Symmetry Panoramic Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File 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)

John A. Mooney

Symmetry Partners, LLC

151 National Drive

Glastonbury, CT 06033

(Name and address of agent for service)

Copy to:

Mark C. Amorosi, Esq.

K&L Gates LLP

1601 K Street NW

Washington, D.C. 20006

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

Date of fiscal year end: August 31, 2019

Date of reporting period: February 28, 2019

Item 1. Reports to Stockholders.

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

Symmetry Panoramic Trust

SEMI-ANNUAL REPORT

FEBRUARY 28, 2019

Symmetry Panoramic US Equity Fund (SPUSX)

Symmetry Panoramic International Equity Fund (SPILX)

Symmetry Panoramic Global Equity Fund (SPGEX)

Symmetry Panoramic Tax-Managed Global Equity Fund (SPGTX)

Symmetry Panoramic US Fixed Income Fund (SPUBX)

Symmetry Panoramic Municipal Fixed Income Fund (SPMFX)

Symmetry Panoramic Global Fixed Income Fund (SPGBX)

Symmetry Panoramic Alternatives Fund (SPATX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports no longer will be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary, or, if you are a direct investor, by calling 1-844-796-3863.

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

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2019

TABLE OF CONTENTS

Shareholders’ Letter	1
Schedules of Investments	3
Statements of Assets and Liabilities	74
Statements of Operations	76
Statements of Changes in Net Assets	79
Financial Highlights	83
Notes to Financial Statements	91
Disclosure of Fund Expenses	128
Approval of Investment Advisory Agreement	130

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

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

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2019
(Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholders,

As is evidenced by this shareholder report, Symmetry Partners is pleased to announce that it successfully launched its family of eight open-end mutual funds, the Symmetry Panoramic Mutual Funds, in November 2018. These funds now boast assets under management nearing $2 billion, sourced from transitioning allocation models and new subscriptions.

We want to thank all of you who have embarked on this journey with us. Symmetry Partners has been managing client assets for nearly 25 years, most of those as a model manager, creating portfolios for thousands of investors grounded in our evidence-based investment philosophy. After a great deal of research and consideration of the market, we determined about two years ago that to continue to deliver on the strategy we promised to our clients, we would need to evolve how we implement that strategy.

The Symmetry investment philosophy rests on a foundational belief that academic research is the best source of insights into how to approach capital markets. We believe that factor investing, the process of looking for characteristics that drive higher potential returns, is one of the most important findings in that academic literature. Symmetry was an early adopter of this method of investing, and over the years, we have watched as much of the market has come around to factor investing. Research in this area has exploded, and the number of products with a factor focus has increased dramatically.

Delivering our solutions via our own set of mutual funds will enable us to be flexible and responsive in this environment. It will also allow us to access the full suite of products available, something we could never do before using just a model mechanism. The funds also allow Symmetry to aggregate its buying power, thereby better harnessing its own scale when working with other providers. It is important to note that nothing core to our philosophy has changed. Symmetry will remain the strategic, disciplined investment manager it always has been, basing its investment decisions on what we believe financial science tells us about what is in the best interests of our clients.

Market Discussion

Our first quarter of operations in the funds saw its share of ups and downs in capital markets. Geopolitical issues drove bouts of volatility during the fourth quarter of 2018. While many of these issues remain unresolved, Q1 2019 has seen global markets enjoy a strong recovery from the turmoil.

1

SYMMETRY PANORAMIC TRUST
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Domestic, International Developed and Emerging Markets equities have all had healthy rebounds for the year to date, posting positive returns.¹ Fixed income indices have also posted positive results for 2019 thus far.²

Global factor performance continues to be a mixed bag, demonstrating the importance of factor diversification. Year to date, in both the U.S. and international markets, Quality and Small Cap exposure have provided positive performance, while Value, Momentum, and Minimum Volatility have struggled to keep pace.³

While a pullback in tightening by the Federal Reserve and other central banks has buoyed markets, uncertainty around Brexit looms large as a potential source of short-term volatility in equity and fixed income markets.

Amidst the ever-changing geopolitical landscape and potential return of volatility to global markets, Symmetry Partners believes investors are best served by staying focused on the long-term investment goals that prompted them to invest in the first place—otherwise they risk making decisions based solely on recent or short-term market movements. While the discipline this requires can be difficult during periods of market volatility, we see from the data that there are strong benefits to taking a path of broadly diversified exposures over time, and “staying the course” to fully realize those benefits.

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

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

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

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

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

¹ Morningstar Direct, as of Feb. 28, 2019.

² Morningstar Direct, as of Feb. 28, 2019.

³ Morningstar Direct, as of Feb. 28, 2019.

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SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 74.6%
	Shares		Value
DFA Real Estate Securities Portfolio, Cl I		912,631	$	33,438,815
DFA US Core Equity 2 Portfolio, Cl I		6,895,848		148,398,654
DFA US Vector Equity Portfolio, Cl I		8,478,094		155,573,016
iShares Edge MSCI Min Vol USA ETF		899,020		51,675,669
Total Registered Investment Companies
(Cost $376,911,088)				389,086,154
COMMON STOCK — 22.5%
COMMUNICATION SERVICES — 1.2%
AMC Networks, Cl A *		3,449		226,634
Cable One		271		257,176
CenturyLink		16,224		213,995
Cinemark Holdings		2,117		79,663
Discovery *		7,483		216,259
IAC *		1,686		359,202
Interpublic Group		7,517		173,116
Match Group		5,655		313,174
Omnicom Group		2,491		188,569
Telephone & Data Systems		5,678		181,980
TripAdvisor *		4,018		213,637
Twitter *		4,637		142,727
United States Cellular *		2,885		134,700

The accompanying notes are an integral part of the financial statements.
3

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COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES — continued
Verizon Communications		31,737	$	1,806,470
Viacom, Cl B		9,371		273,821
Walt Disney		10,959		1,236,613
				6,017,736
CONSUMER DISCRETIONARY — 3.4%
Advance Auto Parts		2,151		347,989
Amazon.com *		1,133		1,857,927
AutoZone *		466		437,560
Best Buy		5,002		344,338
Bright Horizons Family Solutions *		1,002		124,248
Burlington Stores *		2,536		430,461
Capri Holdings *		1,657		75,559
Chipotle Mexican Grill, Cl A *		684		415,550
Columbia Sportswear		2,202		226,696
Darden Restaurants		3,614		405,166
Dick's Sporting Goods		6,495		253,695
Dollar General		3,853		456,426
Domino's Pizza		1,019		255,708
DR Horton		4,190		162,949
Expedia Group		273		33,664
Foot Locker		5,493		326,943
Gap		4,959		125,959
Garmin		3,213		269,796
Gentex		8,426		171,385
Genuine Parts		2,804		305,019
Graham Holdings, Cl B		155		105,975
Grand Canyon Education *		1,200		138,816
H&R Block		6,011		145,166
Hasbro		1,258		106,804
Home Depot		2,739		507,098
Hyatt Hotels, Cl A		1,779		129,458
Kohl's		4,969		335,557
Lowe's		6,718		705,995
Lululemon Athletica *		3,324		499,996
Macy's		9,254		229,407
McDonald's		3,468		637,557
NIKE, Cl B		12,620		1,081,913
Nordstrom		5,108		241,506

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

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COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
O'Reilly Automotive *		1,464	$	544,549
Penske Automotive Group		1,240		55,106
Pool		709		113,114
Ralph Lauren, Cl A		2,447		306,291
Ross Stores		4,934		467,891
ServiceMaster Global Holdings *		2,316		104,590
Starbucks		11,441		803,845
Tapestry		6,629		231,617
Target		5,959		432,862
Tiffany		2,315		220,018
TJX		13,342		684,311
Tractor Supply		3,263		311,127
Ulta Beauty *		1,311		409,674
Under Armour, Cl A *		10,331		232,964
Urban Outfitters *		6,011		185,439
VF		2,587		226,000
Williams-Sonoma		4,589		266,896
Yum! Brands		722		68,229
				17,556,809
CONSUMER STAPLES — 1.4%
Archer-Daniels-Midland		5,631		239,318
Casey's General Stores		1,337		180,147
Church & Dwight		5,934		390,457
Clorox		1,289		203,701
Costco Wholesale		3,600		787,464
Energizer Holdings		1,253		57,488
Estee Lauder, Cl A		2,438		382,620
Hershey		958		106,031
Hormel Foods		10,899		472,581
Kroger		14,524		425,989
Lamb Weston Holdings		6,479		449,060
McCormick		3,030		412,019
Nu Skin Enterprises, Cl A		713		42,858
Post Holdings *		1,938		197,443
Procter & Gamble		12,580		1,239,759
Sprouts Farmers Market *		5,110		119,165
Sysco		6,899		466,028
TreeHouse Foods *		587		35,560

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

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COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES — continued
Walgreens Boots Alliance		7,228	$	514,561
Walmart		5,630		557,314
				7,279,563
ENERGY — 0.7%
Chevron		7,710		921,962
ConocoPhillips		10,474		710,661
Continental Resources *		1,475		65,800
EOG Resources		792		74,448
Helmerich & Payne		819		44,390
HollyFrontier		4,251		217,651
Marathon Oil		2,337		38,794
Marathon Petroleum		3,478		215,671
Occidental Petroleum		2,419		160,017
PBF Energy, Cl A		4,637		144,071
Phillips 66		4,316		415,890
Valero Energy		4,673		381,130
Whiting Petroleum *		3,253		79,275
				3,469,760
FINANCIALS — 2.5%
Aflac		8,638		424,471
Alleghany		456		293,190
Allstate		2,963		279,648
American Express		6,212		669,281
American Financial Group		1,361		135,637
Aon		1,380		236,711
Arch Capital Group *		1,114		36,394
Assurant		978		100,724
Assured Guaranty		5,053		211,013
Axis Capital Holdings		4,645		265,090
BB&T		8,778		447,415
Capital One Financial		2,878		240,543
Chubb		1,858		248,786
Cincinnati Financial		1,751		152,022
Citizens Financial Group		5,086		187,877
CME Group, Cl A		4,452		809,863
Comerica		3,209		279,536
Commerce Bancshares		1,804		113,526
Credit Acceptance *		674		296,465

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

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COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Cullen		1,217	$	126,178
Discover Financial Services		3,116		223,137
E*TRADE Financial		1,146		56,143
East West Bancorp		2,288		124,948
Erie Indemnity, Cl A		396		70,575
Evercore, Cl A		793		73,035
Everest Re Group		1,418		320,624
Fidelity National Financial		2,058		72,215
Fifth Third Bancorp		4,929		135,942
First Citizens BancShares, Cl A		116		50,643
Hanover Insurance Group		1,940		230,298
Huntington Bancshares		19,238		277,220
JPMorgan Chase		19,683		2,054,118
KeyCorp		15,026		265,359
Marsh & McLennan		1,358		126,321
Mercury General		2,018		106,894
Nasdaq		1,248		114,279
Old Republic International		8,930		186,280
Popular		2,887		162,769
Progressive		10,236		746,205
Prosperity Bancshares		663		49,360
Regions Financial		19,860		325,704
RenaissanceRe Holdings		657		96,612
SVB Financial Group *		979		241,970
T Rowe Price Group		2,355		236,513
TCF Financial		4,070		93,203
Torchmark		911		75,212
Travelers		4,099		544,798
US Bancorp		4,100		211,929
Virtu Financial, Cl A		1,810		45,504
Webster Financial		1,525		87,565
WR Berkley		3,727		311,801
				13,271,546
HEALTH CARE — 3.7%
Abbott Laboratories		13,219		1,026,059
ABIOMED *		907		303,392
Acadia Healthcare *		1,754		46,113
Align Technology *		525		135,959

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

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COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Amgen		4,473	$	850,228
Anthem		2,662		800,543
Biogen *		1,460		478,895
Bio-Rad Laboratories, Cl A *		401		108,631
Bio-Techne		249		48,281
Boston Scientific *		10,063		403,728
Centene *		5,152		313,705
Charles River Laboratories International *		674		95,823
Chemed		570		187,815
Cigna		1,813		316,260
Covetrus *		512		18,319
Danaher		3,128		397,319
DaVita *		2,073		117,954
DexCom *		1,654		230,452
Edwards Lifesciences *		1,343		227,356
Eli Lilly		9,919		1,252,671
Encompass Health		3,858		243,594
HCA Healthcare		4,228		587,861
Henry Schein *		1,955		115,932
Hill-Rom Holdings		809		85,794
Humana		1,636		466,325
ICU Medical *		429		105,431
IDEXX Laboratories *		953		201,112
Illumina *		1,012		316,523
Intuitive Surgical *		745		407,969
Jazz Pharmaceuticals *		925		129,528
Laboratory Corp of America Holdings *		514		76,195
Masimo *		1,825		239,586
MEDNAX *		1,073		35,312
Medtronic		9,730		880,565
Merck		19,932		1,620,272
Molina Healthcare *		1,623		218,504
Nektar Therapeutics, Cl A *		1,385		56,148
Pfizer		39,649		1,718,784
Premier, Cl A *		2,877		105,241
Quest Diagnostics		524		45,352
ResMed		2,536		259,762
STERIS		1,471		177,932

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

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COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Thermo Fisher Scientific		2,993	$	776,893
UnitedHealth Group		7,130		1,727,029
Universal Health Services, Cl B		1,998		277,382
Veeva Systems, Cl A *		2,831		333,803
WellCare Health Plans *		551		139,723
Zimmer Biomet Holdings		899		111,584
Zoetis, Cl A		4,941		465,590
				19,285,229
INDUSTRIALS — 2.2%
Alaska Air Group		1,595		98,411
Allison Transmission Holdings		4,200		208,740
Armstrong World Industries		1,486		108,745
Boeing		2,205		970,112
Carlisle		808		99,449
CH Robinson Worldwide		2,248		203,174
Cintas		1,429		295,231
Clean Harbors *		893		60,724
Copart *		2,046		120,039
CSX		8,197		595,676
Curtiss-Wright		535		65,960
Delta Air Lines		8,003		396,789
Donaldson		931		48,030
Dover		3,241		293,408
Eaton		3,177		253,429
Emerson Electric		7,027		478,890
Expeditors International of Washington		3,342		250,483
Fastenal		2,915		183,470
Harris		1,241		204,678
HD Supply Holdings *		2,085		89,676
HEICO		1,920		179,961
IDEX		853		122,917
Ingersoll-Rand		3,417		360,699
ITT		2,230		128,805
Jacobs Engineering Group		2,629		193,968
JB Hunt Transport Services		1,120		120,590
Landstar System		522		56,731
MSC Industrial Direct, Cl A		509		42,965

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

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COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Nordson		554	$	75,211
Norfolk Southern		3,043		545,610
Old Dominion Freight Line		1,014		152,881
Republic Services, Cl A		5,197		407,601
Robert Half International		4,007		273,237
Rollins		2,765		109,660
Snap-on		1,206		192,960
Southwest Airlines		1,466		82,155
Teledyne Technologies *		698		164,756
Textron		3,216		174,629
Union Pacific		5,789		970,815
United Continental Holdings *		5,458		479,267
United Technologies		1,783		224,070
Verisk Analytics, Cl A		2,546		321,891
Wabtec		1,368		100,220
Waste Management		2,430		246,037
WW Grainger		1,205		367,248
XPO Logistics *		875		44,056
Xylem		1,535		115,969
				11,280,023
INFORMATION TECHNOLOGY — 5.5%
Accenture, Cl A		2,599		419,427
Adobe *		3,898		1,023,225
Akamai Technologies *		3,721		259,205
Analog Devices		701		74,979
ANSYS *		684		121,246
Apple		29,449		5,099,094
Aspen Technology *		1,183		119,140
Atlassian, Cl A *		1,387		149,075
Autodesk *		843		137,417
Automatic Data Processing		2,901		443,940
Booz Allen Hamilton Holding, Cl A		5,058		267,366
Broadridge Financial Solutions		2,232		225,990
CDW		3,429		321,949
Cisco Systems		31,832		1,647,943
Citrix Systems		3,020		318,610
Conduent *		4,312		63,041
DXC Technology		2,024		133,301

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

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COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
EPAM Systems *		1,102	$	178,281
Euronet Worldwide *		268		35,998
F5 Networks *		1,732		291,219
Fair Isaac *		694		171,987
FLIR Systems		2,053		105,627
Fortinet *		4,226		366,775
Hewlett Packard Enterprise		13,038		213,563
HP		16,777		331,010
Intel		31,886		1,688,683
Intuit		3,013		744,603
Jack Henry & Associates		1,090		144,567
Keysight Technologies *		5,030		424,582
Mastercard, Cl A		6,462		1,452,464
Maxim Integrated Products		1,401		76,256
Micron Technology *		4,325		176,806
Microsoft		47,540		5,325,906
Motorola Solutions		1,536		219,832
National Instruments		996		46,553
NetApp		4,406		287,271
Okta, Cl A *		3,342		283,669
Palo Alto Networks *		1,319		324,830
PTC *		1,412		131,062
QUALCOMM		1,809		96,583
Sabre		8,559		191,978
salesforce.com *		1,263		206,690
ServiceNow *		286		68,480
Splunk *		1,924		261,433
Tableau Software, Cl A *		288		37,987
Total System Services		1,199		113,185
Twilio, Cl A *		615		74,839
Ubiquiti Networks		1,865		269,287
Ultimate Software Group *		506		167,739
VeriSign *		2,126		378,513
Visa, Cl A		8,290		1,227,915
VMware, Cl A		2,985		512,853
Workday, Cl A *		1,000		197,930
Xilinx		3,827		479,523

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Zebra Technologies, Cl A *		1,489	$	298,559
Zendesk *		2,418		191,070
				28,621,056
MATERIALS — 0.4%
AptarGroup		827		84,130
Ashland Global Holdings		611		47,279
Ball		4,332		237,307
CF Industries Holdings		4,919		207,582
Domtar		905		46,074
Eastman Chemical		1,317		108,903
Ecolab		2,739		462,645
Huntsman		1,698		42,093
LyondellBasell Industries, Cl A		2,066		176,684
Mosaic		7,148		223,518
Nucor		3,214		194,672
Reliance Steel & Aluminum		829		73,988
RPM International		1,706		98,726
Sonoco Products		2,811		162,729
Steel Dynamics		3,751		139,988
Westlake Chemical		470		32,839
				2,339,157
REAL ESTATE — 0.4%
Apartment Investment & Management, Cl A ‡		4,067		198,998
CBRE Group, Cl A *		3,266		162,516
EPR Properties ‡		1,835		134,836
Equity Commonwealth ‡		2,165		70,687
Equity Residential ‡		3,662		269,853
HCP ‡		3,653		112,403
Jones Lang LaSalle		627		103,530
Kimco Realty ‡		2,594		45,629
Life Storage ‡		594		57,974
Medical Properties Trust ‡		16,743		305,225
Omega Healthcare Investors ‡		7,933		284,795
Park Hotels & Resorts ‡		3,745		116,994
Spirit Realty Capital ‡		871		33,655
Ventas ‡		2,620		164,405
Weingarten Realty Investors ‡		1,170		33,708

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
REAL ESTATE — continued
Welltower ‡		2,997	$	222,707
				2,317,915
UTILITIES — 1.1%
AES		12,768		219,992
Ameren		4,995		355,844
American Electric Power		4,762		386,436
Atmos Energy		2,247		222,116
CenterPoint Energy		2,993		90,209
CMS Energy		6,285		341,904
DTE Energy		4,120		509,067
Duke Energy		5,423		486,226
Entergy		1,455		135,795
Exelon		14,074		683,856
Hawaiian Electric Industries		2,157		82,570
NextEra Energy		3,232		606,711
NRG Energy		3,098		129,125
OGE Energy		6,927		294,536
Pinnacle West Capital		3,640		341,214
Public Service Enterprise Group		2,839		166,961
UGI		4,971		272,908
Vistra Energy		6,394		166,500
Xcel Energy		8,587		471,083
				5,963,053
Total Common Stock
(Cost $111,339,363)				117,401,847
		��
SHORT-TERM INVESTMENT — 2.9%
Invesco Government & Agency Portfolio, Cl Institutional, 2.300% (A)
(Cost $15,022,412)		15,022,412		15,022,412
Total Investments — 100.0%
(Cost $503,272,863)			$	521,510,413

Percentages are based on Net Assets of $521,454,622.

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

A list of the open futures contracts held by the Fund at February 28, 2019, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation
S&P 500 Index E-MINI	32	Mar-2019	$	4,213,622	$	4,455,520	$	241,898

Open total return swap agreements held by the Fund at February 28, 2019 are as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Appreciation

ReFlow

SPUSX NAV

SOFR +25 bps

SPUSX

Annually

02/05/2020

USD

9,700,646

$

107,796

$

107,796

^* Non-income producing security.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of February 28, 2019.

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

The following table summarizes the inputs used as of February 28, 2019, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	389,086,154	$	—	$	—	$	389,086,154
Common Stock		117,401,847		—		—		117,401,847
Short-Term Investment		15,022,412		—		—		15,022,412
Total Investments in Securities	$	521,510,413	$	—	$	—	$	521,510,413

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts^
Unrealized Appreciation	$	241,898	$	—	$	—	$	241,898
Total Return Swap^
Unrealized Appreciation		—		107,796		—		107,796
Total Other Financial Instruments	$	241,898	$	107,796	$	—	$	349,694

^{^} Futures contracts and swap contracts are valued at the unrealized appreciation on the instrument

Amounts designated as “—” are $0.

For the period ended February 28, 2019, there were no transfers between Level 1, Level 2 and/or Level 3 assets and liabilities. Transfers, if any, between levels are considered to have occurred at the end of the period.

For the period ended February 28, 2019, there were no Level 3 securities.

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

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 66.5%
	Shares		Value
DFA Emerging Markets Core Equity Portfolio, Cl I		2,728,528	$	56,453,252
DFA International Core Equity Portfolio, Cl I..		1,993,034		25,710,139
DFA International Real Estate Securities, Cl I..		4,257,864		21,161,587
DFA International Vector Equity Portfolio, Cl I		4,996,873		57,314,133
iShares Edge MSCI Min Vol EAFE ETF		246,049		17,435,032
iShares Edge MSCI Min Vol Emerging Markets ETF		177,903		10,451,801
Total Registered Investment Companies
(Cost $182,111,249)				188,525,944
COMMON STOCK — 28.7%
AUSTRALIA — 1.1%
Alumina		56,735		102,776
Aristocrat Leisure		3,135		54,687
BlueScope Steel		1,708		16,299
Brambles		20,505		171,423
CIMIC Group		2,213		78,721
Coca-Cola Amatil		14,042		79,431
Crown Resorts		8,281		67,445
CSL		3,292		453,765
Dexus ‡		22,038		188,066
Flight Centre Travel Group		2,942		95,413

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
AUSTRALIA — continued
Goodman Group ‡		27,644	$	251,330
GPT Group ‡		21,050		87,386
Macquarie Group		3,391		310,641
Mirvac Group ‡		49,604		90,490
REA Group		683		39,654
Santos		14,850		72,832
Scentre Group ‡		44,672		122,686
South32		25,940		72,041
Suncorp Group		5,246		50,400
Telstra		76,294		169,343
Vicinity Centres ‡		21,714		37,936
Washington H Soul Pattinson		1,241		25,991
Wesfarmers		9,609		226,814
Woodside Petroleum		5,349		137,431
Woolworths Group		10,885		221,770
				3,224,771
BELGIUM — 0.2%
Colruyt		3,009		214,281
UCB		3,070		257,162
				471,443
BRAZIL — 1.2%
Atacadao Distribuicao Comercio e Industria Ltda		12,800		67,473
Banco Bradesco ADR		55,512		637,278
Banco do Brasil		19,700		265,383
Banco Santander Brasil ADR		10,075		120,699
Centrais Eletricas Brasileiras *		5,000		49,372
Cia de Saneamento Basico do Estado de Sao Paulo ADR		4,880		50,752
Cia Siderurgica Nacional		11,500		40,322
Engie Brasil Energia		8,000		88,261
IRB Brasil Resseguros S		6,600		156,788
Itau Unibanco Holding ADR		67,650		635,910
Itausa - Investimentos Itau		89,200		293,759
JBS		38,900		140,121
Natura Cosmeticos		6,600		84,658
Petrobras Distribuidora		11,200		72,755
Porto Seguro		8,300		123,832
Sul America		18,000		146,927

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Suzano Papel e Celulose		10,300	$	131,624
TIM Participacoes ADR		3,269		51,585
Vale ADR, Cl B		26,219		327,213
				3,484,712
CANADA — 1.3%
Alimentation Couche-Tard, Cl B		5,427		305,878
Bank of Montreal		735		57,317
Bausch Health *		5,252		124,760
CAE		4,894		103,202
Cameco		1,586		18,404
Canadian Imperial Bank of Commerce		897		76,091
Canadian National Railway		2,349		201,565
Canadian Pacific Railway		1,192		246,308
Canadian Tire, Cl A		340		37,515
CGI, Cl A *		3,609		241,971
Empire		5,755		133,691
Gildan Activewear		2,067		73,918
H&R Real Estate Investment Trust ‡		5,095		87,927
Husky Energy		5,822		64,726
Imperial Oil		2,664		72,129
Magna International		3,065		161,734
Methanex		1,288		72,497
Metro, Cl A		2,354		88,475
National Bank of Canada		1,954		92,195
Open Text		2,346		88,923
RioCan Real Estate Investment Trust ‡		3,068		58,611
Rogers Communications, Cl B		6,271		346,491
Sun Life Financial		3,520		133,262
Suncor Energy		1,340		46,189
Toronto-Dominion Bank		11,904		682,606
				3,616,385
CHINA — 0.2%
Kunlun Energy		120,000		132,144
PetroChina, Cl H		594,000		391,920
				524,064
DENMARK — 0.2%
Chr Hansen Holding		294		30,037
Coloplast, Cl B		975		97,204

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
DENMARK — continued
DSV		1,126	$	93,760
Orsted		1,002		72,748
Tryg		2,819		76,818
Vestas Wind Systems		1,169		97,394
William Demant Holding *		3,225		96,883
				564,844
FINLAND — 0.3%
Elisa		1,987		83,333
Neste		2,048		197,304
Nokia		27,512		166,292
Orion, Cl B		685		24,462
Stora Enso, Cl R		4,107		55,115
UPM-Kymmene		8,096		244,424
				770,930
FRANCE — 0.9%
Air Liquide		231		28,816
Dassault Systemes		438		64,121
Electricite de France		15,310		222,227
EssilorLuxottica		704		85,182
Eutelsat Communications		3,847		75,988
Hermes International		429		271,837
Ipsen		181		25,045
Kering		249		136,009
L'Oreal		240		60,550
LVMH Moet Hennessy Louis Vuitton		1,638		562,286
Peugeot		5,664		144,102
Sanofi		5,180		432,772
SCOR		508		22,878
Teleperformance		127		22,692
Thales		301		37,072
TOTAL		7,470		424,914
Ubisoft Entertainment *		258		18,630
				2,635,121
GERMANY — 1.1%
adidas		1,533		372,806
Allianz		2,677		596,311
Aroundtown		13,266		111,812
Brenntag		1,621		80,468

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
GERMANY — continued
Deutsche Boerse		1,327	$	167,913
Deutsche Telekom		16,599		273,513
Deutsche Wohnen		5,364		250,348
E.ON		12,217		134,506
Evonik Industries		3,690		103,976
Hannover Rueck		1,586		236,160
MTU Aero Engines		746		159,876
Puma		194		109,427
QIAGEN *		2,228		85,330
RWE		3,879		94,688
Vonovia		5,481		265,993
Wirecard		1,162		159,940
				3,203,067
HONG KONG — 4.9%
Agile Group Holdings		64,000		80,163
Agricultural Bank of China, Cl H		1,445,000		692,571
Air China, Cl H		36,000		39,025
Angang Steel, Cl H		36,000		26,871
Anhui Conch Cement, Cl H		43,500		248,679
Bank of China, Cl H		558,000		260,324
Bank of Communications, Cl H		342,000		287,252
BOC Aviation		10,100		87,512
China CITIC Bank, Cl H		175,000		113,822
China Communications Services, Cl H		152,000		152,778
China Construction Bank, Cl H		1,176,000		1,047,216
China Everbright Bank, Cl H		288,000		138,110
China Jinmao Holdings Group		128,000		62,245
China Longyuan Power Group, Cl H		157,000		117,364
China Mengniu Dairy		27,000		84,055
China Merchants Bank, Cl H		186,000		855,460
China Mobile		75,000		789,271
China Oriental Group		172,000		115,560
China Overseas Land & Investment		76,000		280,324
China Petroleum & Chemical, Cl H		496,000		428,366
China Railway Construction, Cl H		121,500		175,251
China Railway Group, Cl H		201,000		199,567
China Resources Beer Holdings		28,000		104,751
China Resources Cement Holdings		134,000		143,129

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
China Resources Gas Group		32,000	$	139,161
China Resources Land		56,000		209,555
China Resources Pharmaceutical Group		71,500		96,009
China Resources Power Holdings		62,000		117,636
China Shenhua Energy, Cl H		32,500		80,172
China Telecom, Cl H		382,000		206,858
China Unicom Hong Kong		22,000		26,084
China Vanke, Cl H		5,900		22,428
CITIC		99,000		150,895
CK Asset Holdings		2,000		16,598
CLP Holdings		19,000		225,117
CNOOC		237,000		408,248
CRRC		48,000		50,397
CSPC Pharmaceutical Group		54,000		92,385
ENN Energy Holdings		11,000		113,540
Far East Horizon		76,000		85,095
Future Land Development Holdings		160,000		138,571
Guangdong Investment		86,000		165,164
Haier Electronics Group		9,000		26,950
Hang Seng Bank		2,300		57,009
Henderson Land Development		9,000		51,002
Hong Kong & China Gas		94,000		217,728
Hua Hong Semiconductor		59,000		138,470
Huadian Power International, Cl H		144,000		63,224
Hysan Development		17,000		89,930
Industrial & Commercial Bank of China, Cl H		1,311,000		1,009,651
Jiayuan International Group		90,000		43,979
Legend Holdings, Cl H		10,100		28,197
Link ‡		22,000		248,784
Logan Property Holdings		96,000		137,192
Longfor Group Holdings		50,000		149,059
Luye Pharma Group		98,000		73,428
Maanshan Iron & Steel, Cl H		224,000		106,997
MMG *		64,000		30,451
New World Development		34,000		54,365
NWS Holdings		48,000		116,291
Ping An Insurance Group of China, Cl H		14,500		153,092
Postal Savings Bank of China, Cl H		292,000		175,164

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Shandong Weigao Group Medical Polymer, Cl H		80,000	$	69,698
Shenzhen International Holdings		11,000		22,756
Shenzhou International Group Holdings		5,000		62,624
Shimao Property Holdings		56,500		133,958
Sino Biopharmaceutical		91,000		79,142
Sino Land		72,000		134,344
Sinopec Engineering Group, Cl H		108,000		98,346
Sinopec Shanghai Petrochemical, Cl H		106,000		53,911
Sinopharm Group, Cl H		11,200		49,897
Sinotruk Hong Kong		83,000		151,545
SJM Holdings		103,000		116,132
SSY Group		118,000		104,949
Sun Art Retail Group		31,000		31,537
Sun Hung Kai Properties		7,500		124,326
Swire Properties		47,200		189,430
Techtronic Industries		7,500		50,325
Tingyi Cayman Islands Holding		30,000		41,725
Uni-President China Holdings		79,000		70,718
Weichai Power, Cl H		143,000		199,216
Wharf Real Estate Investment		15,000		105,473
Yanzhou Coal Mining, Cl H		28,000		27,885
Yihai International Holding		6,000		19,018
Yuexiu Property		340,000		78,490
Zijin Mining Group, Cl H		244,000		104,668
				13,964,655
HUNGARY — 0.1%
MOL Hungarian Oil & Gas		16,815		196,249
INDONESIA — 0.3%
Adaro Energy		314,700		29,290
Astra International		146,800		74,309
Bank Negara Indonesia Persero		133,600		83,072
Bank Rakyat Indonesia Persero		222,400		60,780
Bukit Asam		349,100		98,907
Charoen Pokphand Indonesia		319,800		166,398
Gudang Garam		8,700		52,766
Indah Kiat Pulp & Paper		151,100		118,642
United Tractors		34,600		65,400
				749,564

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
ITALY — 0.4%
Assicurazioni Generali		5,711	$	101,933
Davide Campari-Milano		3,992		38,073
Enel		23,496		142,175
Eni		22,801		393,544
Moncler		3,019		115,920
Poste Italiane		13,759		124,066
Terna Rete Elettrica Nazionale		12,314		76,617
				992,328
JAPAN — 5.7%
ABC-Mart		1,700		97,388
Aeon		6,600		139,150
Aeon Mall		1,200		19,597
AGC		1,600		55,522
Alfresa Holdings		5,000		144,950
Alps Alpine		1,000		19,672
Asahi Intecc		1,600		76,850
Asahi Kasei		6,500		71,082
Astellas Pharma		16,900		261,496
Bandai Namco Holdings		4,500		191,607
Bridgestone		700		27,671
Casio Computer		3,500		47,613
Central Japan Railway		1,600		359,692
Chubu Electric Power		9,100		143,564
Chugai Pharmaceutical		3,600		245,480
CyberAgent		600		18,520
Dai Nippon Printing		3,200		74,258
Daicel		6,300		66,245
Dai-ichi Life Holdings		1,800		27,424
Daiichi Sankyo		5,300		198,823
Daikin Industries		600		65,334
Dentsu		2,900		121,389
East Japan Railway		300		28,759
Eisai		2,600		215,140
FamilyMart UNY Holdings		2,800		79,882
Fast Retailing		400		188,081
Fuji Electric		1,300		40,996
FUJIFILM Holdings		4,200		188,713
Fujitsu		700		47,295

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Fukuoka Financial Group		1,300	$	28,166
Hakuhodo DY Holdings		8,000		123,080
Hamamatsu Photonics		700		24,681
Hikari Tsushin		600		107,539
Hisamitsu Pharmaceutical		600		29,651
Hitachi High-Technologies		1,300		49,528
Honda Motor		2,000		56,757
Hoya		3,400		208,293
Idemitsu Kosan		1,800		63,723
Isuzu Motors		9,900		142,514
ITOCHU		11,900		213,757
Japan Airlines		5,500		200,699
Japan Airport Terminal		1,200		47,810
Japan Post Holdings		22,800		277,558
Japan Prime Realty Investment ‡		21		82,435
Japan Real Estate Investment ‡		19		109,998
JSR		1,300		21,624
JXTG Holdings		11,700		54,659
Kakaku.com		5,200		100,118
Kamigumi		2,000		46,436
Kaneka		2,200		86,291
Kansai Electric Power		8,900		133,616
Kao		2,600		197,139
KDDI		9,600		231,945
Keihan Holdings		2,800		115,904
Kikkoman		2,400		119,996
Kobayashi Pharmaceutical		400		32,309
Konica Minolta		11,700		113,993
Kose		300		48,681
Kyocera		600		33,221
Kyowa Hakko Kirin		1,800		34,530
Kyushu Railway		4,000		136,725
Lion		1,200		24,608
Makita		800		28,356
Marubeni		23,400		167,542
Marui Group		3,200		56,349
Maruichi Steel Tube		1,400		42,192
Medipal Holdings		6,300		146,992

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
MEIJI Holdings		200	$	15,857
MINEBEA MITSUMI		1,000		16,082
Mitsubishi		11,800		333,667
Mitsubishi Heavy Industries		1,100		44,830
Mitsubishi UFJ Lease & Finance		13,600		69,301
Mitsui		15,200		239,281
Mitsui Fudosan		3,700		87,745
Mizuho Financial Group		157,600		248,348
Murata Manufacturing		1,100		172,114
NGK Spark Plug		4,000		85,302
Nikon		2,600		39,535
Nippon Building Fund ‡		32		208,261
Nippon Telegraph & Telephone		6,800		293,526
Nissan Chemical		2,400		121,184
Nissan Motor		10,700		92,567
Nisshin Seifun Group		1,500		32,220
Nomura Research Institute		1,100		44,811
NTT Data		10,000		109,624
Obic		1,400		133,967
Oji Holdings		14,100		84,096
Ono Pharmaceutical		1,500		30,810
Oriental Land		1,000		110,087
ORIX		7,800		113,151
Otsuka		900		32,403
Otsuka Holdings		1,000		41,774
Park24		3,300		79,371
Pigeon		400		16,346
Recruit Holdings		10,300		289,048
Resona Holdings		20,200		91,633
Ricoh		5,200		52,905
Sankyo		3,300		121,611
Santen Pharmaceutical		1,200		18,759
Secom		2,000		173,049
Sega Sammy Holdings		2,700		31,390
Seven & i Holdings		6,400		281,513
SG Holdings		4,000		117,400
Shimadzu		1,800		44,567
Shin-Etsu Chemical		800		66,901

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Shionogi		3,400	$	217,754
Shiseido		3,900		258,238
Shizuoka Bank		4,600		36,405
Showa Denko		1,400		52,588
SoftBank Group		200		18,623
Sompo Holdings		2,000		74,749
Sony		8,700		418,775
Sony Financial Holdings		5,300		100,527
Sumitomo		5,400		77,784
Sumitomo Dainippon Pharma		4,800		118,630
Sumitomo Electric Industries		3,200		44,721
Sumitomo Mitsui Financial Group		2,700		95,765
Sumitomo Mitsui Trust Holdings		3,800		144,431
Suzuken		2,900		159,040
Suzuki Motor		4,200		215,441
Taisho Pharmaceutical Holdings		1,400		141,991
TDK		1,100		86,384
Terumo		3,400		208,974
Toho		600		21,443
Toho Gas		3,600		163,746
Tohoku Electric Power		1,400		18,361
Tokio Marine Holdings		5,400		264,151
Tokyo Electric Power Holdings *		29,900		186,582
Tokyo Gas		6,000		165,268
Toyo Seikan Group Holdings		5,600		118,604
Toyoda Gosei		1,200		27,280
Toyota Motor		14,800		893,037
Toyota Tsusho		1,000		31,865
Trend Micro		1,400		69,159
Unicharm		6,300		197,207
West Japan Railway		400		30,144
Yamaha		3,100		152,877
Yamato Holdings		5,500		143,589
Yamazaki Baking		1,100		18,922
Yokogawa Electric		1,000		19,317
Yokohama Rubber		3,900		79,744
				16,258,760

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
MALAYSIA — 0.6%
CIMB Group Holdings		26,100	$	37,610
Fraser & Neave Holdings		8,300		72,038
Hong Leong Bank		28,900		151,202
Hong Leong Financial Group		29,500		143,216
Malayan Banking		76,200		178,334
Malaysia Airports Holdings		25,700		51,689
Nestle Malaysia		2,300		83,716
Petronas Chemicals Group		89,400		202,126
Petronas Dagangan		9,100		59,862
Petronas Gas		31,400		139,999
PPB Group		24,300		109,514
Public Bank		45,400		279,227
RHB Bank		94,700		131,662
Sime Darby		42,800		22,864
Tenaga Nasional		31,800		104,761
				1,767,820
MEXICO — 0.2%
Alfa, Cl A		98,500		111,979
El Puerto de Liverpool		9,600		60,235
Grupo Financiero Banorte, Cl O		12,400		67,513
Megacable Holdings		18,900		86,455
Mexichem		19,600		47,665
Promotora y Operadora de Infraestructura		3,530		34,737
Wal-Mart de Mexico		46,700		120,859
				529,443
NETHERLANDS — 0.7%
Aegon		30,608		165,009
ArcelorMittal		1,491		34,197
ASML Holding		224		41,048
Koninklijke Ahold Delhaize		11,008		283,751
Koninklijke DSM		2,610		280,825
Koninklijke Vopak		3,121		152,642
NN Group		5,641		245,818
Unilever		8,844		478,206
Wolters Kluwer		3,941		259,953
				1,941,449

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
NORWAY — 0.2%
Aker BP		1,202	$	40,917
DNB		2,116		40,573
Equinor		17,319		389,399
Mowi		4,189		96,772
Schibsted, Cl B		2,529		93,688
				661,349
PHILIPPINES — 0.1%
Globe Telecom		2,900		106,593
Manila Electric		12,980		92,296
				198,889
POLAND — 0.2%
Bank Millennium *		31,329		71,503
Dino Polska *		1,691		47,864
Grupa Lotos		6,026		151,482
Polski Koncern Naftowy ORLEN		2,456		66,153
Polskie Gornictwo Naftowe i Gazownictwo		59,369		108,501
Powszechna Kasa Oszczednosci Bank Polski		9,149		91,825
				537,328
PORTUGAL — 0.1%
Galp Energia SGPS		11,175		183,640
SINGAPORE — 0.4%
CapitaLand Mall Trust ‡		79,300		140,635
ComfortDelGro		90,200		159,594
DBS Group Holdings		17,600		322,990
SATS		12,700		48,250
Singapore Technologies Engineering		32,700		90,357
United Overseas Bank		8,400		155,309
Venture		3,800		50,007
Yangzijiang Shipbuilding Holdings		61,600		65,427
				1,032,569
SOUTH AFRICA — 0.6%
Absa Group		10,091		129,150
Anglo American Platinum		2,659		144,615
AngloGold Ashanti ADR		6,460		91,538
Bidvest Group		3,482		51,321
Clicks Group		4,385		56,188
Exxaro Resources		1,040		11,181

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH AFRICA — continued
FirstRand		41,579	$	188,957
Foschini Group		6,323		76,821
Investec		9,478		61,542
Kumba Iron Ore		2,107		55,659
Liberty Holdings		3,634		26,491
Mondi		4,627		108,710
Mr Price Group		4,815		73,387
Nedbank Group		4,598		92,608
Netcare		27,294		49,276
Pick n Pay Stores		13,663		67,177
Redefine Properties ‡		19,805		13,642
RMB Holdings		20,023		113,729
Sanlam		11,940		66,443
Sasol		1,817		55,421
SPAR Group		2,176		30,837
Standard Bank Group		6,608		90,510
Telkom SOC		17,847		88,276
Truworths International		8,387		43,276
				1,786,755
SOUTH KOREA — 0.9%
Cheil Worldwide		5,746		128,082
Daelim Industrial		1,388		115,647
DB Insurance		2,181		140,545
Doosan Bobcat		3,941		111,621
Fila Korea		2,785		137,627
GS Engineering & Construction		3,280		125,319
GS Retail		1,752		60,325
Hankook Tire		785		29,827
Hanon Systems		2,048		22,666
Hyundai Department Store		1,094		94,236
Hyundai Engineering & Construction		2,863		146,261
Hyundai Glovis		552		68,450
Hyundai Marine & Fire Insurance		1,633		54,553
Industrial Bank of Korea		3,863		47,893
Kangwon Land *		1,460		40,147
Kia Motors		5,814		188,478
Korea Gas		1,156		51,492
Korea Zinc *		231		93,395

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
Korean Air Lines *		1,454	$	47,630
KT&G		1,385		129,352
Kumho Petrochemical		252		21,428
LG Uplus		11,212		149,714
NCSoft		252		103,335
Ottogi		36		24,458
Samsung Electro-Mechanics		1,747		166,964
SK Hynix		2,224		138,379
SK Telecom		955		220,801
				2,658,625
SPAIN — 0.5%
ACS Actividades de Construccion y Servicios		3,792		167,981
Amadeus IT Group		2,518		189,598
Enagas		4,364		124,320
Endesa		9,090		229,056
Iberdrola		23,846		199,484
International Consolidated Airlines Group		25,274		199,939
Mapfre		23,883		67,471
Red Electrica		6,987		150,977
Telefonica		23,359		201,625
				1,530,451
SWEDEN — 0.6%
Alfa Laval		4,528		98,978
Hexagon, Cl B		1,647		86,679
Investor, Cl B		5,844		261,088
Lundin Petroleum		4,564		149,646
Securitas, Cl B		7,272		113,987
Swedbank		7,849		144,297
Swedish Match		3,130		146,765
Tele2, Cl B		6,590		86,773
Telefonaktiebolaget LM Ericsson, Cl B		28,160		257,347
Telia		49,931		216,789
				1,562,349
SWITZERLAND — 1.5%
Baloise Holding		261		42,622
Chocoladefabriken Lindt & Spruengli		25		162,368
Nestle		6,356		574,742
Novartis		12,986		1,182,187

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SWITZERLAND — continued
Partners Group Holding		411	$	297,013
Roche Holding		4,454		1,236,832
Sonova Holding		198		37,001
Swatch Group		184		54,301
Swiss Life Holding		588		256,352
Zurich Insurance Group		1,668		551,664
				4,395,082
TAIWAN — 1.8%
Acer		72,000		47,639
ASE Technology Holding		83,000		169,268
Asia Cement		92,000		116,037
AU Optronics		196,000		72,131
Chailease Holding		37,000		145,448
Chang Hwa Commercial Bank		171,000		102,603
China Life Insurance		49,000		45,773
China Steel		199,000		164,611
CTBC Financial Holding		145,000		98,161
Delta Electronics		9,000		44,916
E.Sun Financial Holding		214,000		153,433
Eclat Textile		9,000		103,199
Eva Airways		164,000		82,333
Far Eastern New Century		25,000		24,759
Feng TAY Enterprise		19,000		119,396
Formosa Chemicals & Fibre		59,000		201,926
Formosa Petrochemical		22,000		83,140
Formosa Taffeta		65,000		74,878
Fubon Financial Holding		31,000		45,805
Inventec		55,000		42,526
Lite-On Technology		46,000		66,535
Mega Financial Holding		186,000		164,535
Micro-Star International		5,000		13,257
Nan Ya Plastics		18,000		44,889
Novatek Microelectronics		30,000		166,357
Phison Electronics		6,000		54,563
President Chain Store		14,000		144,907
Realtek Semiconductor		27,000		155,390
Ruentex Industries		37,000		97,935
SinoPac Financial Holdings		246,000		85,823

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Taiwan Business Bank		329,000	$	121,214
Taiwan Cement		128,000		159,860
Taiwan Cooperative Financial Holding		132,000		81,898
Taiwan Semiconductor Manufacturing ADR		26,468		1,033,575
Uni-President Enterprises		95,000		231,561
United Microelectronics		52,000		19,349
Vanguard International Semiconductor		29,000		64,983
Walsin Technology		19,000		111,585
WPG Holdings		8,000		10,345
Yageo		11,000		123,663
Yuanta Financial Holding		304,000		172,195
Zhen Ding Technology Holding		50,000		145,516
				5,207,917
THAILAND — 0.5%
Advanced Info Service NVDR		6,200		35,789
Bangkok Bank NVDR		27,000		179,078
Bangkok Dusit Medical Services NVDR		197,400		147,814
Home Product Center NVDR		263,200		125,188
IRPC NVDR		295,400		55,164
Krung Thai Bank NVDR		207,200		126,663
Land & Houses NVDR		253,100		84,288
PTT NVDR		192,500		295,010
PTT Exploration & Production NVDR		42,800		169,327
PTT Global Chemical NVDR		41,000		93,331
Siam Commercial Bank NVDR		34,800		147,319
				1,458,971
TURKEY — 0.0%
Eregli Demir ve Celik Fabrikalari		6,222		10,857
TAV Havalimanlari Holding		4,237		22,134
Turk Hava Yollari AO *		10,395		27,463
				60,454
UNITED KINGDOM — 1.8%
Admiral Group		804		23,284
Anglo American		10,087		267,953
Auto Trader Group		15,035		94,836
Barratt Developments		7,989		63,497
BHP Group		22,012		510,059
BP		96,783		687,132

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Bunzl		2,289	$	72,053
Burberry Group		5,893		147,992
Centrica		48,979		80,889
Compass Group		6,008		132,709
Croda International		741		47,296
Diageo		3,834		148,439
Experian		5,803		151,193
GlaxoSmithKline		8,173		162,589
J Sainsbury		26,283		79,954
Johnson Matthey		834		34,211
Marks & Spencer Group		7,145		25,839
Mondi		3,769		86,433
National Grid		10,752		121,076
Next		1,325		89,392
Pearson		9,251		103,922
Persimmon		1,875		60,501
Rio Tinto		6,334		364,516
Royal Dutch Shell, Cl A		34,513		1,074,485
Royal Mail		5,486		20,557
Segro ‡		1,769		15,509
Smith & Nephew		8,496		161,919
Tesco		47,089		141,074
United Utilities Group		2,495		27,804
Whitbread		2,147		138,291
				5,135,404
UNITED STATES — 0.1%
FINANCIALS — 0.1%
Credicorp		852		207,113
Total Common Stock
(Cost $77,995,382)				81,512,501
PREFERRED STOCK — 0.4%
BRAZIL — 0.4% (A)
Braskem		4,700		67,945
Cia Brasileira de Distribuicao		1,300		32,232
Gerdau		21,500		86,603
Petroleo Brasileiro		103,900		744,919

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

PREFERRED STOCK — continued
	Shares		Value
BRAZIL — continued
Telefonica Brasil		12,300	$	153,907
Total Preferred Stock
(Cost $1,008,625)				1,085,606
RIGHTS — 0.0%
	Number Of Rights
CTBC Financial Holding ‡‡		282		—
(Cost $–)				—
SHORT-TERM INVESTMENT — 4.3%
Invesco Government & Agency Portfolio, Cl Institutional, 2.300% (B)
(Cost $12,333,739)		12,333,739		12,333,739
Total Investments — 99.9%
(Cost $273,448,995)			$	283,457,790

Percentages are based on Net Assets of $283,707,356

A list of the open futures contracts held by the Fund at February 28, 2019, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation
MSCI EAFE Index E-MINI	10	Mar-2019	$	925,322	$	934,500	$	9,178
MSCI Emerging Markets	22	Mar-2019		1,073,904		1,151,370		77,466
S&P TSX 60 Index	8	Mar-2019		1,073,697		1,157,977		74,250
SGX Nifty 50	143	Mar-2019		3,106,315		3,108,820		2,505
			$	6,179,238	$	6,352,667	$	163,399

Open total return swap agreements held by the Fund at February 28, 2019 are as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Appreciation

ReFlow

SPILX NAV

SOFR +35 bps

SPILX

Annually

02/05/2020

USD

5,598,698

$

27,223

$

27,223

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

^* Non-income producing security.

‡ Real Estate Investment Trust

‡‡ Expiration date not available.

(A) Rate is not available

(B) The rate reported is the 7-day effective yield as of February 28, 2019.

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NVDR— Non-Voting Depository Receipt

S&P— Standard & Poor's

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPILX — Symmetry Panoramic International Equity Fund

TSX — Toronto Stock Exchange

USD — United States Dollar

VOL — Volatility

The following table summarizes the inputs used as of February 28, 2019, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	188,525,944	$	—	$	—	$	188,525,944
Common Stock
Australia		—		3,224,771		—		3,224,771
Belgium		—		471,443		—		471,443
Brazil		3,484,712		—		—		3,484,712
Canada		3,616,385		—		—		3,616,385
China		—		524,064		—		524,064
Denmark		—		564,844		—		564,844
Finland		—		770,930		—		770,930
France		—		2,635,121		—		2,635,121
Germany		—		3,203,067		—		3,203,067
Hong Kong		—		13,964,655		—		13,964,655
Hungary		—		196,249		—		196,249
Indonesia		—		749,564		—		749,564
Italy		—		992,328		—		992,328
Japan		—		16,258,760		—		16,258,760
Malaysia		—		1,767,820		—		1,767,820
Mexico		529,443		—		—		529,443
Netherlands		—		1,941,449		—		1,941,449
Norway		—		661,349		—		661,349
Philippines		—		198,889		—		198,889

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

Investments in Securities	Level 1		Level 2		Level 3		Total
Poland	$	—	$	537,328	$	—	$	537,328
Portugal		—		183,640		—		183,640
Singapore		—		1,032,569		—		1,032,569
South Africa		91,538		1,695,217		—		1,786,755
South Korea		—		2,658,625		—		2,658,625
Spain		—		1,530,451		—		1,530,451
Sweden		—		1,562,349		—		1,562,349
Switzerland		—		4,395,082		—		4,395,082
Taiwan		1,033,575		4,174,342		—		5,207,917
Thailand		—		1,458,971		—		1,458,971
Turkey		—		60,454		—		60,454
United Kingdom		—		5,135,404		—		5,135,404
United States		207,113		—		—		207,113
Total Common Stock		8,962,766		72,549,735		—		81,512,501
Preferred Stock
Brazil		1,085,606		—		—		1,085,606
Rights		—		—		—		—
Short-Term Investment		12,333,739		—		—		12,333,739
Total Investments in Securities	$	210,908,055	$	72,549,735	$	—	$	283,457,790

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts^
Unrealized Appreciation	$	163,399	$	—	$	—	$	163,399
Total Return Swap^
Unrealized Appreciation		—		27,223		—		27,223
Total Other Financial Instruments	$	163,399	$	27,223	$	—	$	190,622

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

Amounts designated as “— ” are $0.

Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund generally recognizes transfers between the levels as of the end of the reporting period. As of February 28, 2019, securities with a total value of $72,549,735 were classified as Level 2 as a result of fair valuation of foreign securities. For the period ended February 28, 2019, there were no transfers between Levels.

For the period ended February 28, 2019, there were no Level 3 securities.

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

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 70.8%
	Shares		Value
DFA Emerging Markets Core Equity Portfolio, Cl I		2,244,558	$	46,439,895
DFA International Core Equity Portfolio, Cl I..		1,644,870		21,218,822
DFA International Real Estate Securities, Cl I..		2,849,794		14,163,477
DFA International Vector Equity Portfolio, Cl I		4,133,253		47,408,413
DFA Real Estate Securities Portfolio, Cl I		604,304		22,141,699
DFA US Core Equity 2 Portfolio, Cl I		3,966,907		85,367,841
DFA US Vector Equity Portfolio, Cl I		4,835,753		88,736,074
iShares Edge MSCI Min Vol Global ETF		603,677		52,888,142
Total Registered Investment Companies
(Cost $365,961,041)				378,364,363
COMMON STOCK — 25.6%
AUSTRALIA — 0.5%
Alumina		49,385		89,461
Aristocrat Leisure		2,330		40,645
BlueScope Steel		1,345		12,835
Brambles		15,789		131,997
CIMIC Group		1,734		61,682
Coca-Cola Amatil		10,927		61,810
Crown Resorts		6,421		52,296
CSL		2,554		352,040
Dexus ‡		16,870		143,963
Flight Centre Travel Group		2,306		74,786

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
AUSTRALIA — continued
Goodman Group ‡		21,902	$	199,126
GPT Group ‡		17,282		71,744
Macquarie Group		2,570		235,431
Mirvac Group ‡		35,711		65,146
REA Group		523		30,365
Santos		13,347		65,461
Scentre Group ‡		34,204		93,937
South32		23,505		65,278
Suncorp Group		4,119		39,572
Telstra		58,547		129,952
Vicinity Centres ‡		16,001		27,955
Washington H Soul Pattinson		1,186		24,839
Wesfarmers		7,466		176,230
Woodside Petroleum		3,573		91,800
Woolworths Group		8,486		172,893
				2,511,244
BELGIUM — 0.1%
Colruyt		2,428		172,906
UCB		2,384		199,698
				372,604
BRAZIL — 0.5%
Atacadao Distribuicao Comercio e Industria Ltda		9,600		50,605
Banco Bradesco ADR		43,539		499,828
Banco do Brasil		15,200		204,763
Banco Santander Brasil ADR		8,035		96,259
Centrais Eletricas Brasileiras *		3,700		36,536
Cia de Saneamento Basico do Estado de Sao Paulo ADR		3,826		39,791
Cia Siderurgica Nacional		8,900		31,206
Engie Brasil Energia		5,900		65,092
IRB Brasil Resseguros S		5,100		121,154
Itau Unibanco Holding ADR		53,257		500,616
Itausa - Investimentos Itau		68,800		226,577
JBS		30,000		108,063
Natura Cosmeticos		5,000		64,135
Petrobras Distribuidora		8,600		55,866
Porto Seguro		6,400		95,485
Sul America		13,800		112,644

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Suzano Papel e Celulose		7,700	$	98,399
TIM Participacoes ADR		2,602		41,059
Vale ADR, Cl B		23,705		295,838
				2,743,916
CANADA — 0.5%
Alimentation Couche-Tard, Cl B		4,113		231,818
Bank of Montreal		1,193		93,032
Bausch Health *		3,923		93,190
CAE		3,852		81,229
Cameco		1,170		13,577
Canadian Imperial Bank of Commerce		1,202		101,964
Canadian National Railway		1,718		147,419
Canadian Pacific Railway		864		178,532
Canadian Tire, Cl A		267		29,460
CGI, Cl A *		2,796		187,462
Empire		4,726		109,787
Gildan Activewear		1,615		57,754
H&R Real Estate Investment Trust ‡		3,484		60,125
Husky Energy		5,135		57,088
Imperial Oil		1,841		49,846
Magna International		2,173		114,665
Methanex		1,062		59,776
Metro, Cl A		1,923		72,276
National Bank of Canada		1,858		87,665
Open Text		1,635		61,973
RioCan Real Estate Investment Trust ‡		2,250		42,984
Rogers Communications, Cl B		4,799		265,158
Sun Life Financial		2,483		94,003
Suncor Energy		1,380		47,568
Toronto-Dominion Bank		9,074		520,327
				2,858,678
CHINA — 0.1%
Kunlun Energy		96,000		105,715
PetroChina, Cl H		464,000		306,146
				411,861
DENMARK — 0.1%
Chr Hansen Holding		231		23,600
Coloplast, Cl B		743		74,074

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
DENMARK — continued
DSV		1,045	$	87,015
Orsted		857		62,220
Tryg		2,491		67,880
Vestas Wind Systems		928		77,315
William Demant Holding *		2,497		75,013
				467,117
FINLAND — 0.1%
Elisa		1,625		68,151
Neste		1,447		139,404
Nokia		21,393		129,307
Orion, Cl B		555		19,819
Stora Enso, Cl R		3,925		52,672
UPM-Kymmene		6,465		195,183
				604,536
FRANCE — 0.4%
Air Liquide		300		37,424
Dassault Systemes		311		45,529
Electricite de France		11,945		173,383
EssilorLuxottica		516		62,435
Eutelsat Communications		3,117		61,569
Hermes International		328		207,838
Ipsen		140		19,372
Kering		184		100,505
L'Oreal		185		46,674
LVMH Moet Hennessy Louis Vuitton		1,220		418,797
Peugeot		4,351		110,697
Sanofi		4,382		366,102
SCOR		273		12,295
Teleperformance		96		17,153
Thales		212		26,111
TOTAL		7,007		398,578
Ubisoft Entertainment *		195		14,081
				2,118,543
GERMANY — 0.5%
adidas		1,200		291,825
Allianz		2,010		447,734
Aroundtown		11,032		92,983
Brenntag		1,258		62,449

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
GERMANY — continued
Deutsche Boerse		1,013	$	128,180
Deutsche Telekom		12,909		212,710
Deutsche Wohnen		4,166		194,435
E.ON		9,525		104,868
Evonik Industries		2,840		80,025
Hannover Rueck		1,261		187,766
MTU Aero Engines		573		122,800
Puma		155		87,428
QIAGEN *		1,696		64,955
RWE		3,023		73,793
Vonovia		4,172		202,467
Wirecard		844		116,170
				2,470,588
HONG KONG — 2.0%
Agile Group Holdings		50,000		62,628
Agricultural Bank of China, Cl H		1,048,000		502,294
Air China, Cl H		28,000		30,353
Angang Steel, Cl H		28,000		20,900
Anhui Conch Cement, Cl H		34,500		197,228
Bank of China, Cl H		391,000		182,413
Bank of Communications, Cl H		282,000		236,857
BOC Aviation		8,300		71,916
China CITIC Bank, Cl H		136,000		88,456
China Communications Services, Cl H		120,000		120,614
China Construction Bank, Cl H		930,000		828,155
China Everbright Bank, Cl H		232,000		111,255
China Jinmao Holdings Group		102,000		49,601
China Longyuan Power Group, Cl H		124,000		92,695
China Mengniu Dairy		20,000		62,263
China Merchants Bank, Cl H		146,000		671,490
China Mobile		59,000		620,893
China Oriental Group		132,000		88,685
China Overseas Land & Investment		60,000		221,309
China Petroleum & Chemical, Cl H		392,000		338,547
China Railway Construction, Cl H		97,000		139,912
China Railway Group, Cl H		160,000		158,859
China Resources Beer Holdings		20,000		74,822
China Resources Cement Holdings		106,000		113,221

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
China Resources Gas Group		24,000	$	104,371
China Resources Land		44,000		164,650
China Resources Pharmaceutical Group		58,000		77,881
China Resources Power Holdings		52,000		98,663
China Shenhua Energy, Cl H		24,500		60,437
China Telecom, Cl H		300,000		162,454
China Unicom Hong Kong		22,000		26,084
China Vanke, Cl H		4,400		16,726
CITIC		82,000		124,983
CK Asset Holdings		1,500		12,448
CLP Holdings		15,000		177,724
CNOOC		187,000		322,120
CRRC		42,000		44,097
CSPC Pharmaceutical Group		42,000		71,855
ENN Energy Holdings		8,800		90,832
Far East Horizon		62,000		69,420
Future Land Development Holdings		126,000		109,125
Guangdong Investment		70,000		134,436
Haier Electronics Group		7,000		20,961
Hang Seng Bank		1,600		39,659
Henderson Land Development		7,000		39,668
Hong Kong & China Gas		70,000		162,138
Hua Hong Semiconductor		44,000		103,266
Huadian Power International, Cl H		114,000		50,052
Hysan Development		13,000		68,770
Industrial & Commercial Bank of China, Cl H		953,000		733,942
Jiayuan International Group		72,000		35,183
Legend Holdings, Cl H		7,600		21,218
Link ‡		17,500		197,897
Logan Property Holdings		72,000		102,894
Longfor Group Holdings		39,000		116,266
Luye Pharma Group		88,500		66,310
Maanshan Iron & Steel, Cl H		178,000		85,024
MMG *		48,000		22,838
New World Development		28,000		44,771
NWS Holdings		40,000		96,910
Ping An Insurance Group of China, Cl H		11,500		121,418
Postal Savings Bank of China, Cl H		204,000		122,374

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Shandong Weigao Group Medical Polymer, Cl H		64,000	$	55,759
Shenzhen International Holdings		11,000		22,755
Shenzhou International Group Holdings		4,000		50,099
Shimao Property Holdings		42,000		99,579
Sino Biopharmaceutical		71,000		61,748
Sino Land		58,000		108,222
Sinopec Engineering Group, Cl H		81,500		74,215
Sinopec Shanghai Petrochemical, Cl H		80,000		40,688
Sinopharm Group, Cl H		7,600		33,859
Sinotruk Hong Kong		64,500		117,767
SJM Holdings		73,000		82,307
SSY Group		94,000		83,604
Sun Art Retail Group		23,000		23,399
Sun Hung Kai Properties		6,000		99,461
Swire Properties		36,000		144,480
Techtronic Industries		6,000		40,260
Tingyi Cayman Islands Holding		22,000		30,599
Uni-President China Holdings		55,000		49,234
Weichai Power, Cl H		113,000		157,422
Wharf Real Estate Investment		12,000		84,378
Yanzhou Coal Mining, Cl H		22,000		21,910
Yihai International Holding		4,000		12,679
Yuexiu Property		276,000		63,715
Zijin Mining Group, Cl H		184,000		78,930
				10,842,300
HUNGARY — 0.0%
MOL Hungarian Oil & Gas		12,485		145,713
INDONESIA — 0.1%
Adaro Energy		277,400		25,818
Astra International		123,100		62,312
Bank Negara Indonesia Persero		98,800		61,433
Bank Rakyat Indonesia Persero		208,700		57,036
Bukit Asam		262,700		74,428
Charoen Pokphand Indonesia		240,500		125,137
Gudang Garam		6,500		39,423
Indah Kiat Pulp & Paper		113,400		89,041
United Tractors		26,000		49,144
				583,772

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
ITALY — 0.1%
Assicurazioni Generali		4,474	$	79,855
Davide Campari-Milano		3,683		35,126
Enel		18,935		114,576
Eni		17,358		299,598
Moncler		2,315		88,889
Poste Italiane		10,895		98,241
Terna Rete Elettrica Nazionale		11,577		72,032
				788,317
JAPAN — 2.4%
ABC-Mart		1,200		68,744
Aeon		5,200		109,633
Aeon Mall		900		14,698
AGC		1,500		52,052
Alfresa Holdings		4,000		115,960
Alps Alpine		700		13,771
Asahi Intecc		1,300		62,441
Asahi Kasei		6,400		69,988
Astellas Pharma		12,900		199,603
Bandai Namco Holdings		3,600		153,286
Bridgestone		400		15,812
Casio Computer		2,700		36,731
Central Japan Railway		1,300		292,250
Chubu Electric Power		7,200		113,589
Chugai Pharmaceutical		2,600		177,291
CyberAgent		700		21,606
Dai Nippon Printing		2,600		60,335
Daicel		4,600		48,369
Dai-ichi Life Holdings		2,500		38,089
Daiichi Sankyo		4,000		150,055
Daikin Industries		600		65,334
Dentsu		2,000		83,716
East Japan Railway		200		19,173
Eisai		2,100		173,767
FamilyMart UNY Holdings		2,400		68,470
Fast Retailing		300		141,061
Fuji Electric		1,100		34,689
FUJIFILM Holdings		3,200		143,782
Fujitsu		500		33,782

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Fukuoka Financial Group		1,200	$	25,999
Hakuhodo DY Holdings		6,000		92,310
Hamamatsu Photonics		500		17,629
Hikari Tsushin		400		71,693
Hisamitsu Pharmaceutical		500		24,710
Hitachi High-Technologies		800		30,479
Honda Motor		2,200		62,433
Hoya		2,700		165,409
Idemitsu Kosan		1,500		53,103
Isuzu Motors		7,600		109,405
ITOCHU		9,100		163,461
Japan Airlines		4,400		160,559
Japan Airport Terminal		900		35,858
Japan Post Holdings		16,200		197,212
Japan Prime Realty Investment ‡		18		70,658
Japan Real Estate Investment ‡		17		98,420
JFE Holdings		700		12,243
JSR		1,000		16,634
JTEKT		1,300		16,174
JXTG Holdings		10,600		49,520
Kakaku.com		3,600		69,313
Kamigumi		1,500		34,827
Kaneka		1,700		66,680
Kansai Electric Power		7,000		105,091
Kao		2,000		151,645
KDDI		7,100		171,543
Keihan Holdings		2,300		95,207
Kikkoman		1,900		94,997
Kobayashi Pharmaceutical		300		24,232
Konica Minolta		9,000		87,687
Kose		300		48,681
Kyocera		300		16,610
Kyowa Hakko Kirin		1,500		28,775
Kyushu Railway		3,500		119,634
Lion		1,100		22,557
Makita		900		31,900
Marubeni		17,900		128,163
Marui Group		2,400		42,262

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Maruichi Steel Tube		1,100	$	33,151
Medipal Holdings		5,000		116,660
MEIJI Holdings		200		15,857
MINEBEA MITSUMI		900		14,474
Mitsubishi		9,000		254,491
Mitsubishi Heavy Industries		600		24,453
Mitsubishi UFJ Lease & Finance		10,700		54,524
Mitsui		11,600		182,609
Mitsui Fudosan		2,400		56,916
Mizuho Financial Group		124,500		196,189
Murata Manufacturing		900		140,820
NGK Spark Plug		3,200		68,242
Nikon		2,100		31,932
Nippon Building Fund ‡		26		169,212
Nippon Telegraph & Telephone		5,000		215,828
Nissan Chemical		1,900		95,937
Nissan Motor		10,600		91,702
Nisshin Seifun Group		1,500		32,220
Nomura Research Institute		800		32,590
NTT Data		7,600		83,314
Obic		1,000		95,691
Oji Holdings		11,800		70,378
Ono Pharmaceutical		1,200		24,648
Oriental Land		800		88,069
ORIX		5,800		84,138
Otsuka		700		25,202
Otsuka Holdings		700		29,242
Park24		2,500		60,129
Recruit Holdings		7,500		210,472
Resona Holdings		17,700		80,293
Ricoh		3,900		39,679
Rohm		200		12,637
Sankyo		2,800		103,185
Santen Pharmaceutical		1,400		21,886
Secom		1,600		138,439
Sega Sammy Holdings		2,000		23,252
Seven & i Holdings		5,200		228,729
SG Holdings		3,500		102,725

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Shimadzu		1,700	$	42,091
Shin-Etsu Chemical		700		58,538
Shionogi		2,700		172,922
Shiseido		3,000		198,645
Shizuoka Bank		3,500		27,699
Showa Denko		1,000		37,563
SoftBank Group		200		18,623
Sompo Holdings		1,500		56,062
Sony		6,500		312,878
Sony Financial Holdings		4,100		77,766
Sumitomo		5,600		80,665
Sumitomo Dainippon Pharma		3,900		96,387
Sumitomo Electric Industries		2,400		33,541
Sumitomo Mitsui Financial Group		2,600		92,218
Sumitomo Mitsui Trust Holdings		2,900		110,224
Suzuken		2,300		126,135
Suzuki Motor		3,200		164,145
Taisho Pharmaceutical Holdings		1,100		111,565
TDK		900		70,678
Terumo		2,600		159,803
Toho		500		17,869
Toho Gas		2,900		131,906
Tohoku Electric Power		1,200		15,738
Tokio Marine Holdings		4,100		200,559
Tokyo Electric Power Holdings *		22,900		142,901
Tokyo Gas		4,800		132,214
Toyo Seikan Group Holdings		4,100		86,835
Toyoda Gosei		1,000		22,733
Toyota Motor		11,000		663,744
Toyota Tsusho		1,000		31,865
Trend Micro		1,100		54,339
Unicharm		4,600		143,993
West Japan Railway		300		22,608
Yamaha		2,500		123,288
Yamato Holdings		4,200		109,650
Yamazaki Baking		800		13,762
Yokogawa Electric		800		15,453
Yokohama Rubber		3,100		63,386
				12,782,696

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
MALAYSIA — 0.3%
CIMB Group Holdings		24,900	$	35,863
Fraser & Neave Holdings		6,300		54,680
Hong Leong Bank		21,400		111,963
Hong Leong Financial Group		22,700		110,203
Malayan Banking		65,200		152,590
Malaysia Airports Holdings		22,400		45,052
Nestle Malaysia		1,700		61,877
Petronas Chemicals Group		66,500		150,351
Petronas Dagangan		6,800		44,732
Petronas Gas		23,300		103,885
PPB Group		18,100		81,572
Public Bank		33,500		206,038
RHB Bank		72,300		100,519
Sime Darby		38,800		20,709
Tenaga Nasional		26,000		85,654
				1,365,688
MEXICO — 0.1%
Alfa, Cl A		73,500		83,558
El Puerto de Liverpool		7,100		44,548
Grupo Financiero Banorte, Cl O		10,600		57,713
Megacable Holdings		14,100		64,498
Mexichem		16,600		40,369
Promotora y Operadora de Infraestructura		2,510		24,700
Wal-Mart de Mexico		34,100		88,250
				403,636
NETHERLANDS — 0.3%
Aegon		23,671		127,611
ArcelorMittal		1,825		41,857
ASML Holding		172		31,519
Koninklijke Ahold Delhaize		8,499		219,077
Koninklijke DSM		2,179		234,451
Koninklijke Vopak		2,424		118,553
NN Group		4,343		189,255
Unilever		6,837		369,685
Wolters Kluwer		3,025		199,532
				1,531,540

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
NORWAY — 0.1%
Aker BP		664	$	22,603
DNB		1,253		24,026
Equinor		13,124		295,079
Mowi		3,469		80,139
Schibsted, Cl B		2,027		75,091
				496,938
PHILIPPINES — 0.0%
Globe Telecom		2,180		80,129
Manila Electric		9,210		65,489
				145,618
POLAND — 0.1%
Bank Millennium *		22,672		51,745
Dino Polska *		1,428		40,419
Grupa Lotos		4,495		112,996
Polski Koncern Naftowy ORLEN		1,978		53,278
Polskie Gornictwo Naftowe i Gazownictwo		43,759		79,973
Powszechna Kasa Oszczednosci Bank Polski		7,676		77,041
				415,452
PORTUGAL — 0.0%
Galp Energia SGPS		8,157		134,045
SINGAPORE — 0.2%
CapitaLand Mall Trust ‡		61,400		108,890
ComfortDelGro		70,200		124,208
DBS Group Holdings		15,300		280,781
SATS		10,000		37,992
Singapore Technologies Engineering		25,600		70,738
United Overseas Bank		7,600		140,518
Venture		2,900		38,164
Yangzijiang Shipbuilding Holdings		46,300		49,177
				850,468
SOUTH AFRICA — 0.3%
Absa Group		7,889		100,967
Anglo American Platinum		2,033		110,569
AngloGold Ashanti ADR		5,204		73,741
Bidvest Group		2,728		40,208
Clicks Group		3,506		44,925
Exxaro Resources		787		8,461

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH AFRICA — continued
FirstRand		32,499	$	147,692
Foschini Group		4,958		60,237
Investec		7,426		48,218
Kumba Iron Ore		1,598		42,213
Liberty Holdings		2,853		20,798
Mondi		3,621		85,074
Mr Price Group		3,770		57,459
Nedbank Group		3,699		74,501
Netcare		21,432		38,693
Pick n Pay Stores		10,721		52,712
Redefine Properties ‡		15,678		10,799
RMB Holdings		15,655		88,919
Sanlam		9,346		52,008
Sasol		1,464		44,654
SPAR Group		1,714		24,290
Standard Bank Group		5,106		69,937
Telkom SOC		13,774		68,130
Truworths International		7,003		36,135
				1,401,340
SOUTH KOREA — 0.4%
Cheil Worldwide		4,469		99,617
Daelim Industrial		1,078		89,818
DB Insurance		1,718		110,709
Doosan Bobcat		3,030		85,819
Fila Korea		2,169		107,186
GS Engineering & Construction		2,535		96,855
GS Retail		1,383		47,620
Hankook Tire		637		24,204
Hanon Systems		1,628		18,018
Hyundai Department Store		854		73,563
Hyundai Engineering & Construction		2,217		113,258
Hyundai Glovis		429		53,197
Hyundai Marine & Fire Insurance		1,315		43,930
Industrial Bank of Korea		3,294		40,839
Kangwon Land *		1,188		32,668
Kia Motors		4,544		147,307
Korea Gas		888		39,554
Korea Zinc *		173		69,946

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
Korean Air Lines *		1,142	$	37,409
KT&G		1,121		104,696
Kumho Petrochemical		199		16,921
LG Uplus		8,734		116,625
NCSoft		198		81,191
Ottogi		30		20,381
Samsung Electro-Mechanics		1,358		129,786
SK Hynix		1,736		108,015
SK Telecom		748		172,942
				2,082,074
SPAIN — 0.2%
ACS Actividades de Construccion y Servicios		2,931		129,840
Amadeus IT Group		2,367		178,228
Enagas		3,578		101,929
Endesa		6,661		167,848
Iberdrola		18,507		154,820
International Consolidated Airlines Group		18,442		145,892
Mapfre		19,344		54,648
Red Electrica		5,422		117,160
Telefonica		17,233		148,748
				1,199,113
SWEDEN — 0.2%
Alfa Laval		3,462		75,677
Hexagon, Cl B		1,111		58,471
Investor, Cl B		4,453		198,943
Lundin Petroleum		3,260		106,890
Securitas, Cl B		5,589		87,607
Swedbank		6,011		110,507
Swedish Match		2,410		113,004
Tele2, Cl B		5,420		71,367
Telefonaktiebolaget LM Ericsson, Cl B		21,502		196,501
Telia		39,378		170,970
				1,189,937
SWITZERLAND — 0.6%
Baloise Holding		221		36,090
Chocoladefabriken Lindt & Spruengli		19		123,400
Nestle		5,028		454,657
Novartis		10,129		922,099

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SWITZERLAND — continued
Partners Group Holding		312	$	225,470
Roche Holding		3,495		970,527
Sonova Holding		159		29,713
Swatch Group		210		61,973
Swiss Life Holding		443		193,136
Zurich Insurance Group		1,259		416,394
				3,433,459
TAIWAN — 0.8%
Acer		51,000		33,744
ASE Technology Holding		64,000		130,520
Asia Cement		71,000		89,550
AU Optronics		155,000		57,043
Chailease Holding		29,000		114,000
Chang Hwa Commercial Bank		139,000		83,403
China Life Insurance		42,000		39,234
China Steel		138,000		114,153
CTBC Financial Holding		123,000		83,267
Delta Electronics		7,000		34,935
E.Sun Financial Holding		174,000		124,754
Eclat Textile		7,000		80,266
Eva Airways		127,000		63,758
Far Eastern New Century		19,000		18,817
Feng TAY Enterprise		14,000		87,976
Formosa Chemicals & Fibre		46,000		157,434
Formosa Petrochemical		17,000		64,245
Formosa Taffeta		52,000		59,902
Fubon Financial Holding		20,000		29,551
Inventec		39,000		30,155
Lite-On Technology		36,000		52,070
Mega Financial Holding		154,000		136,228
Micro-Star International		3,000		7,954
Nan Ya Plastics		16,000		39,901
Novatek Microelectronics		24,000		133,086
Phison Electronics		4,000		36,375
President Chain Store		11,000		113,855
Realtek Semiconductor		21,000		120,859
Ruentex Industries		28,000		74,113
SinoPac Financial Holdings		200,000		69,775

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Taiwan Business Bank		263,000	$	96,898
Taiwan Cement		99,000		123,642
Taiwan Cooperative Financial Holding		112,000		69,489
Taiwan Semiconductor Manufacturing ADR		20,917		816,809
Uni-President Enterprises		75,000		182,811
United Microelectronics		37,000		13,767
Vanguard International Semiconductor		22,000		49,298
Walsin Technology		15,000		88,093
Yageo		9,000		101,179
Yuanta Financial Holding		236,000		133,678
Zhen Ding Technology Holding		39,000		113,502
				4,070,089
THAILAND — 0.2%
Advanced Info Service NVDR		4,300		24,822
Bangkok Bank NVDR		20,200		133,977
Bangkok Dusit Medical Services NVDR		148,300		111,048
Home Product Center NVDR		195,800		93,130
IRPC NVDR		223,100		41,663
Krung Thai Bank NVDR		154,500		94,447
Land & Houses NVDR		221,900		73,898
PTT NVDR		144,700		221,756
PTT Exploration & Production NVDR		32,200		127,391
PTT Global Chemical NVDR		35,800		81,494
Siam Commercial Bank NVDR		25,800		109,219
				1,112,845
TURKEY — 0.0%
Eregli Demir ve Celik Fabrikalari		4,709		8,217
TAV Havalimanlari Holding		3,311		17,297
Turk Hava Yollari AO *		7,896		20,861
				46,375
UNITED KINGDOM — 0.8%
Admiral Group		646		18,708
Anglo American		7,720		205,075
Auto Trader Group		12,621		79,609
Barratt Developments		6,653		52,878
BHP Group		16,182		374,968
BP		73,734		523,490
Bunzl		2,142		67,426

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Burberry Group		4,821	$	121,071
Centrica		43,424		71,715
Compass Group		5,374		118,705
Croda International		555		35,424
Diageo		3,647		141,199
Experian		5,055		131,704
GlaxoSmithKline		7,433		147,868
J Sainsbury		20,217		61,501
Johnson Matthey		633		25,966
Marks & Spencer Group		7,625		27,575
Mondi		2,886		66,183
National Grid		9,427		106,156
Next		1,012		68,275
Pearson		7,960		89,420
Persimmon		1,614		52,079
Rio Tinto		4,819		277,329
Royal Dutch Shell, Cl A		26,426		822,714
Royal Mail		4,152		15,558
Segro ‡		3,044		26,687
Smith & Nephew		7,141		136,095
Tesco		36,035		107,957
United Utilities Group		2,644		29,464
Whitbread		1,811		116,649
				4,119,448
UNITED STATES — 13.6%
COMMUNICATION SERVICES — 0.7%
AMC Networks, Cl A *		2,189		143,839
Cable One		173		164,175
CenturyLink		9,751		128,616
Cinemark Holdings		1,569		59,042
Discovery *		4,972		143,691
IAC *		1,040		221,572
Interpublic Group		4,704		108,333
Match Group		3,459		191,559
Omnicom Group		1,508		114,156
Telephone & Data Systems		3,624		116,149
TripAdvisor *		2,498		132,819
Twitter *		2,860		88,031

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES — continued
United States Cellular *		1,885	$	88,011
Verizon Communications		19,722		1,122,576
Viacom, Cl B		5,697		166,466
Walt Disney		6,752		761,896
				3,750,931
CONSUMER DISCRETIONARY — 2.0%
Advance Auto Parts		1,349		218,241
Amazon.com *		703		1,152,800
AutoZone *		285		267,606
Best Buy		3,057		210,444
Bright Horizons Family Solutions *		620		76,880
Burlington Stores *		1,573		267,001
Capri Holdings *		795		36,252
Chipotle Mexican Grill, Cl A *		420		255,163
Columbia Sportswear		1,416		145,777
Darden Restaurants		2,241		251,238
Dick's Sporting Goods		4,314		168,505
Dollar General		2,353		278,736
Domino's Pizza		641		160,853
DR Horton		2,680		104,225
Expedia Group		170		20,963
Foot Locker		3,376		200,939
Gap		3,077		78,156
Garmin		2,133		179,108
Gentex		5,203		105,829
Genuine Parts		1,715		186,558
Graham Holdings, Cl B		101		69,055
Grand Canyon Education *		737		85,256
H&R Block		3,812		92,060
Hasbro		799		67,835
Home Depot		1,721		318,626
Hyatt Hotels, Cl A		1,087		79,101
Kohl's		3,086		208,398
Lowe's		4,168		438,015
Lululemon Athletica *		2,052		308,662
Macy's		6,026		149,385
McDonald's		2,226		409,228
NIKE, Cl B		7,830		671,266

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
Nordstrom		3,087	$	145,953
O'Reilly Automotive *		910		338,484
Penske Automotive Group		766		34,041
Pool		436		69,559
Ralph Lauren, Cl A		1,502		188,005
Ross Stores		3,012		285,628
ServiceMaster Global Holdings *		1,390		62,772
Starbucks		7,169		503,694
Tapestry		4,074		142,346
Target		3,626		263,393
Tiffany		1,485		141,134
TJX		8,206		420,886
Tractor Supply		2,119		202,047
Ulta Beauty *		804		251,242
Under Armour, Cl A *		6,360		143,418
Urban Outfitters *		4,034		124,449
VF		1,576		137,679
Williams-Sonoma		2,819		163,953
Yum! Brands		447		42,241
				10,923,085
CONSUMER STAPLES — 0.8%
Archer-Daniels-Midland		3,707		157,547
Casey's General Stores		855		115,203
Church & Dwight		3,677		241,946
Clorox		794		125,476
Costco Wholesale		2,175		475,760
Energizer Holdings		740		33,951
Estee Lauder, Cl A		1,470		230,702
Hershey		608		67,293
Hormel Foods		6,806		295,108
Kroger		8,755		256,784
Lamb Weston Holdings		3,999		277,171
McCormick		1,873		254,690
Nu Skin Enterprises, Cl A		468		28,131
Post Holdings *		1,212		123,478
Procter & Gamble		8,056		793,919
Sprouts Farmers Market *		3,167		73,854
Sysco		4,301		290,533

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES — continued
TreeHouse Foods *		365	$	22,112
Walgreens Boots Alliance		4,573		325,552
Walmart		3,610		357,354
				4,546,564
ENERGY — 0.4%
Chevron		3,854		460,861
ConocoPhillips		6,098		413,749
Continental Resources *		1,235		55,093
EOG Resources		741		69,654
Helmerich & Payne		692		37,506
HollyFrontier		2,539		129,997
Marathon Oil		2,247		37,300
Marathon Petroleum		2,460		152,545
Occidental Petroleum		1,836		121,451
PBF Energy, Cl A		2,769		86,033
Phillips 66		2,565		247,163
Valero Energy		2,748		224,127
Whiting Petroleum *		2,470		60,194
				2,095,673
FINANCIALS — 1.6%
Aflac		5,206		255,823
Alleghany		291		187,101
Allstate		1,821		171,866
American Express		3,827		412,321
American Financial Group		803		80,027
Aon		903		154,892
Arch Capital Group *		692		22,608
Assurant		601		61,897
Assured Guaranty		3,218		134,384
Axis Capital Holdings		2,939		167,729
BB&T		5,399		275,187
Capital One Financial		1,973		164,903
Chubb		1,243		166,438
Cincinnati Financial		1,095		95,068
Citizens Financial Group		3,512		129,733
CME Group, Cl A		2,795		508,439
Comerica		1,992		173,523
Commerce Bancshares		1,083		68,153

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Credicorp		658	$	159,953
Credit Acceptance *		421		185,181
Cullen		726		75,272
Discover Financial Services		1,947		139,425
E*TRADE Financial		687		33,656
East West Bancorp		1,394		76,126
Erie Indemnity, Cl A		261		46,515
Evercore, Cl A		481		44,300
Everest Re Group		892		201,690
Fidelity National Financial		1,240		43,512
Fifth Third Bancorp		3,016		83,181
First Citizens BancShares, Cl A		71		30,997
Hanover Insurance Group		1,225		145,420
Huntington Bancshares		11,567		166,680
JPMorgan Chase		11,828		1,234,370
KeyCorp		10,022		176,989
Marsh & McLennan		1,012		94,136
Mercury General		1,283		67,960
Nasdaq		752		68,861
Old Republic International		5,609		117,004
Popular		1,760		99,229
Progressive		6,403		466,779
Prosperity Bancshares		356		26,504
Regions Financial		13,097		214,791
RenaissanceRe Holdings		421		61,908
SVB Financial Group *		667		164,856
T Rowe Price Group		1,440		144,619
TCF Financial		2,423		55,487
Torchmark		536		44,252
Travelers		2,521		335,066
US Bancorp		2,270		117,336
Virtu Financial, Cl A		1,134		28,509
Webster Financial		910		52,252
WR Berkley		2,403		201,035
				8,433,943
HEALTH CARE — 2.2%
Abbott Laboratories		8,188		635,553
ABIOMED *		555		185,648

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares			Value
HEALTH CARE — continued
Acadia Healthcare *		1,087		$	28,577
Align Technology *		320			82,870
Amgen		2,809			533,935
Anthem		1,653			497,107
Biogen *		911			298,817
Bio-Rad Laboratories, Cl A *		243			65,829
Bio-Techne		146			28,309
Boston Scientific *		6,382			256,046
Centene *		3,144			191,438
Charles River Laboratories International *		408			58,005
Chemed		363			119,608
Cigna		1,068			186,302
Covetrus *		303			10,841
Danaher		1,915			243,243
DaVita *		1,252			71,239
DexCom *		1,028	��		143,231
Edwards Lifesciences *		843			142,711
Eli Lilly		6,188			781,483
Encompass Health		2,455			155,009
HCA Healthcare		2,687			373,600
Henry Schein *		1,185			70,270
Hill-Rom Holdings		465			49,313
Humana		994			283,330
ICU Medical *		270			66,355
IDEXX Laboratories *		588			124,086
Illumina *		636			198,922
Intuitive Surgical *		455			249,163
Jazz Pharmaceuticals *		546			76,456
Laboratory Corp of America Holdings *		297			44,027
Masimo *		1,147			150,578
MEDNAX *		642			21,128
Medtronic		6,016			544,448
Merck		12,473			1,013,930
Molina Healthcare *		1,008			135,707
Nektar Therapeutics, Cl A *		848			34,378
Pfizer		24,718			1,071,525
Premier, Cl A *		1,782			65,186
ResMed		1,598			163,683

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
STERIS		933	$	112,856
Thermo Fisher Scientific		1,881		488,251
UnitedHealth Group		4,448		1,077,395
Universal Health Services, Cl B		1,308		181,590
Veeva Systems, Cl A *		1,753		206,696
WellCare Health Plans *		331		83,935
Zimmer Biomet Holdings		540		67,025
Zoetis, Cl A		3,098		291,925
				11,961,559
INDUSTRIALS — 1.3%
Alaska Air Group		971		59,911
Allison Transmission Holdings		2,579		128,176
Armstrong World Industries		894		65,423
Boeing		1,406		618,584
Carlisle		491		60,432
CH Robinson Worldwide		1,389		125,538
Cintas		886		183,048
Clean Harbors *		547		37,196
Copart *		1,247		73,161
CSX		4,972		361,315
Curtiss-Wright		312		38,466
Delta Air Lines		4,937		244,777
Donaldson		573		29,561
Dover		1,943		175,900
Eaton		1,860		148,372
Emerson Electric		4,306		293,454
Expeditors International of Washington		2,046		153,348
Fastenal		1,835		115,495
Harris		676		111,493
HD Supply Holdings *		1,308		56,257
HEICO		1,225		114,819
IDEX		511		73,635
Ingersoll-Rand		2,010		212,176
ITT		1,371		79,189
Jacobs Engineering Group		1,637		120,778
JB Hunt Transport Services		649		69,878
Landstar System		300		32,604
MSC Industrial Direct, Cl A		325		27,433

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Nordson		327	$	44,393
Norfolk Southern		1,853		332,243
Old Dominion Freight Line		619		93,327
Republic Services, Cl A		3,355		263,133
Robert Half International		2,470		168,430
Rollins		1,752		69,484
Snap-on		733		117,280
Southwest Airlines		931		52,173
Teledyne Technologies *		447		105,510
Textron		1,921		104,310
Union Pacific		3,525		591,142
United Continental Holdings *		3,432		301,364
United Technologies		1,167		146,657
Verisk Analytics, Cl A		1,635		206,713
Wabtec		829		60,733
Waste Management		1,536		155,520
WW Grainger		733		223,396
XPO Logistics *		555		27,944
Xylem		922		69,657
				6,943,828
INFORMATION TECHNOLOGY — 3.3%
Accenture, Cl A		1,603		258,692
Adobe *		2,494		654,675
Akamai Technologies *		2,294		159,800
Analog Devices		391		41,821
ANSYS *		425		75,336
Apple		18,342		3,175,917
Aspen Technology *		716		72,108
Atlassian, Cl A *		871		93,615
Autodesk *		521		84,928
Automatic Data Processing		1,789		273,771
Booz Allen Hamilton Holding, Cl A		3,161		167,091
Broadridge Financial Solutions		1,486		150,458
CDW		2,105		197,639
Cisco Systems		19,754		1,022,665
Citrix Systems		1,846		194,753
Conduent *		2,588		37,837
DXC Technology		1,265		83,313

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
EPAM Systems *		681	$	110,172
Euronet Worldwide *		166		22,297
F5 Networks *		1,065		179,069
Fair Isaac *		423		104,828
FLIR Systems		1,240		63,798
Fortinet *		2,584		224,265
Hewlett Packard Enterprise		7,913		129,615
HP		10,371		204,620
Intel		19,726		1,044,689
Intuit		1,847		456,449
Jack Henry & Associates		665		88,199
Keysight Technologies *		3,093		261,080
Mastercard, Cl A		3,969		892,112
Maxim Integrated Products		835		45,449
Micron Technology *		3,180		129,998
Microsoft		29,614		3,317,656
Motorola Solutions		874		125,087
National Instruments		585		27,343
NetApp		2,736		178,387
Okta, Cl A *		2,082		176,720
Palo Alto Networks *		810		199,479
PTC *		850		78,897
QUALCOMM		1,179		62,947
Sabre		5,242		117,578
salesforce.com *		777		127,156
ServiceNow *		168		40,226
Splunk *		1,198		162,784
Tableau Software, Cl A *		166		21,895
Total System Services		753		71,083
Twilio, Cl A *		380		46,242
Ubiquiti Networks		1,186		171,246
Ultimate Software Group *		313		103,760
VeriSign *		1,307		232,698
Visa, Cl A		5,236		775,556
VMware, Cl A		1,928		331,250
Workday, Cl A *		630		124,696
Xilinx		2,378		297,963
Zebra Technologies, Cl A *		944		189,281

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Zendesk *		1,445	$	114,184
				17,795,173
MATERIALS — 0.3%
AptarGroup		500		50,865
Ashland Global Holdings		353		27,315
Ball		2,709		148,399
CF Industries Holdings		2,994		126,347
Domtar		515		26,219
Eastman Chemical		791		65,408
Ecolab		1,779		300,491
Huntsman		1,050		26,030
LyondellBasell Industries, Cl A		1,431		122,379
Mosaic		4,359		136,306
Nucor		1,951		118,172
Reliance Steel & Aluminum		487		43,465
RPM International		1,035		59,895
Sonoco Products		1,802		104,318
Steel Dynamics		2,283		85,202
Westlake Chemical		303		21,171
				1,461,982
REAL ESTATE — 0.3%
Apartment Investment & Management, Cl A ‡		2,416		118,215
CBRE Group, Cl A *		2,020		100,515
EPR Properties ‡		1,206		88,617
Equity Commonwealth ‡		1,326		43,294
Equity Residential ‡		2,378		175,235
HCP ‡		2,290		70,463
Jones Lang LaSalle		385		63,571
Kimco Realty ‡		1,432		25,189
Life Storage ‡		373		36,405
Medical Properties Trust ‡		10,375		189,136
Omega Healthcare Investors ‡		4,919		176,592
Park Hotels & Resorts ‡		2,165		67,635
Spirit Realty Capital ‡		541		20,904
Ventas ‡		1,664		104,416
Welltower ‡		1,917		142,452
				1,422,639

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UTILITIES — 0.7%
AES		7,812	$	134,601
Ameren		3,117		222,055
American Electric Power		3,026		245,560
Atmos Energy		1,441		142,443
CenterPoint Energy		1,717		51,750
CMS Energy		3,941		214,390
DTE Energy		2,605		321,874
Duke Energy		3,483		312,286
Entergy		864		80,637
Exelon		8,733		424,336
Hawaiian Electric Industries		1,325		50,721
NextEra Energy		2,017		378,631
NRG Energy		2,200		91,696
OGE Energy		4,295		182,623
Pinnacle West Capital		2,248		210,728
Public Service Enterprise Group		1,691		99,448
UGI		3,204		175,900
Vistra Energy		3,849		100,228
Xcel Energy		5,393		295,860
				3,735,767
				73,071,144
Total Common Stock
(Cost $130,452,610)				136,771,094
PREFERRED STOCK — 0.2%
BRAZIL — 0.2% (A)
Braskem		3,400		49,151
Cia Brasileira de Distribuicao		1,000		24,794
Gerdau		15,600		62,838
Petroleo Brasileiro		80,600		577,868
Telefonica Brasil		9,300		116,369
Total Preferred Stock
(Cost $775,689)				831,020

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

RIGHTS — 0.0%
	Number Of Rights		Values
CTBC Financial Holding ‡‡		155	$	—
(Cost $–)				—
SHORT-TERM INVESTMENT — 3.4%
	Shares
Invesco Government & Agency Portfolio, Cl Institutional, 2.300% (B)
(Cost $18,411,427)		18,411,427		18,411,427
Total Investments — 100.0%
(Cost $515,600,767)			$	534,377,904

Percentages are based on Net Assets of $534,595,964.

A list of the open futures contracts held by the Fund at February 28, 2019, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation
MSCI EAFE Index E-MINI	2	Mar-2019	$	170,179	$	186,900	$	16,721
MSCI Emerging Markets	8	Mar-2019		385,590		418,680		33,090
S&P 500 Index E-MINI	27	Mar-2019		3,739,222		3,759,345		20,123
S&P TSX 60 Index	6	Mar-2019		775,387		868,483		84,522
SGX Nifty 50	110	Mar-2019		2,389,473		2,391,400		1,927
			$	7,459,851	$	7,624,808	$	156,383

Open total return swap agreements held by the Fund at February 28, 2019 are as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Appreciation

ReFlow

SPGEX NAV

SOFR +35 bps

SPGEX

Annually

02/05/2020

USD

9,905,434

$

79,238

$

79,238

^* Non-income producing security.

‡ Real Estate Investment Trust

‡‡ Expiration date not available.

(A) Rate is not available

(B) The rate reported is the 7-day effective yield as of February 28, 2019.

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

MIN — Minimun

MSCI — Morgan Stanley Capital International

NVDR— Non-Voting Depository Receipt

S&P— Standard & Poor's

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPGEX — Symmetry Panoramic Global Equity Fund

TSX — Toronto Stock Exchange

USD — United States Dollar

VOL — Volatility

The following table summarizes the inputs used as of February 28, 2019, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	378,364,363	$	—	$	—	$	378,364,363
Common Stock
Australia		—		2,511,244		—		2,511,244
Belgium		—		372,604		—		372,604
Brazil		2,743,916		—		—		2,743,916
Canada		2,858,678		—		—		2,858,678
China		—		411,861		—		411,861
Denmark		—		467,117		—		467,117
Finland		—		604,536		—		604,536
France		—		2,118,543		—		2,118,543
Germany		—		2,470,588		—		2,470,588
Hong Kong		—		10,842,300		—		10,842,300
Hungary		—		145,713		—		145,713
Indonesia		—		583,772		—		583,772
Italy		—		788,317		—		788,317
Japan		—		12,782,696		—		12,782,696
Malaysia		—		1,365,688		—		1,365,688
Mexico		403,636		—		—		403,636
Netherlands		—		1,531,540		—		1,531,540
Norway		—		496,938		—		496,938
Philippines		—		145,618		—		145,618
Poland		—		415,452		—		415,452
Portugal		—		134,045		—		134,045
Singapore		—		850,468		—		850,468
South Africa		73,741		1,327,599		—		1,401,340

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

Investments in Securities	Level 1		Level 2		Level 3		Total
South Korea	$	—	$	2,082,074	$	—	$	2,082,074
Spain		—		1,199,113		—		1,199,113
Sweden		—		1,189,937		—		1,189,937
Switzerland		—		3,433,459		—		3,433,459
Taiwan		816,809		3,253,280		—		4,070,089
Thailand		—		1,112,845		—		1,112,845
Turkey		—		46,375		—		46,375
United Kingdom		—		4,119,448		—		4,119,448
United States		73,071,144		—		—		73,071,144
Total Common Stock		79,967,924		56,803,170		—		136,771,094
Preferred Stock
Brazil		831,020		—		—		831,020
Rights		—		—		—		—
Short-Term Investment		18,411,427		—		—		18,411,427
Total Investments in Securities	$	477,574,734	$	56,803,170	$	—	$	534,377,904

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts^
Unrealized Appreciation	$	156,383	$		$		$	156,383
Total Return Swap^
Unrealized Appreciation		—		79,238		—		79,238
Total Other Financial Instruments	$	156,383	$	79,238	$	—	$	235,621

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

Amounts designated as “— ” are $0.

Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund generally recognizes transfers between the levels as of the end of the reporting period. As of February 28, 2019, securities with a total value of $56,803,170 were classified as Level 2 as a result of fair valuation of foreign securities. For the period ended February 28, 2019, there were no transfers between Levels.

For the period ended February 28, 2019, there were no Level 3 securities.

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

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

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.3%
	Shares		Value
AQR TM Emerging Multi-Style Fund		47,903	$	493,402
AQR TM International Multi-Style Fund		80,458		831,935
AQR TM Large Capital Multi-Style Fund		96,478		1,220,442
DFA Emerging Markets Core Equity Portfolio, Cl I		37,235		770,402
DFA International Vector Equity Portfolio		92,934		1,065,952
DFA Real Estate Securities Portfolio, Cl I		11,647		426,736
DFA TA US Core Equity 2 Portfolio		96,602		1,759,120
DFA TA World ex US Core Equity Portfolio		58,579		617,418
DFA US Vector Equity Portfolio, Cl I		98,504		1,807,546
iShares Edge MSCI Min Vol Global ETF		8,541		748,277
Total Registered Investment Companies
(Cost $8,927,719)				9,741,230
SHORT-TERM INVESTMENT — 3.6%
Invesco Government & Agency Portfolio, Cl Institutional, 2.300% (A)
(Cost $359,210)		359,210		359,210
Total Investments — 101.9%
(Cost $9,286,929)			$	10,100,440

Percentages are based on Net Assets of $9,916,782.

Open total return swap agreements held by the Fund at February 28, 2019 are as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Appreciation

ReFlow

SPGTX NAV

SOFR +35 bps

SPGTX

Annually

02/05/2020

USD

201,839

$

5,673

$

5,673

(A) The rate reported is the 7-day effective yield as of February 28, 2019.

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

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 28, 2019
(Unaudited)

BPS — Basis Points

Cl — Class

ETF — Exchange Traded Fund

MIN — Minimum

MSCI — Morgan Stanly Capital International

SPGTX — Symmetry Panoramic Tax-Managed Global Equity Fund

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

VOL — Volatility

The following table summarizes the inputs used as of, 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	$	9,741,230	$	—	$	—	$	9,741,230
Short-Term Investment		359,210		—		—		359,210
Total Investments in Securities	$	10,100,440	$	—	$	—	$	10,100,440

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Total Return Swap^
Unrealized Appreciation	$	—	$	5,673	$	—	$	5,673
Total Other Financial Instruments	$	—	$	5,673	$	—	$	5,673

^{^} Swap contracts are valued at the unrealized appreciation on the instrument.

Amounts designated as “— ” are $0.

For the period ended February 28, 2019, there were no transfers between Level 1, Level 2 and/or Level 3 assets and liabilities. Transfers, if any, between levels are considered to have occurred at the end of the period.

For the period ended February 28, 2019, there were no Level 3 securities.

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

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

SYMMETRY PANORAMIC US FIXED INCOME FUND
FEBRUARY 28, 2019
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.1%
	Shares		Value
DFA One-Year Fixed Income Portfolio, Cl I		2,332,177	$	23,974,776
Vanguard Short-Term Bond Index Fund, Cl Admiral Shares		7,840,696		81,072,799
Vanguard Total Bond Market Index Fund, Cl Admiral Shares		8,658,016		90,909,168
Total Registered Investment Companies
(Cost $194,160,223)				195,956,743
SHORT-TERM INVESTMENT — 1.9%
Invesco Government & Agency Portfolio, Cl Institutional, 2.300% (A)
(Cost $3,810,286)		3,810,286		3,810,286
Total Investments — 100.0%
(Cost $197,970,509)			$	199,767,029

Percentages are based on Net Assets of $199,699,713.

(A) The rate reported is the 7-day effective yield as of February 28, 2019.

Cl — Class

As of February 28, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 28, 2019, there were no transfers between Level 1, Level 2 and/or Level 3 assets and liabilities. Transfers, if any, between levels are considered to have occurred at the end of the period. For the period ended February 28, 2019, there were no Level 3 securities.

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

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

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
FEBRUARY 28, 2019
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.9%
	Shares		Value
DFA Intermediate-Term Municipal Bond Portfolio, Cl I		83,151	$	846,474
DFA Short-Term Municipal Bond Portfolio, Cl I		188,846		1,918,676
Total Registered Investment Companies
(Cost $2,758,210)				2,765,150
SHORT-TERM INVESTMENT — 6.3%
Invesco Government & Agency Portfolio, Cl Institutional, 2.300% (A)
(Cost $176,204)		176,204		176,204
Total Investments — 105.2%
(Cost $2,934,414)			$	2,941,354

Percentages are based on Net Assets of $2,795,169.

(A) The rate reported is the 7-day effective yield as of February 28, 2019.

Cl — Class

As of February 28, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 28, 2019, there were no transfers between Level 1, Level 2 and/or Level 3 assets and liabilities. Transfers, if any, between levels are considered to have occurred at the end of the period. For the period ended February 28, 2019, there were no Level 3 securities.

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

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

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
FEBRUARY 28, 2019
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.0%
	Shares		Value
DFA Five-Year Global Fixed Income Portfolio, Cl I		2,368,886	$	25,204,946
Vanguard Total Bond Market ETF		7,001		558,820
Vanguard Total Bond Market Index Fund, Cl Admiral Shares		16,303,459		171,186,323
Vanguard Total International Bond ETF		40,001		2,194,055
Vanguard Total International Bond Index Fund, Cl Admiral Shares		6,909,421		151,454,515
Total Registered Investment Companies
(Cost $349,667,696)				350,598,659
SHORT-TERM INVESTMENT — 1.9%
Invesco Government & Agency Portfolio, Cl Institutional, 2.300% (A)
(Cost $6,711,640)		6,711,640		6,711,640
Total Investments — 99.9%
(Cost $356,379,336)			$	357,310,299

Percentages are based on Net Assets of $357,502,019.

(A) The rate reported is the 7-day effective yield as of February 28, 2019.

Cl — Class

ETF — Exchange Traded Fund

As of February 28, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 28, 2019, there were no transfers between Level 1, Level 2 and/or Level 3 assets and liabilities. Transfers, if any, between levels are considered to have occurred at the end of the period. For the period ended February 28, 2019, there were no Level 3 securities.

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

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

SYMMETRY PANORAMIC ALTERNATIVES FUND
FEBRUARY 28, 2019
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 113.8%
	Shares		Value
AQR Alternative Risk Premia Fund, Cl I		4,067	$	38,227
AQR Diversified Arbitrage Fund, Cl I		8,304		74,399
AQR Managed Futures Strategy Fund, Cl I		4,638		37,987
JPMorgan Systematic Alpha Fund, Cl R6		4,310		62,587
Total Registered Investment Companies
(Cost $215,306)				213,200
SHORT-TERM INVESTMENT — 1.2%
Invesco Government & Agency Portfolio, Cl Institutional, 2.300% (A)
(Cost $2,186)		2,186		2,186
Total Investments — 115.0%
(Cost $217,492)			$	215,386

Percentages are based on Net Assets of $187,271.

(A) The rate reported is the 7-day effective yield as of February 28, 2019.

Cl — Class

As of February 28, 2019, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 28, 2019, there were no transfers between Level 1, Level 2 and/or Level 3 assets and liabilities. Transfers, if any, between levels are considered to have occurred at the end of the period. For the period ended February 28, 2019, there were no Level 3 securities.

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

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

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2019
(Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES
	US Equity Fund		International Equity Fund		Global Equity Fund		Tax-Managed Global Equity Fund
Assets:
Investments, at Value (Cost $503,272,863, $273,448,995, $515,600,767 and $9,286,929)	$	521,510,413	$	283,457,790	$	534,377,904	$	10,100,440
Foreign Currency, at Value (Cost $—, $874,099, $710,643 and $—)		—		874,742		711,198		—
Receivable for Capital Shares Sold		334,389		183,692		345,649		—
Dividends and Interest Receivable		210,946		198,017		282,479		517
Cash Collateral on Futures Contracts		194,845		49,202		36,768		—
Unrealized Appreciation on Swap Contracts		107,796		27,223		79,238		5,673
Deferred Offering Costs		66,676		34,751		69,231		812
Reclaim Receivable		—		3,962		2,990		—
Receivable Due from Adviser		—		—		—		249
Prepaid Expenses		7,598		4,869		7,801		3,933
Total Assets		522,432,663		284,834,248		535,913,258		10,111,624
Liabilities:
Payable for Capital Shares Redeemed		682,068		348,996		672,277		—
Payable Due to Adviser		75,609		62,304		80,415		—
Transfer Agent Fees Payable		46,540		27,341		50,597		3,661
Offering Costs Payable		86,151		47,989		89,316		1,153
Payable Due to Administrator		14,021		7,667		14,402		267
Insurance Fees Payable		10,746		7,304		11,082		2,936
Legal Fees Payable		9,749		6,534		10,060		2,465
Chief Compliance Officer Fees Payable		7,488		5,018		7,726		1,893
Audit Fees Payable		6,935		6,935		6,935		6,935
Payable for Investment Securities Purchased		—		—		—		157,371
Due to Broker		—		554,619		307,621		—
Trustees Fees Payable		—		2,153		—		8,076
Other Accrued Expenses		38,734		50,032		66,863		10,085
Total Liabilities		978,041		1,126,892		1,317,294		194,842
Net Assets	$	521,454,622	$	283,707,356	$	534,595,964	$	9,916,782
Net Assets Consist of:
Paid-in Capital	$	498,250,747	$	271,907,794	$	511,424,519	$	9,101,355
Total Distributable Earnings		23,203,875		11,799,562		23,171,445		815,427
Net Assets	$	521,454,622	$	283,707,356	$	534,595,964	$	9,916,782
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		50,716,350		27,098,200		51,575,513		942,588
Net Asset Value, Offering and Redemption Price Per Share	$	10.28	$	10.47	$	10.37	$	10.52

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

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2019
(Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES
	US Fixed Income Fund		Municipal Fixed Income Fund		Global Fixed Income Fund		Alternatives Fund
Assets:
Investments, at Value (Cost $197,970,509, $2,934,414, $356,379,336 and $217,492)	$	199,767,029	$	2,941,354	$	357,310,299	$	215,386
Receivable for Capital Shares Sold		43,827		—		207,744		—
Dividends and Interest Receivable		324,765		147		496,565		10
Receivable for Investment Securities Sold		—		—		—		3,183
Deferred Offering Costs		22,971		212		43,325		18
Receivable Due from Adviser		—		1,238		—		1,631
Prepaid Expenses		2,402		1,953		6,955		1,953
Total Assets		200,160,994		2,944,904		358,064,888		222,181
Liabilities:
Payable for Capital Shares Redeemed		337,055		605		355,768		—
Payable Due to Adviser		10,309		—		29,687		—
Transfer Agent Fees Payable		20,324		3,220		36,505		3,143
Custodian Fees Payable		20,690		4,623		31,707		4,623
Offering Costs Payable		33,692		301		58,536		25
Payable Due to Administrator		5,283		71		9,510		4
Insurance Fees Payable		5,881		2,829		8,393		2,752
Legal Fees Payable		5,209		2,367		7,550		2,298
Chief Compliance Officer Fees Payable		4,001		1,818		5,798		1,765
Audit Fees Payable		6,935		6,935		6,935		6,935
Payable for Investment Securities Purchased		—		113,546		—		—
Trustees Fees Payable		3,595		8,084		1,236		8,087
Other Accrued Expenses		8,307		5,336		11,244		5,278
Total Liabilities		461,281		149,735		562,869		34,910
Net Assets	$	199,699,713	$	2,795,169	$	357,502,019	$	187,271
Net Assets Consist of:
Paid-in Capital	$	197,892,520	$	2,788,219	$	356,579,897	$	189,674
Total Distributable Earnings (Loss)		1,807,193		6,950		922,122		(2,403	)
Net Assets	$	199,699,713	$	2,795,169	$	357,502,019	$	187,271
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		19,617,205		276,398		35,293,042		19,275
Net Asset Value, Offering and Redemption Price Per Share	$	10.18	$	10.11	$	10.13	$	9.72

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

SYMMETRY PANORAMIC TRUST
PERIOD ENDED FEBRUARY 28, 2019⁽¹⁾
(Unaudited)

STATEMENTS OF OPERATIONS
	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Investment Income:
Dividend Income	$	2,147,493		$	2,504,785		$	3,185,227		$	4,343
Less: Foreign Taxes Withheld		—			(17,036	)		(12,966	)		—
Total Investment Income		2,147,493			2,487,749			3,172,261			4,343
Expenses:
Investment Advisory Fees		574,139			434,945			702,056			8,067
Administration Fees		35,502			23,085			36,440			8,117
Trustees’ Fees		8,091			8,091			8,091			8,091
Chief Compliance Officer Fees		7,488			5,018			7,726			1,893
Transfer Agent Fees		81,375			49,190			86,572			8,947
Custodian Fees		26,106			29,793			45,023			4,623
Offering Costs		19,475			13,238			20,085			341
Legal Fees		9,749			6,534			10,060			2,465
Registration Fees		9,325			5,210			9,584			488
Audit Fees		6,935			6,935			6,935			6,935
Printing Fees		3,743			2,510			3,863			945
Insurance and Other Expenses		17,886			23,228			27,746			8,144
Total Expenses		799,814			607,777			964,181			59,056
Less:
Waiver of Investment Advisory Fees		(353,739	)		(271,166	)		(463,098	)		(8,067	)
Reimbursement by Investment Adviser		—			—			—			(45,776	)
Net Expenses		446,075			336,611			501,083			5,213
Net Investment Income (Loss)		1,701,418			2,151,138			2,671,178			(870	)

⁽¹⁾ The Funds commenced operations on November 12, 2018.

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

SYMMETRY PANORAMIC TRUST
PERIOD ENDED FEBRUARY 28, 2019⁽¹⁾
(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 on Investments Sold	$ 4,706,253	$ 1,366,787	$ 3,851,300	$ 409
Net Realized Gain (Loss) on Futures Contracts	(115,567)	255,348	282,291	—
Net Realized Gain on Foreign Currency Transactions	—	9,086	13,476	—
Net Change in Unrealized Appreciation on Investments	18,237,550	10,008,795	18,777,137	813,511
Net Change in Unrealized Appreciation on Futures Contracts	241,898	163,399	156,383	—
Net Change in Unrealized Appreciation on Swap Contracts	107,796	27,223	79,238	5,673
Net Change in Unrealized Appreciation on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies	—	1,174	939	—
Net Realized and Unrealized Gain on Investments, Swap Contracts, Futures Contracts, Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies	23,177,930	11,831,812	23,160,764	819,593
Net Increase in Net Assets Resulting from Operations	$ 24,879,348	$ 13,982,950	$ 25,831,942	$ 818,723

⁽¹⁾ The Funds commenced operations on November 12, 2018.

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

SYMMETRY PANORAMIC TRUST
PERIOD ENDED FEBRUARY 28, 2019⁽¹⁾
(Unaudited)

STATEMENTS OF OPERATIONS
	US Fixed Income Fund			Municipal Fixed Income Fund			Global Fixed Income Fund			Alternatives Fund
Investment Income:
Dividend Income	$	970,224		$	5,631		$	4,376,446		$	2,369
Total Investment Income		970,224			5,631			4,376,446			2,369
Expenses:
Investment Advisory Fees		163,628			1,541			328,317			421
Administration Fees		18,212			7,765			26,787			7,652
Trustees' Fees		8,091			8,091			8,091			8,091
Chief Compliance Officer Fees		4,001			1,818			5,798			1,765
Transfer Agent Fees		37,426			8,134			60,838			7,832
Custodian Fees		20,690			4,623			31,707			4,623
Offering Costs		10,721			89			15,211			7
Audit Fees		6,935			6,935			6,935			6,935
Legal Fees		5,209			2,367			7,550			2,298
Registration Fees		3,566			303			6,461			269
Printing Fees		2,004			908			2,897			883
Insurance and Other Expenses		11,378			8,038			14,072			7,960
Total Expenses		291,861			50,612			514,664			48,736
Less:
Waiver of Investment Advisory Fees		(142,780	)		(1,541	)		(243,172	)		(421	)
Reimbursement by Investment Adviser		—			(47,727	)		—			(48,151	)
Net Expenses		149,081			1,344			271,492			164
Net Investment Income		821,143			4,287			4,104,954			2,205
Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments Sold		11,558			—			(9,406	)		(220	)
Net Realized Gain Received on Distributions from Registered Investment Companies		—			—			—			9
Net Change in Unrealized Appreciation (Depreciation) on Investments		1,796,520			6,940			930,963			(2,106	)
Net Realized and Unrealized Gain (Loss) on Investments		1,808,078			6,940			921,557			(2,317	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,629,221		$	11,227		$	5,026,511		$	(112	)

⁽¹⁾ The Funds commenced operations on November 12, 2018.

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	US Equity Fund			International Equity Fund
	Period Ended February 28, 2019* (Unaudited)			Period Ended February 28, 2019* (Unaudited)
Operations:
Net Investment Income	$	1,701,418		$	2,151,138
Net Realized Gain on Investments, Futures Contracts, and Foreign Currency Transactions		4,590,686			1,631,221
Net Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		18,587,244			10,200,591
Net Increase in Net Assets Resulting from Operations		24,879,348			13,982,950
Distributions		(1,675,473	)		(2,183,388	)
Capital Share Transactions:
Class I Shares:
Issued		527,873,599			287,512,994
Reinvestment of Distributions		1,675,473			2,183,388
Redeemed		(31,298,325	)		(17,788,588	)
Net Class I Share Transactions		498,250,747			271,907,794
Net Increase in Net Assets from Share Transactions		498,250,747			271,907,794
Total Increase in Net Assets		521,454,622			283,707,356
Net Assets:
Beginning of Period		—			—
End of Period	$	521,454,622		$	283,707,356
Share Transactions:
Class I Shares:
Issued		53,757,694			28,634,471
Reinvestment of Distributions		184,118			226,024
Redeemed		(3,225,462	)		(1,762,295	)
Net Increase in Shares Outstanding from Share Transactions		50,716,350			27,098,200

^* The Funds commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Global Equity Fund			Tax-Managed Global Equity Fund
	Period Ended February 28, 2019* (Unaudited)			Period Ended February 28, 2019* (Unaudited)
Operations:
Net Investment Income (Loss)	$	2,671,178		$	(870	)
Net Realized Gain on Investments, Futures Contracts, and Foreign Currency Transactions		4,147,067			409
Net Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies.		19,013,697			819,184
Net Increase in Net Assets Resulting from Operations		25,831,942			818,723
Distributions		(2,660,497	)		(3,296	)
Capital Share Transactions:
Class I Shares:
Issued		541,910,258			9,254,631
Reinvestment of Distributions		2,660,497			3,296
Redeemed		(33,146,236	)		(156,572	)
Net Class I Share Transactions		511,424,519			9,101,355
Net Increase in Net Assets from Share Transactions		511,424,519			9,101,355
Total Increase in Net Assets		534,595,964			9,916,782
Net Assets:
Beginning of Period		—			—
End of Period	$	534,595,964		$	9,916,782
Share Transactions:
Class I Shares:
Issued		54,649,823			957,593
Reinvestment of Distributions		285,155			353
Redeemed		(3,359,465	)		(15,358	)
Net Increase in Shares Outstanding from Share Transactions		51,575,513			942,588

^* The Funds commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	US Fixed Income Fund			Municipal Fixed Income Fund
	Period Ended February 28, 2019* (Unaudited)			Period Ended February 28, 2019* (Unaudited)
Operations:
Net Investment Income	$	821,143		$	4,287
Net Realized Gain on Investments		11,558			—
Net Change in Unrealized Appreciation on Investments		1,796,520			6,940
Net Increase in Net Assets Resulting from Operations		2,629,221			11,227
Distributions		(822,028	)		(4,277	)
Capital Share Transactions:
Class I Shares:
Issued		214,978,867			2,832,885
Reinvestment of Distributions		822,028			4,277
Redeemed		(17,908,375	)		(48,943	)
Net Class I Share Transactions		197,892,520			2,788,219
Net Increase in Net Assets from Share Transactions		197,892,520			2,788,219
Total Increase in Net Assets		199,699,713			2,795,169
Net Assets:
Beginning of Period		—			—
End of Period	$	199,699,713		$	2,795,169
Share Transactions:
Class I Shares:
Issued		21,301,883			280,821
Reinvestment of Distributions		80,818			423
Redeemed		(1,765,496	)		(4,846	)
Net Increase in Shares Outstanding from Share Transactions		19,617,205			276,398

^* The Funds commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Global Fixed Income Fund			Alternatives Fund
	Period Ended February 28, 2019* (Unaudited)			Period Ended February 28, 2019* (Unaudited)
Operations:
Net Investment Income	$	4,104,954		$	2,205
Net Realized Loss on Investments and Realized Gain on Distributions from Registered Investments Companies		(9,406	)		(211	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		930,963			(2,106	)
Net Increase (Decrease) in Net Assets Resulting from Operations		5,026,511			(112	)
Distributions		(4,104,389	)		(2,291	)
Capital Share Transactions:
Class I Shares:
Issued		374,654,418			87,468
Reinvestment of Distributions		4,104,389			2,291
Redeemed		(22,178,910	)		(85	)
Net Class I Share Transactions		356,579,897			89,674
Net Increase in Net Assets from Share Transactions		356,579,897			89,674
Total Increase in Net Assets		357,502,019			87,271
Net Assets:
Beginning of Period		—			100,000
End of Period	$	357,502,019		$	187,271
Share Transactions:
Class I Shares:
Issued (*including 10,000 seed shares)		37,076,840			19,045	*
Reinvestment of Distributions		407,810			239
Redeemed		(2,191,608	)		(9	)
Net Increase in Shares Outstanding from Share Transactions		35,293,042			19,275

^* The Funds commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

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

SYMMETRY PANORAMIC US EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended February 28, 2019* (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(1)		0.05
Net Realized and Unrealized Gain		0.27
Total from Operations		0.32
Dividends and Distributions:
Net Investment Income		(0.04	)
Total Dividends and Distributions		(0.04	)
Net Asset Value, End of Period	$	10.28
Total Return†		3.25	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	521,455
Ratio of Expenses to Average Net Assets(3)		0.48	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(3)		0.86	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.83	%**
Portfolio Turnover Rate		4	%***

(1) Calculated using average shares.

(2) 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.

(3) The ratios 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.

^* Commenced operations on November 12, 2018.

^** Annualized

^*** Not Annualized

† 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. Returns shown do 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.
83

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended February 28, 2019* (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(1)		0.12
Net Realized and Unrealized Gain		0.45
Total from Operations		0.57
Dividends and Distributions:
Net Investment Income		(0.10	)
Total Dividends and Distributions		(0.10	)
Net Asset Value, End of Period	$	10.47
Total Return†		5.76	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	283,707
Ratio of Expenses to Average Net Assets(3)		0.65	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(3)		1.17	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		4.15	%**
Portfolio Turnover Rate		7	%***

(1) Calculated using average shares.

(2) 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.

(3) The ratios 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.

^* Commenced operations on November 12, 2018.

^** Annualized

^*** Not Annualized

† 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. Returns shown do 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.
84

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended February 28, 2019* (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(1)		0.08
Net Realized and Unrealized Gain		0.35
Total from Operations		0.43
Dividends and Distributions:
Net Investment Loss		(0.06	)
Total Dividends and Distributions		(0.06	)
Net Asset Value, End of Period	$	10.37
Total Return†		4.39	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	534,596
Ratio of Expenses to Average Net Assets(3)		0.52	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(3)		1.00	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		2.77	%**
Portfolio Turnover Rate		5	%***

(1) Calculated using average shares.

(2) 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.

(3) The ratios 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.

^* Commenced operations on November 12, 2018.

^** Annualized

^*** Not Annualized

† 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. Returns shown do 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.
85

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended February 28, 2019* (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Loss(1)		—
Net Realized and Unrealized Gain		0.55
Total from Operations		0.55
Dividends and Distributions:
Net Investment Income		(0.03	)
Total Dividends and Distributions		(0.03	)
Net Asset Value, End of Period	$	10.52
Total Return†		5.50	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	9,917
Ratio of Expenses to Average Net Assets(3)		0.42	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(3)		4.76	%**
Ratio of Net Investment Loss to Average Net Assets(2) (3)		(0.07	)%**
Portfolio Turnover Rate		2	%***

(1) Calculated using average shares.

(2) 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.

(3) The ratios 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.

^* Commenced operations on November 12, 2018.

^** Annualized

^*** Not Annualized

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

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

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

SYMMETRY PANORAMIC US FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended February 28, 2019* (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(1)		0.07
Net Realized and Unrealized Gain		0.16
Total from Operations		0.23
Dividends and Distributions:
Net Investment Income		(0.05	)
Total Dividends and Distributions		(0.05	)
Net Asset Value, End of Period	$	10.18
Total Return†		2.29	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	199,700
Ratio of Expenses to Average Net Assets(3)		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(3)		0.80	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		2.26	%**
Portfolio Turnover Rate		6	%***

(1) Calculated using average shares.

(2) 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.

(3) The ratios 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.

^* Commenced operations on November 12, 2018.

^** Annualized

^*** Not Annualized

† 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. Returns shown do 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.
87

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended February 28, 2019* (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(1)		0.04
Net Realized and Unrealized Gain		0.10
Total from Operations		0.14
Dividends and Distributions:
Net Investment Income		(0.03	)
Total Dividends and Distributions		(0.03	)
Net Asset Value, End of Period	$	10.11
Total Return†		1.37	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	2,795
Ratio of Expenses to Average Net Assets(3)		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(3)		15.44	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.31	%**
Portfolio Turnover Rate		3	%***

(1) Calculated using average shares.

(2) 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.

(3) The ratios 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.

^* Commenced operations on November 12, 2018.

^** Annualized

^*** Not Annualized

† 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. Returns shown do 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.
88

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended February 28, 2019* (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income(1)		0.19
Net Realized and Unrealized Gain		0.09
Total from Operations		0.28
Dividends and Distributions:
Net Investment Income		(0.15	)
Total Dividends and Distributions		(0.15	)
Net Asset Value, End of Period	$	10.13
Total Return†		2.77	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	357,502
Ratio of Expenses to Average Net Assets(3)		0.43	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(3)		0.82	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		6.50	%**
Portfolio Turnover Rate		2	%***

(1) Calculated using average shares.

(2) 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.

(3) The ratios 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.

^* Commenced operations on November 12, 2018.

^** Annualized

^*** Not Annualized

† 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. Returns shown do 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.
89

SYMMETRY PANORAMIC ALTERNATIVES FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended February 28, 2019* (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.20
Net Realized and Unrealized Loss		(0.25	)
Total from Operations		(0.05	)
Dividends and Distributions:
Net Investment Income		(0.23	)
Total Dividends and Distributions		(0.23	)
Net Asset Value, End of Period	$	9.72
Total Return†		(0.48	)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	187
Ratio of Expenses to Average Net Assets(3)		0.50	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(3)		149.49	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		6.76	%**
Portfolio Turnover Rate		8	%***

(1) Calculated using average shares.

(2) 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.

(3) The ratios 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.

^* Commenced operations on November 12, 2018.

^** Annualized

^*** Not Annualized

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

The accompanying notes are an integral part of the financial statements.
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FEBRUARY 28, 2019

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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. Symmetry Partners, LLC serves as the Funds’ investment adviser (the “Adviser”). The Funds currently offer Class I Shares. The Funds commenced operations on November 12, 2018. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

2. Significant Accounting Policies:

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

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.

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FEBRUARY 28, 2019

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

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

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

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FEBRUARY 28, 2019

willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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

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

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

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

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FEBRUARY 28, 2019

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

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

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

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

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

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

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

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,

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FEBRUARY 28, 2019

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 28, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended February 28, 2019, the Funds did not incur any significant interest or penalties.

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

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

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and 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 28, 2019. To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin

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FEBRUARY 28, 2019

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 28, 2019.

For the period ended February 28, 2019, the average monthly notional amount of futures contracts held were as follows:

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund
Average Monthly Notional Balance Long	$	1,113,880	$	1,977,616	$	3,885,119
Average Monthly Notional Balance Short		—		—		—

Swap Contracts— Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund 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

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SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2019

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

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

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds’ ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds’ ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, it will not be able to implement its investment strategy. As of February 28, 2019, Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund have swap agreements with one counterparty, ReFlow Fund, LLC (“ReFlow”).

The Funds may participate in a variety of liquidity programs offered by 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

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FEBRUARY 28, 2019

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 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 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 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.

For the period ended February 28, 2019, the monthly average balances of swap contracts held by the Funds was as follows:

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund		Symmetry Panoramic Tax-Managed Global Equity Fund
Average Monthly Notional Balance Long	$	2,425,162	$	1,399,675	$	2,476,359	$	50,406
Average Monthly Notional Balance Short		—		—		—		—

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.

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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.

As of February 28, 2019, there are no derivative liabilities (unrealized depreciation) to present within the netting arrangement. For presentation purposes, the Master Netting tables have been omitted.

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

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

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

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

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

Organization and Offering Costs — Organization costs are expensed as incurred. Offering costs are amortized for a period of twelve months upon commencement of operations of a Fund. Organization and offering costs are subject to recoupment by the Adviser, within twelve months of commencement of operations subject to the Organizational Expense Agreement and Expense Limitation Agreement. The Adviser will reimburse the Funds for any organization and offering costs incurred by the Funds. The Trust incurred offering costs of $317,163 which are being amortized to expense over a twelve month period. As of February 28, 2019, the Trust had $237,996 remaining to be amortized.

3. Transactions with Affiliates:

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

The services provided by the CCO and the CCO’s staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser and other service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

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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 28, 2019, the Funds were charged as follows for these services:

Fund	Administration Fee
Symmetry Panoramic US Equity Fund	$	35,502
Symmetry Panoramic International Equity Fund		23,085
Symmetry Panoramic Global Equity Fund		36,440
Symmetry Panoramic Tax-Managed Global Equity Fund		8,117
Symmetry Panoramic US Fixed Income Fund		18,212
Symmetry Panoramic Municipal Fixed Income Fund		7,765
Symmetry Panoramic Global Fixed Income Fund		26,787
Symmetry Panoramic Alternatives Fund		7,652

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

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services associated with certain fund events (e.g., strategy, portfolio manager or sub-adviser changes) and coordinates and oversees services provided under other agreements. The Adviser has ultimate responsibility to oversee a sub-adviser and recommend to the Board of Trustees its hiring, termination, and replacement. In this capacity, the Adviser, among other things: (i) monitors on a daily basis the compliance of the sub-adviser with the investment objectives and related policies of the Fund; (ii) monitors significant changes that may impact the sub-adviser’s overall business and regularly performs due diligence reviews of the sub-adviser; (iii) reviews the performance of the sub-adviser; and (iv) reports periodically on such performance to the Board of Trustees. The Adviser employs a team of investment professionals who provide these ongoing research and monitoring services.

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

The Adviser has agreed to limit each Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in the below table until at least October 31, 2019 (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; (iii) borrowing costs (such as interest and dividend expense on securities sold short); (iv) taxes; and (v) 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%

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The Adviser also has contractually agreed to waive its management fee for each of the Funds until at least October 31, 2019 (“Fee Waiver”) so that the aggregate management fee retained by the Adviser with respect to each of the Funds after payment of sub-advisory fees does not exceed the following:

Symmetry Panoramic US Equity Fund	0.25%
Symmetry Panoramic International Equity Fund	0.25%
Symmetry Panoramic Global Equity Fund	0.25%
Symmetry Panoramic Tax-Managed Global Equity Fund	0.26%
Symmetry Panoramic US Fixed Income Fund	0.25%
Symmetry Panoramic Municipal Fixed Income Fund	0.25%
Symmetry Panoramic Global Fixed Income Fund	0.25%
Symmetry Panoramic Alternatives Fund	0.30%

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

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 28, 2019, were as follows:

	Purchases		Sales and Maturities
Symmetry Panoramic US Equity Fund	$	501,877,005	$	13,426,859
Symmetry Panoramic International Equity Fund		273,531,592		12,123,611
Symmetry Panoramic Global Equity Fund		514,760,648		17,142,004
Symmetry Panoramic Tax-Managed Global Equity Fund		9,033,154		102,797
Symmetry Panoramic US Fixed Income Fund		201,640,637		7,491,973

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	Purchases		Sales and Maturities
Symmetry Panoramic Municipal Fixed Income Fund	$	2,794,082	$	35,871
Symmetry Panoramic Global Fixed Income Fund		354,316,406		4,639,304
Symmetry Panoramic Alternatives Fund		226,430		10,904

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 Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at February 28, 2019, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Symmetry Panoramic US Equity Fund	$	503,266,863	$	19,478,539	$	(1,240,989	)	$	18,237,550
Symmetry Panoramic International Equity Fund	$	273,465,995	$	10,848,418	$	(839,623	)	$	10,008,795
Symmetry Panoramic Global Equity Fund	$	515,603,767	$	20,241,376	$	(1,464,239	)	$	18,777,137
Symmetry Panoramic Tax-Managed Global Equity Fund	$	9,286,929	$	813,511	$	0		$	813,511
Symmetry Panoramic US Fixed Income Fund	$	197,970,509	$	1,796,520	$	0		$	1,796,520
Symmetry Panoramic Municipal Fixed Income Fund	$	2,934,414	$	6,940	$	0		$	6,940
Symmetry Panoramic Global Fixed Income Fund	$	356,379,336	$	1,907,760	$	(976,797	)	$	930,963
Symmetry Panoramic Alternatives Fund	$	217,492	$	567	$	(2,673	)	$	(2,106	)

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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”). Because the Funds invest primarily in Underlying Funds, the risks described below for each Fund are in reference to the Underlying Funds, and, to the extent that a Fund invests directly in securities and other instruments, the risks described below also are directly applicable to the Fund.

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	✔	✔	✔	✔	✔	✔	✔	✔
Cash Management Strategies	●	●	●	●	●	●	●	●
Commodities Risk								✔
Convertible Securities Risk								✔
Credit Default Swaps Risk								✔
Currency Risk		✔	✔	✔				✔
Cybersecurity Risk	✔	✔	✔	✔	✔	✔	✔	✔
Derivatives Risk	✔	✔	✔	✔	✔	✔	✔	✔
Distressed Investments Risk								✔

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	US Equity	International Equity	Global Equity	Tax- Managed Global Equity	US Fixed Income	Municipal Fixed Income	Global Fixed Income	Alternatives
Emerging Markets Risk		✔	✔	✔			●	✔
Equity Risk	✔	✔	✔	✔
Exchange-Traded Notes Risk								●
Financial Sector Risk	✔	✔	✔	✔
Fixed Income Securities					✔	✔	✔	✔
Foreign (Non-U.S.) Investment Risk		✔	✔	✔			✔	✔
Forward and Futures Contract Risk		✔	✔	✔			✔	✔
Geographic and Sector Risk	✔	✔	✔	✔	✔	✔	✔	✔
High Portfolio Turnover Risk	✔	✔	✔	✔	✔	✔	✔	✔
High Yield Risk					✔	✔	✔	✔
Index Tracking Error Risk	✔	✔	✔	✔	✔	✔	✔	✔
Investment Companies and ETFs Risk	✔	✔	✔	✔	✔	✔	✔	✔
Investment Style Risk	✔	✔	✔	✔				✔
IPO and SEO Risk								✔
Leveraging Risk	●	●	●	●	●	●	●	✔
Litigation and Enforcement Risk								✔
Liquidity Risk	✔	✔	✔	✔	✔	✔	✔	✔
Management Risk	✔	✔	✔	✔	✔	✔	✔	✔
Market Capitalization Risk	✔	✔	✔	✔				✔
Market Events Risk	✔	✔	✔	✔	✔	✔	✔	✔
Market Risk	✔	✔	✔	✔	✔	✔	✔	✔
Money Market Instrument Risk					●	●	●
Municipal Bond Risk					✔			●
New Fund Risk	✔	✔	✔	✔	✔	✔	✔	✔

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	US Equity	International Equity	Global Equity	Tax- Managed Global Equity	US Fixed Income	Municipal Fixed Income	Global Fixed Income	Alternatives
ReFlow Liquidity Program	●	●	●	●	●	●	●	●
REIT Risk	✔	✔	●	●
Restricted Securities								✔
Securities Issued in PIPE Transactions								✔
Securities Lending Risk	✔	✔	✔	✔
Short Sales Risk								✔
SPACs Risk								✔
Subsidiary Risk								●
Swap Risk								✔
Taxability Risk						✔
Tax Risk								✔
Tax-Managed Investing Risk				✔
Temporary Defensive Positioning	●	●	●	●	●	●	●	●
U.S. Government Securities Risk	●	●	●	●	✔	✔	✔	✔
Valuation Risk	✔	✔	✔	✔	✔	✔	✔	✔
Volatility Risk	✔	✔	✔	✔				✔

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

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cause fixed-income securities held by a Fund to decline in value. The magnitude of this decline will often be greater for longer-term fixed-income securities than shorter-term fixed-income securities.

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

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

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

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

Currency Risk — The risk that foreign currencies will decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s or Underlying Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency risk may be particularly high to the extent that a Fund or Underlying Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to

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emerging market countries. Conversely, in strategies where currency risk is hedged, the risk is that an increase in the value of the local currency relative to the U.S. dollar will not be earned by a Fund investor.

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

The energy sector can be significantly affected by changes in the prices and supplies of oil and other energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations, policies of the Organization of Petroleum Exporting Countries (“OPEC”) and relationships among OPEC members and between OPEC and oil importing nations. The metals sector can be affected by sharp price volatility over short periods caused by global economic, financial and political factors, resource availability, government regulation, economic cycles, changes in inflation or expectations about inflation in various countries, interest rates, currency fluctuations, metal sales by governments, central banks or international agencies, investment speculation and fluctuations in industrial and commercial supply and demand. The commodity-linked securities in which a Fund may invest may be issued by companies in the financial services sector, including the banking, brokerage and insurance sectors. As a result, events affecting issuers in the financial services sector may cause a Fund’s share value to fluctuate.

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

Credit Default Swaps Risk — A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps may have as reference obligations one or more securities that are not currently held by a Fund. The protection "buyer" may be obligated to pay the protection "seller" an up-front payment

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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).

Cybersecurity Risk — With the increased use of the Internet and because information technology (“IT”) systems and digital data underlie most of a Fund’s operations, a Fund and its Adviser, any Sub-Advisers, custodian, transfer agent, distributor and other service providers and the financial intermediaries (collectively “Service Providers”) are exposed to the risk that their operations and data may be compromised as a result of internal and external cyber-failures, breaches or attacks (“Cyber Risk”). This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain unauthorized access to or release confidential information, (iii) shut down a Fund or Service Provider website through denial-of-service attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate cyber-attacks.

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

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

Derivatives are subject to a number of other risks, including liquidity risk (the possibility that the derivative may be difficult to purchase or sell and the Adviser may be unable to initiate a transaction or liquidate a position at an advantageous time or price), leverage risk (the possibility that adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the

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amount invested in the derivative), interest rate risk (some derivatives are more sensitive to interest rate changes and market price fluctuations), and counterparty risk (the risk that a counterparty may be unable to perform according to a contract, and that any deterioration in a counterparty’s creditworthiness could adversely affect the instrument). In addition, because derivative products are highly specialized, investment techniques and risk analyses employed with respect to investments in derivatives are different from those associated with stocks and bonds. Finally, a Fund’s use of derivatives may cause a Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if a Fund had not used such instruments.

Derivative instruments also are subject to the risk that the market value of an instrument will change to the detriment of a Fund. If the Adviser inaccurately forecast the values of securities, interest rates or other economic factors in using derivatives, a Fund might have been in a better position if it had not entered into the transaction at all. Some strategies involving derivative instruments can reduce the risk of loss, but they can also reduce the opportunity for gain or result in losses by offsetting favorable price movements in other investments held by a Fund. A Fund may also have to buy or sell a security at a disadvantageous time or price because regulations require funds to maintain offsetting positions or asset coverage in connection with certain derivatives transactions.

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

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

Emerging Markets Risk — A Fund’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets. These risks include less social, political and economic stability; smaller securities markets with low or nonexistent trading volume and greater illiquidity and price volatility; more restrictive national policies on foreign investment, including

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restrictions on investment in issuers or industries deemed sensitive to national interests; less transparent and established taxation policies; less developed regulatory or legal structures governing private and foreign investment; more pervasiveness of corruption and crime; less financial sophistication, creditworthiness and/or resources possessed by, and less government regulation of, the financial institutions and issuers with which a Fund transacts; less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the U.S.; greater concentration in a few industries resulting in greater vulnerability to regional and global trade conditions; higher rates of inflation and more rapid and extreme fluctuations in inflation rates; greater sensitivity to interest rate changes; increased volatility in currency exchange rates and potential for currency devaluations and/or currency controls; greater debt burdens relative to the size of the economy; more delays in settling portfolio transactions and heightened risk of loss from share registration and custody practices; and less assurance that recent favorable economic developments will not be slowed or reversed by unanticipated economic, political or social events in such countries.

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

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

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

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

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

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

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

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

● Liquidity Risk. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. These features make it more difficult to sell or buy a security at a favorable price or time. Consequently, a Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on its performance. Infrequent trading of securities may also lead to an increase in their price volatility. Liquidity risk also refers to the possibility that a Fund may

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not be able to sell a security or close out an investment contract when it wants to. If this happens, a Fund will be required to hold the security or keep the position open, and it could incur losses.

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

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

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

Special Risks of Foreign Securities: Foreign securities involve special risks and costs, which are considered by the investment adviser in evaluating the creditworthiness of issuers and making investment decisions for a Fund. Foreign securities fluctuate in price because of political, financial, social and economic events in foreign countries (including, for example, military confrontations, war and terrorism). A foreign security could also lose value because of more or less stringent foreign securities regulations and less stringent

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accounting and disclosure standards. In addition, foreign markets may have greater volatility than domestic markets and foreign securities may be less liquid and harder to value than domestic securities.

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

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’ or Underlying Funds’ investments may, if permitted, be denominated in foreign currencies, the portfolio securities and other assets held by the Funds or Underlying 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 or Underlying 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 or Underlying 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 or Underlying Funds may expose them to risks independent of their securities positions.

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The Funds or Underlying 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 or Underlying Fund has invested.

In addition, voters in the United Kingdom (“UK”) have approved withdrawal from the European Union. Securities issued by companies domiciled in the UK could be subject to changing regulatory and tax regimes. Banking and financial services companies that operate in the UK or EU could be disproportionately impacted by those actions. Other countries may seek to withdraw from the EU and/or abandon the euro, the common currency of the EU, which could exacerbate market and currency volatility and negatively impact the Funds’ investments in securities issued by companies located in EU countries. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. Recent and upcoming European elections could, depending on the outcomes, further call into question the future direction of the EU. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. The impact of these actions, especially if they occur in a disorderly fashion, is not clear, but could be significant and far-reaching. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Forward and Futures Contract Risk — The successful use of forward and futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if a Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and a Fund may have to sell securities at a time when it may be disadvantageous to do so. A Fund could be unable to recover assets held at the futures clearing broker, even assets directly traceable to a Fund from the futures clearing broker in the event of a bankruptcy of the broker. A futures clearing broker is required to segregate customer funds pursuant to the Commodities Exchange Act and the regulations of the U.S. Commodity Futures Trading

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Commission (“CFTC”). However, in the unlikely event of the broker’s bankruptcy, there is no equivalent of the Securities Investors Protection Corporation insurance as is applicable in the case of securities broker dealers’ bankruptcies.

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

High Portfolio Turnover Risk — A Fund’s Sub-Adviser and/or the Underlying Funds, as applicable, 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 a 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 a 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 a 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. A Fund also will incur brokerage costs when it purchases and sells ETFs.

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

o 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.

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

o Quantitative Investing Risk the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

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

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

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

Leveraging Risk — Financial leverage refers to the use of debt to acquire assets. The Fund may use leverage through a line of credit offered by a bank or may purchase derivatives that have the effect of creating leverage. The use of leverage may exaggerate any increase or decrease in a Fund’s net asset value, causing a Fund to be more volatile. The use of leverage may increase expenses and increase the impact of a Fund’s other risks. The use of leverage may cause a Fund 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 an Underlying Fund takes a large position or is otherwise prominently involved. The expense of defending against (or asserting) claims and paying

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any amounts pursuant to settlements or judgments would be borne by the Underlying Fund (directly if it were directly involved or indirectly in the case of claims by or against an underlying company or settlements or judgments paid by an underlying company). Further, ownership of companies over certain threshold levels involves additional filing requirements and substantive regulation on such owners, and if a Fund fails to comply with all of these requirements, the Underlying Fund may be forced to disgorge profits, pay fines or otherwise bear losses or other costs from such failure to comply.

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

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

Market Capitalization Risk — Stocks fall into the following broad market capitalization categories—large, medium, small and micro. A Fund or an Underlying 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 also may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and may have substantial borrowings or may otherwise have a weak financial condition, and may be susceptible to bankruptcy. Transaction costs for these investments are often higher than those of larger capitalization companies. There is typically less publicly available information about small and micro capitalization companies. Generally, the smaller the company size, the greater the risk.

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

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

Market Events Risk — Financial markets are subject to periods of volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced in and around 2008. These conditions are an inevitable part of investing in capital markets and may continue, recur, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, may take steps to support financial markets, including by keeping interest rates at historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S. government and the Federal Reserve may also reduce market support activities. Such reduction, including interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which a Fund invests. Policy and legislative changes in the United States and in other countries may also contribute to decreased liquidity and increased volatility in the financial markets. The impact of these influences on the markets, and the practical implications for market participants, may not be fully known for some time.

Money Market Instrument Risk — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. It is possible to lose money by investing in a money market fund. Recently, the SEC adopted money market fund reform intended to address potential

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systemic risks associated with money market funds and to improve transparency for money market fund investors. The money market fund reforms may impact the structure, operations and return potential of the money market funds in which a Fund invests.

Municipal Bond Risk — The underlying funds that invest in municipal bonds may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of municipal bonds to pay interest or repay principal. In addition, the ability of an issuer to make payments or repay interest may be affected by litigation or bankruptcy. In the event of bankruptcy of such an issuer, an underlying fund investing in the issuer’s securities could experience delays in collecting principal and interest, and the underlying 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, an underlying fund may, in some instances, take possession of, and manage, the assets securing the issuer’s obligations on such securities, which may increase the underlying fund’s operating expenses. Any income derived from the underlying 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 an underlying fund investing in municipal bonds may therefore be more dependent on the analytical abilities of the Adviser than if the underlying 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 an underlying fund’s ability to sell municipal bonds it holds at attractive prices or value municipal bonds.

New Fund Risk — A Fund is newly-formed. Investors bear the risk that a Fund may not grow to or maintain economically viable size, not be successful in implementing its investment strategy, and may not employ a successful investment strategy, any of which could result in a Fund being liquidated at any time without shareholder approval and/or at

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a time that may not be favorable for certain shareholders. Such a liquidation could have negative tax consequences for shareholders. In addition, the Adviser, which was founded in 1994, has not previously managed a mutual fund.

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

REIT Risk — There is risk that investments in real estate investment trusts (REITs) will make an Underlying 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 — A Fund may invest securities in which the disposition would be subject to legal restrictions (so called “restricted securities”). Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act of 1933, as amended (the “Securities Act”). Where registration is required, a Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time a Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than that which prevailed when it decided to sell. Restricted securities issued pursuant to Rule 144A under the Securities Act that have a readily available market usually are not deemed illiquid for purposes of this limitation

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by a Fund. However, investing in Rule 144A securities could result in increasing the level of a Fund’s illiquidity if qualified institutional buyers become, for a time, uninterested in purchasing these securities.

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

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

Short Sales Risk — A Fund may attempt to limit its exposure to a possible market decline in the value of its portfolio securities through short sales of securities that its portfolio manager believes possess volatility characteristics similar to those being hedged. A Fund may also use short sales for non-hedging purposes to pursue its investment objectives if, in the portfolio manager’s view, the security is over-valued. Short selling is speculative in nature and, in certain circumstances, can substantially increase the effect of adverse price movements on a Fund’s portfolio. A short sale of a security involves the risk of an unlimited increase in the market price of the security that can in turn result in an inability to cover the short position and a theoretically unlimited loss. No assurance can be given that securities necessary to cover a Fund’s short position will be available for purchase.

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The SEC and other U.S. and non-U.S. regulatory authorities have imposed, and may impose in the future, restrictions on short selling, either on a temporary or permanent basis. Such restrictions may include placing limitations on specific companies and/or industries with respect to which a Fund may enter into short positions, and may hinder a Fund in, or prevent it from, implementing its investment strategies, and may negatively affect performance.

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

Subsidiary Risk — By investing in a Subsidiary, an Underlying 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 Underlying Fund and are subject to the same risks that apply to similar investments if held directly by the Underlying Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved. A Subsidiary is not registered under the 1940 Act and generally is not subject to all the investor protections of the 1940 Act. However, the Underlying Fund wholly owns and controls the Subsidiary, and the Underlying 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 Underlying Fund and its shareholders. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Underlying Fund and/or the Subsidiary to operate as described in its prospectus and statement of additional information and could adversely affect a Fund.

Taxability Risk — Some or all of an Underlying Funds’ income may be subject to the federal alternative minimum tax, which could reduce a Fund’s after-tax returns from the Underlying Funds. In addition, there is no guarantee that all of a Fund’s income will remain exempt from federal or state or local income taxes. Income from municipal bonds held by a Fund or an Underlying Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax

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authorities, or non-compliant conduct of a bond issuer. A Fund or an Underlying Fund may sell securities that lose their tax-exempt statuses at inopportune times, which may cause tax consequences or a decrease in a Fund’s value.

Tax Risk — The federal income tax treatment of the complex securities in which Underlying Funds may invest may not be clear or may be subject to recharacterization by the IRS. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies could make it more difficult for an Underlying Fund itself to comply with such rules. Furthermore, the ability of the Underlying 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 Underlying Fund’s use of derivatives may cause a Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if a Fund had not used such instruments.

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

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

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

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

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9. Other:

As of February 28, 2019, the percentage of total shares outstanding held by shareholders for the Funds, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders were as follows:

	No. of Shareholders	% Ownership
Symmetry Panoramic US Equity Fund	1	95.99%
Symmetry Panoramic International Equity Fund	1	96.12%
Symmetry Panoramic Global Equity Fund	1	96.30%
Symmetry Panoramic Tax-Managed Global Equity Fund	3	98.94%
Symmetry Panoramic US Fixed Income Fund	1	95.67%
Symmetry Panoramic Municipal Fixed Income Fund	3	96.37%
Symmetry Panoramic Global Fixed Income Fund	1	96.02%
Symmetry Panoramic Alternatives Fund	2	99.99%

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

10. Regulatory Matters:

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

11. New Accounting Pronouncement:

In August 2018, the FASB issued Accounting Standards Update 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. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.

12. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of February 28, 2019.

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DISCLOSURE OF FUND EXPENSES (Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from September 1, 2018 to February 28, 2019.

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

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

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your ending starting 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 “Expense 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 (Unaudited) – concluded

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.

	Beginning Account Value 9/1/18	Ending Account Value 2/28/19	Annualized Expense Ratios	Expenses Paid During Period
Symmetry Panoramic US Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,032.50	0.48%	$ 1.44*
Hypothetical 5% Return	$ 1,000.00	$ 1,022.41	0.48%	$ 2.41**
Symmetry Panoramic International Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,057.60	0.65%	$ 1.98*
Hypothetical 5% Return	$ 1,000.00	$ 1,021.57	0.65%	$ 3.26**
Symmetry Panoramic Global Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,043.90	0.52%	$ 1.57*
Hypothetical 5% Return	$ 1,000.00	$ 1,022.22	0.52%	$ 2.61**
Symmetry Panoramic Tax-Managed Global Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,055.00	0.42%	$ 1.28*
Hypothetical 5% Return	$ 1,000.00	$ 1,022.71	0.42%	$ 2.11**
Symmetry Panoramic US Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,022.90	0.41%	$ 1.23*
Hypothetical 5% Return	$ 1,000.00	$ 1,022.76	0.41%	$ 2.06**
Symmetry Panoramic Municipal Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,013.70	0.41%	$ 1.22*
Hypothetical 5% Return	$ 1,000.00	$ 1,022.76	0.41%	$ 2.06**
Symmetry Panoramic Global Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,027.70	0.43%	$ 1.29*
Hypothetical 5% Return	$ 1,000.00	$ 1,022.66	0.43%	$ 2.16**
Symmetry Panoramic Alternatives Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 995.20	0.50%	$ 1.48*
Hypothetical 5% Return	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51**

^* Expenses are equal to the Funds’ annualized expense ratio multiplied by the average account value over the period, multiplied by 108/365 (to reflect the period since inception on November 12, 2018 to the period ended February 28, 2019.)

^** Expenses are equal to the Funds’ annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half period.)

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

At a meeting of the Board of Trustees (the “Trustees” or the “Board”) of Symmetry Panoramic Trust (the “Trust”) held on July 17, 2018, the Trustees, including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940) of the Trust (the “Independent Trustees”), approved:

(1) an investment advisory agreement (the “Advisory Agreement”) between Symmetry Partners, LLC (“Symmetry”) and the Trust, on behalf of the Symmetry Panoramic U.S. 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 together, the “Funds”), pursuant to which Symmetry would provide the Funds with investment advisory services; and

(2) an investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) between AQR Capital Management, LLC (“AQR”) and Symmetry, pursuant to which AQR would provide investment sub-advisory services to the Symmetry Panoramic U.S. Equity Fund, Symmetry Panoramic International Equity Fund, and Symmetry Panoramic Global Equity Fund (the “Sub-Advised Funds”).

In considering whether to approve the Agreements, the Trustees considered and discussed information and analyses provided in advance of the meeting by Symmetry, AQR, and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The Trustees were assisted in their review by counsel to the Trust and independent legal counsel, and met with counsel in executive session separate from representatives of Symmetry and AQR. The Trustees evaluated a number of considerations they believed, in light of the legal advice furnished to them by counsel, and their own business judgment, to be relevant, and then made decisions in their business judgment. In considering the approval of the Agreements for an initial two-year period, the Board evaluated all factors it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Trustee may have attributed different weights to the factors considered.

The nature, extent, and quality of the advisory services to be provided, including investment performance. The Board considered the nature, extent, and quality of the services to be provided by Symmetry to the Funds and by AQR to the Sub-Advised Funds. The Board considered the proposed investment strategies for each Fund and Symmetry and AQR’s expertise with respect to such strategies; the experience, capability, and integrity of Symmetry and AQR’s respective senior management; the financial resources of Symmetry and AQR; the continuous and regular management and services to be provided by Symmetry and AQR and the risks assumed and borne; and the professional qualifications of the portfolio management teams of Symmetry and AQR.

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The Board considered that each Fund would be managed as a multi-factor fund providing exposure to different managers that, in Symmetry’s view, are best able to deliver certain factor exposures as identified by Symmetry, and that Symmetry would access these investment managers on behalf of the Funds either through investment in other registered investment companies or by entering into a sub-advisory relationship with one or more investment managers pursuant to which the sub-adviser would be responsible for advising an allocated portion of a Fund’s assets. The Board noted that, in implementing each Fund’s investment strategy, Symmetry would combine the Fund’s investments in other registered investment companies with any sub-advised positions to gain a more complete set of market and factor exposures for the Fund and would manage investment and sub-adviser rebalances and transitions within the Fund’s portfolio. The Board noted that Symmetry’s advisory fee would serve as compensation for these services as well as other services it would provide to the Funds, including: development, implementation and monitoring of each Fund’s investment program, assessing each Fund’s investment objectives and policies, composition, investment style and investment process, and development and evaluation of strategic initiatives with respect to the Funds; as a “manager of managers,” selecting sub-advisers for the Funds and monitoring such sub-advisers’ implementation of and adherence to each Fund’s investment objectives, policies, and restrictions; providing a continuous investment program for each Fund and making determinations with respect to the investment of a Fund’s assets, including day-to-day management of the Fund or portions thereof; reviewing brokerage matters; generally overseeing compliance by the Trust; carrying out directives of the Board as they relate to each Fund; and making its employees available to serve as trustees and officers of the Trust. The Board further noted the services Symmetry would provide the Funds in the form of oversight of the services provided by the Funds’ custodian, administrator, transfer agent, independent accountant and legal counsel and supervision of the performance of recordkeeping and shareholder relations functions of the Funds. The Board considered that Symmetry’s management services also would include, among other things, the provision of supervisory, compliance, and administrative services to each Fund.

With respect to its consideration of AQR as the sub-adviser to the Sub-Advised Funds, the Board considered Symmetry’s reasons for recommending that AQR be appointed as the sub-adviser to the Funds, including Symmetry’s due diligence concerning and previous experience with AQR. The Board noted that under the Sub-Advisory Agreement, AQR, subject to the oversight of the Trustees and the supervision of Symmetry, will be responsible for, among other things: making investment decisions on behalf of each Sub-Advised Fund or its allocated portion of such Sub-Advised Fund; placing with brokers or dealers all orders for the purchase and sale of investments for each Sub-Advised Fund or allocated portion it advises; and performing limited related functions.

As the Funds had not yet commenced operations, the Board had no historical performance to review. However, the Board was provided composite and model performance results of Symmetry’s similarly managed portfolios, which, subject to a number of limitations, was designed to aid the Board in understanding how each Fund may have performed if it had been operating in the past. The Board discussed with

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representatives of Symmetry and AQR the portfolio managers’ experience and the investment strategies to be employed in the management of each Fund’s assets. The Board noted the reputation and experience of Symmetry and AQR.

On the basis of this information and the Board’s assessment of the nature, extent, and quality of advisory services to be provided by Symmetry to the Fund and sub-advisory services to be provided by AQR to the Sub-Advised Funds, the Board concluded that Symmetry and AQR were capable of generating a level of investment performance that is appropriate in light of the Funds’ proposed investment objectives, policies, and strategies. The Board also determined that Symmetry and AQR could provide investment and related services that are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs.

Advisory fees, sub-advisory fees, and total expense ratios. The Board considered the proposed advisory and sub-advisory fees and anticipated total expense ratios of each Fund, including information comparing the advisory fee and total expense ratio of each Fund to the advisory fees and total expense ratios of comparable investment companies. The Board observed, among other things, that each Fund’s proposed contractual advisory fee was within the range of contractual advisory fees paid by funds in the peer group determined by Broadridge. The Board also was provided with information concerning fees charged by Symmetry to clients accessing investment strategies similar to those of the Funds. The Board took note of the differences in advisory services to be provided to the Funds and those provided to Symmetry’s other accounts. The Board accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to Symmetry’s other accounts, and differences in the nature and scope of services Symmetry provides to these other accounts, as well as differences in the market for these types of accounts. The Board further observed that, consistent with their investment strategies, the Funds would make significant investments in other registered investment companies and, as a result, would bear their pro rata share of the fees and expenses of such other companies. The Board noted that, with respect to each Fund, Symmetry would contractually agree to waive its management fee so as to cap the aggregate management fee retained by Symmetry with respect to each Fund after payment of sub-advisory fees and, separately, would contractually agree to reduce each Fund’s fees and absorb expenses of each Fund so as to limit total annual Fund operating expenses, in each case through at least October 31, 2019. The Board considered that the net advisory fees for the Symmetry Panoramic Tax-Managed Global Equity Fund and Symmetry Panoramic Alternatives Fund would be higher than the net advisory fees of the other Funds, and that such difference was in recognition of the additional tax management services and additional due diligence and monitoring services, respectively, to be provided to those Funds. The Board considered the entrepreneurial and expense risk to be borne by Symmetry that is associated with entering into such contractual arrangements. In considering the sub-advisory fees to be paid to AQR, the Board noted the breakpoint structure for each Fund’s sub-advisory fee. The Board noted that AQR’s fee will be paid by Symmetry (out of its fee paid by the Fund) and not by the Fund. The Board considered the sub-advisory fees to be paid to AQR in relation to the fees to be paid to Symmetry by

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the Funds and the respective services to be provided by AQR and Symmetry. The Board considered the meaningful differences in the services that Symmetry will provide to the Funds as compared to the services to be provided by AQR. Based on this review, the Board concluded that the fees to be paid to Symmetry and AQR supported the Board’s approval of the Agreements.

On the basis of these and other considerations, together with the other information it considered, the Board determined that the advisory and sub-advisory fees to be received by Symmetry and AQR under the Agreements were reasonable in light of the services to be provided and the risks to be borne by Symmetry and AQR, respectively.

The cost of advisory services provided and the level of profitability. The Board noted that the Funds were not yet operational and therefore no revenue, cost, or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding Symmetry’s costs of providing advisory services to the Funds. The Board also noted that the sub-advisory fees are the product of arm’s-length negotiation between Symmetry and AQR. Based on this information, the Board determined that the profitability of Symmetry from its relationship with each Fund was not anticipated to be excessive.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Funds grow. The Board evaluated the extent to which the advisory and sub-advisory fees payable under the Agreements reflect economies of scale or will permit economies of scale to be realized in the future. The Board considered Symmetry’s willingness to limit each Fund’s expenses and cap its advisory fee. The Board noted that, in the future, it would have the opportunity to periodically reexamine the appropriateness of advisory fees payable to Symmetry and sub-advisory fees payable by Symmetry to AQR.

Benefits to Symmetry, AQR, and their affiliates from their relationships with the Funds. The Board considered other benefits derived by Symmetry, AQR, and their affiliates from their relationships with the Funds. The Board noted that, although both Symmetry and AQR have the ability to realize soft dollar benefits from their relationship with the Funds, neither currently intends to do so. The Board also considered the potential benefits flowing to Symmetry from sponsoring its own family of mutual funds and how the Funds may be used in delivering investment advisory services to Symmetry’s other clients. The Board noted that it would have the opportunity to review the appropriateness of these benefits over time.

Other considerations. The Board considered the investment objective and strategy of each Fund and noted that Symmetry believed the Funds would enhance Symmetry’s product offerings. The Board noted that Symmetry had made a substantial commitment to the development of the strategy represented by each Fund and to the recruitment and retention of high quality personnel, and maintained the financial, compliance, and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of each Fund and its respective shareholders. In

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this regard, the Board favorably considered Symmetry’s procedures and policies to enforce compliance with applicable laws and regulations and, with respect to the Sub-Advised Funds, oversee the sub-advisory activities of AQR. The Board also noted that Symmetry had made a significant entrepreneurial commitment to the development, management and success of the Funds and assumed commensurate risk.

Conclusion. After consideration of the factors described above, as well as other factors, the Board, including all of the Independent Trustees, concluded that the terms of the Agreements evidenced substantial due diligence, arm’s length negotiation, and were consistent with the interests of the Funds and investors.

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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 Fund 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 second fiscal quarter of 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, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By	/s/ Dana D'Auria
	Dana D'Auria
	President
Date: May 8, 2019
By	/s/ Stephen Connors
	Stephen Connors
	Treasurer & Principal Financial Officer
Date: May 8, 2019