Symmetry Panoramic Trust NCSR Certified 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)

Sara A. Taylor

Symmetry Partners, LLC

151 National Drive

Glastonbury, CT 06033

(Name and address of agent for service)

Copy to:

Mark C. Amorosi, Esq.

K&L Gates LLP

1601 K Street NW

Washington, D.C. 20006

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

Date of fiscal year end: August 31, 2019

Date of reporting period: August 31, 2019

Item 1. Reports to Stockholders.

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

Symmetry Panoramic Trust

ANNUAL REPORT

AUGUST 31, 2019

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

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

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

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

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

TABLE OF CONTENTS


Shareholders’ Letter	1
Management Discussion of Fund Performance	5
Schedules of Investments	13
Statements of Assets and Liabilities	88
Statements of Operations	91
Statements of Changes in Net Assets	94
Financial Highlights	98
Notes to Financial Statements	106
Report of Independent Registered Public Accounting Firm	148
Trustees and Officers of the Trust	149
Disclosure of Fund Expenses	155
Notice to Shareholders	158

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

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

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019
(Unaudited)

Shareholders’ Letter

Dear Shareholders,

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

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

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

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

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

	11/12/2018 - 8/31/2019
Benchmarks
S&P 500 TR USD	7.01%
Russell 2000 TR USD	-2.37%
NASDAQ Composite TR USD	8.50%
MSCI EAFE NR USD	2.71%
DJ Industrial Average TR USD	3.70%
BBgBarc US Agg Bond TR USD	11.80%
BBgBarc Global Aggregate TR USD	9.93%
BBgBarc US Govt/Credit 1-5 Yr TR USD	6.20%

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019
(Unaudited)

	11/12/2018 - 8/31/2019
MSCI ACWI Ex USA IMI NR USD	2.70%
BBgBarc Global Aggregate TR Hdg USD	11.43%
DJ US Select REIT TR USD	12.90%
MSCI US Broad Market GR USD	6.49%
MSCI World All Cap NR USD	4.65%
S&P S/T National AMT Free Muni TR USD	3.88%
Factor Indices
MSCI ACWI Value NR USD	-0.19%
MSCI ACWI Small NR USD	0.51%
MSCI ACWI Momentum NR USD	10.66%
MSCI ACWI Quality NR USD	9.61%
MSCI ACWI Minimum Vol (USD) NR USD	11.22%
MSCI ACWI IMI NR USD	4.53%
MSCI USA Value GR USD	2.91%
MSCI USA Small Cap GR USD	1.64%
MSCI USA Momentum GR USD	11.09%
MSCI USA Quality GR USD	11.70%
MSCI USA Minimum Volatility (USD) GR USD	14.81%
MSCI USA GR USD	7.24%
MSCI World Ex USA Value NR USD	-3.55%
MSCI World Ex USA Small Cap NR USD	-0.33%
MSCI World ex US Momentum NR USD	7.35%
MSCI World ex USA Quality NR USD	10.82%
MSCI World ex USA Min Vol (USD) NR USD	8.14%
MSCI World ex USA NR USD	3.19%
MSCI EM Value NR USD	-1.84%
MSCI EM Small NR USD	0.32%
MSCI EM Momentum NR USD	9.95%
MSCI EM Quality NR USD	6.87%
MSCI EM Minimum Vol (USD) NR USD	4.30%
MSCI EM NR USD	3.11%
HFRI
HFRI FOF: Conservative Index	3.84%

Source: Morningstar

Sincerely,
Dana D’Auria
President, Symmetry Panoramic Trust

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019
(Unaudited)

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

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

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

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

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

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019
(Unaudited)

Description of the Funds’ Indices

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

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

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

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

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

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

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

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

Management Discussion of Fund Performance

Growth of a $10,000 Investment

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED AUGUST 31, 2019
	Cumulative Inception to Date^*
Symmetry Panoramic US Equity Fund, Class I	6.26%
MSCI US Broad Market Index	8.63%

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

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

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

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

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

See definition of comparative indices on page 4.

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

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Growth of a $10,000 Investment

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED AUGUST 31, 2019
	Cumulative Inception to Date^*
Symmetry Panoramic International Equity Fund, Class I	2.93%
MSCI ACWI ex USA Investable Market Index (net)	3.91%

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

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

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

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

See definition of comparative indices on page 4.

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

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Growth of a $10,000 Investment

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED AUGUST 31, 2019
	Cumulative Inception to Date^*
Symmetry Panoramic Global Equity Fund, Class I	4.99%
MSCI ACWI Investable Market Index (net)	6.25%

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

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

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

See definition of comparative indices on page 4.

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

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Growth of a $10,000 Investment

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED AUGUST 31, 2019
	Cumulative Inception to Date^*
Symmetry Panoramic Tax-Managed Global Equity Fund, Class I	5.20%
MSCI ACWI Investable Market Index (net)	6.25%

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

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

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

See definition of comparative indices on page 4.

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

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Growth of a $10,000 Investment

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED AUGUST 31, 2019
	Cumulative Inception to Date^*
Symmetry Panoramic US Fixed Income Fund, Class I	7.75%
Bloomberg Barclays 1-5 Year US Government/Credit Index	6.20%

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

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

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

See definition of comparative indices on page 4.

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

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Growth of a $10,000 Investment

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED AUGUST 31, 2019
	Cumulative Inception to Date^*
Symmetry Panoramic Municipal Fixed Income Fund, Class I	3.10%
S&P Short Term National AMT-Free Municipal Bond Index	3.88%

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

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

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

See definition of comparative indices on page 4.

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

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Growth of a $10,000 Investment

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED AUGUST 31, 2019
	Cumulative Inception to Date^*
Symmetry Panoramic Global Fixed Income Fund, Class I	10.58%
Bloomberg Barclays Capital Global Aggregate Hedged USD Index	11.38%

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

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

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

See definition of comparative indices on page 4.

SYMMETRY PANORAMIC ALTERNATIVES FUND
AUGUST 31, 2019
(Unaudited)

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Growth of a $10,000 Investment

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED AUGUST 31, 2019
	Cumulative Inception to Date^*
Symmetry Panoramic Alternatives Fund, Class I	2.39%
HFRI Fund of Funds Conservative Index	4.47%

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

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

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

See definition of comparative indices on page 4.

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

SECTOR WEIGHTINGS^† (UNAUDITED)

^†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 72.8%
	Shares		Value
EQUITY FUNDS — 72.8%
DFA Real Estate Securities Portfolio, Cl I		875,158	$	35,793,977
DFA US Core Equity 2 Portfolio, Cl I (A)		6,426,780		139,461,118
DFA US Vector Equity Portfolio, Cl I (A)		7,852,568		139,226,024
iShares Edge MSCI Min Vol USA ETF		850,965		54,253,273
Total Registered Investment Companies
(Cost $350,611,817)				368,734,392

COMMON STOCK — 24.9%
COMMUNICATION SERVICES — 1.8%
AMC Networks, Cl A ^*	1,291	62,613
AT&T	10,613	374,214
Cable One	297	385,393
Cinemark Holdings	2,117	80,785
Comcast, Cl A	29,005	1,283,761
Discovery ^*	7,483	206,531
DISH Network, Cl A ^*	4,843	162,531
IAC ^*	1,686	429,323
Interpublic Group	2,870	57,056
Live Nation Entertainment ^*	965	67,077
Match Group	4,757	403,394
New York Times, Cl A	5,844	170,645

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES — continued
Nexstar Media Group, Cl A		3,001	$	296,769
Omnicom Group		2,491		189,465
Sinclair Broadcast Group, Cl A		7,168		319,478
T-Mobile US ^*		8,515		664,596
Twitter ^*		1,478		63,037
Verizon Communications		31,737		1,845,824
Viacom, Cl B		9,371		234,087
Walt Disney		13,218		1,814,303
				9,110,882
CONSUMER DISCRETIONARY — 2.9%
AutoZone ^*		492		542,031
Best Buy		1,170		74,470
Bright Horizons Family Solutions ^*		1,002		165,380
Burlington Stores ^*		650		131,618
Chipotle Mexican Grill, Cl A ^*		300		251,526
Columbia Sportswear		2,047		191,988
Darden Restaurants		3,614		437,222
Dick’s Sporting Goods		2,663		90,649
Dollar General		4,070		635,286
Domino’s Pizza		427		96,861
DR Horton		4,190		207,279
Etsy ^*		4,018		212,110
Expedia Group		940		122,294
Garmin		4,548		370,980
Gentex		8,426		224,132
Genuine Parts		1,067		96,340
Graham Holdings, Cl B		192		135,180
Grand Canyon Education ^*		1,200		150,720
H&R Block		6,011		145,586
Hasbro		1,024		113,121
Home Depot		292		66,550
Hyatt Hotels, Cl A		1,779		128,355
Lowe’s		5,456		612,163
Lululemon Athletica ^*		3,161		583,742
McDonald’s		4,779		1,041,679
NIKE, Cl B		13,131		1,109,570
NVR ^*		14		50,386
O’Reilly Automotive ^*		1,527		586,002

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
Penske Automotive Group		1,240	$	53,047
Planet Fitness, Cl A ^*		2,713		191,565
Pool		709		139,233
PulteGroup		10,623		359,057
Ross Stores		2,515		266,615
ServiceMaster Global Holdings ^*		2,316		132,105
Skechers U.S.A., Cl A ^*		3,878		122,777
Starbucks		13,185		1,273,143
Target		5,959		637,852
Tempur Sealy International ^*		4,189		323,056
TJX		13,373		735,114
Toll Brothers		3,014		109,077
Tractor Supply		3,527		359,331
Ulta Beauty ^*		1,383		328,781
Under Armour, Cl A ^*		6,938		129,116
VF		2,554		209,300
Williams-Sonoma		4,589		301,956
Yum! Brands		1,954		228,188
				14,472,533
CONSUMER STAPLES — 2.3%
Casey’s General Stores		2,181		366,081
Church & Dwight		5,934		473,415
Clorox		1,964		310,626
Costco Wholesale		4,096		1,207,337
Estee Lauder, Cl A		1,087		215,215
General Mills		5,252		282,558
Hershey		2,512		398,102
Hormel Foods		5,658		241,087
Kimberly-Clark		2,434		343,462
Lamb Weston Holdings		846		59,550
McCormick		3,030		493,496
Mondelez International, Cl A		9,119		503,551
PepsiCo		8,322		1,137,867
Philip Morris International		6,145		442,993
Pilgrim’s Pride ^*		1,382		43,063
Post Holdings ^*		1,914		190,807
Procter & Gamble		20,179		2,426,121
Sysco		4,746		352,770

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES — continued
Tyson Foods, Cl A		2,686	$	249,905
Walmart		17,880		2,042,969
				11,780,975
ENERGY — 0.2%
Cabot Oil & Gas		2,138		36,602
Chevron		5,621		661,704
Kinder Morgan		2,862		58,013
Phillips 66		2,406		237,304
Valero Energy		539		40,576
				1,034,199
FINANCIALS — 3.3%
Aflac		9,454		474,402
Alleghany ^*		456		341,685
Allstate		2,963		303,382
Ally Financial		11,314		354,694
American Express		6,607		795,285
American Financial Group		1,361		137,420
Ameriprise Financial		1,920		247,642
Aon		1,794		349,561
Arch Capital Group ^*		9,561		377,659
Assurant		1,374		169,002
Assured Guaranty		6,470		275,298
Axis Capital Holdings		4,645		285,157
BB&T		7,696		366,714
Capital One Financial		1,825		158,081
Chubb		3,348		523,225
Cincinnati Financial		1,993		224,193
Citizens Financial Group		3,134		105,741
CME Group, Cl A		1,934		420,239
Commerce Bancshares		1,367		78,015
Credit Acceptance ^*		728		329,529
Discover Financial Services		5,314		424,961
East West Bancorp		893		36,729
Erie Indemnity, Cl A		880		192,993
Evercore, Cl A		793		63,250
Everest Re Group		1,418		334,478
Fidelity National Financial		2,058		90,429
Fifth Third Bancorp		4,929		130,372

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
First American Financial		2,418	$	141,332
First Citizens BancShares, Cl A		116		51,574
Franklin Resources		1,216		31,956
Globe Life		911		81,316
Hanover Insurance Group		1,940		258,311
Huntington Bancshares		15,565		206,236
JPMorgan Chase		18,896		2,075,915
Kemper		1,256		87,895
KeyCorp		6,318		104,879
Lincoln National		5,690		300,887
MarketAxess Holdings		626		248,910
Marsh & McLennan		3,072		306,862
Mercury General		3,542		189,497
MetLife		9,711		430,197
MGIC Investment		31,450		397,842
Nasdaq		1,248		124,600
Navient		11,010		140,267
Old Republic International		8,930		208,605
Popular		4,160		218,691
Primerica		836		99,626
Progressive		10,569		801,130
Prosperity Bancshares		663		43,042
Prudential Financial		3,313		265,338
Regions Financial		8,485		124,051
Reinsurance Group of America, Cl A		376		57,893
RenaissanceRe Holdings		1,201		216,841
SVB Financial Group ^*		460		89,525
Synchrony Financial		11,101		355,787
T Rowe Price Group		2,355		260,510
TCF Financial		2,067		79,703
Travelers		4,281		629,136
US Bancorp		6,137		323,359
WR Berkley		6,054		431,347
				16,973,196
HEALTH CARE — 2.9%
Abbott Laboratories		11,719		999,865
Amgen		1,150		239,913

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Anthem		2,508	$	655,892
Bio-Rad Laboratories, Cl A ^*		401		135,422
Bio-Techne		249		47,701
Boston Scientific ^*		4,018		171,689
Bruker		5,809		250,774
Charles River Laboratories International ^*		979		128,445
Chemed		570		244,775
Danaher		5,669		805,508
DexCom ^*		816		140,034
Edwards Lifesciences ^*		805		178,581
Eli Lilly		7,962		899,467
Encompass Health		1,184		71,975
Exact Sciences ^*		1,724		205,535
Exelixis ^*		3,029		60,126
HCA Healthcare		1,339		160,948
Henry Schein ^*		4,803		295,961
Hill-Rom Holdings		809		87,113
Horizon Therapeutics ^*		12,709		351,150
Humana		281		79,582
ICU Medical ^*		429		69,391
IDEXX Laboratories ^*		676		195,864
Intuitive Surgical ^*		313		160,050
Ionis Pharmaceuticals ^*		3,809		240,767
Jazz Pharmaceuticals ^*		409		52,413
Johnson & Johnson		8,182		1,050,242
Laboratory Corp of America Holdings ^*		514		86,126
Masimo ^*		1,825		279,681
McKesson		922		127,485
Medtronic		6,013		648,743
Merck		20,745		1,793,820
Mettler-Toledo International ^*		338		221,995
Molina Healthcare ^*		723		94,192
Premier, Cl A ^*		2,877		101,443
Quest Diagnostics		524		53,642
ResMed		1,539		214,383
STERIS		1,111		171,538
Thermo Fisher Scientific		3,541		1,016,479
UnitedHealth Group		1,981		463,554

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Universal Health Services, Cl B		1,998	$	288,871
Veeva Systems, Cl A ^*		2,831		454,036
Zimmer Biomet Holdings		899		125,141
Zoetis, Cl A		3,214		406,314
				14,526,626
INDUSTRIALS — 3.3%
Acuity Brands		1,220		153,000
AGCO		5,808		401,449
Alaska Air Group		1,595		95,254
Allegion		2,437		234,610
Allison Transmission Holdings		5,860		260,360
AMETEK		720		61,870
Armstrong World Industries		2,743		261,874
Boeing		1,418		516,280
Carlisle		1,965		284,846
CH Robinson Worldwide		657		55,510
Cintas		1,318		347,688
Clean Harbors ^*		1,422		104,588
Copart ^*		2,046		154,248
CSX		8,156		546,615
Cummins		2,426		362,129
Curtiss-Wright		535		65,612
Delta Air Lines		3,937		227,795
Donaldson		931		45,023
Dover		3,728		349,463
Eaton		4,619		372,846
Emerson Electric		5,485		326,851
Expeditors International of Washington		3,667		260,723
Fastenal		5,830		178,515
Flowserve		2,497		106,572
Gardner Denver Holdings ^*		5,957		170,847
HD Supply Holdings ^*		2,085		81,127
HEICO		2,752		398,132
Honeywell International		5,159		849,275
Hubbell, Cl B		1,886		247,330
IDEX		853		140,498
Ingersoll-Rand		4,673		565,854
ITT		4,885		278,054

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Jacobs Engineering Group		3,241	$	287,995
JB Hunt Transport Services		840		90,754
Johnson Controls International		9,026		385,320
Landstar System		522		58,213
Lennox International		591		149,984
ManpowerGroup		2,552		208,600
Masco		3,249		132,332
Middleby ^*		2,055		225,351
Nordson		554		75,322
Norfolk Southern		3,043		529,634
Old Dominion Freight Line		1,014		166,053
Oshkosh		4,851		340,880
PACCAR		3,513		230,312
Parker-Hannifin		945		156,653
Republic Services, Cl A		5,686		507,476
Robert Half International		2,425		129,665
Roper Technologies		841		308,445
Snap-on		1,206		179,308
Southwest Airlines		3,201		167,476
Teledyne Technologies ^*		933		287,914
Textron		1,018		45,810
Timken		1,532		61,556
Toro		1,733		124,793
Union Pacific		5,939		961,880
United Airlines Holdings ^*		5,198		438,243
United Parcel Service, Cl B		1,383		164,107
United Technologies		1,574		204,998
Verisk Analytics, Cl A		2,546		411,281
Wabtec		545		37,719
Waste Management		4,288		511,773
Woodward		3,086		332,825
WW Grainger		361		98,788
Xylem		1,535		117,596
				16,633,894
INFORMATION TECHNOLOGY — 5.7%
Accenture, Cl A		2,134		422,895
Adobe ^*		695		197,734
Akamai Technologies ^*		1,765		157,314

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Analog Devices		3,319	$	364,526
ANSYS ^*		684		141,287
Apple		28,172		5,880,623
Aspen Technology ^*		1,183		157,576
Atlassian, Cl A ^*		924		124,287
Autodesk ^*		257		36,705
Automatic Data Processing		3,140		533,298
Avalara ^*		2,406		202,922
Avnet		1,195		50,059
Booz Allen Hamilton Holding, Cl A		5,479		413,719
Broadridge Financial Solutions		1,732		224,190
Cadence Design Systems ^*		4,319		295,765
CDW		3,429		396,049
Ciena ^*		5,381		220,244
Cisco Systems		31,926		1,494,456
Coupa Software ^*		1,743		242,155
EPAM Systems ^*		1,102		210,846
Euronet Worldwide ^*		1,753		268,454
Fair Isaac ^*		694		244,788
FleetCor Technologies ^*		177		52,817
FLIR Systems		2,053		101,151
Fortinet ^*		2,907		230,176
Intel		12,237		580,156
Intuit		2,690		775,688
Jack Henry & Associates		1,090		158,006
Keysight Technologies ^*		5,030		487,206
KLA		1,108		163,873
Lam Research		1,761		370,708
Leidos Holdings		2,932		256,139
Manhattan Associates ^*		2,935		242,519
Mastercard, Cl A		1,835		516,314
Maxim Integrated Products		1,401		76,411
Microsoft		46,608		6,425,379
MongoDB, Cl A ^*		1,599		243,544
Motorola Solutions		2,167		392,032
Okta, Cl A ^*		2,318		293,227
Oracle		15,980		831,919
Palo Alto Networks ^*		475		96,720

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Paychex		1,646	$	134,478
Paycom Software ^*		910		227,609
PayPal Holdings ^*		1,453		158,450
QUALCOMM		1,627		126,532
Sabre		6,144		145,244
salesforce.com ^*		261		40,734
ServiceNow ^*		1,479		387,261
Smartsheet, Cl A ^*		3,195		155,277
Splunk ^*		516		57,699
Teradyne		6,702		355,005
Trimble ^*		984		36,920
Twilio, Cl A ^*		615		80,239
Ubiquiti		2,469		272,849
Universal Display		393		80,750
VeriSign ^*		2,126		433,385
ViaSat ^*		1,121		88,929
Visa, Cl A		1,558		281,718
VMware, Cl A		2,700		381,888
Workday, Cl A ^*		796		141,115
Xilinx		1,622		168,785
Zebra Technologies, Cl A ^*		1,722		353,062
Zendesk ^*		2,418		193,924
Zscaler ^*		3,735		256,744
				29,132,474
MATERIALS — 0.7%
Air Products & Chemicals		2,148		485,276
AptarGroup		1,196		146,175
Ashland Global Holdings		611		44,750
Ball		6,562		527,650
Celanese, Cl A		586		66,435
CF Industries Holdings		3,409		164,280
Crown Holdings ^*		4,402		289,828
Eastman Chemical		550		35,953
Ecolab		3,284		677,522
PPG Industries		941		104,253
Reliance Steel & Aluminum		2,421		235,394
RPM International		1,706		115,445
Scotts Miracle-Gro		1,599		170,006

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
MATERIALS — continued
Sonoco Products		4,094	$	234,177
				3,297,144
REAL ESTATE — 0.7%
Apartment Investment & Management, Cl A ‡		5,229		266,679
CBRE Group, Cl A ^*		3,755		196,274
EPR Properties ‡		2,607		203,998
Equity Commonwealth ‡		3,313		111,516
Equity Residential ‡		4,449		377,097
Extra Space Storage ‡		1,004		122,408
HCP ‡		8,029		278,687
Jones Lang LaSalle		627		84,049
Kimco Realty ‡		7,187		132,097
Liberty Property Trust ‡		825		42,999
Life Storage ‡		987		104,582
Medical Properties Trust ‡		19,490		362,319
National Retail Properties ‡		1,555		87,313
Omega Healthcare Investors ‡		8,585		349,238
Spirit Realty Capital ‡		1,512		72,485
Sun Communities ‡		1,181		174,552
Ventas ‡		5,328		391,022
Welltower ‡		4,826		432,216
				3,789,531
UTILITIES — 1.1%
AES		10,893		166,989
Ameren		6,061		467,606
American Electric Power		7,229		658,923
Atmos Energy		2,357		259,812
CMS Energy		7,482		471,740
DTE Energy		4,656		603,697
Duke Energy		1,122		104,054
Entergy		2,144		241,929
Eversource Energy		1,736		139,106
Exelon		8,667		409,603
Hawaiian Electric Industries		2,753		122,233
NextEra Energy		635		139,116
OGE Energy		7,600		325,812
Pinnacle West Capital		4,182		398,586
Public Service Enterprise Group		2,839		171,675

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
UTILITIES — continued
Vistra Energy		1,685	$	42,041
Xcel Energy		10,876		698,457
				5,421,379

Total Common Stock
(Cost $111,827,693)				126,172,833

SHORT-TERM INVESTMENT — 2.3%
Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)
(Cost $11,880,734)		11,880,734		11,880,734
Total Investments — 100.0%
(Cost $474,320,244)			$	506,787,959

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

Type of Contract	Number of Contracts Long	Expiration Date		Notional Amount				Value				Unrealized Appreciation
S&P 500 Index E-MINI	19	Sep-2019		$	2,737,751			$	2,778,560			$	40,809

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

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

Notional
Amount

Value

Net
Unrealized
Appreciation

ReFlow

SPUSX NAV

SOFR +25 BPS

SPUSX

Annually

02/05/2020

USD

8,119,411

144,844

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

^*	Non-income producing security.

‡	Real Estate Investment Trust

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

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

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

SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2019

BPS — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

S&P — Standard & Poor’s

SOFR — Secured Overnight Financing Rate

SPUSX — Symmetry Panoramic US Equity Fund

USD — United States Dollar

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	368,734,392	$	—	$	—	$	368,734,392
Common Stock		126,172,833		—		—		126,172,833
Short-Term Investment		11,880,734		—		—		11,880,734
Total Investments in Securities	$	506,787,959	$	—	$	—	$	506,787,959

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts^{^}
Unrealized Appreciation	$	40,809	$	—	$	—	$	40,809
Total Return Swap^{^}
Unrealized Appreciation		—		144,844		—		144,844
Total Other Financial Instruments	$	40,809	$	144,844	$	—	$	185,653

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

Amounts designated as “—” are $0.

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

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

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

SECTOR WEIGHTINGS^† (UNAUDITED)

^†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 65.3%
	Shares		Value
EQUITY FUNDS — 65.3%
DFA Emerging Markets Core Equity Portfolio, Cl I		2,625,992	$	51,259,354
DFA International Core Equity Portfolio, Cl I		1,830,390		22,660,233
DFA International Real Estate Securities, Cl I		3,995,803		20,977,964
DFA International Vector Equity Portfolio, Cl I		4,661,050		50,479,175
iShares Edge MSCI Min Vol EAFE ETF		246,049		17,694,614
iShares Edge MSCI Min Vol Emerging Markets ETF		176,315		10,012,929
Total Registered Investment Companies
(Cost $172,530,142)				173,084,269

COMMON STOCK — 30.5%
AUSTRALIA — 1.2%
Alumina	35,731	52,188
Aristocrat Leisure	1,697	34,023
Australia & New Zealand Banking Group	5,700	102,635
Brambles	20,505	155,635
Coca-Cola Amatil	5,783	42,271
Commonwealth Bank of Australia	1,476	78,414
Crown Resorts	5,225	42,222
CSL	787	127,865
Dexus ‡	22,038	191,619
Flight Centre Travel Group	931	29,145

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
AUSTRALIA — continued
Fortescue Metals Group		30,857	$	166,341
Goodman Group ‡		27,644		270,664
GPT Group ‡		29,441		126,710
Macquarie Group		3,391		281,937
Mirvac Group ‡		68,430		147,009
Orica		4,107		59,519
QBE Insurance Group		10,442		87,734
REA Group		683		47,941
Santos		27,374		132,579
Scentre Group ‡		40,551		110,381
Suncorp Group		5,246		48,690
Telstra		80,186		200,493
Vicinity Centres ‡		21,714		37,899
Wesfarmers		9,609		252,756
Woodside Petroleum		7,471		161,274
Woolworths Group		4,125		105,011
				3,092,955
BELGIUM — 0.1%
Ageas		1,181		63,231
Proximus SADP		4,183		123,701
UCB		2,207		164,753
				351,685
BRAZIL — 1.3%
Atacadao		20,500		110,545
Banco Bradesco ADR		28,270		225,877
Banco do Brasil		12,300		137,257
Banco Santander Brasil ADR		10,365		106,241
CCR		7,600		29,824
Centrais Eletricas Brasileiras		15,400		172,371
Cia de Saneamento Basico do Estado de Sao Paulo ADR		11,466		141,949
Cia Siderurgica Nacional		35,800		122,936
Engie Brasil Energia		10,600		115,266
IRB Brasil Resseguros S		6,600		168,865
Itau Unibanco Holding ADR		42,010		346,163
Itausa - Investimentos Itau		89,200		265,597
JBS		40,200		289,778
Lojas Renner		15,300		187,029

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Natura Cosmeticos		9,200	$	147,742
Petrobras Distribuidora		21,800		150,826
Porto Seguro		7,100		96,170
Sul America		18,000		208,645
TIM Participacoes ADR		2,133		31,696
Vale ADR, Cl B		33,387		367,257
				3,422,034
CANADA — 1.9%
Alimentation Couche-Tard, Cl B		5,811		365,752
Bank of Montreal		3,806		260,880
Bausch Health ^*		4,859		103,538
BCE		5,820		275,394
Brookfield Asset Management, Cl A		6,810		351,190
CAE		5,359		140,274
Canadian National Railway		4,818		443,658
Canadian Pacific Railway		1,165		280,505
Canadian Tire, Cl A		174		17,575
CGI, Cl A ^*		3,609		283,049
Constellation Software		164		159,727
Empire		7,037		194,133
Gildan Activewear		4,300		157,641
H&R Real Estate Investment Trust ‡		6,435		109,377
iA Financial		506		21,043
Imperial Oil		962		23,606
Intact Financial		1,928		188,427
Loblaw		1,936		105,961
Magna International		471		23,582
Manulife Financial		13,450		223,156
Metro, Cl A		1,722		73,063
National Bank of Canada		2,474		116,174
Open Text		1,399		54,735
Power Financial		2,327		49,620
RioCan Real Estate Investment Trust ‡		3,068		61,019
Rogers Communications, Cl B		4,999		247,472
Royal Bank of Canada		5,586		417,796
Shopify, Cl A ^*		69		26,577
SmartCentres Real Estate Investment Trust ‡		2,013		47,868
Sun Life Financial		402		16,477

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
CANADA — continued
Toronto-Dominion Bank		5,622	$	304,873
				5,144,142
CHINA — 0.2%
Agricultural Bank of China, Cl A		35,800		17,032
Bank of Beijing, Cl A		31,100		22,863
Bank of China, Cl A		32,800		16,203
Bank of Communications, Cl A		25,400		19,232
Bank of Ningbo, Cl A		2,908		9,291
Bank of Shanghai, Cl A		15,700		19,827
BYD, Cl A		1,300		8,999
China Everbright Bank, Cl A		35,600		18,734
China Fortune Land Development, Cl A		3,500		13,077
China Merchants Bank, Cl A		3,600		17,269
China Merchants Securities, Cl A		4,300		9,617
China Merchants Shekou Industrial Zone Holdings, Cl A		6,100		16,855
China Minsheng Banking, Cl A		28,800		23,413
China Railway Construction, Cl A		14,700		18,711
China State Construction Engineering, Cl A		24,300		18,615
China United Network Communications, Cl A		12,800		10,480
China Vanke, Cl A		4,900		17,689
Daqin Railway, Cl A		9,000		9,745
Guotai Junan Securities, Cl A		4,300		10,290
Haier Smart Home, Cl A		4,342		9,666
Huaxia Bank, Cl A		24,900		25,214
Industrial & Commercial Bank of China, Cl A		19,500		14,697
Industrial Bank, Cl A		7,200		17,310
Kweichow Moutai, Cl A		100		15,986
Ping An Bank, Cl A		6,400		12,682
Ping An Insurance Group of China, Cl A		900		10,993
Poly Developments and Holdings Group, Cl A		7,700		14,486
SAIC Motor, Cl A		5,600		19,660
Shanghai Pudong Development Bank, Cl A		12,100		19,108
Shenwan Hongyuan Group, Cl A		14,600		9,764
Suning.com, Cl A		6,799		10,220
Tsingtao Brewery, Cl H		14,000		94,391
				572,119

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
DENMARK — 0.2%
Carlsberg, Cl B		197	$	29,144
Chr Hansen Holding		294		24,703
Coloplast, Cl B		1,069		127,339
Demant ^*		1,159		35,119
DSV		838		83,026
Orsted		664		63,501
Tryg		3,167		94,669
Vestas Wind Systems		1,907		139,900
				597,401
FINLAND — 0.3%
Elisa		1,640		82,467
Kone, Cl B		3,127		180,896
Neste		6,144		193,673
Nokia		12,583		62,326
Orion, Cl B		2,501		92,914
Stora Enso, Cl R		3,223		36,165
UPM-Kymmene		3,263		88,234
				736,675
FRANCE — 1.3%
Air Liquide		964		134,449
Airbus		677		93,425
AXA		8,517		195,697
Carrefour		4,661		79,472
Cie Generale des Etablissements Michelin SCA		1,296		136,479
Dassault Systemes		438		61,787
Edenred		695		33,843
EssilorLuxottica		704		103,957
Hermes International		429		293,391
Kering		327		158,241
L’Oreal		863		236,029
LVMH Moet Hennessy Louis Vuitton		1,686		672,909
Peugeot		8,665		194,006
Sanofi		5,180		445,161
Sartorius Stedim Biotech		527		81,709
SCOR		878		35,016
Sodexo		1,017		115,253
Suez		1,461		22,676
Teleperformance		127		27,762

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
FRANCE — continued
Thales		301	$	34,848
TOTAL		4,133		206,698
Ubisoft Entertainment ^*		258		20,834
				3,383,642
GERMANY — 1.1%
adidas		1,038		307,899
Allianz		2,677		590,598
Aroundtown		13,266		110,418
Brenntag		1,621		78,247
Carl Zeiss Meditec		1,075		124,234
Deutsche Boerse		889		131,026
Deutsche Telekom		17,170		286,666
E.ON		9,103		84,664
Evonik Industries		3,690		94,331
Hannover Rueck		1,586		252,971
MTU Aero Engines		636		174,048
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		848		203,284
Puma		777		59,108
QIAGEN ^*		2,228		77,552
RWE		1,495		42,620
Volkswagen		433		70,748
Vonovia		5,481		273,313
Wirecard		151		24,291
				2,986,018
HONG KONG — 5.9%
Agile Group Holdings		26,000		33,174
Agricultural Bank of China, Cl H		649,000		249,499
Air China, Cl H		68,000		58,733
Anhui Conch Cement, Cl H		48,500		272,183
BAIC Motor, Cl H		40,000		22,528
Bank of China, Cl H		1,150,000		437,660
Bank of Communications, Cl H		484,000		315,978
Beijing Enterprises Holdings		12,000		56,941
BOC Aviation		13,500		117,314
BYD Electronic International		95,500		114,015
China Aoyuan Group		84,000		98,804
China CITIC Bank, Cl H		63,000		32,889

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
China Coal Energy, Cl H		36,000	$	14,266
China Construction Bank, Cl H		1,286,000		950,781
China Everbright Bank, Cl H		496,000		206,463
China Jinmao Holdings Group		218,000		121,410
China Longyuan Power Group, Cl H		17,000		9,344
China Mengniu Dairy		7,000		27,728
China Merchants Bank, Cl H		200,000		909,056
China Minsheng Banking, Cl H		385,000		253,014
China Mobile		101,000		834,019
China Oriental Group		64,000		25,260
China Overseas Land & Investment		86,000		271,341
China Resources Beer Holdings		6,000		34,071
China Resources Cement Holdings		12,000		10,616
China Resources Gas Group		34,000		167,545
China Resources Land		62,000		251,421
China Resources Power Holdings		14,000		18,453
China Shenhua Energy, Cl H		41,500		80,872
China Telecom, Cl H		534,000		238,620
China Vanke, Cl H		81,300		280,219
CIFI Holdings Group		54,000		28,920
CITIC		135,000		159,679
CLP Holdings		19,000		195,153
CNOOC		241,000		358,501
COSCO SHIPPING Ports		42,000		36,786
Country Garden Holdings		44,000		54,554
CSPC Pharmaceutical Group		10,000		19,954
ENN Energy Holdings		3,900		44,386
Far East Horizon		82,000		73,456
Future Land Development Holdings		154,000		121,617
Great Wall Motor, Cl H		133,500		84,568
Guangdong Investment		86,000		181,089
Guangzhou R&F Properties		45,200		72,599
Haier Electronics Group		9,000		23,434
Hang Lung Properties		72,000		162,808
Hang Seng Bank		3,800		79,017
Henderson Land Development		50,300		233,742
Hong Kong & China Gas		103,400		199,363
Hua Hong Semiconductor		43,000		71,594

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Huadian Power International, Cl H		152,000	$	59,260
Hysan Development		10,000		40,323
Industrial & Commercial Bank of China, Cl H		2,060,000		1,296,267
Jiangsu Expressway, Cl H		8,000		10,612
Jiangxi Copper, Cl H		52,000		58,457
Kaisa Group Holdings		59,000		20,397
KWG Group Holdings		45,000		39,121
Lenovo Group		200,000		130,940
Li Ning		63,500		187,164
Link REIT ‡		23,000		257,518
Logan Property Holdings		90,000		126,949
Longfor Group Holdings		52,000		185,599
Luye Pharma Group		24,000		18,603
Maanshan Iron & Steel, Cl H		68,000		25,461
Metallurgical Corp of China, Cl H		63,000		14,043
MTR		15,000		86,740
New China Life Insurance, Cl H		32,400		127,555
New World Development		16,000		19,903
Ping An Insurance Group of China, Cl H		155,500		1,773,451
Postal Savings Bank of China, Cl H		101,000		60,730
Shandong Weigao Group Medical Polymer, Cl H		120,000		123,709
Shenzhou International Group Holdings		5,000		67,852
Shimao Property Holdings		56,500		159,368
Shui On Land		79,000		16,404
Sihuan Pharmaceutical Holdings Group		425,000		75,744
Sino Biopharmaceutical		14,000		20,769
Sinopec Engineering Group, Cl H		28,000		18,290
Sinopharm Group, Cl H		6,400		23,120
Sinotruk Hong Kong		83,000		127,730
SJM Holdings		48,000		45,062
SSY Group		28,000		24,692
Sun Art Retail Group		11,500		11,219
Sun Hung Kai Properties		4,500		63,438
Sunac China Holdings		45,000		179,884
Swire Properties		54,600		178,970
Techtronic Industries		26,500		182,044
Tingyi Cayman Islands Holding		12,000		16,500
Uni-President China Holdings		22,000		24,424

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Vitasoy International Holdings		16,000	$	74,456
Want Want China Holdings		25,000		19,441
Weichai Power, Cl H		147,000		223,987
WH Group		217,000		174,248
Wheelock		15,000		87,218
Yanzhou Coal Mining, Cl H		12,000		10,420
Yihai International Holding		6,000		35,853
Yue Yuen Industrial Holdings		13,500		34,550
Yuexiu Property		464,000		99,680
Yuzhou Properties		81,000		34,072
Zhejiang Expressway, Cl H		74,000		61,794
Zijin Mining Group, Cl H		28,000		10,495
				15,479,963
HUNGARY — 0.1%
MOL Hungarian Oil & Gas		16,815		164,509
OTP Bank Nyrt		2,057		81,848
				246,357
INDONESIA — 0.6%
Adaro Energy		314,700		25,004
Astra International		280,800		132,044
Bank Central Asia		156,700		336,958
Bank Mandiri Persero		258,700		132,086
Bank Negara Indonesia Persero		276,000		149,591
Bank Rakyat Indonesia Persero		1,010,900		303,902
Gudang Garam		16,600		81,269
Indocement Tunggal Prakarsa		64,200		98,244
Indofood CBP Sukses Makmur		43,300		36,794
Indofood Sukses Makmur		61,700		34,451
Jasa Marga Persero		87,100		34,402
Pakuwon Jati		2,289,000		103,358
Semen Indonesia Persero		27,400		25,551
Telekomunikasi Indonesia Persero		236,600		74,093
				1,567,747
ITALY — 0.6%
Assicurazioni Generali		13,494		244,530
Davide Campari-Milano		3,992		37,445
Enel		39,060		283,521
Eni		22,801		343,417

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
ITALY — continued
Ferrari		455	$	71,696
Leonardo		5,774		70,827
Mediobanca Banca di Credito Finanziario		11,791		116,895
Moncler		2,766		103,895
Poste Italiane		19,284		207,344
Recordati		379		16,611
Terna Rete Elettrica Nazionale		16,553		103,947
				1,600,128
JAPAN — 5.0%
ABC-Mart		1,900		121,357
Advantest		5,100		209,140
AGC		600		17,291
Alfresa Holdings		1,100		24,848
Amada Holdings		11,200		116,678
Asahi Intecc		4,600		102,836
Asahi Kasei		4,100		37,056
Astellas Pharma		14,400		199,101
Bandai Namco Holdings		4,500		263,530
Bridgestone		4,500		171,196
Brother Industries		3,400		58,781
Casio Computer		3,500		48,911
Central Japan Railway		1,600		316,308
Chubu Electric Power		1,200		17,696
Chugai Pharmaceutical		3,600		257,291
Dai Nippon Printing		3,900		84,259
Daiichi Sankyo		4,400		288,962
Daikin Industries		500		61,800
East Japan Railway		1,200		114,279
Fast Retailing		500		292,676
Fuji Electric		1,000		28,527
FUJIFILM Holdings		4,200		179,630
Fujitsu		2,400		184,567
Hakuhodo DY Holdings		8,000		118,029
Hamamatsu Photonics		700		24,158
Hikari Tsushin		600		140,457
Hitachi		6,400		218,191
Hitachi Chemical		5,300		164,160

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Hitachi High-Technologies		3,000	$	161,834
Honda Motor		1,300		30,827
Hoya		3,800		309,317
ITOCHU		10,800		215,116
Itochu Techno-Solutions		5,400		148,916
Japan Airlines		1,300		40,557
Japan Airport Terminal		700		27,883
Japan Prime Realty Investment ‡		21		95,969
Japan Real Estate Investment ‡		19		126,518
JSR		1,300		21,249
Kakaku.com		2,800		69,985
Kamigumi		3,200		74,920
Kaneka		1,500		44,911
Kao		600		43,299
KDDI		1,800		47,945
Keihan Holdings		3,100		129,725
Keio		1,600		99,999
Kobayashi Pharmaceutical		400		29,922
Kose		100		17,151
Kyocera		3,700		219,721
Lion		1,200		23,297
Marubeni		5,400		34,429
Marui Group		1,300		25,873
Medipal Holdings		6,300		133,602
MEIJI Holdings		600		41,695
MINEBEA MITSUMI		1,000		15,438
Mitsubishi		9,900		240,508
Mitsubishi Electric		12,300		148,259
Mitsubishi Heavy Industries		3,900		146,537
Mitsubishi UFJ Lease & Finance		3,100		16,739
Mitsui		3,400		53,173
Mitsui Fudosan		900		21,564
MS&AD Insurance Group Holdings		6,000		190,383
Murata Manufacturing		4,900		204,839
Nexon		2,800		37,573
NGK Spark Plug		2,700		46,653
Nippon Building Fund ‡		32		234,999
Nippon Telegraph & Telephone		9,000		431,468

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Nissan Chemical		300	$	12,681
Nisshin Seifun Group		2,400		45,074
Nomura Research Institute		3,300		65,498
NTT Data		10,000		129,084
Obic		1,400		159,991
Omron		2,300		113,255
Oriental Land		1,200		174,713
Otsuka		2,000		74,140
Pan Pacific International Holdings		6,400		100,188
Park24		1,000		20,473
Persol Holdings		2,200		44,617
Recruit Holdings		10,300		311,815
Ricoh		2,600		24,037
Sankyo		1,700		58,679
Santen Pharmaceutical		1,200		21,003
Secom		2,100		178,974
Sega Sammy Holdings		1,800		24,880
Sekisui Chemical		1,800		25,895
Sekisui House		3,700		65,650
SG Holdings		5,400		144,213
Shimadzu		1,400		34,747
Shimano		200		28,710
Shin-Etsu Chemical		1,300		130,979
Shinsei Bank		2,200		30,399
Shionogi		2,000		107,036
Shiseido		400		32,665
SoftBank Group		10,900		493,440
Sohgo Security Services		600		30,270
Sompo Holdings		700		27,900
Sony		3,200		181,434
Sony Financial Holdings		6,600		152,043
Sumitomo		2,200		32,935
Sumitomo Heavy Industries		2,200		63,138
Sumitomo Mitsui Trust Holdings		600		19,579
Suzuken		2,900		155,816
Taiheiyo Cement		1,200		30,261
TDK		500		39,610
Terumo		5,300		153,984

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Toho		3,100	$	131,184
Toho Gas		3,600		139,592
Tokio Marine Holdings		5,400		277,595
Tokyo Gas		4,500		113,618
Toppan Printing		4,300		68,500
Tosoh		1,200		15,382
Toyo Suisan Kaisha		1,800		73,174
Toyoda Gosei		1,200		22,316
Toyota Industries		400		22,004
Toyota Motor		6,200		405,895
Toyota Tsusho		700		21,706
Unicharm		3,000		92,170
West Japan Railway		1,400		117,909
Yamaha		2,300		99,180
Yamazaki Baking		1,100		19,117
Yokogawa Electric		2,400		43,578
Yokohama Rubber		2,100		40,331
				13,107,565
MALAYSIA — 0.2%
AMMB Holdings		83,100		82,932
Fraser & Neave Holdings		3,200		26,804
Hong Leong Bank		2,300		9,071
Hong Leong Financial Group		19,200		76,966
Malayan Banking		18,700		38,628
Malaysia Airports Holdings		10,500		20,495
Nestle Malaysia		1,000		35,038
Petronas Dagangan		2,500		13,591
PPB Group		14,300		63,363
Public Bank		20,100		96,983
RHB Bank		89,900		121,927
Sime Darby		25,500		13,884
Telekom Malaysia		19,000		16,917
Tenaga Nasional		3,500		11,598
				628,197
MEXICO — 0.1%
Grupo Bimbo, Ser A		19,900		34,743
Grupo Financiero Banorte, Cl O		2,900		15,648
Megacable Holdings		6,200		25,367

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
MEXICO — continued
Promotora y Operadora de Infraestructura		3,530	$	29,464
Wal-Mart de Mexico		36,000		102,136
				207,358
NETHERLANDS — 0.4%
Aegon		11,916		45,384
ASML Holding		224		49,917
Koninklijke Ahold Delhaize		10,255		239,933
Koninklijke DSM		1,688		210,112
Koninklijke KPN		14,408		45,659
Koninklijke Vopak		634		30,265
NN Group		2,233		74,817
Randstad		374		17,473
Wolters Kluwer		3,941		284,170
				997,730
NORWAY — 0.1%
DNB		2,116		34,222
Gjensidige Forsikring		3,252		62,819
Mowi		4,189		100,232
				197,273
PHILIPPINES — 0.2%
Alliance Global Group		312,900		76,336
Globe Telecom		3,440		134,107
International Container Terminal Services		16,790		43,733
Manila Electric		12,080		84,719
Megaworld		994,700		98,008
Robinsons Land		209,400		100,437
Universal Robina		25,940		86,172
				623,512
POLAND — 0.2%
CD Projekt		561		35,809
Cyfrowy Polsat		8,455		61,904
Dino Polska ^*		1,057		40,898
Grupa Lotos		6,026		130,550
KGHM Polska Miedz		1,563		30,818
Orange Polska		21,017		33,712
Polski Koncern Naftowy ORLEN		5,568		127,034
Powszechna Kasa Oszczednosci Bank Polski		6,212		61,194
				521,919

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
PORTUGAL — 0.0%
Galp Energia SGPS		2,675	$	38,459

SINGAPORE — 0.4%
Ascendas Real Estate Investment Trust ‡		33,000		73,177
CapitaLand Commercial Trust ‡		24,200		37,102
CapitaLand Mall Trust ‡		79,300		151,254
ComfortDelGro		90,200		159,052
DBS Group Holdings		3,900		68,865
SATS		12,700		43,887
Singapore Technologies Engineering		32,700		92,730
United Overseas Bank		3,900		70,039
Venture		3,000		32,714
Wilmar International		51,400		141,017
Yangzijiang Shipbuilding Holdings		89,600		58,779
				928,616
SOUTH AFRICA — 0.4%
Absa Group		8,971		90,819
Anglo American Platinum		2,659		163,038
AngloGold Ashanti ADR		11,192		254,618
Bidvest Group		1,323		15,558
Clicks Group		1,125		14,746
Exxaro Resources		9,673		86,878
FirstRand		20,169		79,836
Foschini Group		3,780		37,485
Investec		3,752		19,799
Kumba Iron Ore		3,921		101,311
Liberty Holdings		3,634		26,221
Pick n Pay Stores		4,249		16,155
RMB Holdings		14,939		70,117
Sanlam		4,220		20,246
SPAR Group		927		10,604
Standard Bank Group		2,218		25,946
Telkom SOC		19,380		101,404
				1,134,781
SOUTH KOREA — 0.9%
BGF retail		597		100,372
Cheil Worldwide		6,067		132,388
Daelim Industrial		1,694		136,669

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
Doosan Bobcat		2,206	$	65,244
Fila Korea		2,249		106,112
GS Retail		1,415		45,181
Hanon Systems		4,145		39,708
Hyundai Glovis		896		118,210
Kangwon Land		3,848		89,581
Kia Motors		6,717		241,835
Korea Investment Holdings		315		18,774
Korea Zinc		352		126,402
KT&G		2,049		172,454
Meritz Securities		26,756		105,016
NCSoft		329		145,840
Samsung Electronics		9,170		333,123
Samsung Fire & Marine Insurance		46		8,685
Shinhan Financial Group		1,517		51,003
SK Hynix		430		27,426
SK Telecom		1,017		200,932
				2,264,955
SPAIN — 0.5%
ACS Actividades de Construccion y Servicios		3,792		143,550
Amadeus IT Group		1,560		116,442
Endesa		7,878		202,461
Iberdrola		48,096		494,458
Mapfre		23,883		62,297
Red Electrica		7,902		157,552
				1,176,760
SWEDEN — 0.5%
Essity, Cl B		3,085		96,364
Hennes & Mauritz, Cl B		12,211		234,164
Hexagon, Cl B		1,121		49,907
Investor, Cl B		5,626		264,372
Lundin Petroleum		1,972		60,060
Securitas, Cl B		7,272		108,907
Skandinaviska Enskilda Banken, Cl A		7,712		66,309
Swedish Match		2,288		89,958
Tele2, Cl B		4,458		62,968
Telefonaktiebolaget LM Ericsson, Cl B		28,160		219,848
Telia		33,866		148,324
				1,401,181

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
SWITZERLAND — 2.2%
Baloise Holding		261	$	44,560
Chocoladefabriken Lindt & Spruengli		22		162,743
Nestle		15,722		1,763,046
Novartis		13,699		1,233,370
Partners Group Holding		241		195,549
Roche Holding		4,351		1,191,851
Sika		353		50,781
Sonova Holding		630		146,316
Straumann Holding		88		69,099
Swiss Life Holding		588		279,222
Temenos		369		62,052
Zurich Insurance Group		1,668		593,445
				5,792,034
TAIWAN — 2.0%
Acer		72,000		39,405
Advantech		5,000		42,514
ASE Technology Holding		41,000		92,826
Asia Cement		92,000		125,940
Chailease Holding		38,110		150,989
Chang Hwa Commercial Bank		174,420		111,971
Chicony Electronics		6,000		16,824
China Steel		301,000		221,623
CTBC Financial Holding		145,000		93,925
Delta Electronics		30,000		139,959
E.Sun Financial Holding		229,215		184,185
Eclat Textile		9,000		109,900
Eva Airways		178,000		80,203
Far Eastern New Century		48,000		43,544
Feng TAY Enterprise		20,900		135,999
First Financial Holding		65,650		44,870
Formosa Chemicals & Fibre		59,000		165,346
Formosa Petrochemical		19,000		58,719
Formosa Taffeta		79,000		85,601
Fubon Financial Holding		31,000		43,051
Giant Manufacturing		9,000		62,479
Hon Hai Precision Industry		60,000		141,965
Hua Nan Financial Holdings		16,872		10,710
Inventec		55,000		37,653

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Lite-On Technology		63,000	$	100,069
Mega Financial Holding		186,000		170,118
Micro-Star International		5,000		13,334
Nan Ya Plastics		18,000		39,395
Novatek Microelectronics		30,000		177,616
Phison Electronics		8,000		73,059
Pou Chen		26,000		32,409
President Chain Store		6,000		55,734
Realtek Semiconductor		27,000		185,145
Shanghai Commercial & Savings Bank ^*		35,000		56,518
SinoPac Financial Holdings		246,000		92,732
Taiwan Business Bank		345,450		135,312
Taiwan Cement		136,973		167,527
Taiwan Cooperative Financial Holding		154,500		98,281
Taiwan High Speed Rail ^*		20,000		24,144
Taiwan Semiconductor Manufacturing ADR		24,793		1,056,925
Uni-President Enterprises		70,000		170,495
United Microelectronics		52,000		22,256
Vanguard International Semiconductor		36,000		73,305
Walsin Technology		11,000		55,389
Wistron		17,000		13,480
Yuanta Financial Holding		304,000		174,529
Zhen Ding Technology Holding		50,000		184,905
				5,412,878
THAILAND — 0.4%
Advanced Info Service NVDR		6,200		46,986
Bangkok Bank NVDR		27,000		150,808
Bangkok Dusit Medical Services NVDR		68,500		52,800
Home Product Center NVDR		130,900		76,903
Kasikornbank NVDR		10,100		52,791
Krung Thai Bank NVDR		280,600		157,573
Land & Houses NVDR		193,100		68,195
PTT NVDR		58,800		84,973
PTT Exploration & Production NVDR		42,800		174,144
Siam Cement NVDR		6,800		92,460
Siam Commercial Bank NVDR		30,800		124,408
Thai Union Group NVDR		146,400		83,310
				1,165,351

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
TURKEY — 0.1%
Akbank T.A.S.		36,668	$	43,796
Arcelik		20,317		59,696
KOC Holding		38,490		115,810
TAV Havalimanlari Holding		2,660		10,799
Turkcell Iletisim Hizmetleri		13,156		29,266
Turkiye Garanti Bankasi		30,689		47,025
Turkiye Is Bankasi, Cl C		48,213		45,707
Turkiye Sise ve Cam Fabrikalari		33,442		24,903
				377,002
UNITED KINGDOM — 2.1%
Admiral Group		1,418		37,143
Anglo American		10,087		218,810
AstraZeneca		4,910		437,612
Auto Trader Group		15,035		97,464
Barratt Developments		26,089		201,032
Berkeley Group Holdings		1,472		70,247
BHP Group		25,107		543,113
BP		96,783		590,858
Burberry Group		5,893		155,940
Compass Group		9,955		252,782
Croda International		450		25,829
Diageo		9,499		405,585
Evraz		24,515		147,870
Experian		5,803		178,074
GlaxoSmithKline		8,173		170,143
Halma		3,871		92,903
Johnson Matthey		834		29,632
Mondi		2,667		52,099
National Grid		10,752		112,759
Next		1,325		95,708
Persimmon		636		14,745
Rio Tinto		7,753		391,551
Royal Dutch Shell, Cl A		16,703		464,419
Sage Group		12,704		108,440
Segro ‡		1,769		16,930
Smith & Nephew		8,496		203,366
Spirax-Sarco Engineering		980		96,176
Tesco		47,089		125,903

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Unilever		1,986	$	125,615
Whitbread		730		38,852
				5,501,600
UNITED STATES — 0.0%
Credicorp		63		13,049

Total Common Stock
(Cost $77,524,082)				80,671,086

PREFERRED STOCK — 0.3%
BRAZIL — 0.3% ⁽¹⁾
Cia Brasileira de Distribuicao		2,400		50,788
Petroleo Brasileiro		100,500		616,688
Telefonica Brasil		13,500		174,903
Total Preferred Stock
(Cost $876,101)				842,379

RIGHTS — 0.0%
	Number of Rights
The Shanghai Commercial & SA, Expires 10/07/2019		2,843		1,340
Total Rights
(Cost $–)				1,340

SHORT-TERM INVESTMENT — 3.9%
	Shares
Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (A)
(Cost $10,301,339)		10,301,339		10,301,339
Total Investments — 100.0%
(Cost $261,231,664)			$	264,900,413

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

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

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Depreciation
MSCI EAFE Index	21	Sep-2019	$	1,969,496	$	1,936,095	$	(33,401	)
SGX Nifty 50	140	Sep-2019		3,105,584		3,095,260		(10,324	)
			$	5,075,080	$	5,031,355	$	(43,725	)

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

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

Notional
Amount

Value

Net
Unrealized
Depreciation

ReFlow

SPILX NAV

SOFR +35 BPS

SPLIX

Annually

02/05/2020

USD

5,100,818

(174,564

)

(174,564

)

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

^*	Non-income producing security.

‡	Real Estate Investment Trust

(1)	Rate is not available.

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

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NVDR— Non-Voting Depository Receipt

S&P— Standard & Poor’s

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPILX — Symmetry Panoramic International Equity Fund

USD — United States Dollar

VOL — Volatility

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	173,084,269	$	—	$	—	$	173,084,269
Common Stock
Australia		—		3,092,955		—		3,092,955
Belgium		—		351,685		—		351,685
Brazil		3,422,034		—		—		3,422,034
Canada		5,144,142		—		—		5,144,142
China		—		572,119		—		572,119
Denmark		—		597,401		—		597,401
Finland		—		736,675		—		736,675
France		—		3,383,642		—		3,383,642
Germany		—		2,986,018		—		2,986,018
Hong Kong		—		15,479,963		—		15,479,963
Hungary		—		246,357		—		246,357
Indonesia		—		1,567,747		—		1,567,747
Italy		—		1,600,128		—		1,600,128
Japan		—		13,107,565		—		13,107,565
Malaysia		—		628,197		—		628,197
Mexico		207,358		—		—		207,358
Netherlands		—		997,730		—		997,730
Norway		—		197,273		—		197,273
Philippines		—		623,512		—		623,512
Poland		—		521,919		—		521,919
Portugal		—		38,459		—		38,459
Singapore		—		928,616		—		928,616
South Africa		254,618		880,163		—		1,134,781
South Korea		—		2,264,955		—		2,264,955
Spain		—		1,176,760		—		1,176,760
Sweden		—		1,401,181		—		1,401,181
Switzerland		—		5,792,034		—		5,792,034
Taiwan		1,056,925		4,355,953		—		5,412,878
Thailand		—		1,165,351		—		1,165,351
Turkey		—		377,002		—		377,002
United Kingdom		—		5,501,600		—		5,501,600
United States		13,049		—		—		13,049
Total Common Stock		10,098,126		70,572,960		—		80,671,086
Preferred Stock
Brazil		842,379		—		—		842,379
Rights		—		1,340		—		1,340
Short-Term Investment		10,301,339		—		—		10,301,339
Total Investments in Securities	$	194,326,113	$	70,574,300	$	—	$	264,900,413

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2019

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^{^}
Unrealized Depreciation	$	(43,725	)	$	—		$	—	$	(43,725	)
Total Return Swap^{^}
Unrealized Depreciation		—			(174,564	)		—		(174,564	)
Total Other Financial Instruments	$	(43,725	)	$	(174,564	)	$	—	$	(218,289	)

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

Amounts designated as “—” are $0.

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

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

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

SECTOR WEIGHTINGS^† (UNAUDITED)

^†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 69.1%
	Shares		Value
EQUITY FUNDS — 69.1%
DFA Emerging Markets Core Equity Portfolio, Cl I		2,178,361	$	42,521,607
DFA International Core Equity Portfolio, Cl I		1,543,783		19,112,033
DFA International Real Estate Securities, Cl I		2,650,478		13,915,009
DFA International Vector Equity Portfolio, Cl I		3,606,953		39,063,304
DFA Real Estate Securities Portfolio, Cl I		568,190		23,238,961
DFA US Core Equity 2 Portfolio, Cl I		3,678,651		79,826,734
DFA US Vector Equity Portfolio, Cl I		4,617,318		81,865,055
iShares Edge MSCI Min Vol Global ETF		548,157		51,312,977
Total Registered Investment Companies
(Cost $339,539,877)				350,855,680

COMMON STOCK — 27.9%
AUSTRALIA — 0.5%
Alumina	31,304	45,722
Aristocrat Leisure	1,429	28,650
Aurizon Holdings	3,891	15,529
Australia & New Zealand Banking Group	4,632	83,404
Brambles	15,789	119,840
Coca-Cola Amatil	4,759	34,786
Commonwealth Bank of Australia	1,241	65,930
Crown Resorts	4,236	34,230
CSL	674	109,506

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
AUSTRALIA — continued
Dexus ‡		16,870	$	146,683
Flight Centre Travel Group		739		23,135
Fortescue Metals Group		25,951		139,894
Goodman Group ‡		21,902		214,444
GPT Group ‡		23,611		101,619
Macquarie Group		2,570		213,677
Mirvac Group ‡		52,900		113,646
Orica		3,285		47,607
QBE Insurance Group		8,602		72,275
REA Group		523		36,711
Santos		22,171		107,379
Scentre Group ‡		34,204		93,104
Suncorp Group		4,119		38,230
Telstra		62,895		157,259
Vicinity Centres ‡		16,001		27,927
Washington H Soul Pattinson		858		12,083
Wesfarmers		7,466		196,387
Woodside Petroleum		6,516		140,659
Woolworths Group		3,463		88,159
				2,508,475
BELGIUM — 0.1%
Ageas		964		51,613
Proximus SADP		3,592		106,224
UCB		1,673		124,890
				282,727
BRAZIL — 0.5%
Atacadao		15,800		85,200
Banco Bradesco ADR		23,776		189,970
Banco do Brasil		9,700		108,244
Banco Santander Brasil ADR		8,328		85,362
CCR		4,900		19,229
Centrais Eletricas Brasileiras		12,100		135,435
Cia de Saneamento Basico do Estado de Sao Paulo ADR		9,217		114,106
Cia Siderurgica Nacional		27,900		95,807
Engie Brasil Energia		8,300		90,256
Equatorial Energia		500		11,563
IRB Brasil Resseguros S		5,100		130,487

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Itau Unibanco Holding ADR		33,082	$	272,596
Itausa - Investimentos Itau		68,800		204,855
JBS		31,100		224,181
Lojas Renner		12,400		151,579
Multiplan Empreendimentos Imobiliarios		4,000		25,376
Natura Cosmeticos		7,100		114,018
Petrobras Distribuidora		17,100		118,308
Porto Seguro		6,900		93,461
Sul America		13,800		159,961
TIM Participacoes ADR		1,680		24,965
Vale ADR, Cl B		26,785		294,635
				2,749,594
CANADA — 0.8%
Alimentation Couche-Tard, Cl B		4,549		286,320
Bank of Montreal		3,072		210,568
Bausch Health ^*		3,487		74,302
BCE		4,769		225,662
Brookfield Asset Management, Cl A		5,522		284,768
CAE		4,217		110,382
Canadian National Railway		3,878		357,100
Canadian Pacific Railway		944		227,293
Canadian Tire, Cl A		139		14,040
CGI, Cl A ^*		2,796		219,287
Constellation Software		134		130,508
Empire		5,636		155,483
Gildan Activewear		3,454		126,626
H&R Real Estate Investment Trust ‡		4,859		82,589
iA Financial		417		17,342
Imperial Oil		611		14,993
Intact Financial		1,584		154,807
Loblaw		1,643		89,924
Magna International		326		16,322
Manulife Financial		10,861		180,201
Metro, Cl A		1,401		59,443
National Bank of Canada		2,005		94,151
Open Text		1,086		42,489
Power Financial		1,919		40,920
RioCan Real Estate Investment Trust ‡		2,250		44,750

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
CANADA — continued
Rogers Communications, Cl B		3,986	$	197,324
Royal Bank of Canada		4,510		337,318
Shopify, Cl A ^*		64		24,651
SmartCentres Real Estate Investment Trust ‡		2,011		47,821
Sun Life Financial		315		12,911
Toronto-Dominion Bank		4,368		236,871
				4,117,166
CHINA — 0.1%
Agricultural Bank of China, Cl A		31,800		15,129
Bank of Beijing, Cl A		26,800		19,702
Bank of China, Cl A		31,200		15,413
Bank of Communications, Cl A		23,300		17,642
Bank of Ningbo, Cl A		2,400		7,668
Bank of Shanghai, Cl A		12,297		15,530
BYD, Cl A		1,000		6,922
China Everbright Bank, Cl A		30,400		15,998
China Fortune Land Development, Cl A		2,600		9,714
China Merchants Bank, Cl A		2,100		10,073
China Merchants Securities, Cl A		3,400		7,604
China Merchants Shekou Industrial Zone Holdings, Cl A		4,300		11,881
China Minsheng Banking, Cl A		24,100		19,592
China Railway Construction, Cl A		8,500		10,819
China State Construction Engineering, Cl A		14,000		10,725
China United Network Communications, Cl A		11,800		9,661
China Vanke, Cl A		3,400		12,274
CITIC Securities, Cl A		2,600		8,126
Daqin Railway, Cl A		7,200		7,796
Guotai Junan Securities, Cl A		3,200		7,658
Haier Smart Home, Cl A		3,500		7,791
Huatai Securities, Cl A		2,800		7,426
Huaxia Bank, Cl A		20,800		21,062
Industrial & Commercial Bank of China, Cl A		16,300		12,285
Industrial Bank, Cl A		5,400		12,983
Ping An Bank, Cl A		4,000		7,926
Ping An Insurance Group of China, Cl A		600		7,328
Poly Developments and Holdings Group, Cl A		5,700		10,724
SAIC Motor, Cl A		3,100		10,883

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Shanghai Pudong Development Bank, Cl A		10,000	$	15,792
Shenwan Hongyuan Group, Cl A		11,700		7,825
Suning.com, Cl A		5,300		7,967
Tsingtao Brewery, Cl H		12,000		80,906
				450,825
DENMARK — 0.1%
Carlsberg, Cl B		97		14,350
Chr Hansen Holding		231		19,409
Coloplast, Cl B		817		97,321
Demant ^*		922		27,938
DSV		727		72,028
Orsted		576		55,085
Tryg		2,800		83,698
Vestas Wind Systems		1,550		113,710
				483,539
FINLAND — 0.1%
Elisa		1,385		69,645
Kone, Cl B		2,606		150,756
Neste		4,341		136,838
Nokia		10,696		52,979
Orion, Cl B		1,989		73,893
Stora Enso, Cl R		1,877		21,061
UPM-Kymmene		2,630		71,117
				576,289
FRANCE — 0.5%
Air Liquide		672		93,724
Airbus		583		80,453
AXA		7,470		171,640
Carrefour		3,882		66,190
Cie Generale des Etablissements Michelin SCA		1,051		110,678
CNP Assurances		836		15,185
Dassault Systemes		311		43,872
Edenred		574		27,951
EssilorLuxottica		516		76,196
Eutelsat Communications		679		11,819
Hermes International		328		224,318
Kering		263		127,270
L’Oreal		745		203,756

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
FRANCE — continued
LVMH Moet Hennessy Louis Vuitton		1,401	$	559,161
Peugeot		6,971		156,078
Sanofi		4,382		376,582
Sartorius Stedim Biotech		458		71,011
SCOR		857		34,179
Sodexo		858		97,234
Suez		1,354		21,016
Teleperformance		96		20,985
Thales		212		24,544
TOTAL		3,095		154,786
Ubisoft Entertainment ^*		195		15,747
				2,784,375
GERMANY — 0.5%
adidas		853		253,023
Allianz		2,109		465,286
Aroundtown		11,032		91,824
Brenntag		1,258		60,725
Carl Zeiss Meditec		904		104,472
Deutsche Boerse		776		114,371
Deutsche Telekom		12,909		215,525
E.ON		7,673		71,364
Evonik Industries		2,840		72,602
Hannover Rueck		1,261		201,133
MTU Aero Engines		510		139,567
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		697		167,086
Puma		687		52,261
QIAGEN ^*		1,696		59,034
RWE		1,219		34,752
Volkswagen		333		54,409
Vonovia		4,172		208,039
Wirecard		120		19,304
				2,384,777
HONG KONG — 2.5%
Agile Group Holdings		22,000		28,070
Agricultural Bank of China, Cl H		515,000		197,985
Air China, Cl H		50,000		43,186
Anhui Conch Cement, Cl H		38,500		216,062

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
BAIC Motor, Cl H		19,000	$	10,700
Bank of China, Cl H		925,000		352,031
Bank of Communications, Cl H		390,000		254,610
Beijing Enterprises Holdings		9,500		45,078
BOC Aviation		10,700		92,982
BYD Electronic International		73,000		87,153
China Aoyuan Group		69,000		81,161
China CITIC Bank, Cl H		81,000		42,285
China Coal Energy, Cl H		49,000		19,417
China Construction Bank, Cl H		1,024,000		757,076
China Everbright Bank, Cl H		396,000		164,837
China Jinmao Holdings Group		172,000		95,792
China Mengniu Dairy		7,000		27,728
China Merchants Bank, Cl H		157,500		715,882
China Minsheng Banking, Cl H		307,500		202,082
China Mobile		83,500		689,511
China Oriental Group		54,000		21,313
China Overseas Land & Investment		68,000		214,548
China Railway Construction, Cl H		32,500		35,051
China Resources Beer Holdings		6,000		34,071
China Resources Gas Group		26,000		128,123
China Resources Land		48,000		194,648
China Shenhua Energy, Cl H		34,500		67,231
China Vanke, Cl H		65,400		225,416
CIFI Holdings Group		40,000		21,422
CITIC		137,000		162,044
CLP Holdings		15,000		154,068
CNOOC		197,000		293,048
COSCO SHIPPING Ports		38,000		33,282
Country Garden Holdings		34,000		42,155
CRRC		80,000		54,944
CSPC Pharmaceutical Group		8,000		15,963
ENN Energy Holdings		3,300		37,558
Far East Horizon		67,000		60,019
Future Land Development Holdings		120,000		94,767
Great Wall Motor, Cl H		98,000		62,080
Guangdong Investment		70,000		147,398
Guangzhou R&F Properties		36,000		57,822

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Haier Electronics Group		7,000	$	18,227
Hang Lung Properties		51,000		115,323
Hang Seng Bank		2,400		49,906
Henderson Land Development		36,800		171,008
Hong Kong & China Gas		77,000		148,462
Hua Hong Semiconductor		37,000		61,604
Huadian Power International, Cl H		124,000		48,344
Hysan Development		11,000		44,355
Industrial & Commercial Bank of China, Cl H		1,651,000		1,038,901
Jiangsu Expressway, Cl H		6,000		7,959
Jiangxi Copper, Cl H		43,000		48,340
Kaisa Group Holdings		42,000		14,520
KWG Group Holdings		34,000		29,558
Lenovo Group		160,000		104,752
Li Ning		51,000		150,321
Link REIT ‡		18,000		201,536
Logan Property Holdings		70,000		98,738
Longfor Group Holdings		41,000		146,338
Luye Pharma Group		21,000		16,278
Maanshan Iron & Steel, Cl H		62,000		23,215
MTR		10,500		60,718
New China Life Insurance, Cl H		25,500		100,391
New World Development		97,000		120,664
Ping An Insurance Group of China, Cl H		122,500		1,397,091
Postal Savings Bank of China, Cl H		84,000		50,508
Shandong Weigao Group Medical Polymer, Cl H		96,000		98,967
Shenzhen International Holdings		11,874		22,471
Shenzhou International Group Holdings		4,000		54,282
Shimao Property Holdings		42,000		118,468
Shui On Land		78,000		16,196
Sihuan Pharmaceutical Holdings Group		346,000		61,664
Sino Biopharmaceutical		12,000		17,802
Sinopec Engineering Group, Cl H		41,000		26,782
Sinopharm Group, Cl H		4,000		14,450
Sinotruk Hong Kong		64,500		99,260
SJM Holdings		46,000		43,184
SSY Group		22,000		19,401
Sun Hung Kai Properties		16,000		225,556

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Sunac China Holdings		34,000	$	135,912
Swire Properties		40,000		131,113
Techtronic Industries		20,500		140,826
Tingyi Cayman Islands Holding		12,000		16,501
Uni-President China Holdings		18,000		19,984
Vitasoy International Holdings		12,000		55,842
Want Want China Holdings		19,000		14,775
Weichai Power, Cl H		117,000		178,275
WH Group		167,000		134,098
Wheelock		8,000		46,516
Yanzhou Coal Mining, Cl H		14,000		12,156
Yihai International Holding		5,000		29,877
Yue Yuen Industrial Holdings		11,000		28,152
Yuexiu Property		370,000		79,487
Yuzhou Properties		60,000		25,239
Zhejiang Expressway, Cl H		60,000		50,104
Zhuzhou CRRC Times Electric, Cl H		8,900		35,458
Zijin Mining Group, Cl H		32,000		11,995
				12,512,449
HUNGARY — 0.0%
MOL Hungarian Oil & Gas		12,485		122,146
OTP Bank Nyrt		1,730		68,837
				190,983
INDONESIA — 0.2%
Adaro Energy		277,400		22,040
Astra International		209,600		98,563
Bank Central Asia		123,500		265,567
Bank Mandiri Persero		205,500		104,923
Bank Negara Indonesia Persero		213,500		115,716
Bank Rakyat Indonesia Persero		802,400		241,221
Gudang Garam		12,900		63,155
Indocement Tunggal Prakarsa		50,800		77,738
Indofood CBP Sukses Makmur		34,600		29,401
Indofood Sukses Makmur		54,800		30,599
Jasa Marga Persero		69,600		27,490
Pakuwon Jati		1,826,300		82,465
Semen Indonesia Persero		21,800		20,329
Telekomunikasi Indonesia Persero		223,400		69,959
				1,249,166

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
IRELAND — 0.0%
Globe Life		536	$	47,843

ITALY — 0.3%
Assicurazioni Generali		11,451		207,508
Davide Campari-Milano		3,683		34,546
Enel		32,139		233,284
Eni		17,358		261,438
Ferrari		357		56,254
Leonardo		4,665		57,223
Mediobanca Banca di Credito Finanziario		9,383		93,022
Moncler		2,315		86,955
Poste Italiane		15,834		170,249
Recordati		381		16,698
Terna Rete Elettrica Nazionale		12,855		80,724
				1,297,901
JAPAN — 2.1%
ABC-Mart		1,600		102,195
Advantest		4,100		168,132
AGC		500		14,409
Alfresa Holdings		1,300		29,366
Alps Alpine		700		12,202
Amada Holdings		8,800		91,676
Asahi Intecc		4,000		89,423
Asahi Kasei		2,800		25,306
Astellas Pharma		11,300		156,239
Bandai Namco Holdings		3,600		210,824
Bridgestone		3,600		136,957
Brother Industries		2,600		44,950
Casio Computer		2,700		37,731
Central Japan Railway		1,300		257,000
Chubu Electric Power		1,000		14,747
Chugai Pharmaceutical		3,000		214,410
Dai Nippon Printing		3,100		66,975
Daiichi Sankyo		3,500		229,856
Daikin Industries		500		61,800
East Japan Railway		900		85,709
Fast Retailing		400		234,141
Fuji Electric		800		22,821

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
FUJIFILM Holdings		3,400	$	145,415
Fujitsu		1,900		146,115
Hakuhodo DY Holdings		6,000		88,522
Hamamatsu Photonics		500		17,255
Hikari Tsushin		500		117,048
Hitachi		5,100		173,871
Hitachi Chemical		4,300		133,187
Hitachi High-Technologies		2,500		134,862
Honda Motor		1,200		28,456
Hoya		3,000		244,197
ITOCHU		8,600		171,296
Itochu Techno-Solutions		4,600		126,854
Japan Airlines		2,000		62,396
Japan Airport Terminal		500		19,916
Japan Prime Realty Investment ‡		18		82,259
Japan Real Estate Investment ‡		16		106,541
JSR		1,000		16,346
JTEKT		1,300		14,073
Kakaku.com		2,200		54,988
Kamigumi		2,500		58,531
Kaneka		1,200		35,929
Kao		500		36,082
KDDI		1,600		42,618
Keihan Holdings		2,300		96,248
Keio		1,300		81,250
Kikkoman		300		13,485
Kobayashi Pharmaceutical		300		22,442
Kose		100		17,150
Kyocera		2,900		172,214
Lion		1,100		21,356
Marubeni		4,300		27,416
Marui Group		1,100		21,892
Medipal Holdings		5,000		106,033
MEIJI Holdings		500		34,746
MINEBEA MITSUMI		900		13,894
Mitsubishi		7,800		189,492
Mitsubishi Electric		9,700		116,920
Mitsubishi Heavy Industries		3,100		116,478

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Mitsubishi UFJ Lease & Finance		2,500	$	13,499
Mitsui		2,700		42,225
Mitsui Fudosan		700		16,772
MS&AD Insurance Group Holdings		4,700		149,133
Murata Manufacturing		3,700		154,674
Nexon		2,000		26,838
NGK Spark Plug		2,100		36,286
Nippon Building Fund ‡		26		190,936
Nippon Telegraph & Telephone		7,100		340,380
Nisshin Seifun Group		1,500		28,171
Nomura Research Institute		2,400		47,635
NTT Data		7,600		98,104
Obic		1,000		114,279
Oji Holdings		2,500		11,637
Omron		1,800		88,634
Oriental Land		1,000		145,594
Otsuka		1,700		63,020
Pan Pacific International Holdings		5,200		81,403
Persol Holdings		1,800		36,505
Recruit Holdings		7,500		227,049
Ricoh		2,600		24,037
Rohm		200		14,234
Sankyo		2,300		79,389
Santen Pharmaceutical		1,400		24,504
Secom		1,700		144,884
Sega Sammy Holdings		1,300		17,969
Sekisui Chemical		1,400		20,141
Sekisui House		2,700		47,907
SG Holdings		4,500		120,178
Shimadzu		1,300		32,265
Shimano		200		28,710
Shin-Etsu Chemical		1,100		110,828
Shinsei Bank		1,600		22,109
Shionogi		1,600		85,629
Shiseido		300		24,499
SoftBank Group		8,900		402,900
Sohgo Security Services		600		30,270
Sompo Holdings		800		31,886

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Sony		2,600	$	147,415
Sony Financial Holdings		5,300		122,095
Sumitomo		2,200		32,935
Sumitomo Heavy Industries		1,800		51,659
Sumitomo Mitsui Trust Holdings		400		13,053
Suzuken		2,300		123,578
Taiheiyo Cement		1,000		25,217
TDK		400		31,688
Terumo		4,200		122,025
Toho		2,600		110,025
Toho Gas		2,900		112,449
Tokio Marine Holdings		4,300		221,048
Tokyo Gas		3,600		90,894
Toppan Printing		3,400		54,163
Tosoh		1,500		19,227
Toyo Suisan Kaisha		1,500		60,978
Toyoda Gosei		1,000		18,597
Toyota Motor		5,000		327,335
Toyota Tsusho		700		21,706
Unicharm		2,400		73,736
West Japan Railway		1,100		92,643
Yamaha		1,800		77,619
Yokogawa Electric		1,800		32,683
Yokohama Rubber		2,300		44,172
				10,616,695
MALAYSIA — 0.1%
AMMB Holdings		55,800		55,687
Fraser & Neave Holdings		2,600		21,779
Hong Leong Bank		10,100		39,834
Hong Leong Financial Group		14,500		58,126
Malayan Banking		17,100		35,323
Malaysia Airports Holdings		9,100		17,762
Nestle Malaysia		900		31,534
Petronas Dagangan		2,300		12,503
PPB Group		10,700		47,412
Public Bank		14,700		70,928
RHB Bank		72,300		98,057
Sime Darby		23,500		12,795

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
MALAYSIA — continued
Telekom Malaysia		14,900	$	13,267
Tenaga Nasional		2,700		8,947
				523,954
MEXICO — 0.0%
Grupo Bimbo, Ser A		17,700		30,902
Grupo Financiero Banorte, Cl O		2,900		15,648
Megacable Holdings		5,300		21,685
Promotora y Operadora de Infraestructura		2,510		20,950
Wal-Mart de Mexico		29,300		83,127
				172,312
NETHERLANDS — 0.2%
Aegon		10,595		40,353
ASML Holding		172		38,329
Koninklijke Ahold Delhaize		8,499		198,849
Koninklijke DSM		1,408		175,259
Koninklijke KPN		13,012		41,235
Koninklijke Vopak		424		20,241
NN Group		1,652		55,351
Randstad		429		20,043
Wolters Kluwer		3,025		218,121
				807,781
NORWAY — 0.0%
DNB		1,253		20,265
Gjensidige Forsikring		3,242		62,626
Mowi		3,469		83,004
				165,895
PHILIPPINES — 0.1%
Alliance Global Group		258,300		63,016
Globe Telecom		2,845		110,911
International Container Terminal Services		13,450		35,034
Manila Electric		11,250		78,898
Megaworld		852,600		84,007
Robinsons Land		170,500		81,779
Universal Robina		20,620		68,499
				522,144
POLAND — 0.1%
CD Projekt		458		29,234
Cyfrowy Polsat		7,148		52,334

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
POLAND — continued
Dino Polska ^*		998	$	38,616
Grupa Lotos		4,495		97,382
KGHM Polska Miedz		1,219		24,035
Orange Polska		18,512		29,694
Polski Koncern Naftowy ORLEN		4,324		98,652
Powszechna Kasa Oszczednosci Bank Polski		5,867		57,795
				427,742
PORTUGAL — 0.0%
Galp Energia SGPS		1,876		26,972

SINGAPORE — 0.1%
Ascendas Real Estate Investment Trust ‡		20,200		44,794
CapitaLand Commercial Trust ‡		10,700		16,405
CapitaLand Mall Trust ‡		61,400		117,112
ComfortDelGro		70,200		123,785
DBS Group Holdings		3,300		58,271
SATS		10,000		34,557
Singapore Technologies Engineering		25,600		72,596
United Overseas Bank		3,600		64,652
Venture		2,300		25,081
Wilmar International		37,300		102,334
Yangzijiang Shipbuilding Holdings		71,400		46,840
				706,427
SOUTH AFRICA — 0.2%
Absa Group		6,742		68,253
Anglo American Platinum		2,033		124,654
AngloGold Ashanti ADR		8,956		203,749
Bidvest Group		1,064		12,512
Capitec Bank Holdings		359		25,900
Clicks Group		942		12,348
Exxaro Resources		7,677		68,951
FirstRand		15,718		62,217
Foschini Group		2,817		27,935
Investec		3,268		17,245
Kumba Iron Ore		3,038		78,496
Liberty Holdings		2,853		20,586
Pick n Pay Stores		3,469		13,189
RMB Holdings		11,733		55,069

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
SOUTH AFRICA — continued
Sanlam		3,752	$	18,001
SPAR Group		800		9,152
Standard Bank Group		1,962		22,951
Telkom SOC		15,214		79,606
				920,814
SOUTH KOREA — 0.4%
BGF retail		501		84,231
Cheil Worldwide		4,718		102,951
Daelim Industrial		1,285		103,672
Doosan Bobcat		1,780		52,645
Fila Korea		1,809		85,352
GS Retail		1,110		35,442
Hanon Systems		4,402		42,170
Hyundai Glovis		741		97,760
Kangwon Land		3,436		79,990
Kia Motors		5,185		186,678
Korea Investment Holdings		235		14,006
Korea Zinc		261		93,724
KT&G		1,584		133,317
Meritz Securities		21,885		85,897
NCSoft		270		119,686
Samsung Electronics		7,149		259,705
Shinhan Financial Group		1,356		45,590
SK Hynix		384		24,493
SK Telecom		789		155,885
				1,803,194
SPAIN — 0.2%
ACS Actividades de Construccion y Servicios		2,931		110,956
Amadeus IT Group		1,321		98,602
Endesa		6,309		162,139
Iberdrola		39,081		401,778
Mapfre		19,344		50,457
Red Electrica		6,508		129,758
				953,690
SWEDEN — 0.2%
Essity, Cl B		2,626		82,026
Hennes & Mauritz, Cl B		9,960		190,998
Hexagon, Cl B		890		39,623

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
SWEDEN — continued
Investor, Cl B		4,453	$	209,252
Lundin Petroleum		1,448		44,101
Securitas, Cl B		5,589		83,702
Skandinaviska Enskilda Banken, Cl A		6,021		51,770
Swedish Match		1,854		72,895
Tele2, Cl B		3,799		53,660
Telefonaktiebolaget LM Ericsson, Cl B		21,502		167,868
Telia		27,932		122,334
				1,118,229
SWITZERLAND — 0.9%
Baloise Holding		221		37,731
Chocoladefabriken Lindt & Spruengli		18		133,153
Nestle		12,686		1,422,592
Novartis		10,901		981,456
Partners Group Holding		202		163,904
Roche Holding		3,495		957,370
Sika		318		45,746
Sonova Holding		509		118,214
Straumann Holding		74		58,106
Swiss Life Holding		460		218,439
Temenos		311		52,299
Zurich Insurance Group		1,259		447,930
				4,636,940
TAIWAN — 0.8%
Acer		51,000		27,912
Advantech		4,000		34,012
ASE Technology Holding		33,000		74,714
Asia Cement		71,000		97,193
Chailease Holding		29,870		118,343
Chang Hwa Commercial Bank		141,780		91,017
Chicony Electronics		5,000		14,020
China Steel		204,000		150,203
CTBC Financial Holding		123,000		79,675
Delta Electronics		24,000		111,967
E.Sun Financial Holding		186,371		149,758
Eclat Textile		7,000		85,477
Eva Airways		138,000		62,180
Far Eastern New Century		32,000		29,029

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Feng TAY Enterprise		15,400	$	100,210
First Financial Holding		40,400		27,613
Formosa Chemicals & Fibre		46,000		128,914
Formosa Petrochemical		17,000		52,538
Formosa Taffeta		58,000		62,846
Fubon Financial Holding		20,000		27,775
Giant Manufacturing		8,000		55,537
Hon Hai Precision Industry		47,000		111,206
Inventec		39,000		26,699
Lite-On Technology		46,000		73,066
Mega Financial Holding		154,000		140,850
Nan Ya Plastics		16,000		35,018
Novatek Microelectronics		24,000		142,093
Phison Electronics		7,000		63,926
Pou Chen		15,000		18,698
President Chain Store		5,000		46,445
Realtek Semiconductor		21,000		144,002
Shanghai Commercial & Savings Bank ^*		31,000		50,059
SinoPac Financial Holdings		200,000		75,392
Taiwan Business Bank		276,150		108,167
Taiwan Cement		105,940		129,572
Taiwan Cooperative Financial Holding		124,630		79,280
Taiwan High Speed Rail ^*		12,000		14,486
Taiwan Semiconductor Manufacturing ADR		19,413		827,576
Uni-President Enterprises		56,000		136,396
United Microelectronics		37,000		15,836
Vanguard International Semiconductor		27,000		54,978
Walsin Technology		9,000		45,318
Wistron		16,000		12,687
WPG Holdings		10,000		12,651
Yuanta Financial Holding		236,000		135,489
Zhen Ding Technology Holding		39,000		144,226
				4,225,049
THAILAND — 0.2%
Advanced Info Service NVDR		4,300		32,587
Bangkok Bank NVDR		20,200		112,826
Bangkok Dusit Medical Services NVDR		58,400		45,015
Home Product Center NVDR		113,400		66,622

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
THAILAND — continued
Kasikornbank NVDR		7,600	$	39,724
Krung Thai Bank NVDR		221,800		124,553
Land & Houses NVDR		181,700		64,169
PTT NVDR		50,600		73,123
PTT Exploration & Production NVDR		32,200		131,015
Siam Cement NVDR		5,200		70,705
Siam Commercial Bank NVDR		25,800		104,212
Thai Union Group NVDR		121,800		69,312
				933,863
TURKEY — 0.1%
Akbank T.A.S.		27,252		32,549
Arcelik		15,892		46,694
KOC Holding		29,923		90,033
TAV Havalimanlari Holding		2,090		8,485
Turkcell Iletisim Hizmetleri		13,924		30,975
Turkiye Garanti Bankasi		23,153		35,477
Turkiye Is Bankasi, Cl C		36,553		34,653
Turkiye Sise ve Cam Fabrikalari		27,225		20,273
				299,139
UNITED KINGDOM — 0.9%
Admiral Group		1,239		32,454
Anglo American		7,720		167,465
AstraZeneca		3,942		351,338
Auto Trader Group		12,621		81,815
Barratt Developments		20,629		158,959
Berkeley Group Holdings		1,139		54,355
BHP Group		20,115		435,127
BP		73,734		450,144
Burberry Group		4,821		127,573
Compass Group		7,924		201,210
Croda International		333		19,113
Diageo		7,629		325,741
Evraz		19,958		120,383
Experian		5,055		155,121
GlaxoSmithKline		7,433		154,738
Halma		3,072		73,728
Johnson Matthey		633		22,490
Mondi		2,039		39,832

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
National Grid		9,427	$	98,863
Next		1,012		73,099
Persimmon		515		11,940
Rio Tinto		6,242		315,240
Royal Dutch Shell, Cl A		14,170		393,991
Sage Group		10,243		87,433
Segro ‡		3,044		29,132
Smith & Nephew		7,141		170,932
Spirax-Sarco Engineering		797		78,216
Tesco		36,035		96,348
Unilever		1,546		97,785
Whitbread		711		37,841
				4,462,406
UNITED STATES — 15.1%
COMMUNICATION SERVICES — 1.1%
AMC Networks, Cl A ^*		447		21,680
AT&T		5,046		177,922
Cable One		189		245,250
Cinemark Holdings		1,569		59,873
Comcast, Cl A		17,550		776,763
Discovery ^*		4,972		137,227
DISH Network, Cl A ^*		2,998		100,613
IAC ^*		1,040		264,826
Interpublic Group		1,858		36,937
Live Nation Entertainment ^*		592		41,150
Match Group		2,938		249,142
New York Times, Cl A		3,431		100,185
Nexstar Media Group, Cl A		1,780		176,024
Omnicom Group		1,508		114,699
Sinclair Broadcast Group, Cl A		4,332		193,077
T-Mobile US ^*		4,883		381,118
Twitter ^*		941		40,134
Verizon Communications		19,722		1,147,032
Viacom, Cl B		5,697		142,311
Walt Disney		8,054		1,105,492
				5,511,455

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — 1.8%
AutoZone ^*		304	$	334,914
Best Buy		666		42,391
Bright Horizons Family Solutions ^*		620		102,331
Burlington Stores ^*		344		69,657
Chipotle Mexican Grill, Cl A ^*		178		149,239
Columbia Sportswear		1,561		146,406
Darden Restaurants		2,241		271,116
Dick’s Sporting Goods		3,426		116,621
Dollar General		2,510		391,786
Domino’s Pizza		254		57,617
DR Horton		2,680		132,580
Etsy ^*		2,450		129,335
Expedia Group		530		68,953
Garmin		2,860		233,290
Gentex		5,203		138,400
Genuine Parts		462		41,714
Graham Holdings, Cl B		124		87,303
Grand Canyon Education ^*		737		92,567
H&R Block		3,812		92,327
Hasbro		656		72,468
Home Depot		192		43,759
Hyatt Hotels, Cl A		1,087		78,427
Lowe’s		3,326		373,177
Lululemon Athletica ^*		1,940		358,260
McDonald’s		2,885		628,843
NIKE, Cl B		8,309		702,111
O’Reilly Automotive ^*		949		364,188
Penske Automotive Group		766		32,769
Planet Fitness, Cl A ^*		1,591		112,340
Pool		436		85,622
PulteGroup		6,632		224,162
Ralph Lauren, Cl A		363		32,067
Ross Stores		1,468		155,623
ServiceMaster Global Holdings ^*		1,390		79,286
Skechers U.S.A., Cl A ^*		2,105		66,644
Starbucks		8,080		780,205
Target		3,626		388,127
Tempur Sealy International ^*		2,637		203,366

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
TJX		8,285	$	455,426
Toll Brothers		2,049		74,153
Tractor Supply		2,280		232,286
Ulta Beauty ^*		849		201,833
Under Armour, Cl A ^*		4,149		77,213
VF		1,551		127,104
Williams-Sonoma		2,819		185,490
Yum! Brands		946		110,474
				8,943,970
CONSUMER STAPLES — 1.4%
Casey’s General Stores		1,211		203,266
Church & Dwight		3,677		293,351
Clorox		1,123		177,614
Costco Wholesale		2,553		752,522
Estee Lauder, Cl A		624		123,546
General Mills		2,626		141,279
Hershey		1,506		238,671
Hormel Foods		2,936		125,103
Kimberly-Clark		1,454		205,174
McCormick		1,873		305,056
Mondelez International, Cl A		5,510		304,262
PepsiCo		5,007		684,607
Philip Morris International		3,778		272,356
Pilgrim’s Pride ^*		847		26,393
Post Holdings ^*		1,201		119,728
Procter & Gamble		12,819		1,541,228
Sysco		2,858		212,435
Tyson Foods, Cl A		1,407		130,907
Walmart		10,812		1,235,379
				7,092,877
ENERGY — 0.1%
Cabot Oil & Gas		1,296		22,188
Chevron		3,390		399,071
Kinder Morgan		1,775		35,979
Phillips 66		1,445		142,520
Valero Energy		298		22,434
				622,192

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
FINANCIALS — 2.0%
Aflac		5,769	$	289,488
Alleghany ^*		291		218,049
Allstate		1,821		186,452
Ally Financial		7,125		223,369
American Express		4,117		495,563
American Financial Group		803		81,079
Aon		1,079		210,243
Arch Capital Group ^*		5,490		216,855
Assurant		816		100,368
Assured Guaranty		3,619		153,988
Axis Capital Holdings		2,939		180,425
BB&T		4,791		228,291
Capital One Financial		1,191		103,164
Chubb		2,085		325,844
Cincinnati Financial		1,095		123,177
Citizens Financial Group		2,102		70,922
CME Group, Cl A		1,175		255,316
Commerce Bancshares		818		46,683
Credit Acceptance ^*		455		205,956
Discover Financial Services		3,244		259,423
East West Bancorp		541		22,251
Erie Indemnity, Cl A		549		120,401
Evercore, Cl A		481		38,365
Everest Re Group		892		210,405
Fidelity National Financial		1,240		54,486
Fifth Third Bancorp		3,016		79,773
First American Financial		1,312		76,686
First Citizens BancShares, Cl A		71		31,567
Hanover Insurance Group		1,225		163,109
Huntington Bancshares		9,333		123,662
JPMorgan Chase		11,471		1,260,204
Kemper		723		50,596
KeyCorp		4,346		72,144
Lincoln National		3,602		190,474
MarketAxess Holdings		395		157,060
Marsh & McLennan		1,874		187,194
Mercury General		1,010		54,035
MetLife		5,710		252,953

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
MGIC Investment		19,930	$	252,114
Nasdaq		752		75,080
Navient		7,369		93,881
Old Republic International		5,609		131,026
Popular		2,816		148,037
Primerica		604		71,979
Principal Financial Group		529		28,153
Progressive		6,610		501,038
Prosperity Bancshares		356		23,112
Prudential Financial		2,088		167,228
Regions Financial		5,494		80,322
RenaissanceRe Holdings		598		107,969
SVB Financial Group ^*		282		54,883
Synchrony Financial		6,786		217,491
T Rowe Price Group		1,440		159,293
TCF Financial		1,231		47,467
Travelers		2,521		370,486
US Bancorp		3,447		181,622
WR Berkley		3,874		276,022
				10,107,223
HEALTH CARE — 1.7%
Abbott Laboratories		7,211		615,243
Amgen		683		142,487
Anthem		1,581		413,463
Bio-Rad Laboratories, Cl A ^*		243		82,063
Bio-Techne		146		27,969
Boston Scientific ^*		2,491		106,440
Bruker		3,580		154,549
Charles River Laboratories International ^*		580		76,096
Chemed		363		155,883
Danaher		3,449		490,068
DexCom ^*		474		81,343
Edwards Lifesciences ^*		492		109,145
Eli Lilly		4,986		563,269
Encompass Health		808		49,118
Exact Sciences ^*		1,063		126,731
Exelixis ^*		2,609		51,789
HCA Healthcare		856		102,891

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Henry Schein ^*		2,930	$	180,547
Hill-Rom Holdings		465		50,071
Horizon Therapeutics ^*		7,808		215,735
Humana		161		45,597
ICU Medical ^*		270		43,672
IDEXX Laboratories ^*		411		119,083
Illumina ^*		180		50,641
Intuitive Surgical ^*		199		101,757
Ionis Pharmaceuticals ^*		2,330		147,279
Jazz Pharmaceuticals ^*		219		28,065
Johnson & Johnson		4,603		590,841
Laboratory Corp of America Holdings ^*		297		49,765
Masimo ^*		1,147		175,778
McKesson		537		74,251
Medtronic		3,694		398,546
Merck		12,758		1,103,184
Molina Healthcare ^*		427		55,630
Premier, Cl A ^*		1,782		62,833
ResMed		902		125,649
STERIS		624		96,346
Thermo Fisher Scientific		2,135		612,873
UnitedHealth Group		1,109		259,506
Universal Health Services, Cl B		1,308		189,111
Veeva Systems, Cl A ^*		1,753		281,146
Zimmer Biomet Holdings		540		75,168
Zoetis, Cl A		1,788		226,039
				8,707,660
INDUSTRIALS — 2.0%
Acuity Brands		670		84,025
AGCO		3,563		246,275
Alaska Air Group		971		57,988
Allegion		1,479		142,383
Allison Transmission Holdings		3,583		159,193
AMETEK		646		55,511
Armstrong World Industries		1,644		156,953
Boeing		886		322,584
Carlisle		1,231		178,446
CH Robinson Worldwide		395		33,373

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Cintas		808	$	213,150
Clean Harbors ^*		939		69,063
Copart ^*		1,247		94,011
CSX		4,972		333,224
Cummins		1,455		217,188
Curtiss-Wright		312		38,264
Delta Air Lines		2,495		144,361
Donaldson		573		27,710
Dover		2,179		204,259
Eaton		2,759		222,707
Emerson Electric		3,460		206,181
Expeditors International of Washington		2,046		145,471
Fastenal		3,670		112,375
Flowserve		1,690		72,129
Gardner Denver Holdings ^*		3,864		110,820
HD Supply Holdings ^*		1,308		50,894
HEICO		1,690		244,492
Honeywell International		3,093		509,170
Hubbell, Cl B		1,115		146,221
IDEX		511		84,167
Ingersoll-Rand		2,828		342,443
ITT		3,041		173,094
Jacobs Engineering Group		1,942		172,566
JB Hunt Transport Services		478		51,643
Johnson Controls International		5,614		239,661
Landstar System		300		33,456
Lennox International		292		74,104
ManpowerGroup		1,569		128,250
Masco		2,115		86,144
Middleby ^*		1,284		140,803
Nordson		327		44,459
Norfolk Southern		1,853		322,515
Old Dominion Freight Line		619		101,367
Oshkosh		3,049		214,253
PACCAR		1,991		130,530
Parker-Hannifin		569		94,323
Republic Services, Cl A		3,611		322,282
Robert Half International		1,447		77,371

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Roper Technologies		526	$	192,916
Snap-on		733		108,982
Southwest Airlines		1,458		76,283
Teledyne Technologies ^*		573		176,822
Textron		521		23,445
Timken		1,165		46,810
Toro		1,067		76,835
Union Pacific		3,679		595,851
United Airlines Holdings ^*		2,924		246,522
United Parcel Service, Cl B		848		100,624
United Technologies		1,039		135,319
Verisk Analytics, Cl A		1,635		264,118
Wabtec		334		23,116
Waste Management		2,585		308,520
Woodward		1,843		198,768
WW Grainger		194		53,088
Xylem		922		70,634
				10,130,505
INFORMATION TECHNOLOGY — 3.4%
Accenture, Cl A		1,261		249,892
Adobe ^*		413		117,502
Akamai Technologies ^*		1,021		91,002
Analog Devices		2,054		225,591
ANSYS ^*		425		87,788
Apple		17,309		3,613,081
Aspen Technology ^*		716		95,371
Atlassian, Cl A ^*		543		73,039
Autodesk ^*		156		22,280
Automatic Data Processing		1,956		332,207
Avalara ^*		1,543		130,136
Avnet		874		36,612
Booz Allen Hamilton Holding, Cl A		3,423		258,471
Broadridge Financial Solutions		1,083		140,184
Cadence Design Systems ^*		2,668		182,705
CDW		2,105		243,127
Ciena ^*		3,356		137,361
Cisco Systems		19,455		910,689
Coupa Software ^*		1,089		151,295

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
EPAM Systems ^*		681	$	130,296
Euronet Worldwide ^*		758		116,080
Fair Isaac ^*		423		149,200
FLIR Systems		1,240		61,095
Fortinet ^*		1,732		137,140
Intel		7,525		356,760
Intuit		1,667		480,696
Jack Henry & Associates		665		96,398
Keysight Technologies ^*		3,093		299,588
KLA		677		100,128
Lam Research		1,088		229,035
Leidos Holdings		1,748		152,705
Manhattan Associates ^*		1,822		150,552
Mastercard, Cl A		1,044		293,750
Maxim Integrated Products		835		45,541
Microsoft		28,509		3,930,251
MongoDB, Cl A ^*		978		148,959
Motorola Solutions		1,328		240,248
Okta, Cl A ^*		1,392		176,088
Oracle		9,528		496,028
Palo Alto Networks ^*		294		59,864
Paychex		901		73,612
Paycom Software ^*		556		139,067
PayPal Holdings ^*		804		87,676
QUALCOMM		984		76,526
Sabre		3,676		86,901
salesforce.com ^*		157		24,503
ServiceNow ^*		906		237,227
Smartsheet, Cl A ^*		2,094		101,768
Splunk ^*		328		36,677
Teradyne		4,175		221,150
Twilio, Cl A ^*		380		49,579
Ubiquiti		1,378		152,283
Universal Display		239		49,107
VeriSign ^*		1,307		266,432
ViaSat ^*		634		50,295
Visa, Cl A		842		152,251
VMware, Cl A		606		85,713

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Workday, Cl A ^*		500	$	88,640
Xilinx		993		103,332
Zebra Technologies, Cl A ^*		1,013		207,695
Zendesk ^*		1,445		115,889
Zscaler ^*		2,258		155,215
				17,510,273
MATERIALS — 0.4%
Air Products & Chemicals		1,290		291,437
AptarGroup		500		61,110
Ashland Global Holdings		353		25,854
Ball		4,010		322,444
Celanese, Cl A		363		41,153
CF Industries Holdings		2,056		99,079
Crown Holdings ^*		2,749		180,994
Eastman Chemical		333		21,768
Ecolab		2,094		432,013
PPG Industries		409		45,313
Reliance Steel & Aluminum		1,453		141,275
RPM International		1,035		70,039
Scotts Miracle-Gro		972		103,343
Sonoco Products		2,515		143,858
				1,979,680
REAL ESTATE — 0.5%
Apartment Investment & Management, Cl A ‡		3,141		160,191
CBRE Group, Cl A ^*		2,325		121,528
EPR Properties ‡		1,681		131,538
Equity Commonwealth ‡		2,003		67,421
Equity Residential ‡		2,708		229,530
Extra Space Storage ‡		637		77,663
HCP ‡		5,072		176,049
Jones Lang LaSalle		385		51,609
Kimco Realty ‡		4,261		78,317
Liberty Property Trust ‡		476		24,809
Life Storage ‡		604		64,000
Medical Properties Trust ‡		12,042		223,861
National Retail Properties ‡		1,007		56,543
Omega Healthcare Investors ‡		5,325		216,621
Spirit Realty Capital ‡		940		45,064

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

COMMON STOCK — continued
	Shares		Value
REAL ESTATE — continued
Sun Communities ‡		773	$	114,249
Ventas ‡		3,376		247,765
Welltower ‡		3,028		271,188
				2,357,946
UTILITIES — 0.7%
AES		6,883		105,516
Ameren		3,759		290,007
American Electric Power		4,591		418,470
Atmos Energy		1,469		161,928
CMS Energy		4,617		291,102
DTE Energy		2,907		376,921
Duke Energy		582		53,975
Entergy		1,271		143,420
Eversource Energy		1,083		86,781
Exelon		8,448		399,252
Hawaiian Electric Industries		1,697		75,347
NextEra Energy		353		77,335
OGE Energy		4,647		199,217
Pinnacle West Capital		2,551		243,136
Public Service Enterprise Group		2,556		154,561
Xcel Energy		6,550		420,641
				3,497,609
				76,461,390
Total Common Stock
(Cost $130,248,475)				141,420,745

PREFERRED STOCK — 0.1%
BRAZIL — 0.1% ⁽¹⁾
Cia Brasileira de Distribuicao		1,800		38,091
Petroleo Brasileiro		79,300		486,600
Telefonica Brasil		10,500		136,036
Total Preferred Stock
(Cost $691,817)				660,727

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

RIGHTS — 0.0%
	Number of Rights		Value
The Shanghai Commercial & SA, Expires 10/07/2019		2,518	$	1,187
WPG Holdings ^{*^}		952		—
Total Rights
(Cost $–)				1,187

SHORT-TERM INVESTMENT — 2.8%
	Shares
Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (A)
(Cost $14,088,901)		14,088,901		14,088,901
Total Investments — 99.9%
(Cost $484,569,070)			$	507,027,240

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

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI EAFE Index	20	Sep-2019	$	1,830,771	$	1,843,900	$	13,129
S&P 500 Index E-MINI	6	Sep-2019		868,486		877,440		8,954
SGX Nifty 50	110	Sep-2019		2,440,086		2,431,990		(8,096	)
			$	5,139,343	$	5,153,330	$	13,987

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

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

Notional
Amount

Value

Net
Unrealized
Appreciation

ReFlow

SPGEX NAV

SOFR +35 BPS

SPGEX

Annually

02/05/2020

USD

7,804,614

(48,213

)

(48,213

)

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

^*	Non-income producing security.

‡	Real Estate Investment Trust

^{^}	Expiration date unavailable

(1)	Rate is not available.

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

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NVDR— Non-Voting Depository Receipt

S&P— Standard & Poor’s

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPGEX — Symmetry Panoramic Global Equity Fund

USD — United States Dollar

VOL — Volatility

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	350,855,680	$	—	$	—	$	350,855,680
Common Stock
Australia		—		2,508,475		—		2,508,475
Belgium		—		282,727		—		282,727
Brazil		2,749,594		—		—		2,749,594
Canada		4,117,166		—		—		4,117,166
China		—		450,825		—		450,825
Denmark		—		483,539		—		483,539
Finland		—		576,289		—		576,289
France		—		2,784,375		—		2,784,375
Germany		—		2,384,777		—		2,384,777
Hong Kong		—		12,512,449		—		12,512,449
Hungary		—		190,983		—		190,983
Indonesia		—		1,249,166		—		1,249,166
Ireland		47,843		—		—		47,843
Italy		—		1,297,901		—		1,297,901
Japan		—		10,616,695		—		10,616,695
Malaysia		—		523,954		—		523,954
Mexico		172,312		—		—		172,312
Netherlands		—		807,781		—		807,781
Norway		—		165,895		—		165,895
Philippines		—		522,144		—		522,144
Poland		—		427,742		—		427,742
Portugal		—		26,972		—		26,972
Singapore		—		706,427		—		706,427
South Africa		203,749		717,065		—		920,814
South Korea		—		1,803,194		—		1,803,194

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2019

Investments in Securities	Level 1		Level 2		Level 3		Total
Spain	$	—	$	953,690	$	—	$	953,690
Sweden		—		1,118,229		—		1,118,229
Switzerland		—		4,636,940		—		4,636,940
Taiwan		827,576		3,397,473		—		4,225,049
Thailand		—		933,863		—		933,863
Turkey		—		299,139		—		299,139
United Kingdom		—		4,462,406		—		4,462,406
United States		76,461,390		—		—		76,461,390
Total Common Stock		84,579,630		56,841,115		—		141,420,745
Preferred Stock
Brazil		660,727		—		—		660,727
Rights		—		1,187		—		1,187
Short-Term Investment		14,088,901		—		—		14,088,901
Total Investments in Securities	$	450,184,938	$	56,842,302	$	—	$	507,027,240

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^{^}
Unrealized Appreciation	$	22,083		$	—		$	—	$	22,083
Unrealized Depreciation		(8,096	)		—			—		(8,096	)
Total Return Swap ^{^}
Unrealized Appreciation		—			(48,213	)		—		(48,213	)
Total Other Financial Instruments	$	13,987		$	(48,213	)	$	—	$	(34,226	)

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

Amounts designated as “—” are $0.

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

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

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

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

SECTOR WEIGHTINGS^† (UNAUDITED)

^†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.4%
	Shares		Value
EQUITY FUNDS — 98.4%
AQR TM Emerging Multi-Style Fund, Cl R6		145,720	$	1,391,628
AQR TM International Multi-Style Fund, Cl R6		202,958		2,074,226
AQR TM Large Capital Multi-Style Fund, Cl R6		254,041		3,269,503
DFA Emerging Markets Core Equity Portfolio, Cl I		109,076		2,129,163
DFA International Vector Equity Portfolio, Cl I		278,042		3,011,200
DFA Real Estate Securities Portfolio, Cl I		28,036		1,146,689
DFA TA US Core Equity 2 Portfolio, Cl I		248,081		4,572,130
DFA TA World ex US Core Equity Portfolio, Cl I		158,697		1,588,558
DFA US Vector Equity Portfolio, Cl I		274,883		4,873,670
iShares Edge MSCI Min Vol Global ETF		29,236		2,736,782
Total Registered Investment Companies
(Cost $26,255,743)				26,793,549

SHORT-TERM INVESTMENT — 2.6%
Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (A)
(Cost $706,728)		706,728		706,728
Total Investments — 101.0%
(Cost $26,962,471)			$	27,500,277

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

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

Notional
Amount

Value

Net
Unrealized
Depreciation

ReFlow

SPGTX NAV

SOFR +35 BPS

SPGTX

Annually

02/05/2020

USD

706,728

(10,848

)

(10,848

)

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

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

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

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

BPS — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

SPGTX — Symmetry Panoramic Tax-Managed Global Equity Fund

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

VOL — Volatility

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

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	26,793,549	$	—	$	—	$	26,793,549
Short-Term Investment		706,728		—		—		706,728
Total Investments in Securities	$	27,500,277	$	—	$	—	$	27,500,277

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Total Return Swap^{^}
Unrealized Depreciation	$	—	$	(10,848	)	$	—	$	(10,848	)
Total Other Financial Instruments	$	—	$	(10,848	)	$	—	$	(10,848	)

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

Amounts designated as “—” are $0.

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

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

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

SYMMETRY PANORAMIC US FIXED INCOME FUND
AUGUST 31, 2019

SECTOR WEIGHTINGS^† (UNAUDITED)

^†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.1%
	Shares		Value
FIXED INCOME FUNDS — 98.1%
DFA One-Year Fixed Income Portfolio, Cl I		1,063,226	$	10,961,865
iShares Core 1-5 Year USD Bond ETF, Cl 5		174,944		8,860,914
Vanguard Short-Term Bond Index Fund, Cl Admiral Shares (A)		7,823,690		83,087,592
Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A)		8,466,386		94,908,189
Total Registered Investment Companies
(Cost $187,777,371)				197,818,560

SHORT-TERM INVESTMENT — 2.0%
Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)
(Cost $3,959,359)		3,959,359		3,959,359
Total Investments — 100.1%
(Cost $191,736,730)			$	201,777,919

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

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

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

Cl — Class

ETF — Exchange-Traded Fund

USD — U.S. Dollar

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

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

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

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
AUGUST 31, 2019

SECTOR WEIGHTINGS^† (UNAUDITED)

^†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.7%
	Shares		Value
MUNICIPAL BOND FUNDS — 98.7%
DFA Intermediate-Term Municipal Bond Portfolio, Cl I		208,292	$	2,176,651
DFA Short-Term Municipal Bond Portfolio, Cl I (A)		497,344		5,067,935
iShares National Muni Bond ETF		3,757		432,806
iShares Short-Term National Muni Bond ETF		7,936		849,311
Total Registered Investment Companies
(Cost $8,445,485)				8,526,703

SHORT-TERM INVESTMENT — 2.3%
Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)
(Cost $196,742)		196,742		196,742
Total Investments — 100.9%
(Cost $8,642,227)			$	8,723,445

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

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

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

Cl — Class

ETF — Exchange-Traded Fund

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

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

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
AUGUST 31, 2019

SECTOR WEIGHTINGS^† (UNAUDITED)

^†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.2%
	Shares		Value
FIXED INCOME FUNDS — 98.2%
DFA Five-Year Global Fixed Income Portfolio, Cl I		2,358,835	$	25,900,007
Vanguard Total Bond Market ETF		7,001		595,785
Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A)		15,765,784		176,734,437
Vanguard Total International Bond ETF		40,001		2,365,259
Vanguard Total International Bond Index Fund, Cl Admiral Shares (A)		4,404,405		156,180,212
Total Registered Investment Companies
(Cost $337,275,801)				361,775,700

SHORT-TERM INVESTMENT — 1.8%
Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)
(Cost $6,734,674)		6,734,674		6,734,674
Total Investments — 100.0%
(Cost $344,010,475)			$	368,510,374

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

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

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

Cl — Class

ETF — Exchange-Traded Fund

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

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

SYMMETRY PANORAMIC ALTERNATIVES FUND
AUGUST 31, 2019

SECTOR WEIGHTINGS^† (UNAUDITED)

^†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 102.5%
	Shares		Value
EQUITY FUNDS — 102.5%
AQR Alternative Risk Premia Fund, Cl R6		17,897	$	169,489
AQR Diversified Arbitrage Fund, Cl R6 (A)		35,220		326,841
AQR Managed Futures Strategy Fund, Cl R6		18,485		171,538
JPMorgan Systematic Alpha Fund, Cl R6 (A)		20,344		290,314
Total Registered Investment Companies
(Cost $936,690)				958,182

SHORT-TERM INVESTMENT — 1.0%
Invesco Government & Agency Portfolio, Cl Institutional, 2.020% (B)
(Cost $9,682)		9,682		9,682
Total Investments — 103.5%
(Cost $946,372)			$	967,864

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

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

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

Cl — Class

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

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

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

Statements of Assets and Liabilities
	US Equity Fund		International Equity Fund		Global Equity Fund		Tax-Managed Global Equity Fund
Assets:
Investments, at Value ^†	$	506,787,959	$	264,900,413	$	507,027,240	$	27,500,277
Deposit of Foreign Currency at Broker, at Value ^††		—		730,401		561,662		—
Foreign Currency, at Value ^†††		—		207,268		379,356		—
Receivable for Capital Shares Sold		299,415		158,931		266,996		170,735
Dividends and Interest Receivable		217,919		265,770		345,495		1,008
Unrealized Appreciation on Swap Contracts		144,844		—		—		—
Deposits with Broker for Futures		89,800		—		—		—
Unrealized Appreciation on Futures Contracts		40,809		—		13,987		—
Deferred Offering Costs		17,230		9,598		17,863		230
Reclaim Receivable		—		60,583		46,523		—
Cash Collateral on Swap Contracts		—		240,000		—		—
Receivable Due from Adviser		—		—		—		2,009
Prepaid Expenses		4,439		2,956		4,539		3,917
Total Assets		507,602,415		266,575,920		508,663,661		27,678,176

Liabilities:
Payable for Capital Shares Redeemed		390,446		195,471		387,517		—
Shareholder Servicing Fees Payable		102,933		55,597		104,905		3,054
Offering Costs Payable		86,151		47,989		89,316		1,153
Payable Due to Adviser		72,037		59,459		74,965		—
Chief Compliance Officer Fees Payable		21,807		11,412		21,862		1,049
Audit Fees Payable		18,312		18,312		18,312		18,312
Payable Due to Administrator		16,309		8,545		16,359		818
Transfer Agent Fees Payable		6,829		6,529		6,341		6,770
Trustees Fees Payable		6,248		6,248		6,248		6,248
Payable for Investment Securities Purchased		—		527,973		—		384,099
Unrealized Depreciation on Swap Contracts		—		174,564		48,213		10,848
Due to Broker for Futures		—		434,153		316,965		—
Unrealized Depreciation on Spot Currency Contracts		—		—		1		—
Unrealized Depreciation on Futures Contracts		—		43,725		—		—
Other Accrued Expenses		114,890		86,436		138,823		11,254
Total Liabilities		835,962		1,676,413		1,229,827		443,605

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

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

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

STATEMENTS OF ASSETS AND LIABILITIES - continued
	US Equity Fund		International Equity Fund		Global Equity Fund		Tax-Managed Global Equity Fund
^† Cost of Investments	$	474,320,244	$	261,231,664	$	484,569,070	$	26,962,471
^†† Cost of Deposit of Foreign Currency at Broker, at Value		—		786,665		604,933		—
^††† Cost of Foreign Currency, at Value		—		208,973		381,505		—

Net Assets Consist of:
Paid-in Capital	$	468,447,405	$	260,317,187	$	480,546,523	$	26,636,256
Total Distributable Earnings		38,319,048		4,582,320		26,887,311		598,315
Net Assets	$	506,766,453	$	264,899,507	$	507,433,834	$	27,234,571

Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		47,896,223		25,990,473		48,639,640		2,595,626
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	10.58	$	10.19	$	10.43	$	10.49

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

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

STATEMENTS OF ASSETS AND LIABILITIES
	US Fixed Income Fund		Municipal Fixed Income Fund		Global Fixed Income Fund		Alternatives Fund
Assets:
Investments, at Value ^†	$	201,777,919	$	8,723,445	$	368,510,374	$	967,864
Receivable for Capital Shares Sold		546,178		83,821		235,209		—
Dividends and Interest Receivable		399,489		7,150		554,005		16
Deferred Offering Costs		6,738		60		11,707		5
Receivable Due from Adviser		—		2,922		—		3,026
Prepaid Expenses		2,037		1,704		3,951		1,345
Total Assets		202,732,361		8,819,102		369,315,246		972,256

Liabilities:
Payable for Investment Securities Purchased		810,080		134,538		—		—
Payable for Capital Shares Redeemed		157,318		953		413,314		—
Shareholder Servicing Fees Payable		39,964		1,043		71,733		42
Offering Costs Payable		33,692		301		58,536		25
Payable Due to Adviser		23,714		—		46,492		—
Audit Fees Payable		18,312		18,312		18,312		18,312
Chief Compliance Officer Fees Payable		8,309		333		15,192		38
Payable Due to Administrator		6,491		266		11,870		29
Trustees Fees Payable		6,248		6,248		6,248		6,248
Transfer Agent Fees Payable		5,859		6,067		5,653		5,702
Income Distributions Payable		—		73		169		—
Other Accrued Expenses		48,126		8,390		81,262		7,106
Total Liabilities		1,158,113		176,524		728,781		37,502

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

^† Cost of Investments	$	191,736,730	$	8,642,227	$	344,010,475	$	946,372

Net Assets Consist of:
Paid-in Capital	$	191,385,722	$	8,561,185	$	343,600,568	$	916,041
Total Distributable Earnings		10,188,526		81,393		24,985,897		18,713
Net Assets	$	201,574,248	$	8,642,578	$	368,586,465	$	934,754

Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		18,995,021		844,577		34,061,762		93,439
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	10.61	$	10.23	$	10.82	$	10.00

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

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

Statements of Operations
	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Investment Income:
Dividend Income	$	6,399,688		$	6,728,360		$	9,039,991		$	152,380
Interest Income		2,001			—			—			—
Less: Foreign Taxes Withheld		(173	)		(238,008	)		(190,907	)		—
Total Investment Income		6,401,516			6,490,352			8,849,084			152,380

Expenses:
Investment Advisory Fees		1,953,976			1,349,262			2,286,006			70,806
Shareholder Servicing Fees		424,546			231,742			435,176			10,016
Administration Fees		134,684			76,380			137,196			11,765
Trustees’ Fees		21,875			21,875			21,875			21,875
Chief Compliance Officer Fees		21,807			11,412			21,862			1,050
Offering Costs		68,921			38,391			71,453			922
Registration Fees		51,100			28,764			52,402			5,543
Legal Fees		50,279			27,038			51,122			1,657
Custodian Fees		49,213			123,568			153,163			795
Transfer Agent Fees		33,224			31,762			30,982			32,896
Audit Fees		18,750			18,750			18,750			18,750
Printing Fees		14,948			8,816			15,085			539
Insurance and Other Expenses		56,853			39,923			62,795			10,754

Total Expenses		2,900,176			2,007,683			3,357,867			187,368
Less:
Waiver of Investment Advisory Fees		(826,743	)		(599,334	)		(1,019,406	)		(42,388	)
Reimbursement by Investment Adviser		(368,145	)		(155,466	)		(452,555	)		(99,228	)
Net Expenses		1,705,288			1,252,883			1,885,906			45,752

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

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

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

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

STATEMENTS OF OPERATIONS - continued
	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Loss on Investments Sold	$	(2,526,111	)	$	(3,897,441	)	$	(4,608,933	)	$	(35,022	)
Net Realized Gain on Futures Contracts		265,745			370,520			531,690			—
Net Realized Gain on Foreign Currency Transactions		—			5,627			5,071			—
Net Realized Gain Received on Distributions from Registered Investment Companies		4,905,291			1,658,818			4,279,626			3,047
Net Unrealized Appreciation on Investments		32,467,715			3,668,749			22,458,170			537,806
Net Unrealized Appreciation (Depreciation) on Futures Contracts		40,809			(43,725	)		13,987			—
Net Unrealized Appreciation (Depreciation) on Swap Contracts		144,844			(174,564	)		(48,213	)		(10,848	)
Net Unrealized Depreciation on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		—			(59,745	)		(46,768	)		—
Net Realized and Unrealized Gain on Investments, Swap Contracts, Futures Contracts, Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		35,298,293			1,528,239			22,584,630			494,983
Net Increase in Net Assets Resulting from Operations	$	39,994,521		$	6,765,708		$	29,547,808		$	601,611

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

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

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

STATEMENTS OF OPERATIONS
	US Fixed Income Fund			Municipal Fixed Income Fund			Global Fixed Income Fund			Alternatives Fund
Investment Income:
Dividend Income	$	3,544,212		$	52,744		$	7,840,278		$	2,421
Total Investment Income		3,544,212			52,744			7,840,278			2,421

Expenses:
Investment Advisory Fees		622,546			16,373			1,283,106			3,762
Shareholder Servicing Fees		164,867			3,253			293,917			105
Administration Fees		56,770			8,958			96,209			7,750
Trustees’ Fees		21,875			21,875			21,875			21,875
Chief Compliance Officer Fees		8,309			333			15,192			38
Transfer Agent Fees		28,541			29,623			27,951			27,697
Offering Costs		26,954			241			46,829			20
Registration Fees		20,487			2,375			38,046			1,686
Legal Fees		19,460			549			34,858			35
Audit Fees		18,750			18,750			18,750			18,750
Custodian Fees		10,529			282			18,893			34
Printing Fees		6,686			207			10,701			16
Insurance and Other Expenses		27,581			9,589			42,147			9,076

Total Expenses		1,033,355			112,408			1,948,474			90,844
Less:
Waiver of Investment Advisory Fees		(276,511	)		(7,635	)		(665,829	)		(2,883	)
Reimbursement by Investment Adviser		(189,641	)		(90,492	)		(221,622	)		(86,503	)
Net Expenses		567,203			14,281			1,061,023			1,458

Net Investment Income		2,977,009			38,463			6,779,255			963

Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments Sold		146,607			(149	)		484,192			(1,460	)
Net Realized Gain Received on Distributions from Registered Investment Companies		—			—			—			9
Net Unrealized Appreciation on Investments		10,041,189			81,218			24,499,899			21,492
Net Realized and Unrealized Gain on Investments		10,187,796			81,069			24,984,091			20,041
Net Increase in Net Assets Resulting from Operations	$	13,164,805		$	119,532		$	31,763,346		$	21,004

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

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

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets
	US Equity Fund			International Equity Fund
	Period Ended August 31, 2019^*			Period Ended August 31, 2019^*
Operations:
Net Investment Income	$	4,696,228		$	5,237,469
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		2,644,925			(1,862,476	)
Net Unrealized Appreciation on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		32,653,368			3,390,715
Net Increase in Net Assets Resulting from Operations		39,994,521			6,765,708

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

Capital Share Transactions:
Class I Shares:
Issued		567,425,503			308,823,565
Reinvestment of Distributions		1,675,473			2,183,388
Redeemed		(100,653,571	)		(50,689,766	)
Net Class I Share Transactions		468,447,405			260,317,187
Net Increase in Net Assets from Share Transactions		468,447,405			260,317,187
Total Increase in Net Assets		506,766,453			264,899,507

Net Assets:
Beginning of Period		—			—
End of Period	$	506,766,453		$	264,899,507

Share Transactions:
Class I Shares:
Issued		57,531,373			30,665,775
Reinvestment of Distributions		184,118			226,024
Redeemed		(9,819,268	)		(4,901,326	)
Net Increase in Shares Outstanding from Share Transactions		47,896,223			25,990,473

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

Amounts designated as “—” are $0.

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Global Equity Fund			Tax-Managed Global Equity Fund
	Period Ended August 31, 2019^*			Period Ended August 31, 2019^*
Operations:
Net Investment Income	$	6,963,178		$	106,628
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		207,454			(31,975	)
Net Unrealized Appreciation on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		22,377,176			526,958
Net Increase in Net Assets Resulting from Operations		29,547,808			601,611

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

Capital Share Transactions:
Class I Shares:
Issued		578,259,771			28,640,183
Reinvestment of Distributions		2,660,497			3,296
Redeemed		(100,373,745	)		(2,007,223	)
Net Class I Share Transactions		480,546,523			26,636,256
Net Increase in Net Assets from Share Transactions		480,546,523			26,636,256
Total Increase in Net Assets		507,433,834			27,234,571

Net Assets:
Beginning of Period		—			—
End of Period	$	507,433,834		$	27,234,571

Share Transactions:
Class I Shares:
Issued		58,111,094			2,783,966
Reinvestment of Distributions		285,155			353
Redeemed		(9,756,609	)		(188,693	)
Net Increase in Shares Outstanding from Share Transactions		48,639,640			2,595,626

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

Amounts designated as “—” are $0.

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	US Fixed Income Fund			Municipal Fixed Income Fund
	Period Ended August 31, 2019^*			Period Ended August 31, 2019^*
Operations:
Net Investment Income	$	2,977,009		$	38,463
Net Realized Gain (Loss) on Investments		146,607			(149	)
Net Unrealized Appreciation on Investments		10,041,189			81,218
Net Increase in Net Assets Resulting from Operations		13,164,805			119,532

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

Capital Share Transactions:
Class I Shares:
Issued		235,234,437			9,841,507
Reinvestment of Distributions		2,976,247			37,879
Redeemed		(46,824,962	)		(1,318,201	)
Net Class I Share Transactions		191,385,722			8,561,185
Net Increase in Net Assets from Share Transactions		191,385,722			8,561,185
Total Increase in Net Assets		201,574,248			8,642,578

Net Assets:
Beginning of Period		—			—
End of Period	$	201,574,248		$	8,642,578

Share Transactions:
Class I Shares:
Issued		23,256,893			970,457
Reinvestment of Distributions		287,747			3,723
Redeemed		(4,549,619	)		(129,603	)
Net Increase in Shares Outstanding from Share Transactions		18,995,021			844,577

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

Amounts designated as “—” are $0.

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Global Fixed Income Fund			Alternatives Fund
	Period Ended August 31, 2019^*			Period Ended August 31, 2019^*
Operations:
Net Investment Income	$	6,779,255		$	963
Net Realized Gain (Loss) on Investments and Distributions from Registered Investment Companies		484,192			(1,451	)
Net Unrealized Appreciation on Investments		24,499,899			21,492
Net Increase in Net Assets Resulting from Operations		31,763,346			21,004

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

Capital Share Transactions:
Class I Shares:
Issued		404,450,934			849,369
Reinvestment of Distributions		6,776,920			2,291
Redeemed		(67,627,286	)		(35,619	)
Net Class I Share Transactions		343,600,568			816,041
Net Increase in Net Assets from Share Transactions		343,600,568			816,041
Total Increase in Net Assets		368,586,465			834,754

Net Assets:
Beginning of Period		—			100,000
End of Period	$	368,586,465		$	934,754

Share Transactions:
Class I Shares:
Issued (^**including 10,000 seed shares)		39,942,278			96,842	^**
Reinvestment of Distributions		662,692			239
Redeemed		(6,543,208	)		(3,642	)
Net Increase in Shares Outstanding from Share Transactions		34,061,762			93,439

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

Amounts designated as “—” are $0.

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

SYMMETRY PANORAMIC US EQUITY FUND

Financial Highlights

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended August 31, 2019^*
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.11
Net Realized and Unrealized Gain		0.51
Total from Operations		0.62
Dividends and Distributions:
Net Investment Income		(0.04	)
Total Dividends and Distributions		(0.04	)
Net Asset Value, End of Period	$	10.58
Total Return^†		6.26	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	506,766
Ratio of Expenses to Average Net Assets⁽²⁾		0.48	%^**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.82	%^**
Ratio of Net Investment Income to Average Net Assets^{(2) (3)}		1.32	%^**
Portfolio Turnover Rate		22	%^***

(1)

Calculated using average shares.

(2)

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

(3)

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

^*	Commenced operations on November 12, 2018.

^**	Annualized.

^***	Not Annualized.

^†

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

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended August 31, 2019^*
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.23
Net Realized and Unrealized Gain		0.06
Total from Operations		0.29
Dividends and Distributions:
Net Investment Income		(0.10	)
Total Dividends and Distributions		(0.10	)
Net Asset Value, End of Period	$	10.19
Total Return^†		2.93	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	264,900
Ratio of Expenses to Average Net Assets⁽²⁾		0.65	%^**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		1.04	%^**
Ratio of Net Investment Income to Average Net Assets^{(2) (3)}		2.72	%^**
Portfolio Turnover Rate		24	%^***

(1)

Calculated using average shares.

(2)

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

(3)

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

^*	Commenced operations on November 12, 2018.

^**	Annualized.

^***	Not Annualized.

^†

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended August 31, 2019^*
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.16
Net Realized and Unrealized Gain		0.33
Total from Operations		0.49
Dividends and Distributions:
Net Investment Income		(0.06	)
Total Dividends and Distributions		(0.06	)
Net Asset Value, End of Period	$	10.43
Total Return^†		4.99	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	507,434
Ratio of Expenses to Average Net Assets⁽²⁾		0.52	%^**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.93	%^**
Ratio of Net Investment Income to Average Net Assets^{(2) (3)}		1.92	%^**
Portfolio Turnover Rate		23	%^***

(1)

Calculated using average shares.

(2)

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

(3)

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

^*	Commenced operations on November 12, 2018.

^**	Annualized.

^***	Not Annualized.

^†

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

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended August 31, 2019^*
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.08
Net Realized and Unrealized Gain		0.44
Total from Operations		0.52
Dividends and Distributions:
Net Investment Income		(0.03	)
Total Dividends and Distributions		(0.03	)
Net Asset Value, End of Period	$	10.49
Total Return^†		5.20	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	27,235
Ratio of Expenses to Average Net Assets⁽²⁾		0.42	%^**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		1.72	%^**
Ratio of Net Investment Income to Average Net Assets^{(2) (3)}		0.98	%^**
Portfolio Turnover Rate		11	%^***

(1)

Calculated using average shares.

(2)

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

(3)

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

^*	Commenced operations on November 12, 2018.

^**	Annualized.

^***	Not Annualized.

^†

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

SYMMETRY PANORAMIC US FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended August 31, 2019^*
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.18
Net Realized and Unrealized Gain		0.59
Total from Operations		0.77
Dividends and Distributions:
Net Investment Income		(0.16	)
Total Dividends and Distributions		(0.16	)
Net Asset Value, End of Period	$	10.61
Total Return^†		7.75	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	201,574
Ratio of Expenses to Average Net Assets⁽²⁾		0.41	%^**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.75	%^**
Ratio of Net Investment Income to Average Net Assets^{(2) (3)}		2.15	%^**
Portfolio Turnover Rate		16	%^***

(1)

Calculated using average shares.

(2)

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

(3)

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

^*	Commenced operations on November 12, 2018.

^**	Annualized.

^***	Not Annualized.

^†

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

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended August 31, 2019^*
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.09
Net Realized and Unrealized Gain		0.22
Total from Operations		0.31
Dividends and Distributions:
Net Investment Income		(0.08	)
Total Dividends and Distributions		(0.08	)
Net Asset Value, End of Period	$	10.23
Total Return^†		3.10	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	8,643
Ratio of Expenses to Average Net Assets⁽²⁾		0.41	%^**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		3.23	%^**
Ratio of Net Investment Income to Average Net Assets^{(2) (3)}		1.10	%^**
Portfolio Turnover Rate		9	%^***

(1)

Calculated using average shares.

(2)

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

(3)

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

^*	Commenced operations on November 12, 2018.

^**	Annualized.

^***	Not Annualized.

^†

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

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended August 31, 2019^*
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.23
Net Realized and Unrealized Gain		0.81
Total from Operations		1.04
Dividends and Distributions:
Net Investment Income		(0.22	)
Total Dividends and Distributions		(0.22	)
Net Asset Value, End of Period	$	10.82
Total Return^†		10.58	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	368,586
Ratio of Expenses to Average Net Assets⁽²⁾		0.43	%^**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.79	%^**
Ratio of Net Investment Income to Average Net Assets^{(2) (3)}		2.75	%^**
Portfolio Turnover Rate		7	%^***

(1)

Calculated using average shares.

(2)

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

(3)

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

^*	Commenced operations on November 12, 2018.

^**	Annualized.

^***	Not Annualized.

^†

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

SYMMETRY PANORAMIC ALTERNATIVES FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Period Ended August 31, 2019^*
Net Asset Value, Beginning of Period	$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.03
Net Realized and Unrealized Gain		0.20
Total from Operations		0.23
Dividends and Distributions:
Net Investment Income		(0.23	)
Total Dividends and Distributions		(0.23	)
Net Asset Value, End of Period	$	10.00
Total Return^†		2.39	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	935
Ratio of Expenses to Average Net Assets⁽²⁾		0.50	%^**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		31.15	%^**
Ratio of Net Investment Income to Average Net Assets^{(2) (3)}		0.33	%^**
Portfolio Turnover Rate		15	%^***

(1)

Calculated using average shares.

(2)

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

(3)

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

^*	Commenced operations on November 12, 2018.

^**	Annualized.

^***	Not Annualized.

^†

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

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

Notes to Financial Statements

1. Organization:

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

2. Significant Accounting Policies:

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

106

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

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

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

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

107

SYMMETRY PANORAMIC TRUST
AUGUST 31, 2019

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

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

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

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

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

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

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

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

●

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

●

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

●

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

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

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

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

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

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

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

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

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

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

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

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

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

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

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund
Average Monthly Notional Balance Long	$	2,229,764	$	5,431,697	$	6,032,324
Ending Monthly Notional Balance Long		2,737,751		5,075,080		5,139,343

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

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

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

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

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

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

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

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund		Symmetry Panoramic Tax-Managed Global Equity Fund
Average Monthly Notional Balance Long	$	6,990,447	$	3,602,833	$	6,336,574	$	286,294
Ending Monthly Notional Balance Long		8,119,411		5,100,818		7,804,614		706,728

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

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

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

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

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

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

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

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

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

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

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

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

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

3. Transactions with Affiliates:

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

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

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

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

Fund	Administration Fee
Symmetry Panoramic US Equity Fund	$	134,684
Symmetry Panoramic International Equity Fund		76,380
Symmetry Panoramic Global Equity Fund		137,196
Symmetry Panoramic Tax-Managed Global Equity Fund		11,765
Symmetry Panoramic US Fixed Income Fund		56,770
Symmetry Panoramic Municipal Fixed Income Fund		8,958
Symmetry Panoramic Global Fixed Income Fund		96,209
Symmetry Panoramic Alternatives Fund		7,750

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

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

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

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5. Investment Advisory Agreement:

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

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

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

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

	Advisory Fee Before Expense Limitation	Expense Limitation
Symmetry Panoramic US Equity Fund	0.55%	0.48%
Symmetry Panoramic International Equity Fund	0.70%	0.65%
Symmetry Panoramic Global Equity Fund	0.63%	0.52%
Symmetry Panoramic Tax-Managed Global Equity Fund	0.65%	0.42%
Symmetry Panoramic US Fixed Income Fund	0.45%	0.41%
Symmetry Panoramic Municipal Fixed Income Fund	0.47%	0.41%
Symmetry Panoramic Global Fixed Income Fund	0.52%	0.43%
Symmetry Panoramic Alternatives Fund	1.29%	0.50%

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

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

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

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

Symmetry Panoramic US Equity Fund	$	367,716
Symmetry Panoramic International Equity Fund		155,300
Symmetry Panoramic Global Equity Fund		452,187
Symmetry Panoramic Tax-Managed Global Equity Fund		99,132
Symmetry Panoramic US Fixed Income Fund		189,463
Symmetry Panoramic Municipal Fixed Income Fund		90,462
Symmetry Panoramic Global Fixed Income Fund		221,220
Symmetry Panoramic Alternatives Fund		86,499

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

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

6. Investment Transactions:

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

	Purchases		Sales and Maturities
Symmetry Panoramic US Equity Fund	$	558,462,196	$	93,486,850
Symmetry Panoramic International Equity Fund		309,567,583		54,698,201
Symmetry Panoramic Global Equity Fund		577,183,211		102,055,643
Symmetry Panoramic Tax-Managed Global Equity Fund		27,774,501		1,483,711
Symmetry Panoramic US Fixed Income Fund		214,916,883		27,286,119
Symmetry Panoramic Municipal Fixed Income Fund		8,847,607		401,973
Symmetry Panoramic Global Fixed Income Fund		359,181,475		22,389,866
Symmetry Panoramic Alternatives Fund		1,000,630		62,480

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7. Federal Tax Information:

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

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

		Ordinary Income		Long-Term Capital Gain		Total
Symmetry Panoramic US Equity Fund	2019	$	1,675,473	$	—	$	1,675,473
Symmetry Panoramic International Equity Fund	2019		2,183,388		—		2,183,388
Symmetry Panoramic Global Equity Fund	2019		2,660,497		—		2,660,497
Symmetry Panoramic Tax-Managed Global Equity Fund	2019		3,296		—		3,296
Symmetry Panoramic US Fixed Income Fund	2019		2,976,279		—		2,976,279
Symmetry Panoramic Municipal Fixed Income Fund	2019		38,139		—		38,139
Symmetry Panoramic Global Fixed Income Fund	2019		6,777,449		—		6,777,449
Symmetry Panoramic Alternatives Fund	2019		2,291		—		2,291

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

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund			Symmetry Panoramic Global Equity Fund		Symmetry Panoramic Tax-Managed Global Equity Fund
Undistributed Ordinary Income	$	3,028,973	$	3,334,704		$	4,526,826	$	103,358
Undistributed Long-Term Capital Gain		3,359,648		—			869,088		—
Post-October Losses		—		—			—		—
Late-Year Loss Deferral		—		—			—		—
Capital Loss Carryforwards		—		(1,692,583	)		—		(24,681	)
Unrealized Appreciation		31,930,427		2,940,199			21,491,397		519,638
Other Temporary Differences		—		—			—		—
Total Distributable Earnings	$	38,319,048	$	4,582,320		$	26,887,311	$	598,315

	Symmetry Panoramic US Fixed Income Fund		Symmetry Panoramic Municipal Fixed Income Fund			Symmetry Panoramic Global Fixed Income Fund		Symmetry Panoramic Alternatives Fund
Undistributed Ordinary Income	$	147,661	$	323		$	500,942	$	—
Post-October Losses		—		—			—		(1,451	)
Late-Year Loss Deferral		—		—			—		(1,328	)
Capital Loss Carryforwards		—		(70	)		—		—
Unrealized Appreciation		10,040,865		81,140			24,484,955		21,492
Other Temporary Differences		—		—			—		—
Total Distributable Earnings	$	10,188,526	$	81,393		$	24,985,897	$	18,713

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

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

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

	Short-Term Loss		Long-Term Loss		Total
Symmetry Panoramic US Equity Fund	$	—	$	—	$	—
Symmetry Panoramic International Equity Fund		1,692,583		—		1,692,583
Symmetry Panoramic Global Equity Fund		—		—		—
Symmetry Panoramic Tax-Managed Global Equity Fund		24,681		—		24,681
Symmetry Panoramic US Fixed Income Fund		—		—		—
Symmetry Panoramic Municipal Fixed Income Fund		70		—		70
Symmetry Panoramic Global Fixed Income Fund		—		—		—
Symmetry Panoramic Alternatives Fund		—		—		—

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

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Symmetry Panoramic US Equity Fund	$	475,002,375	$	33,628,778	$	(1,843,195	)	$	31,785,583
Symmetry Panoramic International Equity Fund		261,715,581		8,074,169		(4,889,337	)		3,184,832
Symmetry Panoramic Global Equity Fund		485,432,765		26,621,276		(5,026,801	)		21,594,475
Symmetry Panoramic Tax-Managed Global Equity Fund		26,969,790		687,825		(157,339	)		530,486
Symmetry Panoramic US Fixed Income Fund		191,737,054		10,041,189		(324	)		10,040,865
Symmetry Panoramic Municipal Fixed Income Fund		8,642,306		81,219		(79	)		81,140

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	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Symmetry Panoramic Global Fixed Income Fund	$	344,025,419	$	24,499,899	$	(14,944	)	$	24,484,955
Symmetry Panoramic Alternatives Fund		946,372		21,492		—			21,492

8. Concentration of Risks:

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

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

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

✔ = principal

● = non-principal

	US Equity	International Equity	Global Equity	Tax- Managed Global Equity	US Fixed Income	Municipal Fixed Income	Global Fixed Income	Alternatives
Investing in Underlying Funds	✔	✔	✔	✔	✔	✔	✔	✔
Investments of Underlying Funds	✔	✔	✔	✔	✔	✔	✔	✔
Arbitrage Risk								✔
Asset Allocation Risk	✔	✔	✔	✔	✔	✔	✔	✔
Borrowing Risk	●	●	●	●	●	●	●	●
Cash Management Strategies	●	●	●	●	●	●	●	●
Commodities Risk								✔

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	US Equity	International Equity	Global Equity	Tax- Managed Global Equity	US Fixed Income	Municipal Fixed Income	Global Fixed Income	Alternatives
Convertible Securities Risk								✔
Credit Default Swaps Risk								✔
Currency Risk		✔	✔	✔			✔	✔
Cybersecurity Risk	✔	✔	✔	✔	✔	✔	✔	✔
Derivatives Risk	✔	✔	✔	✔	✔	✔	✔	✔
Distressed Investments Risk								✔
Emerging Markets Risk		✔	✔	✔			●	✔
Equity Risk	✔	✔	✔	✔				✔
Exchange-Traded Notes Risk								●
Financial Sector Risk	✔	✔	✔	✔
Fixed Income Securities					✔	✔	✔	✔
Foreign (Non-U.S.) Investment Risk		✔	✔	✔			✔	✔
Forward and Futures Contract Risk		✔	✔	✔			✔	✔
Geographic and Sector Risk	✔	✔	✔	✔	✔	✔	✔	✔
High Portfolio Turnover Risk	✔	✔	✔	✔	✔	✔	✔	✔
High Yield Risk					✔	✔	✔	✔
Index Tracking Error Risk	✔	✔	✔	✔	✔	✔	✔	✔
Investment Companies and ETFs Risk	✔	✔	✔	✔	✔	✔	✔	✔
Investment Style Risk	✔	✔	✔	✔				✔
IPO and SEO Risk								✔
Leveraging Risk	●	●	●	●	●	●	●	●
Litigation and Enforcement Risk								✔
Liquidity Risk	✔	✔	✔	✔	✔	✔	✔	✔
Management Risk	✔	✔	✔	✔	✔	✔	✔	✔

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

●

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

●

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

●

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

●

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

●

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

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●

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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9. Other:

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

	No. of Shareholders	% Ownership
Symmetry Panoramic US Equity Fund	1	94.06%
Symmetry Panoramic International Equity Fund	1	93.84%
Symmetry Panoramic Global Equity Fund	1	94.62%
Symmetry Panoramic Tax-Managed Global Equity Fund	2	66.47%
Symmetry Panoramic US Fixed Income Fund	1	93.44%
Symmetry Panoramic Municipal Fixed Income Fund	2	77.60%
Symmetry Panoramic Global Fixed Income Fund	1	94.20%
Symmetry Panoramic Alternatives Fund	2	93.53%

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

10. Regulatory Matters:

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

11. New Accounting Pronouncement:

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

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12. Subsequent Events:

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

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Symmetry Panoramic Trust

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

We have served as the Funds’ auditor since 2018.

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

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Trustees and Officers of the Trust (Unaudited)

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

Name and
Year of Birth

Position(s)
Held with
the Trust

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Interested Trustee

John McDermott

(1962)

Chairman, Trustee

Trustee (Since 2018)

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

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

None.

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Name and
Year of Birth

Position(s)
Held with
the Trust

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Independent Trustees

Tracie Ahern

(1968)

Trustee

Trustee (Since 2018)

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

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

None.

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Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee
Independent Trustees (continued)
Jack Jennings (1957)	Trustee	Trustee (Since 2018)	Executive Dean for Administration, Harvard Graduate School of Education (2008-present). Qualifications: Mr. Jennings has 32 years of financial planning and management experience. He also has more than 20 years of experience directing, developing, and implementing strategic plans and organizational change. Mr. Jennings also has 18 years of experience in higher education, including 4 years of experience as undergraduate management professor.	8	None.
Thomas P. Lemke (1954)	Trustee	Trustee (Since 2018)	Retired (2013-present); Executive Vice President, General Counsel, and Head of Governance Group, Legg Mason, Inc. (2005-2013). Qualifications: Mr. Lemke’s experience includes serving as an Independent Trustee on boards of mutual funds. He serves as Chair of a Board Governance Committee. Mr. Lemke also is a former co-chair of the Investment Management Group at Morgan, Lewis & Bockius, LLP. In addition, Mr. Lemke’s experience includes serving as General Counsel and Head of Governance at Legg Mason, Inc.	8	Independent Director, J.P. Morgan Exchange Traded Funds; Independent Director, SEI Advisors Inner Circle Fund III.

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Name and
Year of Birth

Position(s)
Held with
the Trust

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee

Independent Trustees (continued)

Fred Naddaff

(1958)

Trustee

Trustee (Since 2018)

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

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

None.

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Name and Year of Birth	Position(s) Held with the Trust	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee
Officers
Dana D’Auria (1977)	President	Managing Director and Portfolio Manager, Symmetry Partners, LLC (December 2017-present); Director of Research, Symmetry Partners, LLC (2013-November 2017); Research Manager, Symmetry Partners, LLC (2008-2013).	8	None.
Steve Connors (1984)	Treasurer, Principal Financial Officer	Treasurer, Controller and Chief Financial Officer, SEI Investments (2015-present); Director, SEI Investments, Fund Accounting (2014-present); Audit Manager, Deloitte & Touche LLP (2011-2014).	8	None.
Carlyn Edgar (1963)	Chief Compliance Officer	Senior Vice President, Apex Group Ltd. (2008-present).	8	None.
Casey Dylan (1971)	Chief Operating Officer	Director Investment Product Strategy and Communications, Symmetry Partners, LLC (September 2017-present); Director of Investment Specialist and Advisor Services Group, Symmetry Partners, LLC (January 2015-September 2017); Consultant, Empirica Solutions Group (March 2013-January 2015).
Philip McDonald (1976)	Vice President	Director of Investments, Symmetry Partners, LLC (December 2017-present); Director of Fixed Income and Alternatives, Symmetry Partners, LLC (June 2016-November 2017; Associate Director of Research, Symmetry Partners, LLC (April 2013-May 2016).	8	None.
Sarah Bauer (1978)	Vice President	Managing Director, Symmetry Partners, LLC (December 2017-present); Director of National Accounts, Symmetry Partners, LLC (2012-November 2017).	8	None.

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Name and Year of Birth	Position(s) Held with the Trust	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee
Officers (continued)
Sara Taylor (1973)	Chief Legal Officer, Secretary	Compliance Officer & Counsel, Symmetry Partners, LLC (October 2017-present); Assistant Director, The Hartford (July 2014-October 2017); Senior Compliance Specialist, The Hartford (May 2010-June 2014).	8	None.
Zachary Tackett (1988)	Anti-Money Laundering Compliance Officer, Identity Theft Prevention Officer	Counsel, Apex Group Ltd. (2014-present); Intern Associate, Coakley & Hyde, PLLC (2010-2013).	8	None.

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Disclosure of Fund Expenses (Unaudited)

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

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

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

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

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

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

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

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

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

	Beginning Account Value 3/1/19	Ending Account Value 8/31/19	Annualized Expense Ratios	Expenses Paid During Period^*
Symmetry Panoramic US Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,029.20	0.48%	$ 2.46
Hypothetical 5% Return	$ 1,000.00	$ 1,022.79	0.48%	$ 2.45
Symmetry Panoramic International Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 973.30	0.65%	$ 3.23
Hypothetical 5% Return	$ 1,000.00	$ 1,021.93	0.65%	$ 3.31
Symmetry Panoramic Global Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,005.80	0.52%	$ 2.63
Hypothetical 5% Return	$ 1,000.00	$ 1,022.58	0.52%	$ 2.65
Symmetry Panoramic Tax-Managed Global Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 997.10	0.42%	$ 2.11
Hypothetical 5% Return	$ 1,000.00	$ 1,023.09	0.42%	$ 2.14
Symmetry Panoramic US Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,053.40	0.41%	$ 2.12
Hypothetical 5% Return	$ 1,000.00	$ 1,023.14	0.41%	$ 2.09
Symmetry Panoramic Municipal Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,017.10	0.41%	$ 2.08
Hypothetical 5% Return	$ 1,000.00	$ 1,023.14	0.41%	$ 2.09
Symmetry Panoramic Global Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,076.00	0.43%	$ 2.25
Hypothetical 5% Return	$ 1,000.00	$ 1,023.04	0.43%	$ 2.19

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	Beginning Account Value 3/1/19	Ending Account Value 8/31/19	Annualized Expense Ratios	Expenses Paid During Period^*
Symmetry Panoramic Alternatives Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,025.70	0.50%	$ 2.55
Hypothetical 5% Return	$ 1,000.00	$ 1,022.68	0.50%	$ 2.55

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

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Notice to Shareholders (Unaudited)

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

	Long Term Capital Gain Distribution	Ordinary Income Distributions	Total Distributions	Dividends Qualifying for Corporate Dividend Received Deduction⁽¹⁾
Symmetry Panoramic US Equity Fund	0.00%	100.00%	100.00%	77.03%
Symmetry Panoramic International Equity Fund	0.00%	100.00%	100.00%	8.19%
Symmetry Panoramic Global Equity Fund	0.00%	100.00%	100.00%	35.86%
Symmetry Panoramic Tax-Managed Global Equity Fund	0.00%	100.00%	100.00%	12.66%
Symmetry Panoramic US Fixed Income Fund	0.00%	100.00%	100.00%	0.00%
Symmetry Panoramic Municipal Fixed Income Fund	0.00%	100.00%	100.00%	0.00%
Symmetry Panoramic Global Fixed Income Fund	0.00%	100.00%	100.00%	0.00%
Symmetry Panoramic Alternatives Fund	0.00%	100.00%	100.00%	0.00%

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	Qualifying Dividend Income⁽²⁾	U.S. Government Interest⁽³⁾	Interest Related Dividends⁽⁴⁾	Qualified Short-Term Capital Gain⁽⁵⁾
Symmetry Panoramic US Equity Fund	100.00%	0.00%	0.00%	0.00%
Symmetry Panoramic International Equity Fund	78.78%	0.00%	0.00%	0.00%
Symmetry Panoramic Global Equity Fund	90.32%	0.00%	0.00%	0.00%
Symmetry Panoramic Tax-Managed Global Equity Fund	98.89%	0.00%	0.00%	0.00%
Symmetry Panoramic US Fixed Income Fund	0.00%	0.00%	0.00%	0.00%
Symmetry Panoramic Municipal Fixed Income Fund	0.00%	0.00%	0.00%	0.00%
Symmetry Panoramic Global Fixed Income Fund	0.00%	0.00%	0.00%	0.00%
Symmetry Panoramic Alternatives Fund	0.00%	0.00%	0.00%	0.00%

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

(2)

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

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

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

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

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

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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 Funds described.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

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

		2019
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees	$94,000	$3,500	N/A
(b)	Audit-Related Fees	N/A	N/A	N/A
(c)	Tax Fees	$24,000	$6,600	N/A
(d)	All Other Fees	N/A	N/A	N/A

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

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

	2019
Audit-Related Fees	0%
Tax Fees	0%
All Other Fees	0%

(f) Not Applicable.

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

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

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Investments

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

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable to open-end management investment companies.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

	Symmetry Panoramic Trust

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

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

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

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

Symmetry Panoramic Trust N-CSRCertified annual shareholder report (management investment company)