ended February 29, 2020, there were no transfers in or out of 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.
87

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

Statements of Assets and Liabilities

   

US Equity
Fund

   

International
Equity Fund

   

Global Equity
Fund

   

Tax-Managed
Global Equity
Fund

 

Assets:

                               

Investments, at Value †

  $ 501,169,806     $ 273,398,919     $ 506,276,455     $ 48,902,026  

Foreign Currency, at Value ††

          898,829       794,309        

Receivable for Capital Shares Sold

    374,994       203,127       380,637       29,199  

Deposits with Broker for Futures

    188,547             78,994        

Dividends and Interest Receivable

    161,485       155,940       214,861       575  

Reclaim Receivable

    50       75,803       58,417        

Cash Collateral on Swap Contracts

          92,326              

Prepaid Expenses

    19,007       16,320       18,253       12,160  

Total Assets

    501,913,889       274,841,264       507,821,926       48,943,960  
                                 

Liabilities:

                               

Payable for Capital Shares Redeemed

    1,320,113       773,675       1,443,603        

Unrealized Depreciation on Swap Contracts

    567,592       211,342       529,146       108,975  

Unrealized Depreciation on Futures Contracts

    199,508       294,394       345,789        

Payable Due to Adviser

    122,542       91,670       130,304       3,752  

Shareholder Servicing Fees Payable

    99,661       53,687       101,598       1,920  

Chief Compliance Officer Fees Payable

    34,379       18,178       34,465       2,277  

Payable Due to Administrator

    15,202       8,014       15,141       1,415  

Audit Fees Payable

    9,663       7,363       7,363       9,663  

Transfer Agent Fees Payable

    7,156       6,615       6,586       6,792  

Trustees Fees Payable

    6,736       6,736       6,736       6,736  

Due to Broker for Futures

          447,055       202,387        

Unrealized Depreciation on Spot Currency Contracts

          9              

Other Accrued Expenses

    164,185       111,284       187,048       14,543  

Total Liabilities

    2,546,737       2,030,022       3,010,166       156,073  
                                 

Net Assets

  $ 499,367,152     $ 272,811,242     $ 504,811,760     $ 48,787,887  
                                 

† Cost of Investments

  $ 498,668,653     $ 279,775,120     $ 508,540,270     $ 51,105,502  

†† Cost of Foreign Currency

          959,379       841,907        
                                 

Net Assets Consist of:

                               

Paid-in Capital

  $ 485,661,121     $ 279,954,428     $ 500,097,717     $ 50,830,367  

Total Distributable Earnings (Loss)

    13,706,031       (7,143,186 )     4,714,043       (2,042,480 )

Net Assets

  $ 499,367,152     $ 272,811,242     $ 504,811,760     $ 48,787,887  
                                 

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

    49,367,197       27,743,245       50,318,223       4,749,793  

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

  $ 10.12     $ 9.83     $ 10.03     $ 10.27  

 

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

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

STATEMENTS OF ASSETS AND LIABILITIES

   

US Fixed
Income Fund

   

Municipal
Fixed Income
Fund

   

Global Fixed
Income Fund

   

Alternatives
Fund

 

Assets:

                               

Investments, at Value †

  $ 248,610,662     $ 18,830,788     $ 405,628,302     $ 925,456  

Dividends and Interest Receivable

    403,756       414       543,197       11  

Receivable for Capital Shares Sold

    57,002       10,792       128,604        

Receivable Due from Adviser

          3,514             7,220  

Prepaid Expenses

    22,867       11,955       17,214       11,036  

Total Assets

    249,094,287       18,857,463       406,317,317       943,723  
                                 

Liabilities:

                               

Payable for Capital Shares Redeemed

    725,951       1,078       1,206,680        

Shareholder Servicing Fees Payable

    38,987       830       71,142       295  

Payable Due to Adviser

    38,699             72,469        

Chief Compliance Officer Fees Payable

    13,634       750       23,996       59  

Audit Fees Payable

    9,663       9,663       9,663       9,663  

Trustees Fees Payable

    6,736       6,736       6,736       6,736  

Payable Due to Administrator

    6,633       497       10,846       25  

Transfer Agent Fees Payable

    6,021       6,040       5,917       5,683  

Income Distributions Payable

    3,177       103       1,399        

Other Accrued Expenses

    67,767       10,569       113,356       8,948  

Total Liabilities

    917,268       36,266       1,522,204       31,409  
                                 

Net Assets

  $ 248,177,019     $ 18,821,197     $ 404,795,113     $ 912,314  
                                 

† Cost of Investments

  $ 234,769,222     $ 18,680,798     $ 380,472,093     $ 950,307  
                                 

Net Assets Consist of:

                               

Paid-in Capital

  $ 234,280,763     $ 18,671,251     $ 379,537,248     $ 939,306  

Total Distributable Earnings (Loss)

    13,896,256       149,946       25,257,865       (26,992 )

Net Assets

  $ 248,177,019     $ 18,821,197     $ 404,795,113     $ 912,314  
                                 

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

    23,063,327       1,834,143       37,469,208       95,832  

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

  $ 10.76     $ 10.26     $ 10.80     $ 9.52  

 

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

 

 

SYMMETRY PANORAMIC TRUST
SIX MONTHS ENDED FEBRUARY 29, 2020
(Unaudited)

 

 

Statements of Operations

   

US Equity
Fund

   

International
Equity Fund

   

Global Equity
Fund

   

Tax-Managed
Global Equity
Fund

 

Investment Income:

                               

Dividend Income

  $ 4,197,809     $ 5,945,743     $ 6,862,259     $ 498,111  

Interest Income

    950                    

Less: Foreign Taxes Withheld

    (322 )     (78,261 )     (61,034 )      

Total Investment Income

    4,198,437       5,867,482       6,801,225       498,111  
                                 

Expenses:

                               

Investment Advisory Fees

    1,465,862       992,840       1,685,476       130,286  

Shareholder Servicing Fees

    303,941       161,498       306,889       13,205  

Administration Fees

    97,304       51,784       97,687       7,278  

Chief Compliance Officer Fees

    12,572       6,767       12,604       1,228  

Trustees’ Fees

    10,388       10,388       10,388       10,388  

Registration Fees

    29,623       21,235       30,126       13,577  

Custodian Fees

    28,761       61,911       77,629       1,079  

Legal Fees

    23,360       12,432       23,474       1,598  

Transfer Agent Fees

    21,287       19,228       21,100       17,547  

Offering Costs

    16,994       9,466       17,618       227  

Printing Fees

    12,835       8,392       13,930       1,061  

Audit Fees

    6,164       6,364       6,364       6,164  

Insurance and Other Expenses

    38,809       37,824       55,122       7,566  
                                 

Total Expenses

    2,067,900       1,400,129       2,358,407       211,204  

Less:

                               

Waiver of Investment Advisory Fees

    (624,897 )     (437,216 )     (754,179 )     (78,172 )

Reimbursement by Investment Adviser

    (163,706 )     (40,992 )     (213,043 )     (48,847 )

Net Expenses

    1,279,297       921,921       1,391,185       84,185  
                                 

Net Investment Income

    2,919,140       4,945,561       5,410,040       413,926  

 

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

 

 

SYMMETRY PANORAMIC TRUST
SIX MONTHS ENDED FEBRUARY 29, 2020
(Unaudited)

 

 

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 Gain (Loss) on Investments Sold

  $ 7,018,491     $ 1,560,425     $ 5,989,642     $ (18 )

Net Realized Gain on Futures Contracts

    258,672       257,586       349,671        

Net Realized Loss on Foreign Currency Transactions

          (18,127 )     (15,665 )      

Net Realized Gain Received on Distributions from Registered Investment Companies

    5,865,873             3,305,254       276,062  

Net Realized Gain on Swap Contracts

    783,862       220,785       724,285       47,780  

Net Unrealized Depreciation on Investments

    (29,966,562 )     (10,044,950 )     (24,721,985 )     (2,741,282 )

Net Unrealized Depreciation on Futures Contracts

    (240,317 )     (250,669 )     (359,776 )      

Net Unrealized Depreciation on Swap Contracts

    (712,436 )     (36,778 )     (480,933 )     (98,127 )

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

          (4,423 )     (3,451 )      

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

    (16,992,417 )     (8,316,151 )     (15,212,958 )     (2,515,585 )

Net Decrease in Net Assets Resulting from Operations

  $ (14,073,277 )   $ (3,370,590 )   $ (9,802,918 )   $ (2,101,659 )

 

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

 

 

SYMMETRY PANORAMIC TRUST
SIX MONTHS ENDED FEBRUARY 29, 2020
(Unaudited)

 

 

STATEMENTS OF OPERATIONS

   

US Fixed
Income Fund

   

Municipal
Fixed Income
Fund

   

Global Fixed
Income Fund

   

Alternatives
Fund

 

Investment Income:

                               

Dividend Income

  $ 2,566,039     $ 87,402     $ 7,356,052     $ 19,819  

Total Investment Income

    2,566,039       87,402       7,356,052       19,819  
                                 

Expenses:

                               

Investment Advisory Fees

    480,797       30,614       966,826       5,954  

Shareholder Servicing Fees

    118,368       4,699       214,561       1,214  

Administration Fees

    38,967       2,362       67,880       169  

Trustees’ Fees

    10,388       10,388       10,388       10,388  

Chief Compliance Officer Fees

    5,325       417       8,804       22  

Transfer Agent Fees

    19,067       17,122       20,071       16,910  

Registration Fees

    18,221       10,032       25,638       8,913  

Legal Fees

    9,283       520       16,421       41  

Custodian Fees

    7,199       415       12,979       35  

Offering Costs

    6,646       59       11,547       5  

Audit Fees

    6,164       6,164       6,164       6,164  

Printing Fees

    5,737       475       8,979       157  

Insurance and Other Expenses

    18,236       5,330       28,245       4,352  
                                 

Total Expenses

    744,398       88,597       1,398,503       54,324  

Less:

                               

Waiver of Investment Advisory Fees

    (213,688 )     (14,330 )     (502,005 )     (4,570 )

Reimbursement by Investment Adviser

    (92,654 )     (47,562 )     (97,012 )     (47,446 )

Net Expenses

    438,056       26,705       799,486       2,308  
                                 

Net Investment Income

    2,127,983       60,697       6,556,566       17,511  
                                 

Net Realized and Unrealized Gain (Loss) on Investments

                               

Net Realized Gain (Loss) on Investments Sold

    57,045       (53 )     303,489       58  

Net Unrealized Appreciation (Depreciation) on Investments

    3,800,251       68,772       656,310       (46,343 )

Net Realized and Unrealized Gain (Loss) on Investments

    3,857,296       68,719       959,799       (46,285 )

Net Increase (Decrease) in Net Assets Resulting from Operations

  $ 5,985,279     $ 129,416     $ 7,516,365     $ (28,774 )

 

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

 

 

SYMMETRY PANORAMIC TRUST

 

 

Statements of Changes in Net Assets

   

US Equity Fund

 
   

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period Ended
August 31,
2019*

 

Operations:

               

Net Investment Income

  $ 2,919,140     $ 4,696,228  

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

    13,926,898       2,644,925  

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

    (30,919,315 )     32,653,368  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (14,073,277 )     39,994,521  
                 

Distributions

    (10,539,740 )     (1,675,473 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    87,655,964       567,425,503  

Reinvestment of Distributions

    10,534,369       1,675,473  

Redeemed

    (80,976,617 )     (100,653,571 )

Net Class I Share Transactions

    17,213,716       468,447,405  

Net Increase in Net Assets from Share Transactions

    17,213,716       468,447,405  

Total Increase (Decrease) in Net Assets

    (7,399,301 )     506,766,453  
                 

Net Assets:

               

Beginning of Period

    506,766,453        

End of Period

  $ 499,367,152     $ 506,766,453  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    7,808,658       57,531,373  

Reinvestment of Distributions

    929,777       184,118  

Redeemed

    (7,267,461 )     (9,819,268 )

Net Increase in Shares Outstanding from Share Transactions

    1,470,974       47,896,223  

 

*

The Fund commenced operations on November 12, 2018.

 

Amounts designated as “—” are $0.

 

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

 

 

SYMMETRY PANORAMIC TRUST

 

 

Statements of Changes in Net Assets

   

International Equity Fund

 
   

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period Ended
August 31,
2019*

 

Operations:

               

Net Investment Income

  $ 4,945,561     $ 5,237,469  

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

    2,020,669       (1,862,476 )

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

    (10,336,820 )     3,390,715  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (3,370,590 )     6,765,708  
                 

Distributions

    (8,354,916 )     (2,183,388 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    47,072,482       308,823,565  

Reinvestment of Distributions

    8,351,570       2,183,388  

Redeemed

    (35,786,811 )     (50,689,766 )

Net Class I Share Transactions

    19,637,241       260,317,187  

Net Increase in Net Assets from Share Transactions

    19,637,241       260,317,187  

Total Increase in Net Assets

    7,911,735       264,899,507  
                 

Net Assets:

               

Beginning of Period

    264,899,507        

End of Period

  $ 272,811,242     $ 264,899,507  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    4,319,961       30,665,775  

Reinvestment of Distributions

    758,544       226,024  

Redeemed

    (3,325,733 )     (4,901,326 )

Net Increase in Shares Outstanding from Share Transactions

    1,752,772       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

 
   

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period Ended
August 31,
2019*

 

Operations:

               

Net Investment Income

  $ 5,410,040     $ 6,963,178  

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

    10,353,187       207,454  

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

    (25,566,145 )     22,377,176  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (9,802,918 )     29,547,808  
                 

Distributions

    (12,370,350 )     (2,660,497 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    82,574,637       578,259,771  

Reinvestment of Distributions

    12,369,739       2,660,497  

Redeemed

    (75,393,182 )     (100,373,745 )

Net Class I Share Transactions

    19,551,194       480,546,523  

Net Increase in Net Assets from Share Transactions

    19,551,194       480,546,523  

Total Increase (Decrease) in Net Assets

    (2,622,074 )     507,433,834  
                 

Net Assets:

               

Beginning of Period

    507,433,834        

End of Period

  $ 504,811,760     $ 507,433,834  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    7,432,765       58,111,094  

Reinvestment of Distributions

    1,101,690       285,155  

Redeemed

    (6,855,872 )     (9,756,609 )

Net Increase in Shares Outstanding from Share Transactions

    1,678,583       48,639,640  

 

*

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

   

Tax-Managed Global Equity
Fund

 
   

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period Ended
August 31,
2019*

 

Operations:

               

Net Investment Income

  $ 413,926     $ 106,628  

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

    323,824       (31,975 )

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

    (2,839,409 )     526,958  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (2,101,659 )     601,611  
                 

Distributions

    (539,136 )     (3,296 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    27,634,450       28,640,183  

Reinvestment of Distributions

    526,015       3,296  

Redeemed

    (3,966,354 )     (2,007,223 )

Net Class I Share Transactions

    24,194,111       26,636,256  

Net Increase in Net Assets from Share Transactions

    24,194,111       26,636,256  

Total Increase in Net Assets

    21,553,316       27,234,571  
                 

Net Assets:

               

Beginning of Period

    27,234,571        

End of Period

  $ 48,787,887     $ 27,234,571  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    2,457,701       2,783,966  

Reinvestment of Distributions

    45,740       353  

Redeemed

    (349,274 )     (188,693 )

Net Increase in Shares Outstanding from Share Transactions

    2,154,167       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.
96

 

 

SYMMETRY PANORAMIC TRUST

 

 

STATEMENTS OF CHANGES IN NET ASSETS

   

US Fixed Income Fund

 
   

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period Ended
August 31,
2019*

 

Operations:

               

Net Investment Income

  $ 2,127,983     $ 2,977,009  

Net Realized Gain on Investments

    57,045       146,607  

Net Unrealized Appreciation on Investments

    3,800,251       10,041,189  

Net Increase in Net Assets Resulting from Operations

    5,985,279       13,164,805  
                 

Distributions

    (2,277,549 )     (2,976,279 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    66,898,849       235,234,437  

Reinvestment of Distributions

    2,271,087       2,976,247  

Redeemed

    (26,274,895 )     (46,824,962 )

Net Class I Share Transactions

    42,895,041       191,385,722  

Net Increase in Net Assets from Share Transactions

    42,895,041       191,385,722  

Total Increase in Net Assets

    46,602,771       201,574,248  
                 

Net Assets:

               

Beginning of Period

    201,574,248        

End of Period

  $ 248,177,019     $ 201,574,248  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    6,339,052       23,256,893  

Reinvestment of Distributions

    214,448       287,747  

Redeemed

    (2,485,194 )     (4,549,619 )

Net Increase in Shares Outstanding from Share Transactions

    4,068,306       18,995,021  

 

*

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 TRUST

 

 

STATEMENTS OF CHANGES IN NET ASSETS

   

Municipal Fixed Income Fund

 
   

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period Ended
August 31,
2019*

 

Operations:

               

Net Investment Income

  $ 60,697     $ 38,463  

Net Realized Loss on Investments

    (53 )     (149 )

Net Unrealized Appreciation on Investments

    68,772       81,218  

Net Increase in Net Assets Resulting from Operations

    129,416       119,532  
                 

Distributions

    (60,863 )     (38,139 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    11,657,565       9,841,507  

Reinvestment of Distributions

    60,599       37,879  

Redeemed

    (1,608,098 )     (1,318,201 )

Net Class I Share Transactions

    10,110,066       8,561,185  

Net Increase in Net Assets from Share Transactions

    10,110,066       8,561,185  

Total Increase in Net Assets

    10,178,619       8,642,578  
                 

Net Assets:

               

Beginning of Period

    8,642,578        

End of Period

  $ 18,821,197     $ 8,642,578  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    1,140,857       970,457  

Reinvestment of Distributions

    5,927       3,723  

Redeemed

    (157,218 )     (129,603 )

Net Increase in Shares Outstanding from Share Transactions

    989,566       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.
98

 

 

SYMMETRY PANORAMIC TRUST

 

 

STATEMENTS OF CHANGES IN NET ASSETS

   

Global Fixed Income Fund

 
   

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period Ended
August 31,
2019*

 

Operations:

               

Net Investment Income

  $ 6,556,566     $ 6,779,255  

Net Realized Gain on Investments

    303,489       484,192  

Net Unrealized Appreciation on Investments

    656,310       24,499,899  

Net Increase in Net Assets Resulting from Operations

    7,516,365       31,763,346  
                 

Distributions

    (7,244,397 )     (6,777,449 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    73,622,430       404,450,934  

Reinvestment of Distributions

    7,238,747       6,776,920  

Redeemed

    (44,924,497 )     (67,627,286 )

Net Class I Share Transactions

    35,936,680       343,600,568  

Net Increase in Net Assets from Share Transactions

    35,936,680       343,600,568  

Total Increase in Net Assets

    36,208,648       368,586,465  
                 

Net Assets:

               

Beginning of Period

    368,586,465        

End of Period

  $ 404,795,113     $ 368,586,465  
                 

Share Transactions:

               

Class I Shares:

               

Issued

    6,927,206       39,942,278  

Reinvestment of Distributions

    683,873       662,692  

Redeemed

    (4,203,633 )     (6,543,208 )

Net Increase in Shares Outstanding from Share Transactions

    3,407,446       34,061,762  

 

*

The Fund commenced operations on November 12, 2018.

 

Amounts designated as “—” are $0.

 

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

 

 

SYMMETRY PANORAMIC TRUST

 

 

STATEMENTS OF CHANGES IN NET ASSETS

   

Alternatives Fund

 
   

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period Ended
August 31,
2019*

 

Operations:

               

Net Investment Income

  $ 17,511     $ 963  

Net Realized Gain (Loss) on Investments

    58       (1,451 )

Net Unrealized Appreciation (Depreciation) on Investments

    (46,343 )     21,492  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (28,774 )     21,004  
                 

Distributions

    (16,931 )     (2,291 )
                 

Capital Share Transactions:

               

Class I Shares:

               

Issued

    6,344       849,369  

Reinvestment of Distributions

    16,931       2,291  

Redeemed

    (10 )     (35,619 )

Net Class I Share Transactions

    23,265       816,041  

Net Increase in Net Assets from Share Transactions

    23,265       816,041  

Total Increase (Decrease) in Net Assets

    (22,440 )     834,754  
                 

Net Assets:

               

Beginning of Period

    934,754       100,000  

End of Period

  $ 912,314     $ 934,754  
                 

Share Transactions:

               

Class I Shares:

               

Issued (**including 10,000 seed shares)

    640       96,842 **

Reinvestment of Distributions

    1,754       239  

Redeemed

    (1 )     (3,642 )

Net Increase in Shares Outstanding from Share Transactions

    2,393       93,439  

 

*

The Fund commenced operations on November 12, 2018.

 

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

 

 

SYMMETRY PANORAMIC US EQUITY FUND

 

 

Financial Highlights

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period
Ended
August 31,
2019*

 

Net Asset Value, Beginning of Period

  $ 10.58     $ 10.00  

Income (Loss) from Operations:

               

Net Investment Income(1)

    0.06       0.11  

Net Realized and Unrealized Gain (Loss)

    (0.30 )     0.51  

Total from Operations

    (0.24 )     0.62  

Dividends and Distributions:

               

Net Investment Income

    (0.12 )     (0.04 )

Net Realized Gain

    (0.10 )      

Total Dividends and Distributions

    (0.22 )     (0.04 )

Net Asset Value, End of Period

  $ 10.12     $ 10.58  

Total Return†

    (2.43 )%     6.26 %

Ratios and Supplemental Data

               

Net Assets, End of Period (Thousands)

  $ 499,367     $ 506,766  

Ratio of Expenses to Average Net Assets(2)

    0.48 %**     0.48 %**

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

    0.78 %**     0.82 %**

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

    1.10 %**     1.32 %**

Portfolio Turnover Rate

    19 %***     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.

Amounts designated as “—” are $0.

 

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

 

 

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period
Ended
August 31,
2019*

 

Net Asset Value, Beginning of Period

  $ 10.19     $ 10.00  

Income (Loss) from Operations:

               

Net Investment Income(1)

    0.19       0.23  

Net Realized and Unrealized Gain (Loss)

    (0.22 )     0.06  

Total from Operations

    (0.03 )     0.29  

Dividends and Distributions:

               

Net Investment Income

    (0.33 )     (0.10 )

Total Dividends and Distributions

    (0.33 )     (0.10 )

Net Asset Value, End of Period

  $ 9.83     $ 10.19  

Total Return†

    (0.67 )%     2.93 %

Ratios and Supplemental Data

               

Net Assets, End of Period (Thousands)

  $ 272,811     $ 264,900  

Ratio of Expenses to Average Net Assets(2)

    0.65 %**     0.65 %**

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

    0.99 %**     1.04 %**

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

    3.49 %**     2.72 %**

Portfolio Turnover Rate

    19 %***     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.
102

 

 

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period
Ended
August 31,
2019*

 

Net Asset Value, Beginning of Period

  $ 10.43     $ 10.00  

Income (Loss) from Operations:

               

Net Investment Income(1)

    0.11       0.16  

Net Realized and Unrealized Gain (Loss)

    (0.25 )     0.33  

Total from Operations

    (0.14 )     0.49  

Dividends and Distributions:

               

Net Investment Income

    (0.21 )     (0.06 )

Net Realized Gain

    (0.05 )      

Total Dividends and Distributions

    (0.26 )     (0.06 )

Net Asset Value, End of Period

  $ 10.03     $ 10.43  

Total Return†

    (1.59 )%     4.99 %

Ratios and Supplemental Data

               

Net Assets, End of Period (Thousands)

  $ 504,812     $ 507,434  

Ratio of Expenses to Average Net Assets(2)

    0.52 %**     0.52 %**

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

    0.88 %**     0.93 %**

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

    2.03 %**     1.92 %**

Portfolio Turnover Rate

    19 %***     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.

Amounts designated as “—” are $0.

 

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

 

 

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period
Ended
August 31,
2019*

 

Net Asset Value, Beginning of Period

  $ 10.49     $ 10.00  

Income (Loss) from Operations:

               

Net Investment Income(1)

    0.12       0.08  

Net Realized and Unrealized Gain (Loss)

    (0.20 )     0.44  

Total from Operations

    (0.08 )     0.52  

Dividends and Distributions:

               

Net Investment Income

    (0.14 )     (0.03 )

Total Dividends and Distributions

    (0.14 )     (0.03 )

Net Asset Value, End of Period

  $ 10.27     $ 10.49  

Total Return†

    (0.89 )%     5.20 %

Ratios and Supplemental Data

               

Net Assets, End of Period (Thousands)

  $ 48,788     $ 27,235  

Ratio of Expenses to Average Net Assets(2)

    0.42 %**     0.42 %**

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

    1.06 %**     1.72 %**

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

    2.07 %**     0.98 %**

Portfolio Turnover Rate

    0 %***     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.
104

 

 

SYMMETRY PANORAMIC US FIXED INCOME FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period
Ended
August 31,
2019*

 

Net Asset Value, Beginning of Period

  $ 10.61     $ 10.00  

Income from Operations:

               

Net Investment Income(1)

    0.10       0.18  

Net Realized and Unrealized Gain

    0.16       0.59  

Total from Operations

    0.26       0.77  

Dividends and Distributions:

               

Net Investment Income

    (0.10 )     (0.16 )

Net Realized Gain

    (0.01 )      

Total Dividends and Distributions

    (0.11 )     (0.16 )

Net Asset Value, End of Period

  $ 10.76     $ 10.61  

Total Return†

    2.49 %     7.75 %

Ratios and Supplemental Data

               

Net Assets, End of Period (Thousands)

  $ 248,177     $ 201,574  

Ratio of Expenses to Average Net Assets(2)

    0.41 %**     0.41 %**

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

    0.70 %**     0.75 %**

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

    2.00 %**     2.15 %**

Portfolio Turnover Rate

    5 %***     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.

Amounts designated as “—” are $0.

 

The accompanying notes are an integral part of the financial statements.
105

 

 

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period
Ended
August 31,
2019*

 

Net Asset Value, Beginning of Period

  $ 10.23     $ 10.00  

Income from Operations:

               

Net Investment Income(1)

    0.05       0.09  

Net Realized and Unrealized Gain

    0.03       0.22  

Total from Operations

    0.08       0.31  

Dividends and Distributions:

               

Net Investment Income

    (0.05 )     (0.08 )

Total Dividends and Distributions

    (0.05 )     (0.08 )

Net Asset Value, End of Period

  $ 10.26     $ 10.23  

Total Return†

    0.74 %     3.10 %

Ratios and Supplemental Data

               

Net Assets, End of Period (Thousands)

  $ 18,821     $ 8,643  

Ratio of Expenses to Average Net Assets(2)

    0.41 %**     0.41 %**

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

    1.36 %**     3.23 %**

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

    0.93 %**     1.10 %**

Portfolio Turnover Rate

    0 %***     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.
106

 

 

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period
Ended
August 31,
2019*

 

Net Asset Value, Beginning of Period

  $ 10.82     $ 10.00  

Income from Operations:

               

Net Investment Income(1)

    0.19       0.23  

Net Realized and Unrealized Gain

          0.81  

Total from Operations

    0.19       1.04  

Dividends and Distributions:

               

Net Investment Income

    (0.19 )     (0.22 )

Net Realized Gain

    (0.02 )      

Total Dividends and Distributions

    (0.21 )     (0.22 )

Net Asset Value, End of Period

  $ 10.80     $ 10.82  

Total Return†

    1.81 %     10.58 %

Ratios and Supplemental Data

               

Net Assets, End of Period (Thousands)

  $ 404,795     $ 368,586  

Ratio of Expenses to Average Net Assets(2)

    0.43 %**     0.43 %**

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

    0.75 %**     0.79 %**

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

    3.53 %**     2.75 %**

Portfolio Turnover Rate

    3 %***     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.

Amounts designated as “—” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.
107

 

 

SYMMETRY PANORAMIC ALTERNATIVES FUND

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

 

Class I Shares

 

Six Months
Ended
February 29,
2020
(Unaudited)

   

Period
Ended
August 31,
2019*

 

Net Asset Value, Beginning of Period

  $ 10.00     $ 10.00  

Income (Loss) from Operations:

               

Net Investment Income(1)

    0.19       0.03  

Net Realized and Unrealized Gain (Loss)

    (0.49 )     0.20  

Total from Operations

    (0.30 )     0.23  

Dividends and Distributions:

               

Net Investment Income

    (0.18 )     (0.23 )

Total Dividends and Distributions

    (0.18 )     (0.23 )

Net Asset Value, End of Period

  $ 9.52     $ 10.00  

Total Return†

    (3.02 )%     2.39 %

Ratios and Supplemental Data

               

Net Assets, End of Period (Thousands)

  $ 912     $ 935  

Ratio of Expenses to Average Net Assets(2)

    0.50 %**     0.50 %**

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

    11.79 %**     31.15 %**

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

    3.80 %**     0.33 %**

Portfolio Turnover Rate

    5 %***     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.
108

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

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: Avantis Funds, SSGA Active ETF Trust, American Century ETF Trust, AQR Funds, Dimensional Fund Advisors LP (DFA), iShares Funds, JPMorgan Asset Management and Vanguard Funds. The Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund also utilize a fund of funds structure by investing in certain underlying investment companies, but also utilize a sub-adviser and invest directly in securities and other instruments issued by operating companies and other issuers. Symmetry Partners, LLC serves as the Funds’ investment adviser (the “Adviser”), and AQR Capital Management LLC provides sub-advisory services to each of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund. 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.

 


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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”).

 

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.

 


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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.

 

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

 


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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 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.

 


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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.

 

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 February 29, 2020, 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 February 29, 2020, 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

 


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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 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 February 29, 2020. 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 February 29, 2020.

 

For the period ended February 29, 2020, 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

  $ 2,398,368     $ 5,168,576     $ 5,364,294  

Ending Monthly Notional Balance Long

    2,707,943       5,134,944       5,629,164  

 


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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.

 

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

 


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its investment strategy. As of February 29, 2020, 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”).

 

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 February 29, 2020, 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

  $ 5,848,538     $ 3,204,115     $ 5,773,614     $ 845,818  

Ending Monthly Notional Balance Long

    3,669,818       1,822,708       3,574,749       942,826  

 


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For the period ended February 29, 2020, 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, 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

 


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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.

 

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.

 


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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 which were amortized to expense over a twelve month period. As of February 29, 2020, the offering costs were fully amortized.

 

3. Transactions with Affiliates:

 

Certain officers of the Trust are also employees of the Administrator, a wholly-owned subsidiary of SEI Investments Company, SEI Investments Distribution Co. (the “Distributor”) and/or Atlantic Consulting Services, LLC (now part of the Apex Group Ltd.) (“Atlantic Consulting”). Such officers are paid no fees directly by the Trust for serving as officers of the Trust.

 

The services provided by the Chief Compliance Officer (“CCO”) and the CCO’s staff, who are employees of Atlantic Consulting are paid for by the Trust as incurred pursuant to a Compliance Services Agreement between the Trust and Atlantic Fund Services. 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 February 29, 2020, the Funds were charged as follows for these services:

 

Fund

 

Administration
Fee

 

Symmetry Panoramic US Equity Fund

  $ 97,304  

Symmetry Panoramic International Equity Fund

    51,784  

Symmetry Panoramic Global Equity Fund

    97,687  

Symmetry Panoramic Tax-Managed Global Equity Fund

    7,278  

Symmetry Panoramic US Fixed Income Fund

    38,967  

Symmetry Panoramic Municipal Fixed Income Fund

    2,362  

Symmetry Panoramic Global Fixed Income Fund

    67,880  

Symmetry Panoramic Alternatives Fund

    169  

 


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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.

 

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.

 


120

 

 

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FEBRUARY 29, 2020
(Unaudited)

 

 

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 December 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 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 December 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%

 


121

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

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.

 

As of February 29, 2020, the following amounts of waivers/reimbursements subject to recoupment (expiring in 2023):

 

Symmetry Panoramic US Equity Fund

  $ 163,706  

Symmetry Panoramic International Equity Fund

    40,992  

Symmetry Panoramic Global Equity Fund

    213,043  

Symmetry Panoramic Tax-Managed Global Equity Fund

    48,847  

Symmetry Panoramic US Fixed Income Fund

    92,654  

Symmetry Panoramic Municipal Fixed Income Fund

    47,562  

Symmetry Panoramic Global Fixed Income Fund

    97,012  

Symmetry Panoramic Alternatives Fund

    47,446  

 

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 February 29, 2020, were as follows:

 

 

 

Purchases

   

Sales and
Maturities

 

Symmetry Panoramic US Equity Fund

  $ 115,478,576     $ 95,219,214  

Symmetry Panoramic International Equity Fund

    70,316,979       51,256,828  

Symmetry Panoramic Global Equity Fund

    118,751,721       98,122,697  

Symmetry Panoramic Tax-Managed Global Equity Fund

    23,804,470        

Symmetry Panoramic US Fixed Income Fund

    54,901,164       10,961,829  

 


122

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

 

 

Purchases

   

Sales and
Maturities

 

Symmetry Panoramic Municipal Fixed Income Fund

  $ 9,916,538     $ 53,015  

Symmetry Panoramic Global Fixed Income Fund

    49,994,681       10,518,957  

Symmetry Panoramic Alternatives Fund

    46,823       42,608  

 

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  

 


123

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

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.

 


124

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

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 February 29, 2020, were as follows:

 

 

 

Federal
Tax Cost

   

Aggregate
Gross
Unrealized
Appreciation

   

Aggregate
Gross
Unrealized
Depreciation

   

Net
Unrealized
Appreciation/
(Depreciation)

 

Symmetry Panoramic US Equity Fund

  $ 498,668,653     $ 19,661,826     $ (17,160,673 )   $ 2,501,153  

Symmetry Panoramic International Equity Fund

    279,775,120       5,983,313       (12,359,514 )     (6,376,201 )

Symmetry Panoramic Global Equity Fund

    508,540,270       16,580,362       (18,844,177 )     (2,263,815 )

Symmetry Panoramic Tax-Managed Global Equity Fund

    51,105,502       4,897       (2,208,373 )     (2,203,476 )

Symmetry Panoramic US Fixed Income Fund

    234,769,222       13,841,440             13,841,440  

Symmetry Panoramic Municipal Fixed Income Fund

    18,680,798       149,990             149,990  

 


125

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

 

 

Federal
Tax Cost

   

Aggregate
Gross
Unrealized
Appreciation

   

Aggregate
Gross
Unrealized
Depreciation

   

Net
Unrealized
Appreciation/
(Depreciation)

 

Symmetry Panoramic Global Fixed Income Fund

  $ 380,472,093     $ 25,267,844     $ (111,635 )   $ 25,156,209  

Symmetry Panoramic Alternatives Fund

    950,307       11,007       (35,858 )     (24,851 )

 

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

 


126

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

 

US Equity

International
Equity

Global
Equity

Tax-
Managed
Global
Equity

US Fixed
Income

Municipal
Fixed
Income

Global
Fixed
Income

Alternatives

China A-Shares and China Stock Connect Risk

 

       

Commodities Risk

 

 

 

 

 

 

 

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

 

 

 

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

 

 

 

 


127

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

 

US Equity

International
Equity

Global
Equity

Tax-
Managed
Global
Equity

US Fixed
Income

Municipal
Fixed
Income

Global
Fixed
Income

Alternatives

IPO and SEO Risk

 

 

 

 

 

 

 

Leveraging Risk

Litigation and Enforcement Risk

 

 

 

 

 

 

 

Liquidity Risk

Management Risk

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

 

 

 

 


128

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

General Risks of Investing in Underlying Funds — Because each Fund invests in Underlying Funds that invest directly in securities and other instruments, the Fund’s shareholders will be affected by the investment policies of the Underlying Funds in direct proportion to the amount of assets the 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 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 the 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 the 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 may also invest in real estate securities, commodity-related securities and money market investments.

 

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.

 

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 the 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.

 


129

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

Asset Allocation Risk — The risk that the selection by the Adviser of the Underlying Funds and the allocation of the 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 the 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.

 

Borrowing Risk — While the Funds do not anticipate doing so, other than for cash management, the Funds may borrow money for investment purposes. Borrowing for investment purposes is one form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk, but also increases investment opportunity. Because substantially all of a Fund’s assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the net asset value per share of the Fund will increase more when the Fund’s portfolio assets increase in value and decrease more when the Fund’s portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. The Funds may use leverage during periods when the Adviser believes that a Fund’s investment objective would be furthered.

 

Cash Management Strategies — Although the Funds will generally invest substantially all of their 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,

 


130

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

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.

 

China A-Shares and China Stock Connect Risk — The Funds with international exposures may invest in eligible renminbi-denominated shares of mainland China-based companies that trade on Chinese stock markets such as the Shanghai Stock Exchange and the Shenzen Stock Exchange (referred to as “China A-Shares”) through the Shanghai and Shenzen–Hong Kong Stock Connect Programs (“Stock Connect” or “Stock Connect Programs”). Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a Qualified Foreign Institutional Investor (QFII) or a Renminbi QFII (RQFII) and through the Stock Connect Programs. A fund’s ownership of China A-Shares will be reflected on its custodian’s records but the fund itself will have only beneficial rights in such China A-Shares. The precise nature and rights of a fund as a beneficial owner of China A-Shares in this context is not well defined and may expose a fund to the credit risk of its custodian or to greater risk of expropriation. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. These risks could cause volatility in the price of a Fund and could adversely affect the Fund.

 

Commodities Risk — Exposure to commodities markets may subject the 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, and 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 securities in which the Fund may invest may be issued by companies in the financial

 


131

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

services sector, including the banking, brokerage and insurance sectors. As a result, events affecting issuers in the financial services sector may cause the 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 the 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 for Funds with international exposures that foreign currencies will increase in value relative to the U.S. dollar and adversely affect the dollar value of the 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 the 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 a decline in the value of the local currency relative to the U.S. dollar will not be earned by the Fund investor.

 

Cybersecurity Risk — With the increased use of the Internet and because information technology systems and digital data underlie most of the Fund’s operations, the 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. This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data

 


132

 

 

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

 

 

maintained online or digitally, (ii) gain unauthorized access to or release confidential information, (iii) shut down the 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 — The 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. The 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 the 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, the Fund’s use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.

 

Derivative instruments are also subject to the risk that the market value of an instrument will change to the detriment of the Fund. If the Adviser inaccurately forecast the values of securities, interest rates or other economic factors in using derivatives, the 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

 


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reduce the opportunity for gain or result in losses by offsetting favorable price movements in other investments held by the Fund. The 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, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the 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 the Fund’s evaluation of the risks and anticipated outcome of an investment in a distressed security should prove incorrect, the 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 with international exposure’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 the 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

 


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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.

 

Because of these risk factors, the 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 — For Funds that invest in equity securities, such 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. The 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. The Fund may be adversely affected by events or developments negatively impacting the financial sector.

 

Fixed Income Securities Risk — Fixed income securities held by the 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

 


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volatility of fixed income securities. The Fund may lose money if short-term or long-term interest rates rise sharply. Moreover, new regulations applicable to and changing business 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. The 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, the 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 the Fund may not be able to sell a security or close out an investment contract when it wants to. If this happens, the 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

 


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asset-backed securities with lower payment rates. This is known as extension risk and may increase the Fund’s sensitivity to rising rates and its potential for price declines.

 

 

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 — For Funds with international exposures, 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 the 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

 


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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.

 

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.

 


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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 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 an 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 forward and futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the 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) an 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 the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the 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. 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.

 

Futures Contract Risk — The successful use of futures contracts draws upon the Adviser’s or Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund’s net asset value and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s or Sub-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 the Fund has

 


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insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

 

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 the Fund’s investments more than if the 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, 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 the Fund’s performance.

 

Index Tracking Error Risk — The performance of an Underlying Fund and its index may differ from each other for a variety of reasons. For example, an Underlying Fund that is index-based in which the Fund invests incurs operating expenses and portfolio transaction costs not incurred by the Underlying Fund’s index. In addition, the Underlying 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 the Fund. The

 


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risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The 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. The 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 the 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 is 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 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 the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used for the 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. The 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 the Fund to achieve its investment objective.

 


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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 (“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 or Underlying 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.

 

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

 


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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 the 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 the Fund invested engages in such violations, that Fund could be exposed to losses.

 

Management Risk — The net asset value of the 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 the 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 the 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 the Fund, creating potential conflicts of interest when making decisions regarding which investments may be appropriate for the Fund and other clients. Further information regarding conflicts of interest is available in the SAI.

 

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.

 


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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 may also require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and such issuers 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 the 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 the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

 

Market Events Risk — An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) was first detected in China in late 2019 and subsequently spread globally. The impact of the outbreak has been rapidly evolving, and cases of the virus have continued to be identified in most developed and emerging countries throughout the world. The transmission of COVID-19 and efforts to contain its spread have resulted in significant disruptions to business operations, supply chains and customer activity, widespread business closures and layoffs, international, national and local border closings, extended quarantines and stay-at-home orders, event cancellations, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, as well as general concern and uncertainty that has negatively affected the global economy. These circumstances are evolving, and further developments could result in additional disruptions and uncertainty. These impacts also have caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 pandemic may last for an extended period of time and could result in a substantial economic downturn or recession.

 

Health crises caused by pandemics, such as the COVID-19 outbreak, may exacerbate other pre-existing political, social, economic, and financial risks. The impact of the coronavirus outbreak, and other epidemics and pandemics that may arise in the future, could result in a general decline in the global economy, and negatively affect the performance of individual countries, industries, or sectors in significant and unforeseen ways. Deteriorating

 


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(Unaudited)

 

 

economic fundamentals may in turn increase the risk of default or insolvency of particular companies, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. All of these risks may have a material adverse effect on the performance and financial condition of the securities in which the Funds invest, and on the overall performance of a Fund.

 

The U.S. federal government and certain foreign central banks have taken a variety of unprecedented actions to stimulate the economy and calm the financial markets. For example, in March 2020, the U.S. government adopted the largest economic stimulus package in recent history, estimated at $2 trillion, which is aimed at supporting American workers and businesses adversely affected by economic upheaval stemming from the COVID-19 pandemic. The law provides for loans and other disbursements to a wide swath of the economy, including direct payments to Americans and loans to large and small companies, as well as expanding unemployment insurance. The ultimate effect of these efforts is not yet known, and they may not be successful.

 

In the future, the U.S. federal government or other governments may take actions that could affect the overall economy as well as the securities in which the Funds invest, the markets in which they trade, or the issuers of such securities, in ways that are unforeseen. Governmental and quasi-governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve (the “Fed”), have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates. Certain of those policy changes have been or are being implemented or considered in response to the COVID-19 pandemic. The Fed has spent hundreds of billions of dollars to keep credit flowing through short-term money markets since mid-September 2019 when a shortage of liquidity caused a spike in overnight borrowing rates, and again in 2020 with large stimulus initiatives intended to respond to economic stresses stemming from the COVID-19 pandemic. The Fed has signaled that it plans to maintain its interventions at an elevated level. Changes in government policies or central banks could negatively affect the value and liquidity of a Fund’s investments and cause it to lose money, and there can be no assurance that the initiatives undertaken by governments and central banks will be successful.

 

The COVID-19 outbreak, and future pandemics, could also impair the information technology and other operational systems upon which the Adviser or a sub-adviser relies, and could otherwise disrupt the ability of a Fund’s service providers to perform essential tasks. Such impacts could impair a Fund’s ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of a Fund’s service providers, and negatively impact a Fund’s performance. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately value its investments.

 


145

 

 

SYMMETRY PANORAMIC TRUST
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Markets generally and the energy sector specifically have also been adversely impacted by reduced demand for oil and other energy commodities as a result of the slowdown in economic activity resulting from the spread of the coronavirus and by price competition among key oil producing countries.

 

Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in, or foreign exchange rates with, a different country or region. The rise in protectionist trade policies, and changes to some major international trade agreements and the potential for changes to others, could affect the economies of many countries in ways that cannot necessarily be foreseen at the present time. Political and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Financial markets in the United States and China have been sensitive to the outlook for resolving ongoing U.S.-China trade disputes.

 

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. Interest rates have been unusually low in recent years in the United States and abroad, and central banks have reduced rates further in an effort to combat the economic effects of the COVID-19 pandemic. Because there is little precedent for this situation, it is difficult to predict the impact on various markets of a significant rate change or other significant policy initiatives, whether brought about by U.S. policy makers or by dislocations in world markets. Extremely low or negative interest rates may become more prevalent. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Similarly, negative rates on investments by a fund that is a money market fund would make it difficult for the fund to maintain a stable $1 net asset value per share without financial support from the fund’s sponsor or other persons. There is no assurance that such support would be provided, which could lead to losses on investments in the fund, including on investments by a Fund that uses the fund as an investment option for the Fund’s uninvested cash. While negative yields may reduce the demand, liquidity and valuation of fixed income investments, investors may be willing to continue to purchase such investments for a number of reasons, including, but not limited to, price insensitivity, arbitrage opportunities across fixed income markets or rules-based investment strategies. If negative interest rates become more prevalent, investors may over time seek to reallocate assets to other income-producing assets or equity investments that pay a dividend, which may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time. Over the longer term, rising interest rates may present a greater risk than has historically been the case due to the current period of low rates and the effect of government fiscal policy initiatives and potential market reaction to those initiatives.

 

Some countries, including the United States, are adopting more protectionist trade policies and moving away from the tighter financial industry regulations that followed the 2008 financial crisis. The United States is also said to be considering significant new investments

 


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in infrastructure, national defense and other spending priorities which, coupled with lower federal tax rates, could lead to sharply increased government borrowing and higher interest rates. The exact shape of these policies is still being worked out through the political process, but the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.

 

The implementation and the resulting impact of the United Kingdom’s January 31, 2020 departure from the European Union (the “EU”), commonly referred to as “Brexit,” remain uncertain. The effect on the economies of the United Kingdom and the EU will likely depend on the nature of trade relations between the United Kingdom and the EU and other major economies following Brexit, which are subject to negotiation. During a transition period that will extend to December 2020, and that can be extended for an additional period, the United Kingdom will have access to the EU single market and be subject to EU regulation. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the United Kingdom and European economies.

 

In addition, global climate change may have an adverse effect on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a storm-driven increase in flooding could cause coastal properties to lose value or become unmarketable altogether. Large wildfires driven by high winds and prolonged drought may devastate entire communities and may be very costly to any business found to be responsible for the fire or conducting operations in affected areas. These losses could adversely affect corporate borrowers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax revenues and tourist dollars generated by such properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities. Since property and security values are driven largely by buyers’ perceptions, it is difficult to know the time period over which these effects might unfold. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may never recover their value.

 

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 the 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.

 


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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”) 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

 


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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 Secured Overnight Financing Rate (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.

 

Restricted Securities — The 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, the 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 the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the 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 the 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 the 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 the 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 the Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, the 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 the Fund may be deemed illiquid.

 


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Securities Lending Risk — To realize additional income, a Fund may lend portfolio securities with a value of up to 33⅓% of the Fund’s total assets, including any collateral received from the loans. The 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 the 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. The 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 the Fund may be less than the value of the securities on loan. The 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.

 

Short Sales Risk — The 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. The 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 the 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 the 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 the Fund may enter into short positions, and may hinder the 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

 


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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 Investment Company Act of 1940 (the “1940 Act”) and generally is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls 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 the Funds’ income may be subject to the federal alternative minimum tax, which could reduce the Fund’s after-tax returns. In addition, there is no guarantee that all of the Fund’s income will remain exempt from federal or state or local income taxes. Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service (“IRS”) or state tax authorities, or non-compliant conduct of a bond issuer. The Fund may sell securities that lose their tax-exempt statuses at inopportune times, which may cause tax consequences or a decrease in the Fund’s value.

 

Tax Risk — The federal income tax treatment of the complex securities in which 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

 


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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 the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.

 

Tax-Managed Investing Risk - Market conditions may limit the Fund’s ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although the 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 the Fund could receive for a security may differ from the 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 the Fund may be traded on non-U.S. exchanges, and non-U.S. exchanges may be open on days when the Fund does not price its shares, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.

 


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

 

9. Other:

 

As of February 29, 2020, 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

83.05%

Symmetry Panoramic International Equity Fund

1

83.33%

Symmetry Panoramic Global Equity Fund

1

84.41%

Symmetry Panoramic Tax-Managed Global Equity Fund

5

86.50%

Symmetry Panoramic US Fixed Income Fund

2

90.31%

Symmetry Panoramic Municipal Fixed Income Fund

4

83.06%

Symmetry Panoramic Global Fixed Income Fund

1

81.58%

Symmetry Panoramic Alternatives Fund

2

95.71%

 

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. 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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11. 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 February 29, 2020, except as follows:

 

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments, including those held by the Fund.

 


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Disclosure of Fund Expenses

 

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 September 1, 2019 to February 29, 2020.

 

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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DISCLOSURE OF FUND EXPENSES - continued

 

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
9/1/19

Ending
Account
Value
2/29/20

Annualized
Expense
Ratios

Expenses
Paid
During
Period*

Symmetry Panoramic US Equity Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 975.70

0.48%

$ 2.36

Hypothetical 5% Return

$ 1,000.00

$ 1,022.48

0.48%

$ 2.41

Symmetry Panoramic International Equity Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 993.30

0.65%

$ 3.22

Hypothetical 5% Return

$ 1,000.00

$ 1,021.63

0.65%

$ 3.27

Symmetry Panoramic Global Equity Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 984.10

0.52%

$ 2.57

Hypothetical 5% Return

$ 1,000.00

$ 1,022.28

0.52%

$ 2.61

Symmetry Panoramic Tax-Managed Global Equity Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 991.10

0.42%

$ 2.08

Hypothetical 5% Return

$ 1,000.00

$ 1,022.77

0.42%

$ 2.11

Symmetry Panoramic US Fixed Income Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,024.90

0.41%

$ 2.06

Hypothetical 5% Return

$ 1,000.00

$ 1,022.82

0.41%

$ 2.06

Symmetry Panoramic Municipal Fixed Income Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,007.40

0.41%

$ 2.05

Hypothetical 5% Return

$ 1,000.00

$ 1,022.82

0.41%

$ 2.06

Symmetry Panoramic Global Fixed Income Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 1,018.10

0.43%

$ 2.16

Hypothetical 5% Return

$ 1,000.00

$ 1,022.73

0.43%

$ 2.16

 


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DISCLOSURE OF FUND EXPENSES - concluded

 

 

Beginning
Account
Value
9/1/19

Ending
Account
Value
2/29/20

Annualized
Expense
Ratios

Expenses
Paid
During
Period*

Symmetry Panoramic Alternatives Fund

       

Class I Shares

       

Actual Fund Return

$ 1,000.00

$ 969.80

0.50%

$ 2.45

Hypothetical 5% Return

$ 1,000.00

$ 1,022.38

0.50%

$ 2.51

 

*

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

 


157

 

 

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.

 

Not applicable for semi-annual report.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual report.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual report.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semi-annual report.

 

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 1940 Act (17 CFR § 270.30a-3(c)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are 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) Not applicable for semi-annual report.

 

(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: May 8, 2020    
     
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: May 8, 2020    
     
By /s/ Stephen Connors   
  Stephen Connors  
  Treasurer & Principal Financial Officer  
     
Date: May 8, 2020    

 

EX-99.CERT 2 fp0053011_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-CSRS 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: May 8, 2020  
   
/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-CSRS 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: May 8, 2020  
   
/s/ Stephen Connors  
Stephen Connors  
Treasurer & Principal Financial Officer  

 

EX-99.906 CERT 3 fp0053011_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-CSRS for the period ended February 29, 2020, 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-CSRS 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-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Fund.

 

Dated: May 8, 2020    
     
  /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-CSRS for the period ended February 29, 2020, 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-CSRS 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-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Fund.

 

Dated: May 8, 2020    
     
  /s/ Stephen Connors  
  Stephen Connors  
  Treasurer & Principal Financial Officer  

 

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