UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________
FORM N-CSR
________
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811- 23334
Symmetry Panoramic Trust
(Exact name of registrant as specified in charter)
________
151 National Drive
Glastonbury, CT 06033
(Address of principal executive offices) (Zip code)
Sara A. Taylor
Symmetry Partners, LLC
151 National Drive
Glastonbury, CT 06033
(Name and address of agent for service)
Copy to:
Mark C. Amorosi, Esq.
K&L Gates LLP
1601 K Street NW
Washington, D.C. 20006
Registrant’s telephone number, including area code: (844) 796-3863
Date of fiscal year end: August 31, 2020
Date of reporting period: August 31, 2020
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, 2020
Symmetry Panoramic US Equity Fund (SPUSX)
Symmetry Panoramic International Equity Fund (SPILX)
Symmetry Panoramic Global Equity Fund (SPGEX)
Symmetry Panoramic Tax-Managed Global Equity Fund (SPGTX)
Symmetry Panoramic US Fixed Income Fund (SPUBX)
Symmetry Panoramic Municipal Fixed Income Fund (SPMFX)
Symmetry Panoramic Global Fixed Income Fund (SPGBX)
Symmetry Panoramic Alternatives Fund (SPATX)
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports no longer will be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary, or, if you are a direct investor, by calling 1-844-796-3863.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-844-796-3863. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial intermediary or all Symmetry Panoramic Funds if you invest directly with the Funds.
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
TABLE OF CONTENTS
Shareholders’ Letter | 1 |
Management Discussion of Fund Performance | 4 |
Schedules of Investments | 12 |
Statements of Assets and Liabilities | 89 |
Statements of Operations | 92 |
Statements of Changes in Net Assets | 95 |
Financial Highlights | 103 |
Notes to Financial Statements | 111 |
Report of Independent Registered Public Accounting Firm | 158 |
Trustees and Officers of the Trust | 159 |
Disclosure of Fund Expenses | 165 |
Advisory and Sub-Advisory Agreement Approval Disclosure | 168 |
Notice to Shareholders | 177 |
The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-796-3863; and (ii) on the SEC’s website at http://www.sec.gov.
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
(Unaudited)
Shareholders’ Letter |
Dear Shareholders,
On behalf of the Symmetry Panoramic Trust, I am pleased to present you with the annual report for the year ending August 31, 2020. The Symmetry Panoramic Funds are a series of eight mutual funds that can be purchased individually or utilized to construct diversified, global, multi-factor, multi-asset-class portfolios.
Upon launch, we set out to take advantage of our unique fund-of-funds, manager-of-manager structure, which provides us significant flexibility to deliver our best investment ideas. I am very satisfied to report that during this fiscal year we have continued to deliver on many of our goals, including but not limited to an increase in the number of underlying fund holdings, diversification into additional ETFs, tax-aware trading, and progress toward adding another sub-adviser.
That said, the year was not without its challenges. The headwinds affecting the value and small factors continued. Specifically, the valuation spread between growth and value stocks approached record highs, not seen since the Tech-Media-Telecom market correction or the Global Financial Crisis. Much of this exuberant growth story in the U.S. is specific to the largest, most well-known technology firms, leading to additional concentration of market-cap based indices among fewer names in a single sector of the economy. It is difficult to say to what degree, but the COVID-19 pandemic likely exacerbated some of these differences over nearly half of our fiscal year. While we will not predict the timing or magnitude of a recovery in value, we do believe that the level of outperformance of growth relative to value cannot continue indefinitely.
Thankfully, we at Symmetry have prioritized diversification of factors for many years, so other outperforming factors, such as momentum and quality, have been dampening the adverse impact of small and value on the portfolios. In determining any adjustment to factor exposures in the portfolios, we will continue to be led by the academic research that seeks to understand what characteristics may lead to outperformance over the long-term.
While I am not new to Symmetry Partners, having joined in 2010, or the Symmetry Panoramic Trust, an officer since inception, I am new to the position of president. I thank you for placing your trust in us and look forward to proving that it was the right decision.
Sincerely,
Philip McDonald
President, Symmetry Panoramic Trust
1
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
(Unaudited)
Symmetry Partners, LLC is an investment advisory firm registered with the Securities and Exchange Commission.
The firm only transacts business in states where it is properly registered, or excluded or exempted from registration requirements. No one should assume that future performance of any specific investment, investment strategy, product, or non-investment related content made reference to directly or indirectly in this material will be profitable. As with any investment strategy, there is the possibility of profitability as well as loss.
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.
2
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
(Unaudited)
Description of the Funds’ Benchmarks
MSCI US Broad Market Index (Primary Benchmark for the Symmetry Panoramic US Equity Fund) captures broad US equity coverage. The index includes 2,954 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 6,430 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 8,766 constituents, the index is 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.
3
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
(Unaudited)
Management Discussion of Fund Performance |
Growth of a $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN FOR | ||
| One Year Return | Annualized |
Symmetry Panoramic US Equity Fund, Class I | 6.73% | 7.24% |
MSCI US Broad Market Index | 21.45% | 16.61% |
* | 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 3.
4
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
(Unaudited)
MANAGEMENT DISCUSSION OF FUND PERFORMANCE |
Growth of a $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN FOR | ||
One Year Return | Annualized | |
Symmetry Panoramic International Equity Fund, Class I | 4.38% | 4.07% |
MSCI ACWI ex USA Investable Market Index (net) | 8.66% | 6.97% |
* | The Fund commenced operations on November 12, 2018. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
See definition of comparative indices on page 3.
5
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
(Unaudited)
MANAGEMENT DISCUSSION OF FUND PERFORMANCE |
Growth of a $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN FOR | ||
| One Year Return | Annualized |
Symmetry Panoramic Global Equity Fund, Class I | 5.97% | 6.11% |
MSCI ACWI Investable Market Index (net) | 15.44% | 11.99% |
* | The Fund commenced operations on November 12, 2018. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
See definition of comparative indices on page 3.
6
SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
AUGUST 31, 2020
(Unaudited)
MANAGEMENT DISCUSSION OF FUND PERFORMANCE |
Growth of a $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN FOR | ||
| One Year Return | Annualized |
Symmetry Panoramic Tax-Managed Global Equity Fund, Class I | 6.64% | 6.60% |
MSCI ACWI Investable Market Index (net) | 15.44% | 11.99% |
* | The Fund commenced operations on November 12, 2018. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
See definition of comparative indices on page 3.
7
SYMMETRY PANORAMIC US FIXED INCOME FUND
AUGUST 31, 2020
(Unaudited)
MANAGEMENT DISCUSSION OF FUND PERFORMANCE |
Growth of a $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN FOR | ||
| One Year Return | Annualized |
Symmetry Panoramic US Fixed Income Fund, Class I | 5.02% | 7.11% |
Bloomberg Barclays 1-5 Year US Government/Credit Index | 4.72% | 6.07% |
* | 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 3.
8
SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
AUGUST 31, 2020
(Unaudited)
MANAGEMENT DISCUSSION OF FUND PERFORMANCE |
Growth of a $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN FOR | ||
| One Year Return | Annualized |
Symmetry Panoramic Municipal Fixed Income Fund, Class I | 1.51% | 2.56% |
S&P Short Term National AMT-Free Municipal Bond Index | 2.37% | 3.47% |
* | The Fund commenced operations on November 12, 2018. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 3.
9
SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
AUGUST 31, 2020
(Unaudited)
MANAGEMENT DISCUSSION OF FUND PERFORMANCE |
Growth of a $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN FOR | ||
| One Year Return | Annualized |
Symmetry Panoramic Global Fixed Income Fund, Class I | 3.16% | 7.59% |
Bloomberg Barclays Capital Global Aggregate Hedged USD Index | 3.28% | 8.07% |
* | 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 3.
10
SYMMETRY PANORAMIC ALTERNATIVES FUND
AUGUST 31, 2020
(Unaudited)
MANAGEMENT DISCUSSION OF FUND PERFORMANCE |
Growth of a $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN FOR | ||
| One Year Return | Annualized |
Symmetry Panoramic Alternatives Fund, Class I | -4.14% | -1.03% |
HFRI Fund of Funds Conservative Index | 1.14% | 2.48% |
* | 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 3.
11
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
SECTOR WEIGHTINGS† (Unaudited) |
†Percentages are based on total investments.
SCHEDULE OF INVESTMENTS | ||||||||
REGISTERED INVESTMENT COMPANIES — 74.6% | ||||||||
Shares | Value | |||||||
EQUITY FUNDS — 74.6% | ||||||||
DFA Real Estate Securities Portfolio, Cl I | 980,563 | $ | 35,790,556 | |||||
DFA US High Relative Profitability Portfolio, Cl I | 2,919,067 | 45,975,303 | ||||||
DFA US Large Capital Equity Portfolio, Cl I | 6,012,724 | 127,710,268 | ||||||
DFA US Large Capital Value Portfolio, Cl I | 1,363,412 | 44,665,381 | ||||||
DFA US Small Capital Portfolio, Cl I | 798,904 | 25,069,603 | ||||||
DFA US Small Capital Value Portfolio, Cl I | 579,244 | 16,120,369 | ||||||
DFA US Targeted Value Portfolio, Cl I | 2,096,783 | 39,440,482 | ||||||
iShares MSCI USA Min Vol Factor ETF | 855,251 | 55,702,498 | ||||||
Vanguard Small-Capital Value ETF | 82,882 | 9,577,015 | ||||||
Vanguard U.S. Quality Factor ETF | 54,079 | 4,672,680 | ||||||
Vanguard U.S. Value Factor ETF | 159,474 | 10,257,368 | ||||||
Total Registered Investment Companies | ||||||||
(Cost $366,435,523) | 414,981,523 |
COMMON STOCK — 23.8% | ||||||||
COMMUNICATION SERVICES — 1.8% | ||||||||
Activision Blizzard | 4,606 | 384,693 | ||||||
Alphabet, Cl A * | 3,030 | 4,937,476 | ||||||
Cable One | 252 | 463,763 | ||||||
Electronic Arts * | 2,043 | 284,937 | ||||||
Facebook, Cl A * | 4,911 | 1,439,905 |
The accompanying notes are an integral part of the financial statements.
12
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
COMMUNICATION SERVICES — continued | ||||||||
Match Group * | 2,501 | $ | 279,312 | |||||
Spotify Technology * | 505 | 142,491 | ||||||
T-Mobile US * | 7,480 | 872,766 | ||||||
Verizon Communications | 15,946 | 945,119 | ||||||
Zynga, Cl A * | 6,275 | 56,852 | ||||||
9,807,314 | ||||||||
CONSUMER DISCRETIONARY — 3.7% | ||||||||
Amazon.com * | 1,936 | 6,681,059 | ||||||
Aptiv | 540 | 46,505 | ||||||
AutoNation * | 7,727 | 439,357 | ||||||
AutoZone * | 121 | 144,754 | ||||||
Best Buy | 4,997 | 554,217 | ||||||
BorgWarner | 6,394 | 259,533 | ||||||
Bright Horizons Family Solutions * | 765 | 101,753 | ||||||
Brunswick | 5,054 | 312,792 | ||||||
Burlington Stores * | 1,237 | 243,602 | ||||||
CarMax * | 470 | 50,257 | ||||||
Chipotle Mexican Grill, Cl A * | 44 | 57,652 | ||||||
Choice Hotels International | 751 | 74,567 | ||||||
Dick’s Sporting Goods | 2,100 | 113,652 | ||||||
Dollar General | 3,693 | 745,543 | ||||||
Dollar Tree * | 554 | 53,334 | ||||||
Domino’s Pizza | 605 | 247,421 | ||||||
DR Horton | 7,888 | 562,967 | ||||||
eBay | 3,817 | 209,095 | ||||||
Etsy * | 547 | 65,476 | ||||||
Floor & Decor Holdings, Cl A * | 1,012 | 74,119 | ||||||
Garmin | 4,266 | 442,000 | ||||||
Gentex | 8,426 | 227,923 | ||||||
Genuine Parts | 1,067 | 100,768 | ||||||
Hasbro | 563 | 44,443 | ||||||
Home Depot | 6,332 | 1,804,873 | ||||||
Leggett & Platt | 8,286 | 339,726 | ||||||
Lennar, Cl A | 5,927 | 443,458 | ||||||
LKQ * | 14,884 | 472,418 | ||||||
Lowe’s | 2,349 | 386,857 | ||||||
Lululemon Athletica * | 791 | 297,155 | ||||||
Newell Brands | 5,480 | 87,570 |
The accompanying notes are an integral part of the financial statements.
13
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY — continued | ||||||||
NIKE, Cl B | 6,197 | $ | 693,382 | |||||
NVR * | 72 | 300,121 | ||||||
O’Reilly Automotive * | 233 | 108,492 | ||||||
Penske Automotive Group | 2,484 | 117,170 | ||||||
Polaris | 3,673 | 371,120 | ||||||
Pool | 1,138 | 373,082 | ||||||
PulteGroup | 9,445 | 421,153 | ||||||
Ross Stores | 434 | 39,529 | ||||||
ServiceMaster Global Holdings * | 1,525 | 60,847 | ||||||
Skechers U.S.A., Cl A * | 2,595 | 77,461 | ||||||
Target | 6,154 | 930,546 | ||||||
Tempur Sealy International * | 1,644 | 140,628 | ||||||
Thor Industries | 3,985 | 376,303 | ||||||
Toll Brothers | 1,483 | 62,612 | ||||||
Tractor Supply | 1,237 | 184,103 | ||||||
Wayfair, Cl A * | 497 | 147,390 | ||||||
Whirlpool | 1,295 | 230,147 | ||||||
Williams-Sonoma | 4,978 | 436,869 | ||||||
20,755,801 | ||||||||
CONSUMER STAPLES — 1.9% | ||||||||
Boston Beer, Cl A * | 129 | 113,775 | ||||||
Brown-Forman, Cl B | 999 | 73,097 | ||||||
Campbell Soup | 3,500 | 184,135 | ||||||
Casey’s General Stores | 1,633 | 290,429 | ||||||
Church & Dwight | 2,512 | 240,725 | ||||||
Clorox | 1,038 | 231,993 | ||||||
Coca-Cola | 4,174 | 206,738 | ||||||
Conagra Brands | 10,791 | 413,943 | ||||||
Costco Wholesale | 3,511 | 1,220,634 | ||||||
Estee Lauder, Cl A | 1,795 | 397,988 | ||||||
Flowers Foods | 6,286 | 153,756 | ||||||
General Mills | 5,752 | 367,840 | ||||||
Hain Celestial Group * | 5,231 | 171,525 | ||||||
Hershey | 1,866 | 277,362 | ||||||
Hormel Foods | 3,431 | 174,912 | ||||||
Ingredion | 1,997 | 160,639 | ||||||
Kellogg | 1,872 | 132,744 | ||||||
Kimberly-Clark | 1,640 | 258,726 |
The accompanying notes are an integral part of the financial statements.
14
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER STAPLES — continued | ||||||||
Kroger | 11,944 | $ | 426,162 | |||||
Lamb Weston Holdings | 873 | 54,868 | ||||||
McCormick | 607 | 125,163 | ||||||
Mondelez International, Cl A | 2,832 | 165,445 | ||||||
Monster Beverage * | 661 | 55,432 | ||||||
Nu Skin Enterprises, Cl A | 4,205 | 198,770 | ||||||
Philip Morris International | 4,906 | 391,450 | ||||||
Procter & Gamble | 12,060 | 1,668,260 | ||||||
Sprouts Farmers Market * | 5,234 | 122,214 | ||||||
Walmart | 16,690 | 2,317,406 | ||||||
10,596,131 | ||||||||
FINANCIALS — 1.4% | ||||||||
Allstate | 2,715 | 252,495 | ||||||
American Express | 382 | 38,807 | ||||||
Ameriprise Financial | 2,066 | 323,949 | ||||||
Aon, Cl A | 1,035 | 206,990 | ||||||
Arch Capital Group * | 1,274 | 40,182 | ||||||
Assurant | 1,374 | 167,023 | ||||||
BlackRock, Cl A | 693 | 411,774 | ||||||
Cincinnati Financial | 1,031 | 81,872 | ||||||
Citizens Financial Group | 1,486 | 38,443 | ||||||
Commerce Bancshares | 1,435 | 85,483 | ||||||
Credit Acceptance * | 138 | 53,379 | ||||||
East West Bancorp | 13,497 | 496,420 | ||||||
Eaton Vance | 4,801 | 196,937 | ||||||
Erie Indemnity, Cl A | 806 | 172,033 | ||||||
Everest Re Group | 538 | 118,403 | ||||||
Fidelity National Financial | 4,089 | 134,242 | ||||||
First American Financial | 1,494 | 78,539 | ||||||
First Citizens BancShares, Cl A | 104 | 40,888 | ||||||
Globe Life | 911 | 75,139 | ||||||
Goldman Sachs Group | 183 | 37,491 | ||||||
Intercontinental Exchange | 903 | 95,926 | ||||||
JPMorgan Chase | 1,449 | 145,175 | ||||||
Kemper | 633 | 49,159 | ||||||
MarketAxess Holdings | 744 | 361,539 | ||||||
Marsh & McLennan | 2,839 | 326,229 | ||||||
Morgan Stanley | 13,700 | 715,962 |
The accompanying notes are an integral part of the financial statements.
15
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Nasdaq | 1,248 | $ | 167,756 | |||||
Primerica | 836 | 104,375 | ||||||
Progressive | 3,665 | 348,322 | ||||||
Prosperity Bancshares | 3,720 | 202,814 | ||||||
Regions Financial | 42,917 | 496,120 | ||||||
RenaissanceRe Holdings | 657 | 120,717 | ||||||
SEI Investments | 1,570 | 82,205 | ||||||
Signature Bank NY | 1,399 | 135,745 | ||||||
State Street | 1,924 | 131,005 | ||||||
SVB Financial Group * | 875 | 223,457 | ||||||
T Rowe Price Group | 2,945 | 409,974 | ||||||
Truist Financial | 955 | 37,064 | ||||||
Western Alliance Bancorp | 15,114 | 533,524 | ||||||
WR Berkley | 1,218 | 75,577 | ||||||
7,813,134 | ||||||||
HEALTH CARE — 3.1% | ||||||||
Abbott Laboratories | 986 | 107,937 | ||||||
AbbVie | 12,078 | 1,156,710 | ||||||
ACADIA Pharmaceuticals * | 3,470 | 137,377 | ||||||
AmerisourceBergen, Cl A | 3,245 | 314,862 | ||||||
Amgen | 2,920 | 739,694 | ||||||
Anthem | 1,183 | 333,038 | ||||||
Biogen * | 751 | 216,018 | ||||||
Bio-Rad Laboratories, Cl A * | 588 | 299,051 | ||||||
Bio-Techne | 249 | 63,609 | ||||||
Boston Scientific * | 1,892 | 77,610 | ||||||
Bristol-Myers Squibb | 4,157 | 258,565 | ||||||
Bruker | 2,500 | 105,050 | ||||||
Cardinal Health | 3,655 | 185,528 | ||||||
Centene * | 1,412 | 86,584 | ||||||
Cerner | 1,687 | 123,775 | ||||||
Charles River Laboratories International * | 466 | 102,031 | ||||||
Chemed | 570 | 294,753 | ||||||
Cigna | 2,069 | 366,979 | ||||||
CVS Health | 8,211 | 510,067 | ||||||
Danaher | 2,918 | 602,479 | ||||||
DaVita * | 2,896 | 251,257 | ||||||
DexCom * | 439 | 186,755 |
The accompanying notes are an integral part of the financial statements.
16
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Edwards Lifesciences * | 3,925 | $ | 336,922 | |||||
Eli Lilly | 2,561 | 380,027 | ||||||
Exelixis * | 3,037 | 67,482 | ||||||
Gilead Sciences | 558 | 37,247 | ||||||
HCA Healthcare | 470 | 63,788 | ||||||
Henry Schein * | 2,868 | 190,550 | ||||||
Hill-Rom Holdings | 518 | 48,583 | ||||||
Horizon Therapeutics * | 7,732 | 580,828 | ||||||
Humana | 1,711 | 710,356 | ||||||
IDEXX Laboratories * | 361 | 141,173 | ||||||
Intuitive Surgical * | 114 | 83,316 | ||||||
Johnson & Johnson | 3,734 | 572,833 | ||||||
Laboratory Corp of America Holdings * | 274 | 48,156 | ||||||
Masimo * | 744 | 166,656 | ||||||
McKesson | 1,933 | 296,600 | ||||||
Medtronic | 6,657 | 715,428 | ||||||
Merck | 4,935 | 420,808 | ||||||
Mettler-Toledo International * | 52 | 50,481 | ||||||
Molina Healthcare * | 1,260 | 233,062 | ||||||
Quest Diagnostics | 3,376 | 375,546 | ||||||
Quidel * | 742 | 130,562 | ||||||
Regeneron Pharmaceuticals * | 716 | 443,870 | ||||||
ResMed | 1,893 | 342,217 | ||||||
STERIS | 1,138 | 181,670 | ||||||
Teladoc Health * | 939 | 202,533 | ||||||
Teleflex | 417 | 163,860 | ||||||
Thermo Fisher Scientific | 698 | 299,428 | ||||||
United Therapeutics * | 1,546 | 165,360 | ||||||
UnitedHealth Group | 5,573 | 1,741,841 | ||||||
Universal Health Services, Cl B | 752 | 82,983 | ||||||
Veeva Systems, Cl A * | 468 | 132,102 | ||||||
Vertex Pharmaceuticals * | 568 | 158,540 | ||||||
West Pharmaceutical Services | 1,475 | 418,841 | ||||||
Zimmer Biomet Holdings | 501 | 70,581 | ||||||
Zoetis, Cl A | 2,941 | 470,854 | ||||||
17,044,813 | ||||||||
INDUSTRIALS — 3.2% | ||||||||
A O Smith | 1,700 | 83,249 |
The accompanying notes are an integral part of the financial statements.
17
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
ADT | 36,047 | $ | 383,900 | |||||
AECOM * | 1,309 | 51,719 | ||||||
AGCO | 2,549 | 181,234 | ||||||
Air Lease, Cl A | 1,766 | 54,887 | ||||||
Allegion | 2,437 | 251,961 | ||||||
AMETEK | 1,146 | 115,402 | ||||||
Armstrong World Industries | 1,500 | 110,610 | ||||||
Axon Enterprise * | 491 | 42,069 | ||||||
BWX Technologies | 1,132 | 62,951 | ||||||
Carlisle | 808 | 105,808 | ||||||
CH Robinson Worldwide | 657 | 64,583 | ||||||
Cintas | 1,025 | 341,571 | ||||||
Clean Harbors * | 628 | 38,371 | ||||||
Colfax * | 9,559 | 318,124 | ||||||
Copart * | 3,856 | 398,402 | ||||||
CoStar Group * | 397 | 336,894 | ||||||
CSX | 1,200 | 91,752 | ||||||
Cummins | 2,707 | 561,026 | ||||||
Curtiss-Wright | 767 | 78,479 | ||||||
Donaldson | 931 | 46,885 | ||||||
Dover | 3,956 | 434,527 | ||||||
Eaton | 5,518 | 563,388 | ||||||
Emerson Electric | 2,312 | 160,615 | ||||||
Expeditors International of Washington | 1,793 | 158,483 | ||||||
Fastenal | 8,740 | 427,037 | ||||||
Fortune Brands Home & Security | 3,707 | 311,684 | ||||||
Gates Industrial * | 8,493 | 95,886 | ||||||
Generac Holdings * | 815 | 154,834 | ||||||
HD Supply Holdings * | 2,085 | 82,691 | ||||||
HEICO | 510 | 56,059 | ||||||
Honeywell International | 244 | 40,394 | ||||||
Howmet Aerospace | 6,717 | 117,682 | ||||||
Hubbell, Cl B | 1,886 | 273,319 | ||||||
IDEX | 853 | 153,736 | ||||||
IHS Markit | 2,557 | 204,356 | ||||||
Illinois Tool Works | 1,980 | 391,149 | ||||||
Ingersoll Rand * | 4,952 | 173,617 | ||||||
ITT | 3,419 | 214,747 |
The accompanying notes are an integral part of the financial statements.
18
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
Jacobs Engineering Group | 2,691 | $ | 242,916 | |||||
JB Hunt Transport Services | 2,756 | 387,328 | ||||||
Johnson Controls International | 3,601 | 146,669 | ||||||
Kansas City Southern | 1,540 | 280,342 | ||||||
Knight-Swift Transportation Holdings, Cl A | 2,988 | 135,835 | ||||||
Landstar System | 2,190 | 291,467 | ||||||
Lockheed Martin | 987 | 385,187 | ||||||
ManpowerGroup | 3,193 | 234,079 | ||||||
Masco | 9,326 | 543,706 | ||||||
Middleby * | 647 | 63,341 | ||||||
MSC Industrial Direct, Cl A | 3,467 | 228,475 | ||||||
Nordson | 554 | 103,316 | ||||||
Norfolk Southern | 1,112 | 236,333 | ||||||
Old Dominion Freight Line | 2,354 | 475,932 | ||||||
Oshkosh | 1,831 | 141,005 | ||||||
Owens Corning | 4,700 | 317,908 | ||||||
PACCAR | 4,533 | 389,113 | ||||||
Parker-Hannifin | 945 | 194,679 | ||||||
Pentair | 3,502 | 158,080 | ||||||
Quanta Services | 4,371 | 224,014 | ||||||
Regal Beloit | 2,843 | 281,059 | ||||||
Republic Services, Cl A | 3,535 | 327,765 | ||||||
Robert Half International | 2,932 | 155,982 | ||||||
Rockwell Automation | 997 | 229,838 | ||||||
Schneider National, Cl B | 13,269 | 359,059 | ||||||
Snap-on | 1,062 | 157,463 | ||||||
Stanley Black & Decker | 241 | 38,873 | ||||||
Teledyne Technologies * | 933 | 292,598 | ||||||
Timken | 4,721 | 255,831 | ||||||
Toro | 1,733 | 130,460 | ||||||
Trane Technologies | 4,673 | 553,237 | ||||||
TransUnion | 1,439 | 124,790 | ||||||
Trinity Industries | 2,621 | 53,652 | ||||||
Union Pacific | 1,164 | 224,000 | ||||||
United Parcel Service, Cl B | 628 | 102,754 | ||||||
United Rentals * | 2,567 | 454,487 | ||||||
Verisk Analytics, Cl A | 1,146 | 213,924 | ||||||
Waste Management | 689 | 78,546 |
The accompanying notes are an integral part of the financial statements.
19
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
Watsco | 494 | $ | 121,025 | |||||
WW Grainger | 692 | 252,878 | ||||||
XPO Logistics * | 2,390 | 210,965 | ||||||
Xylem | 1,535 | 123,076 | ||||||
17,656,068 | ||||||||
INFORMATION TECHNOLOGY — 7.5% | ||||||||
Accenture, Cl A | 3,876 | 929,969 | ||||||
Adobe * | 1,986 | 1,019,593 | ||||||
Akamai Technologies * | 3,038 | 353,714 | ||||||
Amdocs | 911 | 55,780 | ||||||
Analog Devices | 345 | 40,324 | ||||||
ANSYS * | 1,005 | 340,705 | ||||||
Apple | 85,424 | 11,023,113 | ||||||
Applied Materials | 11,759 | 724,354 | ||||||
Arrow Electronics * | 1,742 | 136,852 | ||||||
Aspen Technology * | 1,183 | 150,276 | ||||||
Atlassian, Cl A * | 296 | 56,761 | ||||||
Autodesk * | 257 | 63,145 | ||||||
Automatic Data Processing | 525 | 73,022 | ||||||
Avalara * | 3,166 | 419,210 | ||||||
Booz Allen Hamilton Holding, Cl A | 5,479 | 482,481 | ||||||
Broadridge Financial Solutions | 1,135 | 155,949 | ||||||
CACI International, Cl A * | 520 | 121,779 | ||||||
Cadence Design Systems * | 2,211 | 245,222 | ||||||
CDW | 2,985 | 339,245 | ||||||
Ciena * | 5,340 | 303,152 | ||||||
Cirrus Logic * | 1,341 | 81,251 | ||||||
Cisco Systems | 932 | 39,349 | ||||||
Citrix Systems | 587 | 85,232 | ||||||
Cognex | 1,783 | 123,366 | ||||||
Cognizant Technology Solutions, Cl A | 1,526 | 102,028 | ||||||
Coupa Software * | 998 | 327,084 | ||||||
DocuSign, Cl A * | 1,428 | 318,444 | ||||||
Entegris | 6,136 | 410,437 | ||||||
EPAM Systems * | 657 | 214,905 | ||||||
F5 Networks * | 455 | 60,210 | ||||||
Fair Isaac * | 873 | 367,350 | ||||||
Fortinet * | 942 | 124,349 |
The accompanying notes are an integral part of the financial statements.
20
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Genpact | 2,476 | $ | 104,438 | |||||
Intel | 11,955 | 609,107 | ||||||
Intuit | 496 | 171,313 | ||||||
Jabil | 8,858 | 302,501 | ||||||
Jack Henry & Associates | 1,090 | 180,308 | ||||||
Keysight Technologies * | 3,524 | 347,184 | ||||||
KLA | 1,963 | 402,690 | ||||||
Lam Research | 2,293 | 771,228 | ||||||
Leidos Holdings | 3,405 | 308,118 | ||||||
Lumentum Holdings * | 3,716 | 319,576 | ||||||
Manhattan Associates * | 1,627 | 158,226 | ||||||
Microchip Technology | 495 | 54,301 | ||||||
Micron Technology * | 9,328 | 424,517 | ||||||
Microsoft | 38,066 | 8,585,025 | ||||||
MKS Instruments | 1,579 | 188,738 | ||||||
Monolithic Power Systems | 848 | 226,526 | ||||||
Motorola Solutions | 664 | 102,754 | ||||||
NortonLifeLock | 14,970 | 352,094 | ||||||
Nuance Communications * | 9,921 | 297,233 | ||||||
NVIDIA | 3,993 | 2,136,175 | ||||||
Okta, Cl A * | 271 | 58,365 | ||||||
Oracle | 2,726 | 155,982 | ||||||
Paycom Software * | 237 | 70,972 | ||||||
PayPal Holdings * | 2,999 | 612,216 | ||||||
Qorvo * | 3,725 | 477,806 | ||||||
QUALCOMM | 9,375 | 1,116,563 | ||||||
RingCentral, Cl A * | 358 | 104,096 | ||||||
ServiceNow * | 263 | 126,771 | ||||||
Skyworks Solutions | 3,209 | 464,824 | ||||||
SolarEdge Technologies * | 1,632 | 360,917 | ||||||
Splunk * | 391 | 85,758 | ||||||
SYNNEX | 2,601 | 330,717 | ||||||
Synopsys * | 2,410 | 533,333 | ||||||
Teradyne | 7,098 | 603,117 | ||||||
Texas Instruments | 740 | 105,191 | ||||||
Ubiquiti | 1,157 | 210,285 | ||||||
Universal Display | 385 | 67,567 | ||||||
VeriSign * | 652 | 140,050 |
The accompanying notes are an integral part of the financial statements.
21
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Visa, Cl A | 2,224 | $ | 471,466 | |||||
Western Union | 2,115 | 49,893 | ||||||
Zebra Technologies, Cl A * | 804 | 230,370 | ||||||
Zendesk * | 952 | 91,754 | ||||||
Zscaler * | 499 | 71,527 | ||||||
41,870,243 | ||||||||
MATERIALS — 0.9% | ||||||||
Air Products & Chemicals | 2,542 | 742,925 | ||||||
Albemarle | 1,041 | 94,741 | ||||||
AptarGroup | 827 | 97,908 | ||||||
Ardagh Group, Cl A | 3,018 | 45,934 | ||||||
Ball | 2,024 | 162,669 | ||||||
Celanese, Cl A | 586 | 59,274 | ||||||
Chemours | 12,065 | 249,263 | ||||||
Crown Holdings * | 5,089 | 391,090 | ||||||
Eastman Chemical | 2,946 | 215,382 | ||||||
Ecolab | 1,035 | 203,978 | ||||||
Element Solutions * | 4,689 | 50,407 | ||||||
FMC | 1,899 | 202,927 | ||||||
Graphic Packaging Holding | 5,617 | 78,526 | ||||||
NewMarket | 101 | 37,622 | ||||||
Newmont | 4,078 | 274,368 | ||||||
Packaging Corp of America | 1,194 | 120,880 | ||||||
PPG Industries | 941 | 113,296 | ||||||
Reliance Steel & Aluminum | 2,421 | 253,890 | ||||||
Royal Gold | 1,042 | 142,045 | ||||||
RPM International | 2,305 | 195,395 | ||||||
Scotts Miracle-Gro | 3,264 | 550,082 | ||||||
Sherwin-Williams | 842 | 565,024 | ||||||
Silgan Holdings | 1,512 | 57,547 | ||||||
Sonoco Products | 706 | 37,439 | ||||||
Valvoline | 12,540 | 255,816 | ||||||
5,198,428 | ||||||||
REAL ESTATE — 0.1% | ||||||||
CBRE Group, Cl A * | 3,212 | 151,060 | ||||||
Life Storage ‡ | 393 | 41,434 | ||||||
Medical Properties Trust ‡ | 6,876 | 127,756 | ||||||
Sun Communities ‡ | 935 | 139,390 |
The accompanying notes are an integral part of the financial statements.
22
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
REAL ESTATE — continued | ||||||||
Taubman Centers ‡ | 1,936 | $ | 74,149 | |||||
533,789 | ||||||||
UTILITIES — 0.2% | ||||||||
American Water Works | 1,108 | 156,605 | ||||||
CMS Energy | 1,072 | 64,845 | ||||||
NextEra Energy | 2,136 | 596,307 | ||||||
Xcel Energy | 904 | 62,806 | ||||||
880,563 | ||||||||
Total Common Stock | ||||||||
(Cost $99,623,172) | 132,156,284 |
SHORT-TERM INVESTMENT — 1.6% | ||||||||
DWS Government Money Market Series, Institutional Shares, 0.060% (A) | ||||||||
(Cost $9,104,458) | 9,104,458 | 9,104,458 | ||||||
Total Investments — 100.0% | ||||||||
(Cost $475,163,153) | $ | 556,242,265 |
A list of open futures contracts held by the Fund at August 31, 2020, is as follows:
Type of | Number of | Expiration | Notional | Value | Unrealized | |||||||||
S&P 500 Index E-MINI | 15 | Sep-2020 | $ | 2,529,807 | $ | 2,624,175 | $ | 94,368 |
A list of open total return swap agreements held by the Fund at August 31, 2020, is as follows:
Counterparty | Reference | Fund Pays | Fund | Payment | Termination | Currency | Notional | Value | Net | |||||||||
ReFlow | SPUSX NAV | SOFR +25 BPS | SPUSX | Annually | 02/22/2021 | USD | 5,314,121 | $ | 139,605 | $ | 139,605 |
Percentages are based on Net Assets of $556,161,221.
* | Non-income producing security. |
‡ | Real Estate Investment Trust |
(A) | The rate reported is the 7-day effective yield as of August 31, 2020. |
BPS — Basis Points
The accompanying notes are an integral part of the financial statements.
23
SYMMETRY PANORAMIC US EQUITY FUND
AUGUST 31, 2020
Cl — Class
ETF — Exchange-Traded Fund
MIN — Minimum
MSCI — Morgan Stanley Capital International
S&P — Standard & Poor’s
SOFR — Secured Overnight Financing Rate
SPUSX — Symmetry Panoramic US Equity Fund
USD — United States Dollar
VOL — Volatility
The following table summarizes the inputs used as of August 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Registered Investment Companies | $ | 414,981,523 | $ | — | $ | — | $ | 414,981,523 | ||||||||
Common Stock | 132,156,284 | — | — | 132,156,284 | ||||||||||||
Short-Term Investment | 9,104,458 | — | — | 9,104,458 | ||||||||||||
Total Investments in Securities | $ | 556,242,265 | $ | — | $ | — | $ | 556,242,265 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts^ | ||||||||||||||||
Unrealized Appreciation | $ | 94,368 | $ | — | $ | — | $ | 94,368 | ||||||||
Total Return Swap^ | ||||||||||||||||
Unrealized Appreciation | — | 139,605 | — | 139,605 | ||||||||||||
Total Other Financial Instruments | $ | 94,368 | $ | 139,605 | $ | — | $ | 233,973 |
^ | Futures contracts and swap contracts are valued at the unrealized appreciation on the instrument. |
Amounts designated as “—” are $0.
For the year ended August 31, 2020, there were no transfers in or out 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.
24
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
SECTOR WEIGHTINGS† (Unaudited) |
†Percentages are based on total investments.
SCHEDULE OF INVESTMENTS | ||||||||
REGISTERED INVESTMENT COMPANIES — 66.9% | ||||||||
Shares | Value | |||||||
EQUITY FUNDS — 66.9% | ||||||||
Avantis Emerging Markets Equity ETF | 309,226 | $ | 16,231,273 | |||||
Avantis International Equity ETF | 95,664 | 4,815,726 | ||||||
Avantis International Small Capital Value ETF | 136,493 | 6,587,152 | ||||||
DFA Emerging Markets Portfolio, Cl I | 1,008,433 | 27,883,160 | ||||||
DFA Emerging Markets Small Capital Portfolio, Cl I | 617,312 | 12,309,197 | ||||||
DFA Emerging Markets Targeted Value Portfolio, Cl I | 259,677 | 2,531,849 | ||||||
DFA International High Relative Profitability Portfolio, Cl I | 1,259,345 | 14,079,475 | ||||||
DFA International Real Estate Securities, Cl I | 5,412,812 | 21,867,761 | ||||||
DFA International Small Capital Growth Portfolio, Cl I | 139,499 | 2,125,961 | ||||||
DFA International Small Capital Value Portfolio, Cl I | 817,836 | 13,625,140 | ||||||
DFA International Value Portfolio, Cl I | 969,351 | 14,200,990 | ||||||
DFA Large Capital International Portfolio, Cl I | 1,207,159 | 26,919,642 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 260,480 | 17,939,258 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 200,873 | 11,184,609 | ||||||
Schwab International Small-Capital Equity ETF | 74,825 | 2,466,980 | ||||||
Total Registered Investment Companies | ||||||||
(Cost $180,700,177) | 194,768,173 |
The accompanying notes are an integral part of the financial statements.
25
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — 30.2% | ||||||||
Shares | Value | |||||||
AUSTRALIA — 0.8% | ||||||||
Ampol | 4,607 | $ | 88,390 | |||||
BlueScope Steel | 2,357 | 21,946 | ||||||
Brambles | 4,954 | 40,449 | ||||||
Coca-Cola Amatil | 15,150 | 100,868 | ||||||
Coles Group | 19,778 | 257,398 | ||||||
CSL * | 1,055 | 222,404 | ||||||
Evolution Mining | 46,483 | 191,095 | ||||||
Fortescue Metals Group | 30,993 | 397,525 | ||||||
Magellan Financial Group | 3,141 | 136,363 | ||||||
Medibank Pvt | 17,928 | 35,930 | ||||||
Northern Star Resources | 15,484 | 156,475 | ||||||
REA Group | 1,089 | 91,466 | ||||||
Sonic Healthcare | 4,916 | 116,024 | ||||||
Telstra | 81,137 | 172,268 | ||||||
Wesfarmers | 1,889 | 65,644 | ||||||
Woolworths Group | 7,238 | 212,297 | ||||||
2,306,542 | ||||||||
AUSTRIA — 0.0% | ||||||||
ANDRITZ | 1,518 | 50,755 | ||||||
Verbund | 1,443 | 77,308 | ||||||
128,063 | ||||||||
BELGIUM — 0.0% | ||||||||
UCB | 204 | 24,297 | ||||||
BRAZIL — 0.2% | ||||||||
BB Seguridade Participacoes | 7,600 | 37,012 | ||||||
JBS | 15,200 | 62,093 | ||||||
Raia Drogasil | 1,900 | 37,674 | ||||||
Sul America | 8,000 | 63,740 | ||||||
TIM Participacoes ADR | 4,943 | 64,457 | ||||||
WEG | 20,700 | 248,619 | ||||||
513,595 | ||||||||
CANADA — 1.3% | ||||||||
Agnico Eagle Mines | 839 | 69,173 | ||||||
Alimentation Couche-Tard, Cl B | 8,020 | 261,748 | ||||||
B2Gold * | 27,781 | 186,577 | ||||||
BCE | 2,703 | 116,173 | ||||||
Canadian Apartment Properties ‡ | 1,373 | 47,368 |
The accompanying notes are an integral part of the financial statements.
26
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CANADA — continued | ||||||||
Canadian Pacific Railway | 1,329 | $ | 393,183 | |||||
CGI, Cl A * | 292 | 20,511 | ||||||
CI Financial | 5,865 | 83,275 | ||||||
Constellation Software | 28 | 32,414 | ||||||
Dollarama | 803 | 31,348 | ||||||
Empire | 1,696 | 44,144 | ||||||
Franco-Nevada | 1,809 | 272,068 | ||||||
George Weston | 1,236 | 89,292 | ||||||
Hydro One | 1,413 | 29,249 | ||||||
iA Financial | 519 | 18,681 | ||||||
Intact Financial | 1,902 | 203,725 | ||||||
Kinross Gold * | 34,628 | 307,427 | ||||||
Loblaw | 3,117 | 161,089 | ||||||
Magna International | 4,717 | 229,711 | ||||||
Metro, Cl A | 3,523 | 159,141 | ||||||
National Bank of Canada | 6,422 | 353,017 | ||||||
Onex | 326 | 15,828 | ||||||
Open Text | 420 | 19,050 | ||||||
Pan American Silver | 4,796 | 173,147 | ||||||
Ritchie Bros Auctioneers | 2,147 | 125,625 | ||||||
Royal Bank of Canada | 1,130 | 86,053 | ||||||
Sun Life Financial | 402 | 16,778 | ||||||
Wheaton Precious Metals | 3,055 | 163,155 | ||||||
WSP Global | 413 | 28,019 | ||||||
Yamana Gold | 22,353 | 138,469 | ||||||
3,875,438 | ||||||||
CHINA — 1.1% | ||||||||
Agricultural Bank of China, Cl A | 35,800 | 16,731 | ||||||
Anhui Conch Cement, Cl A | 4,300 | 38,036 | ||||||
Bank of Beijing, Cl A | 31,100 | 22,057 | ||||||
Bank of China, Cl A | 32,800 | 15,670 | ||||||
Bank of Communications, Cl A | 25,400 | 17,521 | ||||||
Bank of Ningbo, Cl A | 4,608 | 23,791 | ||||||
Bank of Shanghai, Cl A | 15,700 | 19,261 | ||||||
Baoshan Iron & Steel, Cl A | 18,500 | 13,295 | ||||||
BOE Technology Group, Cl A | 56,500 | 45,249 | ||||||
BYD, Cl A | 2,200 | 27,419 | ||||||
China Everbright Bank, Cl A | 35,600 | 19,894 |
The accompanying notes are an integral part of the financial statements.
27
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CHINA — continued | ||||||||
China Fortune Land Development, Cl A | 6,760 | $ | 16,566 | |||||
China International Travel Service, Cl A | 1,900 | 57,591 | ||||||
China Merchants Bank, Cl A | 7,100 | 38,900 | ||||||
China Merchants Securities, Cl A * | 9,800 | 30,756 | ||||||
China Merchants Shekou Industrial Zone Holdings, Cl A | 10,900 | 26,450 | ||||||
China Minsheng Banking, Cl A | 28,800 | 23,321 | ||||||
China Pacific Insurance Group, Cl A | 2,700 | 12,080 | ||||||
China Petroleum & Chemical, Cl A | 25,000 | 14,691 | ||||||
China Railway Construction, Cl A | 14,700 | 19,145 | ||||||
China Shipbuilding Industry, Cl A * | 29,000 | 20,479 | ||||||
China State Construction Engineering, Cl A | 24,300 | 18,211 | ||||||
China United Network Communications, Cl A | 21,300 | 16,066 | ||||||
China Vanke, Cl A | 7,800 | 30,919 | ||||||
China Yangtze Power, Cl A | 19,600 | 55,068 | ||||||
CITIC Securities, Cl A | 11,000 | 51,047 | ||||||
CRRC, Cl A | 15,500 | 13,233 | ||||||
Daqin Railway, Cl A | 15,100 | 14,555 | ||||||
Foshan Haitian Flavouring & Food, Cl A | 2,280 | 60,919 | ||||||
Gree Electric Appliances of Zhuhai, Cl A | 2,500 | 19,802 | ||||||
Guotai Junan Securities, Cl A | 10,200 | 28,701 | ||||||
Haier Smart Home, Cl A | 7,342 | 23,772 | ||||||
Haitong Securities, Cl A * | 14,000 | 30,959 | ||||||
Hangzhou Hikvision Digital Technology, Cl A | 10,835 | 59,026 | ||||||
Huatai Securities, Cl A | 9,200 | 28,703 | ||||||
Huaxia Bank, Cl A | 24,900 | 23,319 | ||||||
Industrial & Commercial Bank of China, Cl A | 19,500 | 14,080 | ||||||
Industrial Bank, Cl A | 7,200 | 16,939 | ||||||
Inner Mongolia Yili Industrial Group, Cl A | 4,400 | 26,829 | ||||||
JD.com ADR | 10,896 | 856,861 | ||||||
Jiangsu Hengrui Medicine, Cl A | 4,920 | 67,948 | ||||||
Jiangsu Yanghe Brewery Joint-Stock, Cl A | 1,200 | 24,668 | ||||||
Kweichow Moutai, Cl A | 500 | 130,239 | ||||||
Luxshare Precision Industry, Cl A | 11,569 | 92,103 | ||||||
Luzhou Laojiao, Cl A | 1,900 | 41,378 | ||||||
Midea Group, Cl A | 2,800 | 28,736 | ||||||
NARI Technology, Cl A | 7,100 | 23,217 | ||||||
NetEase ADR | 839 | 408,769 |
The accompanying notes are an integral part of the financial statements.
28
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CHINA — continued | ||||||||
New China Life Insurance, Cl A | 2,700 | $ | 23,533 | |||||
PetroChina, Cl A | 21,900 | 14,099 | ||||||
Ping An Bank, Cl A | 9,600 | 21,026 | ||||||
Ping An Insurance Group of China, Cl A | 4,400 | 48,997 | ||||||
Poly Developments and Holdings Group, Cl A | 11,900 | 27,869 | ||||||
SAIC Motor, Cl A | 5,600 | 15,240 | ||||||
Sany Heavy Industry, Cl A | 13,100 | 42,247 | ||||||
Shanghai Pudong Development Bank, Cl A | 12,100 | 18,286 | ||||||
Shenwan Hongyuan Group, Cl A | 24,800 | 20,376 | ||||||
Suning.com, Cl A | 11,399 | 16,334 | ||||||
Tsingtao Brewery, Cl H | 10,000 | 90,619 | ||||||
Wuliangye Yibin, Cl A | 2,600 | 90,720 | ||||||
Yonghui Superstores, Cl A | 9,400 | 12,137 | ||||||
3,166,453 | ||||||||
DENMARK — 0.6% | ||||||||
Ambu, Cl B | 2,931 | 85,939 | ||||||
Carlsberg, Cl B | 1,065 | 149,700 | ||||||
Chr Hansen Holding | 294 | 33,682 | ||||||
Coloplast, Cl B | 1,258 | 213,299 | ||||||
Danske Bank | 4,990 | 77,216 | ||||||
DSV Panalpina | 1,311 | 204,273 | ||||||
Novo Nordisk, Cl B | 9,769 | 645,608 | ||||||
Novozymes, Cl B | 347 | 20,465 | ||||||
Orsted | 161 | 22,716 | ||||||
Pandora | 2,855 | 207,615 | ||||||
Tryg | 2,819 | 86,500 | ||||||
Vestas Wind Systems | 493 | 74,755 | ||||||
1,821,768 | ||||||||
FINLAND — 0.3% | ||||||||
Elisa | 2,868 | 168,546 | ||||||
Kone, Cl B | 3,815 | 326,958 | ||||||
Neste | 3,754 | 200,975 | ||||||
Orion, Cl B | 1,099 | 51,560 | ||||||
Stora Enso, Cl R | 13,037 | 191,941 | ||||||
UPM-Kymmene | 2,084 | 63,255 | ||||||
1,003,235 | ||||||||
FRANCE — 1.1% | ||||||||
Air Liquide | 2,719 | 452,143 |
The accompanying notes are an integral part of the financial statements.
29
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FRANCE — continued | ||||||||
Arkema | 217 | $ | 24,106 | |||||
Atos * | 229 | 19,896 | ||||||
Capgemini | 162 | 22,484 | ||||||
Cie de Saint-Gobain | 391 | 15,873 | ||||||
Cie Generale des Etablissements Michelin SCA * | 649 | 73,281 | ||||||
Dassault Systemes | 377 | 71,144 | ||||||
Edenred | 695 | 35,839 | ||||||
EssilorLuxottica | 1,592 | 213,502 | ||||||
Gecina ‡ | 706 | 97,251 | ||||||
Hermes International | 135 | 115,972 | ||||||
Iliad | 467 | 99,824 | ||||||
Kering | 58 | 35,662 | ||||||
Legrand | 676 | 56,379 | ||||||
L’Oreal | 162 | 53,446 | ||||||
LVMH Moet Hennessy Louis Vuitton | 119 | 55,822 | ||||||
Sanofi | 6,353 | 645,129 | ||||||
Sartorius Stedim Biotech | 542 | 194,167 | ||||||
Schneider Electric | 4,005 | 497,511 | ||||||
STMicroelectronics | 8,700 | 263,213 | ||||||
Teleperformance | 348 | 107,453 | ||||||
Veolia Environnement | 2,168 | 52,340 | ||||||
3,202,437 | ||||||||
GERMANY — 1.1% | ||||||||
adidas * | 60 | 18,258 | ||||||
Allianz | 345 | 74,806 | ||||||
Bayer | 3,779 | 251,862 | ||||||
Brenntag | 3,057 | 191,481 | ||||||
Carl Zeiss Meditec | 1,014 | 114,545 | ||||||
Delivery Hero * | 565 | 61,002 | ||||||
Deutsche Boerse | 408 | 77,225 | ||||||
Deutsche Post | 8,829 | 402,492 | ||||||
Evonik Industries | 4,377 | 127,392 | ||||||
GEA Group * | 3,496 | 127,925 | ||||||
Hannover Rueck | 1,586 | 270,071 | ||||||
Infineon Technologies * | 8,354 | 232,574 | ||||||
KION Group | 1,214 | 102,774 | ||||||
LANXESS | 1,753 | 102,641 |
The accompanying notes are an integral part of the financial statements.
30
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
GERMANY — continued | ||||||||
Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 343 | $ | 99,206 | |||||
Nemetschek | 498 | 39,708 | ||||||
Puma * | 399 | 32,973 | ||||||
SAP | 178 | 29,403 | ||||||
Siemens | 3,434 | 474,622 | ||||||
Siemens Healthineers | 981 | 44,613 | ||||||
Symrise, Cl A | 822 | 113,579 | ||||||
United Internet | 1,570 | 77,243 | ||||||
Volkswagen * | 132 | 23,708 | ||||||
Zalando * | 270 | 23,646 | ||||||
3,113,749 | ||||||||
HONG KONG — 4.6% | ||||||||
Agile Group Holdings | 22,000 | 30,279 | ||||||
Agricultural Bank of China, Cl H | 505,000 | 166,561 | ||||||
Alibaba Health Information Technology * | 8,000 | 19,323 | ||||||
Anhui Conch Cement, Cl H | 43,500 | 313,426 | ||||||
ANTA Sports Products | 13,000 | 127,923 | ||||||
Bank of China, Cl H | 688,000 | 224,331 | ||||||
BYD Electronic International | 32,500 | 137,389 | ||||||
China Aoyuan Group | 92,000 | 105,887 | ||||||
China Communications Services, Cl H | 72,000 | 47,181 | ||||||
China Construction Bank, Cl H | 952,000 | 670,366 | ||||||
China Everbright Bank, Cl H | 242,000 | 86,636 | ||||||
China Lesso Group Holdings | 98,000 | 181,986 | ||||||
China Longyuan Power Group, Cl H | 24,000 | 15,112 | ||||||
China Medical System Holdings | 71,000 | 80,122 | ||||||
China Merchants Bank, Cl H | 111,000 | 526,988 | ||||||
China Minsheng Banking, Cl H * | 347,500 | 211,556 | ||||||
China Mobile | 42,000 | 292,350 | ||||||
China National Building Material, Cl H | 154,000 | 215,803 | ||||||
China Oilfield Services, Cl H | 26,000 | 20,269 | ||||||
China Overseas Land & Investment | 46,000 | 132,420 | ||||||
China Resources Beer Holdings | 2,000 | 12,983 | ||||||
China Resources Cement Holdings | 114,000 | 165,607 | ||||||
China Resources Gas Group | 4,000 | 18,739 | ||||||
China Resources Land | 60,000 | 275,842 | ||||||
China Shenhua Energy, Cl H | 68,000 | 112,838 |
The accompanying notes are an integral part of the financial statements.
31
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HONG KONG — continued | ||||||||
China Vanke, Cl H | 48,200 | $ | 148,750 | |||||
China Yuhua Education | 36,000 | 34,431 | ||||||
CIFI Holdings Group | 178,000 | 150,727 | ||||||
Country Garden Holdings | 54,000 | 66,571 | ||||||
Country Garden Services Holdings | 35,000 | 243,961 | ||||||
CSPC Pharmaceutical Group | 96,000 | 212,267 | ||||||
Dali Foods Group | 43,000 | 26,359 | ||||||
ENN Energy Holdings | 3,600 | 39,702 | ||||||
Far East Horizon | 34,000 | 30,128 | ||||||
Fosun International | 23,500 | 26,024 | ||||||
Geely Automobile Holdings | 41,000 | 86,203 | ||||||
Great Wall Motor, Cl H | 181,500 | 195,924 | ||||||
Haitian International Holdings | 29,000 | 70,410 | ||||||
Hang Lung Properties | 8,000 | 22,509 | ||||||
Hansoh Pharmaceutical Group * | 12,000 | 56,903 | ||||||
Industrial & Commercial Bank of China, Cl H | 993,000 | 553,314 | ||||||
Innovent Biologics * | 13,000 | 86,632 | ||||||
Kingboard Laminates Holdings | 70,500 | 88,548 | ||||||
Kingdee International Software Group | 44,000 | 112,145 | ||||||
KWG Group Holdings | 100,500 | 190,073 | ||||||
Li Ning | 60,000 | 252,860 | ||||||
Logan Property Holdings | 86,000 | 159,957 | ||||||
Longfor Group Holdings | 41,500 | 218,600 | ||||||
Meituan Dianping, Cl B * | 30,400 | 1,001,900 | ||||||
Nine Dragons Paper Holdings | 101,000 | 111,715 | ||||||
PICC Property & Casualty, Cl H | 14,000 | 10,757 | ||||||
Ping An Healthcare and Technology * | 9,000 | 131,277 | ||||||
Ping An Insurance Group of China, Cl H | 1,500 | 15,895 | ||||||
Postal Savings Bank of China, Cl H | 44,000 | 20,739 | ||||||
Shandong Weigao Group Medical Polymer, Cl H | 88,000 | 204,559 | ||||||
Shanghai Fosun Pharmaceutical Group, Cl H | 3,000 | 12,679 | ||||||
Shenzhen International Holdings | 25,000 | 40,136 | ||||||
Shimao Property Holdings | 45,000 | 201,788 | ||||||
Sinotruk Hong Kong | 28,000 | 72,422 | ||||||
Sun Art Retail Group | 49,000 | 63,770 | ||||||
Sun Hung Kai Properties | 6,500 | 87,049 | ||||||
Sunac China Holdings | 45,000 | 188,112 | ||||||
Techtronic Industries | 6,000 | 75,745 |
The accompanying notes are an integral part of the financial statements.
32
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HONG KONG — continued | ||||||||
Tencent Holdings | 39,000 | $ | 2,660,024 | |||||
Tingyi Cayman Islands Holding | 30,000 | 56,250 | ||||||
Uni-President China Holdings | 28,000 | 25,448 | ||||||
Vinda International Holdings | 6,000 | 20,483 | ||||||
Want Want China Holdings | 22,000 | 15,014 | ||||||
Weichai Power, Cl H | 112,000 | 225,173 | ||||||
WH Group | 91,000 | 78,108 | ||||||
Wharf Real Estate Investment | 10,000 | 41,405 | ||||||
Xiaomi, Cl B * | 14,400 | 43,501 | ||||||
Yanzhou Coal Mining, Cl H | 108,000 | 83,089 | ||||||
Yihai International Holding | 16,000 | 250,743 | ||||||
Yuzhou Properties | 224,000 | 104,323 | ||||||
Zhongsheng Group Holdings | 29,000 | 181,469 | ||||||
Zoomlion Heavy Industry Science and Technology | 185,800 | 185,406 | ||||||
13,473,894 | ||||||||
HUNGARY — 0.1% | ||||||||
OTP Bank Nyrt * | 1,193 | 40,129 | ||||||
Richter Gedeon Nyrt | 8,087 | 197,033 | ||||||
237,162 | ||||||||
INDONESIA — 0.1% | ||||||||
Adaro Energy | 742,600 | 55,332 | ||||||
Bank Rakyat Indonesia Persero | 46,900 | 11,301 | ||||||
Charoen Pokphand Indonesia * | 45,600 | 19,748 | ||||||
Indofood Sukses Makmur | 176,300 | 92,183 | ||||||
178,564 | ||||||||
ITALY — 0.4% | ||||||||
DiaSorin | 542 | 97,946 | ||||||
Enel | 58,524 | 531,050 | ||||||
Ferrari | 859 | 167,382 | ||||||
Prysmian | 4,988 | 139,317 | ||||||
Recordati | 899 | 49,014 | ||||||
Snam | 7,302 | 37,280 | ||||||
Terna Rete Elettrica Nazionale | 11,972 | 86,585 | ||||||
1,108,574 | ||||||||
JAPAN — 6.9% | ||||||||
ABC-Mart | 1,500 | 78,952 | ||||||
Acom | 6,300 | 24,597 | ||||||
Advantest | 3,700 | 177,519 |
The accompanying notes are an integral part of the financial statements.
33
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
JAPAN — continued | ||||||||
Aisin Seiki | 2,800 | $ | 96,158 | |||||
Ajinomoto | 6,000 | 111,841 | ||||||
Asahi Intecc | 700 | 20,802 | ||||||
Astellas Pharma | 12,300 | 193,178 | ||||||
Bandai Namco Holdings | 2,700 | 167,812 | ||||||
Brother Industries | 9,500 | 157,492 | ||||||
Calbee | 1,600 | 49,887 | ||||||
Casio Computer | 6,000 | 96,620 | ||||||
Chiba Bank | 27,500 | 142,194 | ||||||
Chugai Pharmaceutical | 7,600 | 339,109 | ||||||
Cosmos Pharmaceutical | 1,000 | 176,101 | ||||||
Dai Nippon Printing | 3,900 | 82,956 | ||||||
Daiichi Sankyo | 5,500 | 490,436 | ||||||
Daikin Industries | 1,600 | 301,605 | ||||||
Denso | 1,500 | 62,980 | ||||||
Disco | 700 | 163,302 | ||||||
Eisai | 2,600 | 227,571 | ||||||
Fuji Electric | 600 | 18,733 | ||||||
FUJIFILM Holdings | 3,700 | 176,086 | ||||||
Fujitsu | 2,600 | 339,882 | ||||||
Hamamatsu Photonics | 700 | 31,942 | ||||||
Hikari Tsushin | 600 | 145,207 | ||||||
Hino Motors | 4,300 | 28,845 | ||||||
Hirose Electric | 200 | 22,663 | ||||||
Hisamitsu Pharmaceutical | 1,100 | 50,886 | ||||||
Hitachi | 4,300 | 142,732 | ||||||
Hitachi Metals | 3,900 | 58,337 | ||||||
Honda Motor | 15,900 | 407,790 | ||||||
Hoshizaki | 1,000 | 76,543 | ||||||
Hoya | 3,800 | 373,882 | ||||||
Hulic | 6,500 | 59,285 | ||||||
ITOCHU | 12,100 | 317,140 | ||||||
Itochu Techno-Solutions | 3,400 | 123,470 | ||||||
Japan Airport Terminal | 700 | 31,515 | ||||||
JSR | 7,300 | 155,364 | ||||||
Kakaku.com | 2,000 | 53,391 | ||||||
Kamigumi | 800 | 16,532 | ||||||
Kansai Electric Power | 1,700 | 16,742 |
The accompanying notes are an integral part of the financial statements.
34
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
JAPAN — continued | ||||||||
Kansai Paint | 800 | $ | 19,107 | |||||
Kao | 400 | 30,449 | ||||||
KDDI | 13,200 | 377,916 | ||||||
Keihan Holdings | 2,300 | 99,113 | ||||||
Keyence | 800 | 330,223 | ||||||
Kobayashi Pharmaceutical | 400 | 35,660 | ||||||
Kobe Bussan | 600 | 35,426 | ||||||
Kurita Water Industries | 1,600 | 50,172 | ||||||
Kyocera | 1,300 | 74,579 | ||||||
Kyowa Hakko Kirin | 2,000 | 51,787 | ||||||
Lawson | 400 | 19,742 | ||||||
Lion | 1,200 | 25,461 | ||||||
M3 * | 5,400 | 312,961 | ||||||
Makita | 2,800 | 129,215 | ||||||
Maruichi Steel Tube | 1,100 | 29,412 | ||||||
MEIJI Holdings | 600 | 48,478 | ||||||
Minebea Mitsumi | 8,400 | 145,653 | ||||||
Mitsubishi Electric | 20,100 | 277,351 | ||||||
Mitsubishi Gas Chemical | 10,100 | 180,444 | ||||||
Mitsubishi UFJ Financial Group | 22,300 | 92,716 | ||||||
Mitsubishi UFJ Lease & Finance | 11,800 | 55,654 | ||||||
Mitsui | 6,000 | 108,160 | ||||||
MonotaRO | 2,700 | 106,549 | ||||||
Murata Manufacturing | 6,600 | 391,369 | ||||||
Nabtesco | 2,900 | 91,774 | ||||||
Nexon | 8,700 | 203,727 | ||||||
NGK Insulators | 4,100 | 58,155 | ||||||
NH Foods | 900 | 40,814 | ||||||
Nintendo | 1,000 | 536,189 | ||||||
Nippon Paint Holdings | 600 | 51,631 | ||||||
Nippon Telegraph & Telephone | 15,700 | 357,393 | ||||||
Nissan Chemical | 900 | 47,733 | ||||||
Nissin Foods Holdings | 400 | 40,013 | ||||||
Nitori Holdings | 1,200 | 251,523 | ||||||
Nitto Denko | 2,200 | 133,589 | ||||||
Nomura Holdings | 48,700 | 249,743 | ||||||
Nomura Real Estate Holdings | 3,400 | 65,007 | ||||||
Nomura Research Institute | 7,800 | 207,780 |
The accompanying notes are an integral part of the financial statements.
35
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
JAPAN — continued | ||||||||
Obayashi | 9,800 | $ | 95,715 | |||||
Obic | 200 | 35,506 | ||||||
Oji Holdings | 6,700 | 30,238 | ||||||
Olympus | 15,500 | 307,397 | ||||||
Omron | 3,200 | 234,321 | ||||||
Ono Pharmaceutical | 6,800 | 205,635 | ||||||
Oracle Japan | 800 | 94,147 | ||||||
Oriental Land | 200 | 27,092 | ||||||
ORIX * | 17,300 | 215,762 | ||||||
Osaka Gas | 4,000 | 78,354 | ||||||
Otsuka | 2,600 | 127,602 | ||||||
Otsuka Holdings | 4,400 | 193,240 | ||||||
Pan Pacific International Holdings | 5,500 | 129,286 | ||||||
Panasonic | 27,300 | 251,806 | ||||||
Recruit Holdings | 1,800 | 68,217 | ||||||
Renesas Electronics * | 9,400 | 59,200 | ||||||
Rinnai | 1,400 | 129,595 | ||||||
Rohm | 900 | 57,930 | ||||||
Santen Pharmaceutical | 5,300 | 101,214 | ||||||
SCSK | 500 | 27,131 | ||||||
Secom | 800 | 75,842 | ||||||
Sekisui Chemical | 9,400 | 150,001 | ||||||
Sekisui House | 5,100 | 100,760 | ||||||
Seven & i Holdings | 4,800 | 155,555 | ||||||
SG Holdings | 1,700 | 78,279 | ||||||
Shimadzu | 600 | 17,913 | ||||||
Shimano | 400 | 84,760 | ||||||
Shimizu | 22,000 | 169,162 | ||||||
Shin-Etsu Chemical | 3,600 | 437,546 | ||||||
Shionogi | 600 | 33,332 | ||||||
SMC | 600 | 330,122 | ||||||
Softbank | 8,900 | 116,989 | ||||||
Sohgo Security Services | 1,600 | 74,831 | ||||||
Sompo Holdings | 1,100 | 41,242 | ||||||
Sony | 9,500 | 745,651 | ||||||
Square Enix Holdings | 2,700 | 178,218 | ||||||
Stanley Electric | 2,500 | 71,666 | ||||||
SUMCO | 6,400 | 86,885 |
The accompanying notes are an integral part of the financial statements.
36
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
JAPAN — continued | ||||||||
Sumitomo Electric Industries | 7,600 | $ | 89,418 | |||||
Sumitomo Metal Mining | 2,700 | 82,266 | ||||||
Sumitomo Mitsui Financial Group | 1,900 | 55,674 | ||||||
Sumitomo Mitsui Trust Holdings | 2,100 | 60,784 | ||||||
Sundrug | 3,800 | 141,652 | ||||||
Sysmex | 900 | 78,600 | ||||||
Taisei | 1,600 | 55,186 | ||||||
Taiyo Nippon Sanso | 2,500 | 44,053 | ||||||
TDK | 1,100 | 114,256 | ||||||
Teijin | 3,300 | 51,817 | ||||||
Terumo | 4,500 | 183,038 | ||||||
Toho Gas | 1,400 | 61,847 | ||||||
Tokio Marine Holdings | 2,600 | 119,785 | ||||||
Tokyo Electron | 1,400 | 359,129 | ||||||
Toppan Printing | 4,900 | 76,228 | ||||||
Tosoh | 7,200 | 106,798 | ||||||
Toyo Suisan Kaisha | 1,800 | 102,428 | ||||||
Toyoda Gosei | 4,500 | 98,175 | ||||||
Toyota Industries | 2,200 | 128,159 | ||||||
Toyota Motor | 6,200 | 408,077 | ||||||
Trend Micro | 400 | 24,717 | ||||||
Tsuruha Holdings | 1,000 | 133,706 | ||||||
Unicharm | 3,400 | 148,403 | ||||||
Welcia Holdings | 4,800 | 205,697 | ||||||
Yamada Denki | 19,300 | 103,613 | ||||||
Yamaha | 600 | 29,242 | ||||||
Yamato Holdings | 2,000 | 52,326 | ||||||
Z Holdings | 41,500 | 276,064 | ||||||
19,980,027 | ||||||||
MALAYSIA — 0.3% | ||||||||
Hartalega Holdings | 59,400 | 235,895 | ||||||
Malayan Banking | 60,900 | 107,321 | ||||||
MISC | 56,000 | 102,185 | ||||||
Petronas Gas | 6,700 | 26,558 | ||||||
QL Resources | 38,900 | 89,727 | ||||||
RHB Bank | 47,100 | 51,748 | ||||||
Sime Darby | 202,400 | 106,240 | ||||||
Telekom Malaysia | 63,100 | 62,832 |
The accompanying notes are an integral part of the financial statements.
37
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
MALAYSIA — continued | ||||||||
Tenaga Nasional | 8,500 | $ | 22,156 | |||||
Top Glove | 13,500 | 85,096 | ||||||
889,758 | ||||||||
MEXICO — 0.2% | ||||||||
America Movil ADR, Cl L | 20,384 | 248,073 | ||||||
Arca Continental | 7,700 | 35,002 | ||||||
Gruma, Cl B | 4,965 | 58,653 | ||||||
Kimberly-Clark de Mexico, Cl A | 16,314 | 26,027 | ||||||
Wal-Mart de Mexico | 71,000 | 170,021 | ||||||
537,776 | ||||||||
NETHERLANDS — 0.7% | ||||||||
Adyen * | 61 | 102,921 | ||||||
Altice Europe * | 8,334 | 36,924 | ||||||
ASML Holding * | 2,742 | 1,028,575 | ||||||
Galapagos * | 246 | 33,211 | ||||||
Koninklijke Ahold Delhaize | 7,707 | 232,796 | ||||||
Koninklijke DSM | 888 | 142,376 | ||||||
Koninklijke Philips * | 875 | 41,512 | ||||||
Koninklijke Vopak | 2,033 | 111,824 | ||||||
NN Group | 2,667 | 100,520 | ||||||
Randstad | 374 | 19,531 | ||||||
Wolters Kluwer | 1,455 | 119,480 | ||||||
1,969,670 | ||||||||
NORWAY — 0.1% | ||||||||
Gjensidige Forsikring * | 3,248 | 69,486 | ||||||
Orkla | 10,695 | 108,948 | ||||||
Schibsted, Cl B * | 962 | 38,337 | ||||||
216,771 | ||||||||
PERU — 0.1% | ||||||||
Southern Copper | 4,169 | 200,529 | ||||||
PHILIPPINES — 0.1% | ||||||||
Altus Property Ventures * | 2,822 | 730 | ||||||
Globe Telecom | 3,690 | 158,843 | ||||||
PLDT | 5,135 | 156,621 | ||||||
Robinsons Land | 42,800 | 12,922 | ||||||
329,116 |
The accompanying notes are an integral part of the financial statements.
38
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
POLAND — 0.1% | ||||||||
CD Projekt * | 681 | $ | 81,217 | |||||
Cyfrowy Polsat * | 3,962 | 30,985 | ||||||
Dino Polska * | 283 | 17,188 | ||||||
Orange Polska * | 49,341 | 96,814 | ||||||
226,204 | ||||||||
PORTUGAL — 0.0% | ||||||||
Jeronimo Martins SGPS | 6,830 | 112,181 | ||||||
SINGAPORE — 0.1% | ||||||||
Ascendas Real Estate Investment Trust ‡ | 19,500 | 47,469 | ||||||
Mapletree Commercial Trust ‡ | 25,300 | 35,583 | ||||||
Venture | 4,300 | 62,533 | ||||||
Wilmar International | 63,300 | 202,917 | ||||||
348,502 | ||||||||
SOUTH AFRICA — 0.3% | ||||||||
Anglo American Platinum | 2,463 | 183,654 | ||||||
AngloGold Ashanti ADR | 4,189 | 123,617 | ||||||
Aspen Pharmacare Holdings * | 9,432 | 75,698 | ||||||
Clicks Group | 2,420 | 32,715 | ||||||
FirstRand | 6,672 | 14,899 | ||||||
Gold Fields ADR | 9,778 | 127,407 | ||||||
Kumba Iron Ore | 1,870 | 58,658 | ||||||
Momentum Metropolitan Holdings | 27,492 | 24,480 | ||||||
Sibanye Stillwater | 68,981 | 211,432 | ||||||
Vodacom Group | 15,673 | 117,989 | ||||||
970,549 | ||||||||
SOUTH KOREA — 1.7% | ||||||||
Celltrion Pharm | 109 | 10,189 | ||||||
CJ | 501 | 34,078 | ||||||
CJ CheilJedang | 304 | 104,143 | ||||||
Coway | 281 | 18,876 | ||||||
DB Insurance | 1,339 | 49,137 | ||||||
GS Retail | 2,511 | 69,663 | ||||||
Hana Financial Group | 1,957 | 46,235 | ||||||
Hanon Systems | 2,992 | 32,525 | ||||||
Hyundai Marine & Fire Insurance | 2,339 | 43,411 | ||||||
Hyundai Mobis | 251 | 47,221 | ||||||
Kakao | 124 | 42,543 |
The accompanying notes are an integral part of the financial statements.
39
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
SOUTH KOREA — continued | ||||||||
KB Financial Group | 4,476 | $ | 138,216 | |||||
Kia Motors | 5,045 | 179,606 | ||||||
KMW * | 1,533 | 98,484 | ||||||
Korea Investment Holdings | 498 | 25,456 | ||||||
Korea Zinc | 407 | 136,154 | ||||||
LG | 313 | 21,769 | ||||||
LG Electronics | 373 | 26,437 | ||||||
LG Innotek | 1,132 | 137,866 | ||||||
NAVER | 1,722 | 466,568 | ||||||
NCSoft | 263 | 182,908 | ||||||
Orion | 1,451 | 171,778 | ||||||
Posco International | 6,072 | 69,325 | ||||||
S-1, Cl 1 | 644 | 47,217 | ||||||
Samsung Card | 3,077 | 74,531 | ||||||
Samsung Electronics * | 49,993 | 2,269,553 | ||||||
Samsung Engineering * | 1,742 | 16,520 | ||||||
Samsung Securities | 1,240 | 31,441 | ||||||
SK Hynix | 2,240 | 141,714 | ||||||
Yuhan | 1,758 | 99,144 | ||||||
4,832,708 | ||||||||
SPAIN — 0.3% | ||||||||
CaixaBank | 91,389 | 202,261 | ||||||
Iberdrola | 41,598 | 524,114 | ||||||
Industria de Diseno Textil | 1,078 | 30,315 | ||||||
756,690 | ||||||||
SWEDEN — 0.9% | ||||||||
Alfa Laval * | 1,054 | 25,802 | ||||||
Assa Abloy, Cl B | 3,854 | 89,325 | ||||||
Atlas Copco, Cl A | 10,110 | 467,366 | ||||||
Boliden | 2,951 | 88,125 | ||||||
Epiroc, Cl A | 5,502 | 81,931 | ||||||
Essity, Cl B * | 2,231 | 76,774 | ||||||
Hennes & Mauritz, Cl B | 12,211 | 195,231 | ||||||
Investor, Cl B | 1,869 | 119,242 | ||||||
L E Lundbergforetagen, Cl B * | 2,653 | 121,228 | ||||||
Nordea Bank Abp * | 18,047 | 145,432 | ||||||
Sandvik | 11,777 | 231,512 | ||||||
Skandinaviska Enskilda Banken, Cl A * | 3,534 | 35,049 |
The accompanying notes are an integral part of the financial statements.
40
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
SWEDEN — continued | ||||||||
Skanska, Cl B * | 7,217 | $ | 146,893 | |||||
SKF, Cl B | 10,252 | 204,759 | ||||||
Svenska Cellulosa SCA, Cl B * | 2,539 | 32,750 | ||||||
Svenska Handelsbanken, Cl A * | 13,267 | 133,693 | ||||||
Swedbank | 2,600 | 44,088 | ||||||
Swedish Match | 1,315 | 100,025 | ||||||
Tele2, Cl B | 4,405 | 62,562 | ||||||
Volvo, Cl B | 11,577 | 221,513 | ||||||
2,623,300 | ||||||||
SWITZERLAND — 2.1% | ||||||||
Baloise Holding | 261 | 40,649 | ||||||
Banque Cantonale Vaudoise | 160 | 17,067 | ||||||
Chocoladefabriken Lindt & Spruengli | 12 | 102,164 | ||||||
EMS-Chemie Holding | 88 | 79,275 | ||||||
Geberit | 375 | 215,912 | ||||||
Givaudan | 84 | 352,672 | ||||||
Kuehne + Nagel International * | 1,107 | 214,531 | ||||||
Logitech International | 1,285 | 95,910 | ||||||
Lonza Group | 195 | 121,113 | ||||||
Nestle | 13,464 | 1,616,117 | ||||||
Novartis | 4,689 | 404,844 | ||||||
Partners Group Holding | 42 | 42,692 | ||||||
Roche Holding | 4,796 | 1,678,130 | ||||||
Sika | 797 | 191,253 | ||||||
Sonova Holding | 421 | 98,514 | ||||||
Straumann Holding | 52 | 51,109 | ||||||
Swiss Life Holding | 127 | 51,341 | ||||||
Swiss Prime Site | 739 | 66,596 | ||||||
Swisscom | 403 | 223,088 | ||||||
Zurich Insurance Group | 1,088 | 402,959 | ||||||
6,065,936 | ||||||||
TAIWAN — 3.0% | ||||||||
Accton Technology | 19,000 | 151,661 | ||||||
Acer | 39,000 | 30,873 | ||||||
Advantech | 9,898 | 101,738 | ||||||
Airtac International Group | 1,000 | 22,030 | ||||||
ASE Technology Holding | 49,000 | 101,445 | ||||||
Asia Cement | 92,000 | 132,350 |
The accompanying notes are an integral part of the financial statements.
41
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
TAIWAN — continued | ||||||||
Asustek Computer | 8,000 | $ | 66,189 | |||||
Catcher Technology | 20,000 | 135,893 | ||||||
Cathay Financial Holding | 67,000 | 90,483 | ||||||
Chailease Holding | 24,034 | 106,076 | ||||||
Chang Hwa Commercial Bank | 139,796 | 86,555 | ||||||
Chicony Electronics | 28,000 | 84,153 | ||||||
China Life Insurance | 25,000 | 17,494 | ||||||
Chunghwa Telecom | 25,000 | 92,434 | ||||||
Compal Electronics | 18,000 | 11,308 | ||||||
CTBC Financial Holding | 258,000 | 166,163 | ||||||
Delta Electronics | 8,000 | 51,289 | ||||||
E.Sun Financial Holding | 221,569 | 203,970 | ||||||
Eclat Textile | 3,000 | 39,252 | ||||||
Feng TAY Enterprise | 4,680 | 27,098 | ||||||
First Financial Holding | 148,989 | 107,539 | ||||||
Fubon Financial Holding | 52,000 | 75,379 | ||||||
Giant Manufacturing | 9,000 | 93,018 | ||||||
Globalwafers | 8,000 | 107,245 | ||||||
Hon Hai Precision Industry | 123,000 | 320,577 | ||||||
Hotai Motor | 6,000 | 121,362 | ||||||
Hua Nan Financial Holdings | 86,459 | 52,959 | ||||||
Inventec | 79,000 | 61,047 | ||||||
Lite-On Technology | 75,000 | 118,592 | ||||||
MediaTek | 22,000 | 413,794 | ||||||
Mega Financial Holding | 77,000 | 76,298 | ||||||
Micro-Star International | 39,000 | 179,787 | ||||||
Nien Made Enterprise | 2,000 | 22,872 | ||||||
Novatek Microelectronics | 27,000 | 219,286 | ||||||
Pegatron | 37,000 | 78,451 | ||||||
Phison Electronics | 7,000 | 65,766 | ||||||
Powertech Technology | 36,000 | 106,117 | ||||||
Quanta Computer | 44,000 | 114,876 | ||||||
Realtek Semiconductor | 22,000 | 283,164 | ||||||
Shin Kong Financial Holding | 267,872 | 75,436 | ||||||
SinoPac Financial Holdings | 246,000 | 90,180 | ||||||
Standard Foods | 17,000 | 36,827 | ||||||
Synnex Technology International | 54,000 | 80,222 | ||||||
Taishin Financial Holding | 182,117 | 81,847 |
The accompanying notes are an integral part of the financial statements.
42
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
TAIWAN — continued | ||||||||
Taiwan Business Bank | 211,522 | $ | 71,750 | |||||
Taiwan Cement | 116,523 | 169,401 | ||||||
Taiwan Cooperative Financial Holding | 159,135 | 108,368 | ||||||
Taiwan Semiconductor Manufacturing ADR * | 33,102 | 2,623,334 | ||||||
Uni-President Enterprises | 12,000 | 27,215 | ||||||
United Microelectronics | 310,000 | 222,848 | ||||||
Vanguard International Semiconductor | 29,000 | 91,940 | ||||||
Walsin Technology | 13,000 | 71,128 | ||||||
Win Semiconductors | 12,000 | 116,817 | ||||||
Wistron | 146,000 | 157,649 | ||||||
Wiwynn | 6,000 | 159,715 | ||||||
Yuanta Financial Holding | 177,840 | 110,848 | ||||||
Zhen Ding Technology Holding | 50,000 | 208,121 | ||||||
8,840,229 | ||||||||
THAILAND — 0.0% | ||||||||
Advanced Info Service NVDR | 6,200 | 36,438 | ||||||
PTT Exploration & Production NVDR | 4,900 | 13,976 | ||||||
Srisawad NVDR | 13,900 | 20,384 | ||||||
70,798 | ||||||||
TURKEY — 0.2% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii | 13,180 | 34,957 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret | 14,406 | 31,917 | ||||||
BIM Birlesik Magazalar | 16,110 | 149,212 | ||||||
Eregli Demir ve Celik Fabrikalari | 16,918 | 20,116 | ||||||
Ford Otomotiv Sanayi | 11,329 | 130,899 | ||||||
KOC Holding | 19,187 | 39,020 | ||||||
Turkcell Iletisim Hizmetleri | 40,929 | 79,936 | ||||||
486,057 | ||||||||
UNITED KINGDOM — 1.4% | ||||||||
Admiral Group | 6,148 | 216,782 | ||||||
Anglo American | 959 | 23,460 | ||||||
Antofagasta | 7,299 | 104,731 | ||||||
Ashtead Group | 3,000 | 104,564 | ||||||
AstraZeneca | 9,341 | 1,038,188 | ||||||
Auto Trader Group | 4,696 | 35,497 | ||||||
BAE Systems | 33,873 | 234,717 | ||||||
Berkeley Group Holdings | 3,078 | 187,595 | ||||||
Croda International | 450 | 35,493 |
The accompanying notes are an integral part of the financial statements.
43
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
UNITED KINGDOM — continued | ||||||||
Direct Line Insurance Group | 20,769 | $ | 81,732 | |||||
Experian | 5,901 | 219,647 | ||||||
GlaxoSmithKline | 1,261 | 24,817 | ||||||
GVC Holdings * | 6,237 | 66,452 | ||||||
Halma | 5,137 | 152,333 | ||||||
Hikma Pharmaceuticals | 5,444 | 172,575 | ||||||
JD Sports Fashion | 14,986 | 144,944 | ||||||
National Grid | 7,910 | 89,433 | ||||||
Next | 816 | 65,880 | ||||||
Persimmon | 6,805 | 237,469 | ||||||
RELX | 3,655 | 82,939 | ||||||
Rentokil Initial * | 20,780 | 147,718 | ||||||
Rio Tinto | 1,914 | 118,010 | ||||||
Sage Group | 3,061 | 30,285 | ||||||
Smith & Nephew | 8,886 | 180,298 | ||||||
Spirax-Sarco Engineering | 369 | 50,569 | ||||||
SSE | 6,343 | 106,948 | ||||||
Unilever | 650 | 38,697 | ||||||
United Utilities Group | 2,190 | 24,375 | ||||||
Vodafone Group | 26,384 | 39,152 | ||||||
Wm Morrison Supermarkets | 38,096 | 98,000 | ||||||
4,153,300 | ||||||||
Total Common Stock | ||||||||
(Cost $72,095,781) | 87,763,872 |
PREFERRED STOCK — 0.0% | ||||||||
BRAZIL — 0.0% | ||||||||
Lojas Americanas (1) | 8,300 | 48,935 | ||||||
(Cost $25,893) | 48,935 |
SHORT-TERM INVESTMENT — 2.7% | ||||||||
DWS Government Money Market Series, Institutional Shares, 0.060% (A) | ||||||||
(Cost $7,873,608) | 7,873,608 | 7,873,608 | ||||||
Total Investments — 99.8% | ||||||||
(Cost $260,695,459) | $ | 290,454,588 |
The accompanying notes are an integral part of the financial statements.
44
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
A list of open futures contracts held by the Fund at August 31, 2020, is as follows:
Type of | Number of | Expiration | Notional | Value | Unrealized | |||||||||
MSCI EAFE Index | 3 | Sep-2020 | $ | 286,794 | $ | 285,015 | $ | (1,779 | ) | |||||
MSCI Emerging Markets | 3 | Sep-2020 | 164,345 | 165,060 | 715 | |||||||||
S&P TSX 60 Index | 8 | Sep-2020 | 1,132,944 | 1,213,171 | 80,227 | |||||||||
SGX Nifty 50 | 140 | Sep-2020 | 3,218,183 | 3,182,340 | (35,843 | ) | ||||||||
$ | 4,802,266 | $ | 4,845,586 | $ | 43,320 |
A list of open total return swap agreements held by the Fund at August 31, 2020, is as follows:
Counterparty | Reference | Fund Pays | Fund | Payment | Termination | Currency | Notional | Value | Net | |||||||||
ReFlow | SPILX NAV | SOFR +35 BPS | SPILX | Annually | 02/22/2021 | USD | 2,814,133 | $ | (2,976 | ) | $ | (2,976 | ) |
Percentages are based on Net Assets of $291,000,738.
* | 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, 2020. |
ADR — American Depositary Receipt
BPS — Basis Points
Cl — Class
EAFE — Europe, Australasia and Far East
ETF — Exchange Traded Fund
MIN — Minimum
MSCI — Morgan Stanley Capital International
NVDR — Non-Voting Depositary Receipt
S&P— Standard & Poor’s
SGX — Singapore Exchange
SOFR — Secured Overnight Financing Rate
SPILX — Symmetry Panoramic International Equity Fund
TSX — Toronto Stock Exchange
USD — United States Dollar
VOL — Volatility
The accompanying notes are an integral part of the financial statements.
45
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
The following table summarizes the inputs used as of August 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Registered Investment Companies | $ | 194,768,173 | $ | — | $ | — | $ | 194,768,173 | ||||||||
Common Stock | ||||||||||||||||
Australia | — | 2,306,542 | — | 2,306,542 | ||||||||||||
Austria | — | 128,063 | — | 128,063 | ||||||||||||
Belgium | — | 24,297 | — | 24,297 | ||||||||||||
Brazil | 513,595 | — | — | 513,595 | ||||||||||||
Canada | 3,875,438 | — | — | 3,875,438 | ||||||||||||
China | 1,265,630 | 1,900,823 | — | 3,166,453 | ||||||||||||
Denmark | — | 1,821,768 | — | 1,821,768 | ||||||||||||
Finland | — | 1,003,235 | — | 1,003,235 | ||||||||||||
France | — | 3,202,437 | — | 3,202,437 | ||||||||||||
Germany | — | 3,113,749 | — | 3,113,749 | ||||||||||||
Hong Kong | — | 13,473,894 | — | 13,473,894 | ||||||||||||
Hungary | — | 237,162 | — | 237,162 | ||||||||||||
Indonesia | — | 178,564 | — | 178,564 | ||||||||||||
Italy | — | 1,108,574 | — | 1,108,574 | ||||||||||||
Japan | — | 19,980,027 | — | 19,980,027 | ||||||||||||
Malaysia | — | 889,758 | — | 889,758 | ||||||||||||
Mexico | 537,776 | — | — | 537,776 | ||||||||||||
Netherlands | — | 1,969,670 | — | 1,969,670 | ||||||||||||
Norway | — | 216,771 | — | 216,771 | ||||||||||||
Peru | 200,529 | — | — | 200,529 | ||||||||||||
Philippines | — | 329,116 | — | 329,116 | ||||||||||||
Poland | — | 226,204 | — | 226,204 | ||||||||||||
Portugal | — | 112,181 | — | 112,181 | ||||||||||||
Singapore | — | 348,502 | — | 348,502 | ||||||||||||
South Africa | 251,024 | 719,525 | — | 970,549 | ||||||||||||
South Korea | — | 4,832,708 | — | 4,832,708 | ||||||||||||
Spain | — | 756,690 | — | 756,690 | ||||||||||||
Sweden | — | 2,623,300 | — | 2,623,300 | ||||||||||||
Switzerland | — | 6,065,936 | — | 6,065,936 | ||||||||||||
Taiwan | 2,623,334 | 6,216,895 | — | 8,840,229 | ||||||||||||
Thailand | — | 70,798 | — | 70,798 | ||||||||||||
Turkey | — | 486,057 | — | 486,057 | ||||||||||||
United Kingdom | — | 4,153,300 | — | 4,153,300 | ||||||||||||
Total Common Stock | 9,267,326 | 78,496,546 | — | 87,763,872 | ||||||||||||
Preferred Stock | ||||||||||||||||
Brazil | 48,935 | — | — | 48,935 | ||||||||||||
Short-Term Investment | 7,873,608 | — | — | 7,873,608 | ||||||||||||
Total Investments in Securities | $ | 211,958,042 | $ | 78,496,546 | $ | — | $ | 290,454,588 |
The accompanying notes are an integral part of the financial statements.
46
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
AUGUST 31, 2020
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts^ | ||||||||||||||||
Unrealized Appreciation | $ | 80,942 | $ | — | $ | — | $ | 80,942 | ||||||||
Unrealized Depreciation | (37,622 | ) | — | — | (37,622 | ) | ||||||||||
Total Return Swap^ | ||||||||||||||||
Unrealized Depreciation | — | (2,976 | ) | — | (2,976 | ) | ||||||||||
Total Other Financial Instruments | $ | 43,320 | $ | (2,976 | ) | $ | — | $ | 40,344 |
^ | Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Amounts designated as “—” are $0.
For the year ended August 31, 2020, there were no transfers in or out 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.
47
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
SECTOR WEIGHTINGS† (Unaudited) |
†Percentages are based on total investments.
SCHEDULE OF INVESTMENTS | ||||||||
REGISTERED INVESTMENT COMPANIES — 71.3% | ||||||||
Shares | Value | |||||||
EQUITY FUNDS — 71.3% | ||||||||
Avantis Emerging Markets Equity ETF | 251,424 | $ | 13,197,246 | |||||
Avantis International Equity ETF | 78,887 | 3,971,172 | ||||||
Avantis International Small Capital Value ETF | 105,247 | 5,079,220 | ||||||
DFA Emerging Markets Portfolio, Cl I | 810,338 | 22,405,852 | ||||||
DFA Emerging Markets Small Capital Portfolio, Cl I | 513,024 | 10,229,708 | ||||||
DFA Emerging Markets Targeted Value Portfolio, Cl I | 186,911 | 1,822,380 | ||||||
DFA International High Relative Profitability Portfolio, Cl I | 991,906 | 11,089,505 | ||||||
DFA International Real Estate Securities, Cl I | 3,537,347 | 14,290,882 | ||||||
DFA International Small Capital Growth Portfolio, Cl I | 113,213 | 1,725,372 | ||||||
DFA International Small Capital Value Portfolio, Cl I | 635,862 | 10,593,464 | ||||||
DFA International Value Portfolio, Cl I | 790,378 | 11,579,038 | ||||||
DFA Large Capital International Portfolio, Cl I | 968,408 | 21,595,498 | ||||||
DFA Real Estate Securities Portfolio, Cl I | 634,153 | 23,146,590 | ||||||
DFA US High Relative Profitability Portfolio, Cl I | 1,689,256 | 26,605,782 | ||||||
DFA US Large Capital Equity Portfolio, Cl I | 3,243,468 | 68,891,262 | ||||||
DFA US Large Capital Value Portfolio, Cl I | 847,826 | 27,774,775 |
The accompanying notes are an integral part of the financial statements.
48
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
REGISTERED INVESTMENT COMPANIES — continued | ||||||||
Shares | Value | |||||||
EQUITY FUNDS — continued | ||||||||
DFA US Small Capital Portfolio, Cl I | 369,097 | $ | 11,582,248 | |||||
DFA US Small Capital Value Portfolio, Cl I | 321,512 | 8,947,668 | ||||||
DFA US Targeted Value Portfolio, Cl I | 1,212,319 | 22,803,714 | ||||||
iShares Edge MSCI Min Vol Global ETF | 584,730 | 54,414,974 | ||||||
Schwab International Small-Capital Equity ETF | 70,517 | 2,324,945 | ||||||
Vanguard Small-Capital Value ETF | 47,833 | 5,527,103 | ||||||
Vanguard U.S. Value Factor ETF | 86,922 | 5,590,823 | ||||||
Vanguard US Quality Factor ETF | 26,529 | 2,292,230 | ||||||
Total Registered Investment Companies | ||||||||
(Cost $348,614,683) | 387,481,451 |
COMMON STOCK — 26.7% | ||||||||
AUSTRALIA — 0.3% | ||||||||
Ampol | 4,116 | 78,969 | ||||||
BlueScope Steel | 1,841 | 17,141 | ||||||
Brambles | 4,044 | 33,019 | ||||||
Coca-Cola Amatil | 12,834 | 85,448 | ||||||
Coles Group | 15,350 | 199,770 | ||||||
CSL | 835 | 176,025 | ||||||
Evolution Mining | 35,163 | 144,558 | ||||||
Fortescue Metals Group | 24,313 | 311,846 | ||||||
Magellan Financial Group | 2,574 | 111,747 | ||||||
Medibank Pvt | 22,455 | 45,003 | ||||||
Northern Star Resources | 11,650 | 117,731 | ||||||
REA Group | 734 | 61,649 | ||||||
Sonic Healthcare | 4,145 | 97,827 | ||||||
Telstra | 62,403 | 132,493 | ||||||
Wesfarmers | 1,077 | 37,426 | ||||||
Woolworths Group | 5,584 | 163,784 | ||||||
1,814,436 | ||||||||
AUSTRIA — 0.0% | ||||||||
ANDRITZ | 1,396 | 46,675 | ||||||
Verbund | 957 | 51,271 | ||||||
97,946 | ||||||||
BELGIUM — 0.0% | ||||||||
UCB | 190 | 22,630 |
The accompanying notes are an integral part of the financial statements.
49
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
BRAZIL — 0.1% | ||||||||
BB Seguridade Participacoes | 6,400 | $ | 31,168 | |||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 1,366 | 11,884 | ||||||
JBS | 11,000 | 44,936 | ||||||
Raia Drogasil | 1,800 | 35,691 | ||||||
Sul America | 6,000 | 47,805 | ||||||
TIM Participacoes ADR | 3,561 | 46,436 | ||||||
WEG | 14,900 | 178,958 | ||||||
396,878 | ||||||||
CANADA — 0.5% | ||||||||
Agnico Eagle Mines | 575 | 47,407 | ||||||
Alimentation Couche-Tard, Cl B | 6,348 | 207,179 | ||||||
B2Gold | 21,108 | 141,761 | ||||||
BCE | 2,828 | 121,545 | ||||||
Canadian Apartment Properties ‡ | 688 | 23,736 | ||||||
Canadian Pacific Railway | 1,114 | 329,575 | ||||||
CGI, Cl A * | 253 | 17,771 | ||||||
CI Financial | 6,200 | 88,032 | ||||||
Constellation Software | 22 | 25,468 | ||||||
Dollarama | 718 | 28,030 | ||||||
Empire | 1,438 | 37,429 | ||||||
Franco-Nevada | 1,364 | 205,141 | ||||||
George Weston | 956 | �� | 69,064 | |||||
Hydro One | 1,426 | 29,518 | ||||||
iA Financial | 342 | 12,310 | ||||||
Intact Financial | 1,593 | 170,628 | ||||||
Kinross Gold * | 27,269 | 242,094 | ||||||
Loblaw | 2,119 | 109,512 | ||||||
Magna International | 3,970 | 193,333 | ||||||
Metro, Cl A | 2,358 | 106,515 | ||||||
National Bank of Canada | 763 | 41,942 | ||||||
Pan American Silver | 3,746 | 135,239 | ||||||
Ritchie Bros Auctioneers | 1,875 | 109,710 | ||||||
Royal Bank of Canada | 532 | 40,513 | ||||||
Sun Life Financial | 315 | 13,147 | ||||||
Wheaton Precious Metals | 2,237 | 119,469 | ||||||
WSP Global | 299 | 20,285 |
The accompanying notes are an integral part of the financial statements.
50
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CANADA — continued | ||||||||
Yamana Gold | 16,826 | $ | 104,231 | |||||
2,790,584 | ||||||||
CHINA — 0.5% | ||||||||
Agricultural Bank of China, Cl A | 31,800 | 14,862 | ||||||
Anhui Conch Cement, Cl A | 3,288 | 29,084 | ||||||
Bank of Beijing, Cl A | 26,800 | 19,007 | ||||||
Bank of China, Cl A | 31,200 | 14,906 | ||||||
Bank of Communications, Cl A | 23,300 | 16,072 | ||||||
Bank of Ningbo, Cl A | 2,400 | 12,391 | ||||||
Bank of Shanghai, Cl A | 12,297 | 15,086 | ||||||
Baoshan Iron & Steel, Cl A | 13,800 | 9,917 | ||||||
BOE Technology Group, Cl A | 37,000 | 29,632 | ||||||
BYD, Cl A | 1,700 | 21,188 | ||||||
China Everbright Bank, Cl A | 30,400 | 16,988 | ||||||
China Fortune Land Development, Cl A | 5,070 | 12,424 | ||||||
China International Travel Service, Cl A | 1,900 | 57,591 | ||||||
China Merchants Bank, Cl A * | 5,100 | 27,943 | ||||||
China Merchants Securities, Cl A | 5,500 | 17,261 | ||||||
China Merchants Shekou Industrial Zone Holdings, Cl A | 8,400 | 20,383 | ||||||
China Minsheng Banking, Cl A | 24,100 | 19,515 | ||||||
China Pacific Insurance Group, Cl A | 1,900 | 8,501 | ||||||
China Petroleum & Chemical, Cl A | 19,200 | 11,283 | ||||||
China Railway Construction, Cl A | 8,500 | 11,070 | ||||||
China Shipbuilding Industry, Cl A * | 23,100 | 16,313 | ||||||
China State Construction Engineering, Cl A | 14,000 | 10,492 | ||||||
China United Network Communications, Cl A | 11,800 | 8,901 | ||||||
China Vanke, Cl A | 6,100 | 24,180 | ||||||
China Yangtze Power, Cl A | 27,400 | 76,983 | ||||||
CITIC Securities, Cl A | 7,000 | 32,484 | ||||||
CRRC, Cl A | 11,000 | 9,391 | ||||||
Daqin Railway, Cl A | 12,600 | 12,145 | ||||||
Foshan Haitian Flavouring & Food, Cl A | 1,800 | 48,094 | ||||||
Gree Electric Appliances of Zhuhai, Cl A | 1,900 | 15,049 | ||||||
Guotai Junan Securities, Cl A | 5,377 | 15,130 | ||||||
Haier Smart Home, Cl A | 5,441 | 17,617 | ||||||
Haitong Securities, Cl A * | 8,300 | 18,354 | ||||||
Hangzhou Hikvision Digital Technology, Cl A | 6,307 | 34,359 |
The accompanying notes are an integral part of the financial statements.
51
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CHINA — continued | ||||||||
Huatai Securities, Cl A | 5,700 | $ | 17,783 | |||||
Huaxia Bank, Cl A | 20,800 | 19,479 | ||||||
Industrial & Commercial Bank of China, Cl A | 16,300 | 11,769 | ||||||
Industrial Bank, Cl A | 5,400 | 12,704 | ||||||
Inner Mongolia Yili Industrial Group, Cl A | 3,200 | 19,512 | ||||||
JD.com ADR * | 8,420 | 662,149 | ||||||
Jiangsu Hengrui Medicine, Cl A | 3,600 | 49,718 | ||||||
Jiangsu Yanghe Brewery Joint-Stock, Cl A | 900 | 18,501 | ||||||
Kweichow Moutai, Cl A | 400 | 104,191 | ||||||
Luxshare Precision Industry, Cl A | 7,415 | 59,032 | ||||||
Luzhou Laojiao, Cl A | 1,900 | 41,378 | ||||||
Midea Group, Cl A | 2,100 | 21,552 | ||||||
NARI Technology, Cl A | 5,400 | 17,658 | ||||||
NetEase ADR | 677 | 329,841 | ||||||
New China Life Insurance, Cl A | 2,100 | 18,303 | ||||||
PetroChina, Cl A | 16,800 | 10,816 | ||||||
Ping An Bank, Cl A | 7,000 | 15,331 | ||||||
Ping An Insurance Group of China, Cl A | 3,200 | 35,634 | ||||||
Poly Developments and Holdings Group, Cl A | 9,100 | 21,311 | ||||||
SAIC Motor, Cl A | 3,100 | 8,436 | ||||||
Sany Heavy Industry, Cl A | 12,400 | 39,989 | ||||||
Shanghai Pudong Development Bank, Cl A | 10,000 | 15,112 | ||||||
Shenwan Hongyuan Group, Cl A | 19,500 | 16,022 | ||||||
Suning.com, Cl A | 8,900 | 12,753 | ||||||
Tsingtao Brewery, Cl H | 8,000 | 72,495 | ||||||
Wuliangye Yibin, Cl A | 2,000 | 69,784 | ||||||
Yonghui Superstores, Cl A | 10,200 | 13,170 | ||||||
2,459,019 | ||||||||
DENMARK — 0.3% | ||||||||
Ambu, Cl B | 2,439 | 71,513 | ||||||
Carlsberg, Cl B | 883 | 124,118 | ||||||
Chr Hansen Holding | 143 | 16,383 | ||||||
Coloplast, Cl B | 986 | 167,181 | ||||||
Danske Bank * | 4,075 | 63,057 | ||||||
DSV Panalpina | 936 | 145,843 | ||||||
Novo Nordisk, Cl B | 7,162 | 473,318 | ||||||
Novozymes, Cl B | 340 | 20,052 | ||||||
Orsted | 235 | 33,157 |
The accompanying notes are an integral part of the financial statements.
52
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
DENMARK — continued | ||||||||
Pandora | 2,206 | $ | 160,420 | |||||
Tryg | 2,346 | 71,986 | ||||||
Vestas Wind Systems | 380 | 57,620 | ||||||
1,404,648 | ||||||||
FINLAND — 0.2% | ||||||||
Elisa | 2,327 | 136,753 | ||||||
Kone, Cl B | 2,776 | 237,913 | ||||||
Neste | 3,239 | 173,404 | ||||||
Orion, Cl B | 1,015 | 47,619 | ||||||
Stora Enso, Cl R | 10,746 | 158,211 | ||||||
UPM-Kymmene | 1,783 | 54,119 | ||||||
808,019 | ||||||||
FRANCE — 0.5% | ||||||||
Air Liquide | 2,192 | 364,508 | ||||||
Amundi * | 167 | 13,011 | ||||||
Arkema | 209 | 23,217 | ||||||
Atos * | 166 | 14,422 | ||||||
Cie Generale des Etablissements Michelin SCA | 542 | 61,199 | ||||||
Dassault Systemes | 244 | 46,046 | ||||||
Edenred | 574 | 29,599 | ||||||
EssilorLuxottica * | 1,292 | 173,269 | ||||||
Gecina ‡ | 501 | 69,012 | ||||||
Hermes International | 98 | 84,187 | ||||||
Iliad | 338 | 72,249 | ||||||
Kering | 49 | 30,128 | ||||||
Legrand | 668 | 55,712 | ||||||
L’Oreal | 155 | 51,136 | ||||||
LVMH Moet Hennessy Louis Vuitton | 89 | 41,749 | ||||||
Sanofi | 5,014 | 509,157 | ||||||
Sartorius Stedim Biotech | 458 | 164,075 | ||||||
Schneider Electric | 3,162 | 392,791 | ||||||
STMicroelectronics | 6,847 | 207,152 | ||||||
Suez | 3,585 | 62,112 | ||||||
Teleperformance | 298 | 92,015 | ||||||
2,556,746 | ||||||||
GERMANY — 0.4% | ||||||||
adidas * | 47 | 14,302 | ||||||
Allianz | 157 | 34,042 |
The accompanying notes are an integral part of the financial statements.
53
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
GERMANY — continued | ||||||||
Bayer | 3,007 | $ | 200,410 | |||||
Brenntag | 2,441 | 152,897 | ||||||
Carl Zeiss Meditec | 737 | 83,254 | ||||||
Delivery Hero * | 403 | 43,511 | ||||||
Deutsche Boerse | 247 | 46,752 | ||||||
Deutsche Post | 7,019 | 319,978 | ||||||
Evonik Industries | 3,512 | 102,216 | ||||||
GEA Group | 2,709 | 99,127 | ||||||
Hannover Rueck | 1,261 | 214,729 | ||||||
Infineon Technologies | 5,732 | 159,578 | ||||||
KION Group | 990 | 83,811 | ||||||
LANXESS | 1,426 | 83,495 | ||||||
Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 229 | 66,234 | ||||||
Nemetschek | 383 | 30,538 | ||||||
Puma * | 269 | 22,230 | ||||||
RWE | 433 | 17,228 | ||||||
SAP | 94 | 15,528 | ||||||
Siemens | 2,515 | 347,604 | ||||||
Siemens Healthineers | 523 | 23,784 | ||||||
Symrise, Cl A | 632 | 87,326 | ||||||
United Internet | 1,116 | 54,906 | ||||||
Zalando * | 242 | 21,194 | ||||||
2,324,674 | ||||||||
HONG KONG — 1.9% | ||||||||
Agile Group Holdings | 22,000 | 30,279 | ||||||
Agricultural Bank of China, Cl H | 396,000 | 130,611 | ||||||
Alibaba Health Information Technology * | 4,000 | 9,662 | ||||||
Anhui Conch Cement, Cl H | 33,500 | 241,374 | ||||||
ANTA Sports Products | 10,000 | 98,402 | ||||||
ASM Pacific Technology | 1,100 | 11,867 | ||||||
Bank of China, Cl H | 551,000 | 179,661 | ||||||
BYD Electronic International | 25,000 | 105,683 | ||||||
China Aoyuan Group | 63,000 | 72,510 | ||||||
China Communications Services, Cl H | 62,000 | 40,628 | ||||||
China Construction Bank, Cl H | 698,000 | 491,507 | ||||||
China Everbright Bank, Cl H | 77,000 | 27,566 | ||||||
China Jinmao Holdings Group | 12,000 | 7,481 |
The accompanying notes are an integral part of the financial statements.
54
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HONG KONG — continued | ||||||||
China Lesso Group Holdings | 76,000 | $ | 141,132 | |||||
China Longyuan Power Group, Cl H | 23,000 | 14,482 | ||||||
China Medical System Holdings | 48,000 | 54,167 | ||||||
China Merchants Bank, Cl H | 85,500 | 405,923 | ||||||
China Minsheng Banking, Cl H | 232,500 | 141,545 | ||||||
China Mobile | 33,500 | 233,184 | ||||||
China National Building Material, Cl H | 116,000 | 162,553 | ||||||
China Oilfield Services, Cl H | 22,000 | 17,150 | ||||||
China Overseas Land & Investment | 34,000 | 97,876 | ||||||
China Resources Beer Holdings | 2,000 | 12,983 | ||||||
China Resources Cement Holdings | 86,000 | 124,931 | ||||||
China Resources Gas Group | 4,000 | 18,738 | ||||||
China Resources Land | 46,000 | 211,479 | ||||||
China Shenhua Energy, Cl H | 56,000 | 92,925 | ||||||
China Vanke, Cl H | 34,000 | 104,928 | ||||||
China Yuhua Education | 30,000 | 28,693 | ||||||
CIFI Holdings Group | 134,000 | 113,469 | ||||||
Country Garden Holdings | 48,000 | 59,174 | ||||||
Country Garden Services Holdings | 27,000 | 188,199 | ||||||
CSPC Pharmaceutical Group | 74,400 | 164,507 | ||||||
Dali Foods Group | 34,500 | 21,148 | ||||||
ENN Energy Holdings | 2,900 | 31,983 | ||||||
Far East Horizon | 33,000 | 29,242 | ||||||
Fosun International | 22,000 | 24,363 | ||||||
Geely Automobile Holdings | 32,000 | 67,281 | ||||||
Great Wall Motor, Cl H | 140,000 | 151,126 | ||||||
Haitian International Holdings | 24,000 | 58,271 | ||||||
Hang Lung Properties | 6,000 | 16,882 | ||||||
Hansoh Pharmaceutical Group * | 10,000 | 47,419 | ||||||
Industrial & Commercial Bank of China, Cl H | 729,000 | 406,209 | ||||||
Innovent Biologics * | 9,500 | 63,308 | ||||||
Kingboard Holdings | 4,000 | 12,843 | ||||||
Kingboard Laminates Holdings | 58,000 | 72,848 | ||||||
Kingdee International Software Group | 34,000 | 86,657 | ||||||
KWG Group Holdings | 77,000 | 145,628 | ||||||
Li Ning | 46,500 | 195,966 | ||||||
Logan Property Holdings | 68,000 | 126,478 | ||||||
Longfor Group Holdings | 32,000 | 168,559 |
The accompanying notes are an integral part of the financial statements.
55
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HONG KONG — continued | ||||||||
Meituan Dianping, Cl B * | 23,400 | $ | 771,199 | |||||
Nine Dragons Paper Holdings | 79,000 | 87,381 | ||||||
Ping An Healthcare and Technology * | 7,000 | 102,104 | ||||||
Ping An Insurance Group of China, Cl H | 1,000 | 10,597 | ||||||
Postal Savings Bank of China, Cl H | 102,000 | 48,077 | ||||||
Seazen Group | 14,000 | 12,675 | ||||||
Shandong Weigao Group Medical Polymer, Cl H | 68,000 | 158,068 | ||||||
Shanghai Fosun Pharmaceutical Group, Cl H | 2,500 | 10,566 | ||||||
Shenzhen International Holdings | 22,500 | 36,122 | ||||||
Shimao Property Holdings | 34,500 | 154,704 | ||||||
Sinotruk Hong Kong | 22,000 | 56,903 | ||||||
Sun Art Retail Group | 31,500 | 40,995 | ||||||
Sun Hung Kai Properties | 5,000 | 66,961 | ||||||
Sunac China Holdings | 34,000 | 142,129 | ||||||
Techtronic Industries | 3,500 | 44,185 | ||||||
Tencent Holdings | 29,500 | 2,012,070 | ||||||
Tingyi Cayman Islands Holding | 20,000 | 37,500 | ||||||
Uni-President China Holdings | 27,000 | 24,539 | ||||||
Vinda International Holdings | 5,000 | 17,069 | ||||||
Want Want China Holdings | 11,000 | 7,507 | ||||||
Weichai Power, Cl H | 86,000 | 172,901 | ||||||
WH Group | 72,000 | 61,800 | ||||||
Wharf Real Estate Investment | 8,000 | 33,124 | ||||||
Xiaomi, Cl B * | 10,200 | 30,813 | ||||||
Yanzhou Coal Mining, Cl H | 86,000 | 66,164 | ||||||
Yihai International Holding | 12,000 | 188,058 | ||||||
Yuexiu Property | 76,000 | 14,481 | ||||||
Yuzhou Properties | 173,000 | 80,571 | ||||||
Zhongsheng Group Holdings | 22,500 | 140,795 | ||||||
Zoomlion Heavy Industry Science and Technology * | 142,600 | 142,298 | ||||||
10,333,836 | ||||||||
HUNGARY — 0.0% | ||||||||
OTP Bank Nyrt * | 573 | 19,274 | ||||||
Richter Gedeon Nyrt | 4,994 | 121,675 | ||||||
140,949 | ||||||||
INDONESIA — 0.0% | ||||||||
Adaro Energy | 499,900 | 37,248 |
The accompanying notes are an integral part of the financial statements.
56
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDONESIA — continued | ||||||||
Bank Rakyat Indonesia Persero | 35,200 | $ | 8,481 | |||||
Charoen Pokphand Indonesia * | 32,300 | 13,988 | ||||||
Indofood Sukses Makmur | 146,700 | 76,706 | ||||||
136,423 | ||||||||
IRELAND — 0.0% | ||||||||
Globe Life | 536 | 44,209 | ||||||
ITALY — 0.1% | ||||||||
DiaSorin | 65 | 11,746 | ||||||
Enel | 42,539 | 386,002 | ||||||
Ferrari | 670 | 130,554 | ||||||
Prysmian | 3,691 | 103,091 | ||||||
Recordati | 499 | 27,206 | ||||||
Snam | 6,255 | 31,935 | ||||||
Terna Rete Elettrica Nazionale | 9,883 | 71,477 | ||||||
762,011 | ||||||||
JAPAN — 2.8% | ||||||||
ABC-Mart | 1,200 | 63,162 | ||||||
Acom | 4,800 | 18,741 | ||||||
Advantest | 2,800 | 134,339 | ||||||
Aisin Seiki | 2,000 | 68,685 | ||||||
Ajinomoto | 4,800 | 89,473 | ||||||
Asahi Intecc | 500 | 14,859 | ||||||
Astellas Pharma | 8,000 | 125,644 | ||||||
Bandai Namco Holdings | 1,900 | 118,090 | ||||||
Brother Industries | 7,500 | 124,336 | ||||||
Calbee | 1,200 | 37,415 | ||||||
Casio Computer | 3,400 | 54,751 | ||||||
Chiba Bank | 22,800 | 117,892 | ||||||
Chugai Pharmaceutical | 5,900 | 263,256 | ||||||
Cosmos Pharmaceutical | 800 | 140,881 | ||||||
Dai Nippon Printing | 3,100 | 65,939 | ||||||
Daiichi Sankyo | 4,200 | 374,515 | ||||||
Daikin Industries | 1,200 | 226,204 | ||||||
Denso | 1,300 | 54,583 | ||||||
Disco | 500 | 116,645 | ||||||
Eisai | 2,000 | 175,055 | ||||||
Fuji Electric | 500 | 15,611 |
The accompanying notes are an integral part of the financial statements.
57
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
JAPAN — continued | ||||||||
FUJIFILM Holdings | 2,600 | $ | 123,736 | |||||
Fujitsu | 2,000 | 261,448 | ||||||
Hamamatsu Photonics | 500 | 22,816 | ||||||
Hikari Tsushin | 400 | 96,805 | ||||||
Hino Motors | 3,200 | 21,466 | ||||||
Hisamitsu Pharmaceutical | 800 | 37,008 | ||||||
Hitachi | 3,200 | 106,219 | ||||||
Hitachi Metals | 2,700 | 40,387 | ||||||
Honda Motor | 11,300 | 289,813 | ||||||
Hoshizaki | 700 | 53,580 | ||||||
Hoya | 2,900 | 285,331 | ||||||
Hulic | 5,100 | 46,516 | ||||||
ITOCHU | 9,400 | 246,373 | ||||||
Itochu Techno-Solutions | 2,700 | 98,050 | ||||||
Japan Airport Terminal | 500 | 22,511 | ||||||
JSR | 5,700 | 121,312 | ||||||
Kakaku.com | 1,500 | 40,043 | ||||||
Kansai Electric Power | 1,400 | 13,787 | ||||||
Kao | 300 | 22,837 | ||||||
KDDI | 10,100 | 289,163 | ||||||
Keihan Holdings | 1,500 | 64,639 | ||||||
Keyence | 600 | 247,667 | ||||||
Kikkoman | 300 | 16,308 | ||||||
Kobayashi Pharmaceutical | 300 | 26,745 | ||||||
Kobe Bussan | 500 | 29,522 | ||||||
Kurita Water Industries | 1,400 | 43,901 | ||||||
Kyocera | 900 | 51,631 | ||||||
Kyowa Hakko Kirin | 1,500 | 38,840 | ||||||
Lion | 800 | 16,974 | ||||||
M3 | 4,200 | 243,414 | ||||||
Makita | 2,300 | 106,141 | ||||||
Maruichi Steel Tube | 1,000 | 26,738 | ||||||
MEIJI Holdings | 500 | 40,399 | ||||||
Minebea Mitsumi | 6,500 | 112,707 | ||||||
Mitsubishi Electric | 15,200 | 209,738 | ||||||
Mitsubishi Gas Chemical | 7,900 | 141,139 | ||||||
Mitsubishi UFJ Financial Group | 15,200 | 63,197 | ||||||
Mitsubishi UFJ Lease & Finance | 10,600 | 49,994 |
The accompanying notes are an integral part of the financial statements.
58
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
JAPAN — continued | ||||||||
Mitsui | 4,700 | $ | 84,725 | |||||
Miura | 400 | 16,351 | ||||||
MonotaRO | 2,200 | 86,818 | ||||||
Murata Manufacturing | 5,000 | 296,492 | ||||||
Nabtesco | 2,600 | 82,280 | ||||||
Nexon | 6,800 | 159,235 | ||||||
NGK Insulators | 3,400 | 48,226 | ||||||
NH Foods | 700 | 31,744 | ||||||
Nintendo | 700 | 375,332 | ||||||
Nippon Paint Holdings | 400 | 34,421 | ||||||
Nippon Telegraph & Telephone | 12,000 | 273,167 | ||||||
Nissan Chemical | 700 | 37,125 | ||||||
Nissin Foods Holdings | 200 | 20,007 | ||||||
Nitori Holdings | 900 | 188,642 | ||||||
Nitto Denko | 1,700 | 103,228 | ||||||
Nomura Holdings | 39,100 | 200,512 | ||||||
Nomura Real Estate Holdings | 2,400 | 45,887 | ||||||
Nomura Research Institute | 5,700 | 151,839 | ||||||
NTT Data | 1,100 | 12,573 | ||||||
Obayashi | 8,300 | 81,064 | ||||||
Obic | 200 | 35,506 | ||||||
Olympus | 12,400 | 245,918 | ||||||
Omron | 2,400 | 175,741 | ||||||
Ono Pharmaceutical | 4,900 | 148,178 | ||||||
Oracle Japan | 700 | 82,379 | ||||||
Oriental Land | 200 | 27,092 | ||||||
ORIX | 7,500 | 93,538 | ||||||
Osaka Gas | 3,200 | 62,683 | ||||||
Otsuka | 2,100 | 103,063 | ||||||
Otsuka Holdings | 3,200 | 140,538 | ||||||
Pan Pacific International Holdings | 4,600 | 108,130 | ||||||
Panasonic | 20,900 | 192,774 | ||||||
Recruit Holdings | 1,300 | 49,268 | ||||||
Renesas Electronics * | 6,900 | 43,455 | ||||||
Rinnai | 1,100 | 101,824 | ||||||
Rohm | 700 | 45,057 | ||||||
Santen Pharmaceutical | 4,500 | 85,936 | ||||||
SCSK | 500 | 27,131 |
The accompanying notes are an integral part of the financial statements.
59
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
JAPAN — continued | ||||||||
Secom | 700 | $ | 66,362 | |||||
Sega Sammy Holdings | 1,100 | 12,767 | ||||||
Sekisui Chemical | 7,600 | 121,278 | ||||||
Sekisui House | 6,300 | 124,468 | ||||||
Seven & i Holdings | 400 | 12,963 | ||||||
SG Holdings | 1,300 | 59,860 | ||||||
Shimadzu | 700 | 20,899 | ||||||
Shimano | 300 | 63,570 | ||||||
Shimizu | 17,100 | 131,485 | ||||||
Shin-Etsu Chemical | 2,800 | 340,314 | ||||||
Shionogi | 400 | 22,222 | ||||||
SMC | 500 | 275,101 | ||||||
Softbank | 7,400 | 97,271 | ||||||
Sohgo Security Services | 600 | 28,062 | ||||||
Sompo Holdings | 1,000 | 37,493 | ||||||
Sony | 7,400 | 580,823 | ||||||
Square Enix Holdings | 2,100 | 138,615 | ||||||
Stanley Electric | 2,000 | 57,333 | ||||||
SUMCO | 5,000 | 67,879 | ||||||
Sumitomo Electric Industries | 5,100 | 60,004 | ||||||
Sumitomo Metal Mining | 2,100 | 63,985 | ||||||
Sumitomo Mitsui Financial Group | 1,300 | 38,093 | ||||||
Sumitomo Mitsui Trust Holdings | 1,800 | 52,101 | ||||||
Sundrug | 2,900 | 108,103 | ||||||
Sysmex | 700 | 61,134 | ||||||
Taiheiyo Cement | 1,100 | 27,876 | ||||||
Taisei | 1,200 | 41,390 | ||||||
Taiyo Nippon Sanso | 1,800 | 31,718 | ||||||
TDK | 700 | 72,708 | ||||||
Teijin | 2,600 | 40,825 | ||||||
Terumo | 3,300 | 134,228 | ||||||
Toho Gas | 900 | 39,759 | ||||||
Tokio Marine Holdings | 1,800 | 82,928 | ||||||
Tokyo Electron | 1,000 | 256,521 | ||||||
Tokyo Gas | 600 | 13,335 | ||||||
Toppan Printing | 3,400 | 52,892 | ||||||
Tosoh | 5,400 | 80,099 | ||||||
Toyo Suisan Kaisha | 1,500 | 85,357 |
The accompanying notes are an integral part of the financial statements.
60
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
JAPAN — continued | ||||||||
Toyoda Gosei | 3,600 | $ | 78,540 | |||||
Toyota Industries | 1,800 | 104,857 | ||||||
Toyota Motor | 6,800 | 447,568 | ||||||
Trend Micro | 400 | 24,717 | ||||||
Tsuruha Holdings | 900 | 120,336 | ||||||
Unicharm | 2,700 | 117,850 | ||||||
Welcia Holdings | 3,800 | 162,843 | ||||||
Yamada Denki | 16,200 | 86,970 | ||||||
Yamaha | 400 | 19,494 | ||||||
Yamato Holdings | 1,600 | 41,861 | ||||||
Yokogawa Electric | 900 | 14,703 | ||||||
Z Holdings | 32,400 | 215,529 | ||||||
15,303,939 | ||||||||
MALAYSIA — 0.1% | ||||||||
Hartalega Holdings | 42,400 | 168,383 | ||||||
Malayan Banking | 47,400 | 83,531 | ||||||
MISC | 34,100 | 62,224 | ||||||
Petronas Gas | 4,400 | 17,441 | ||||||
QL Resources | 26,500 | 61,125 | ||||||
RHB Bank | 16,700 | 18,348 | ||||||
Sime Darby | 99,200 | 52,070 | ||||||
Telekom Malaysia | 43,200 | 43,016 | ||||||
Tenaga Nasional | 11,000 | 28,673 | ||||||
Top Glove | 9,200 | 57,991 | ||||||
592,802 | ||||||||
MEXICO — 0.1% | ||||||||
America Movil ADR, Cl L | 9,860 | 119,996 | ||||||
Arca Continental | 5,300 | 24,092 | ||||||
Gruma, Cl B | 3,820 | 45,127 | ||||||
Kimberly-Clark de Mexico, Cl A | 12,130 | 19,352 | ||||||
Wal-Mart de Mexico | 49,500 | 118,536 | ||||||
327,103 | ||||||||
NETHERLANDS — 0.3% | ||||||||
Adyen * | 54 | 91,110 | ||||||
Altice Europe * | 6,428 | 28,479 | ||||||
ASML Holding | 2,172 | 814,757 | ||||||
Galapagos * | 129 | 17,416 | ||||||
Koninklijke Ahold Delhaize | 5,035 | 152,086 |
The accompanying notes are an integral part of the financial statements.
61
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
NETHERLANDS — continued | ||||||||
Koninklijke DSM | 639 | $ | 102,453 | |||||
Koninklijke Philips * | 510 | 24,196 | ||||||
Koninklijke Vopak | 1,476 | 81,187 | ||||||
NN Group | 2,086 | 78,622 | ||||||
Randstad | 1,741 | 90,917 | ||||||
Wolters Kluwer | 998 | 81,952 | ||||||
1,563,175 | ||||||||
NORWAY — 0.0% | ||||||||
Gjensidige Forsikring * | 2,260 | 48,349 | ||||||
Orkla | 7,703 | 78,469 | ||||||
Schibsted, Cl B * | 735 | 29,291 | ||||||
156,109 | ||||||||
PERU — 0.0% | ||||||||
Southern Copper | 2,751 | 132,323 | ||||||
PHILIPPINES — 0.0% | ||||||||
Altus Property Ventures | 2,298 | 594 | ||||||
Globe Telecom | 2,355 | 101,376 | ||||||
PLDT | 3,335 | 101,720 | ||||||
Robinsons Land | 44,500 | 13,435 | ||||||
217,125 | ||||||||
POLAND — 0.0% | ||||||||
CD Projekt * | 463 | 55,218 | ||||||
Cyfrowy Polsat* | 5,016 | 39,228 | ||||||
Dino Polska * | 183 | 11,115 | ||||||
Orange Polska * | 27,151 | 53,274 | ||||||
158,835 | ||||||||
PORTUGAL — 0.0% | ||||||||
Jeronimo Martins SGPS | 4,837 | 79,446 | ||||||
SINGAPORE — 0.1% | ||||||||
Ascendas Real Estate Investment Trust ‡ | 15,000 | 36,515 | ||||||
Mapletree Commercial Trust ‡ | 21,400 | 30,098 | ||||||
Venture | 4,000 | 58,170 | ||||||
Wilmar International | 45,600 | 146,177 | ||||||
270,960 | ||||||||
SOUTH AFRICA — 0.1% | ||||||||
Anglo American Platinum | 1,835 | 136,827 |
The accompanying notes are an integral part of the financial statements.
62
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
SOUTH AFRICA — continued | ||||||||
AngloGold Ashanti ADR | 3,084 | $ | 91,009 | |||||
Aspen Pharmacare Holdings * | 8,608 | 69,085 | ||||||
Clicks Group | 1,661 | 22,454 | ||||||
FirstRand | 5,526 | 12,340 | ||||||
Gold Fields ADR | 7,018 | 91,445 | ||||||
Impala Platinum Holdings | 826 | 7,652 | ||||||
Kumba Iron Ore | 1,143 | 35,853 | ||||||
Momentum Metropolitan Holdings | 19,629 | 17,479 | ||||||
Sibanye Stillwater * | 53,377 | 163,604 | ||||||
Vodacom Group | 11,346 | 85,414 | ||||||
733,162 | ||||||||
SOUTH KOREA — 0.7% | ||||||||
Celltrion Pharm | 163 | 15,237 | ||||||
CJ | 579 | 39,383 | ||||||
CJ CheilJedang | 213 | 72,968 | ||||||
Coway | 221 | 14,846 | ||||||
DB Insurance | 877 | 32,183 | ||||||
Doosan Bobcat | 384 | 8,486 | ||||||
GS Retail | 1,980 | 54,931 | ||||||
Hana Financial Group | 1,304 | 30,807 | ||||||
Hanon Systems | 2,490 | 27,068 | ||||||
Hyundai Marine & Fire Insurance | 1,511 | 28,044 | ||||||
Hyundai Mobis | 187 | 35,180 | ||||||
Kakao | 74 | 25,389 | ||||||
KB Financial Group | 2,990 | 92,329 | ||||||
Kia Motors | 3,952 | 140,694 | ||||||
KMW * | 1,006 | 64,628 | ||||||
Korea Investment Holdings | 367 | 18,760 | ||||||
Korea Zinc | 285 | 95,341 | ||||||
LG Electronics | 297 | 21,051 | ||||||
LG Innotek | 831 | 101,207 | ||||||
NAVER | 1,251 | 338,953 | ||||||
NCSoft | 203 | 141,180 | ||||||
Orion | 1,002 | 118,622 | ||||||
Posco International | 5,010 | 57,200 | ||||||
S-1, Cl 1 | 349 | 25,588 | ||||||
Samsung Card | 2,068 | 50,091 | ||||||
Samsung Electronics | 39,753 | 1,804,683 |
The accompanying notes are an integral part of the financial statements.
63
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
SOUTH KOREA — continued | ||||||||
Samsung Engineering * | 1,194 | $ | 11,323 | |||||
Samsung Securities | 930 | 23,581 | ||||||
SK Hynix | 1,453 | 91,924 | ||||||
Yuhan | 1,024 | 57,749 | ||||||
3,639,426 | ||||||||
SPAIN — 0.1% | ||||||||
CaixaBank | 71,250 | 157,689 | ||||||
Iberdrola | 32,991 | 415,670 | ||||||
Industria de Diseno Textil | 1,023 | 28,769 | ||||||
602,128 | ||||||||
SWEDEN — 0.4% | ||||||||
Alfa Laval * | 759 | 18,580 | ||||||
Assa Abloy, Cl B | 2,835 | 65,707 | ||||||
Atlas Copco, Cl A | 7,734 | 357,528 | ||||||
Boliden | 2,209 | 65,967 | ||||||
Epiroc, Cl A | 4,152 | 61,828 | ||||||
Essity, Cl B * | 1,600 | 55,060 | ||||||
Hennes & Mauritz, Cl B | 9,726 | 155,500 | ||||||
Investor, Cl B | 2,074 | 132,321 | ||||||
L E Lundbergforetagen, Cl B * | 2,143 | 97,924 | ||||||
Nordea Bank Abp * | 14,209 | 114,504 | ||||||
Sandvik * | 8,754 | 172,086 | ||||||
Skandinaviska Enskilda Banken, Cl A * | 1,885 | 18,695 | ||||||
Skanska, Cl B * | 4,833 | 98,370 | ||||||
SKF, Cl B | 7,597 | 151,732 | ||||||
Svenska Cellulosa SCA, Cl B * | 1,784 | 23,012 | ||||||
Svenska Handelsbanken, Cl A * | 11,177 | 112,632 | ||||||
Swedbank * | 2,203 | 37,356 | ||||||
Swedish Match | 983 | 74,772 | ||||||
Tele2, Cl B | 3,954 | 56,157 | ||||||
Volvo, Cl B * | 7,605 | 145,513 | ||||||
2,015,244 | ||||||||
SWITZERLAND — 0.9% | ||||||||
Baloise Holding | 221 | 34,419 | ||||||
Chocoladefabriken Lindt & Spruengli | 8 | 68,109 | ||||||
EMS-Chemie Holding | 77 | 69,366 | ||||||
Geberit | 316 | 181,942 | ||||||
Givaudan | 55 | 230,916 |
The accompanying notes are an integral part of the financial statements.
64
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
SWITZERLAND — continued | ||||||||
Kuehne + Nagel International * | 809 | $ | 156,780 | |||||
LafargeHolcim | 1,309 | 62,106 | ||||||
Logitech International | 886 | 66,129 | ||||||
Lonza Group | 142 | 88,195 | ||||||
Nestle | 10,564 | 1,268,023 | ||||||
Novartis | 3,633 | 313,670 | ||||||
Partners Group Holding | 76 | 77,252 | ||||||
Roche Holding | 3,726 | 1,303,735 | ||||||
Sika | 541 | 129,821 | ||||||
Sonova Holding * | 280 | 65,520 | ||||||
Straumann Holding | 47 | 46,194 | ||||||
Swiss Life Holding | 60 | 24,256 | ||||||
Swiss Prime Site | 605 | 54,520 | ||||||
Swisscom | 309 | 171,053 | ||||||
Zurich Insurance Group | 839 | 310,737 | ||||||
4,722,743 | ||||||||
TAIWAN — 1.2% | ||||||||
Accton Technology | 15,000 | 119,733 | ||||||
Acer | 42,000 | 33,248 | ||||||
Advantech | 6,599 | 67,829 | ||||||
Airtac International Group | 1,000 | 22,030 | ||||||
ASE Technology Holding | 40,000 | 82,812 | ||||||
Asia Cement | 71,000 | 102,140 | ||||||
Asustek Computer | 6,000 | 49,642 | ||||||
Catcher Technology | 15,000 | 101,920 | ||||||
Cathay Financial Holding | 47,000 | 63,473 | ||||||
Chailease Holding | 18,584 | 82,022 | ||||||
Chang Hwa Commercial Bank | 111,051 | 68,758 | ||||||
Chicony Electronics | 26,000 | 78,142 | ||||||
China Life Insurance | 12,000 | 8,397 | ||||||
Chunghwa Telecom | 21,000 | 77,645 | ||||||
Compal Electronics | 17,000 | 10,680 | ||||||
CTBC Financial Holding | 151,000 | 97,251 | ||||||
Delta Electronics | 9,000 | 57,700 | ||||||
E.Sun Financial Holding | 176,390 | 162,380 | ||||||
Eclat Textile | 2,000 | 26,168 | ||||||
Feng TAY Enterprise | 4,080 | 23,624 | ||||||
First Financial Holding | 107,532 | 77,616 |
The accompanying notes are an integral part of the financial statements.
65
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
TAIWAN — continued | ||||||||
Fubon Financial Holding | 36,000 | $ | 52,185 | |||||
Giant Manufacturing | 8,000 | 82,683 | ||||||
Globalwafers | 7,000 | 93,839 | ||||||
Hon Hai Precision Industry | 85,000 | 221,537 | ||||||
Hotai Motor | 5,000 | 101,135 | ||||||
Hua Nan Financial Holdings | 49,633 | 30,402 | ||||||
Inventec | 60,000 | 46,364 | ||||||
Lite-On Technology | 57,000 | 90,130 | ||||||
MediaTek | 17,000 | 319,750 | ||||||
Mega Financial Holding | 55,000 | 54,499 | ||||||
Micro-Star International | 30,000 | 138,298 | ||||||
Nien Made Enterprise | 2,000 | 22,872 | ||||||
Novatek Microelectronics | 21,000 | 170,555 | ||||||
Pegatron | 31,000 | 65,729 | ||||||
Phison Electronics | 5,000 | 46,976 | ||||||
Powertech Technology | 27,000 | 79,588 | ||||||
Quanta Computer | 36,000 | 93,989 | ||||||
Realtek Semiconductor | 18,000 | 231,680 | ||||||
Shin Kong Financial Holding | 192,622 | 54,244 | ||||||
SinoPac Financial Holdings | 200,000 | 73,317 | ||||||
Standard Foods | 7,000 | 15,164 | ||||||
Synnex Technology International | 42,000 | 62,395 | ||||||
Taishin Financial Holding | 129,938 | 58,397 | ||||||
Taiwan Business Bank | 180,757 | 61,314 | ||||||
Taiwan Cement | 93,388 | 135,768 | ||||||
Taiwan Cooperative Financial Holding | 128,368 | 87,416 | ||||||
Taiwan Semiconductor Manufacturing ADR | 25,013 | 1,982,280 | ||||||
Uni-President Enterprises | 9,000 | 20,411 | ||||||
United Microelectronics | 202,000 | 145,210 | ||||||
Vanguard International Semiconductor | 23,000 | 72,918 | ||||||
Walsin Technology | 10,000 | 54,714 | ||||||
Win Semiconductors | 9,000 | 87,613 | ||||||
Wistron | 113,000 | 122,016 | ||||||
Wiwynn | 4,000 | 106,477 | ||||||
Yuanta Financial Holding | 154,960 | 96,587 | ||||||
Zhen Ding Technology Holding | 39,000 | 162,334 | ||||||
6,753,996 |
The accompanying notes are an integral part of the financial statements.
66
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
THAILAND — 0.0% | ||||||||
Advanced Info Service NVDR | 4,300 | $ | 25,271 | |||||
Srisawad NVDR | 6,000 | 8,799 | ||||||
34,070 | ||||||||
TURKEY — 0.1% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii | 9,187 | 24,366 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret | 10,646 | 23,586 | ||||||
BIM Birlesik Magazalar | 12,171 | 112,729 | ||||||
Eregli Demir ve Celik Fabrikalari | 11,493 | 13,665 | ||||||
Ford Otomotiv Sanayi | 8,800 | 101,678 | ||||||
KOC Holding | 13,760 | 27,983 | ||||||
Turkcell Iletisim Hizmetleri * | 34,072 | 66,544 | ||||||
370,551 | ||||||||
UNITED KINGDOM — 0.6% | ||||||||
Admiral Group | 4,382 | 154,512 | ||||||
Anglo American | 623 | 15,241 | ||||||
Antofagasta | 5,161 | 74,054 | ||||||
Ashtead Group | 2,700 | 94,107 | ||||||
AstraZeneca | 6,982 | 776,001 | ||||||
Auto Trader Group | 3,946 | 29,827 | ||||||
BAE Systems | 24,871 | 172,340 | ||||||
Berkeley Group Holdings | 2,545 | 155,110 | ||||||
Croda International | 333 | 26,265 | ||||||
Direct Line Insurance Group | 15,499 | 60,993 | ||||||
Experian | 4,503 | 167,611 | ||||||
GlaxoSmithKline | 1,322 | 26,017 | ||||||
GVC Holdings * | 6,160 | 65,632 | ||||||
Halma | 3,072 | 91,097 | ||||||
Hikma Pharmaceuticals | 4,104 | 130,097 | ||||||
JD Sports Fashion | 11,168 | 108,017 | ||||||
Mondi | 1,654 | 32,343 | ||||||
National Grid | 6,327 | 71,535 | ||||||
Next | 564 | 45,535 | ||||||
Persimmon | 3,867 | 134,944 | ||||||
RELX | 1,830 | 41,527 | ||||||
Rentokil Initial * | 17,151 | 121,921 | ||||||
Rio Tinto | 1,317 | 81,201 | ||||||
Sage Group | 2,743 | 27,138 | ||||||
Smith & Nephew | 6,861 | 139,211 |
The accompanying notes are an integral part of the financial statements.
67
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
UNITED KINGDOM — continued | ||||||||
Spirax-Sarco Engineering | 264 | $ | 36,179 | |||||
SSE | 5,040 | 84,978 | ||||||
Taylor Wimpey | 17,219 | 28,262 | ||||||
Tesco | 24,379 | 71,392 | ||||||
Unilever | 464 | 27,624 | ||||||
Vodafone Group | 17,686 | 26,245 | ||||||
Wm Morrison Supermarkets | 16,424 | 42,250 | ||||||
3,159,206 | ||||||||
UNITED STATES — 14.4% | ||||||||
COMMUNICATION SERVICES — 1.1% | ||||||||
Activision Blizzard | 2,853 | 238,282 | ||||||
Alphabet, Cl A * | 1,818 | 2,962,486 | ||||||
Cable One | 150 | 276,050 | ||||||
Electronic Arts * | 1,261 | 175,872 | ||||||
Facebook, Cl A * | 2,740 | 803,368 | ||||||
Match Group * | 1,486 | 165,956 | ||||||
New York Times, Cl A | 1,680 | 72,794 | ||||||
Spotify Technology * | 267 | 75,337 | ||||||
T-Mobile US * | 4,390 | 512,225 | ||||||
Verizon Communications | 9,610 | 569,585 | ||||||
Zynga, Cl A * | 4,242 | 38,432 | ||||||
5,890,387 | ||||||||
CONSUMER DISCRETIONARY — 2.2% | ||||||||
Amazon.com * | 1,132 | 3,906,487 | ||||||
Aptiv | 322 | 27,731 | ||||||
AutoNation * | 4,486 | 255,074 | ||||||
AutoZone * | 77 | 92,116 | ||||||
Best Buy | 2,962 | 328,515 | ||||||
BorgWarner | 3,795 | 154,039 | ||||||
Bright Horizons Family Solutions * | 400 | 53,204 | ||||||
Brunswick | 3,039 | 188,084 | ||||||
Burlington Stores * | 731 | 143,956 | ||||||
CarMax * | 268 | 28,657 | ||||||
Chipotle Mexican Grill, Cl A * | 26 | 34,067 | ||||||
Choice Hotels International | 455 | 45,177 | ||||||
Dick’s Sporting Goods | 1,267 | 68,570 | ||||||
Dollar General | 2,245 | 453,221 | ||||||
Domino’s Pizza | 349 | 142,727 |
The accompanying notes are an integral part of the financial statements.
68
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER DISCRETIONARY — continued | ||||||||
DR Horton | �� | 4,934 | $ | 352,140 | ||||
eBay | 2,102 | 115,147 | ||||||
Etsy * | 310 | 37,107 | ||||||
Floor & Decor Holdings, Cl A * | 582 | 42,626 | ||||||
Garmin | 2,515 | 260,579 | ||||||
Gentex | 5,203 | 140,741 | ||||||
Genuine Parts | 462 | 43,631 | ||||||
Grand Canyon Education * | 231 | 21,723 | ||||||
Hasbro | 335 | 26,445 | ||||||
Home Depot | 3,731 | 1,063,484 | ||||||
Leggett & Platt | 1,349 | 55,309 | ||||||
Lennar, Cl A | 3,288 | 246,008 | ||||||
LKQ * | 8,745 | 277,567 | ||||||
Lowe’s | 1,436 | 236,495 | ||||||
Lululemon Athletica * | 473 | 177,692 | ||||||
Newell Brands | 3,089 | 49,362 | ||||||
NIKE, Cl B | 3,921 | 438,721 | ||||||
NVR * | 42 | 175,070 | ||||||
O’Reilly Automotive * | 145 | 67,516 | ||||||
Penske Automotive Group | 1,516 | 71,510 | ||||||
Polaris | 2,221 | 224,410 | ||||||
Pool | 756 | 247,847 | ||||||
PulteGroup | 5,419 | 241,633 | ||||||
Ross Stores | 260 | 23,681 | ||||||
ServiceMaster Global Holdings * | 787 | 31,401 | ||||||
Skechers U.S.A., Cl A * | 2,717 | 81,103 | ||||||
Target | 3,701 | 559,628 | ||||||
Tempur Sealy International * | 1,102 | 94,265 | ||||||
Thor Industries | 2,377 | 224,460 | ||||||
TJX | 429 | 23,505 | ||||||
Tractor Supply | 503 | 74,861 | ||||||
Wayfair, Cl A * | 296 | 87,782 | ||||||
Whirlpool | 843 | 149,818 | ||||||
Williams-Sonoma | 2,959 | 259,682 | ||||||
12,144,574 | ||||||||
CONSUMER STAPLES — 1.1% | ||||||||
Boston Beer, Cl A * | 72 | 63,503 | ||||||
Brown-Forman, Cl B | 1,025 | 74,999 |
The accompanying notes are an integral part of the financial statements.
69
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
CONSUMER STAPLES — continued | ||||||||
Campbell Soup | 1,984 | $ | 104,378 | |||||
Casey’s General Stores | 1,026 | 182,474 | ||||||
Church & Dwight | 718 | 68,806 | ||||||
Clorox | 473 | 105,715 | ||||||
Coca-Cola | 2,550 | 126,302 | ||||||
Conagra Brands | 6,196 | 237,679 | ||||||
Costco Wholesale | 1,855 | 644,909 | ||||||
Estee Lauder, Cl A | 1,057 | 234,358 | ||||||
Flowers Foods | 2,090 | 51,121 | ||||||
General Mills | 3,863 | 247,039 | ||||||
Hain Celestial Group * | 3,082 | 101,059 | ||||||
Hershey | 1,095 | 162,761 | ||||||
Hormel Foods | 2,378 | 121,230 | ||||||
Ingredion | 1,183 | 95,160 | ||||||
Kellogg | 1,136 | 80,554 | ||||||
Kimberly-Clark | 991 | 156,340 | ||||||
Kroger | 7,217 | 257,503 | ||||||
Lamb Weston Holdings | 511 | 32,116 | ||||||
McCormick | 325 | 67,015 | ||||||
Mondelez International, Cl A | 404 | 23,602 | ||||||
Monster Beverage * | 523 | 43,859 | ||||||
Nu Skin Enterprises, Cl A | 2,762 | 130,559 | ||||||
Philip Morris International | 3,081 | 245,833 | ||||||
Procter & Gamble | 6,155 | 851,421 | ||||||
Sprouts Farmers Market * | 4,316 | 100,779 | ||||||
US Foods Holding * | 1,142 | 27,808 | ||||||
Walmart | 10,053 | 1,395,859 | ||||||
6,034,741 | ||||||||
FINANCIALS — 0.9% | ||||||||
Allstate | 1,667 | 155,031 | ||||||
Ameriprise Financial | 1,359 | 213,091 | ||||||
Aon, Cl A | 610 | 121,994 | ||||||
Arch Capital Group * | 944 | 29,774 | ||||||
Assurant | 1,057 | 128,489 | ||||||
BlackRock, Cl A | 391 | 232,328 | ||||||
Cincinnati Financial | 616 | 48,917 | ||||||
Citizens Financial Group | 1,326 | 34,304 | ||||||
Commerce Bancshares | 858 | 51,111 |
The accompanying notes are an integral part of the financial statements.
70
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
FINANCIALS — continued | ||||||||
Credit Acceptance * | 64 | $ | 24,755 | |||||
East West Bancorp | 8,680 | 319,250 | ||||||
Eaton Vance | 2,193 | 89,957 | ||||||
Erie Indemnity, Cl A | 385 | 82,174 | ||||||
Everest Re Group | 181 | 39,834 | ||||||
Fidelity National Financial | 2,434 | 79,908 | ||||||
First American Financial | 1,333 | 70,076 | ||||||
First Citizens BancShares, Cl A | 71 | 27,914 | ||||||
Goldman Sachs Group | 109 | 22,331 | ||||||
Hartford Financial Services Group | 570 | 23,057 | ||||||
Intercontinental Exchange | 651 | 69,156 | ||||||
JPMorgan Chase | 3,093 | 309,888 | ||||||
Kemper | 364 | 28,268 | ||||||
KeyCorp | 1,929 | 23,765 | ||||||
MarketAxess Holdings | 454 | 220,617 | ||||||
Marsh & McLennan | 2,023 | 232,463 | ||||||
MetLife | 573 | 22,038 | ||||||
Morgan Stanley | 7,120 | 372,091 | ||||||
Nasdaq | 752 | 101,084 | ||||||
Primerica | 604 | 75,409 | ||||||
Progressive | 2,106 | 200,154 | ||||||
Prosperity Bancshares | 2,493 | 135,918 | ||||||
Regions Financial | 26,653 | 308,109 | ||||||
RenaissanceRe Holdings | 507 | 93,156 | ||||||
SEI Investments | 1,311 | 68,644 | ||||||
Signature Bank NY | 916 | 88,879 | ||||||
State Street | 1,272 | 86,610 | ||||||
SVB Financial Group * | 552 | 140,970 | ||||||
T Rowe Price Group | 1,614 | 224,685 | ||||||
Truist Financial | 1,276 | 49,522 | ||||||
Western Alliance Bancorp | 588 | 20,756 | ||||||
WR Berkley | 759 | 47,096 | ||||||
4,713,573 | ||||||||
HEALTH CARE — 1.9% | ||||||||
Abbott Laboratories | 559 | 61,194 | ||||||
AbbVie | 7,145 | 684,277 | ||||||
ACADIA Pharmaceuticals * | 1,911 | 75,657 | ||||||
AmerisourceBergen, Cl A | 1,955 | 189,694 |
The accompanying notes are an integral part of the financial statements.
71
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Amgen | 1,759 | $ | 445,590 | |||||
Anthem | 695 | 195,657 | ||||||
Biogen * | 460 | 132,314 | ||||||
Bio-Rad Laboratories, Cl A * | 336 | 170,886 | ||||||
Bio-Techne | 146 | 37,297 | ||||||
Boston Scientific * | 1,035 | 42,456 | ||||||
Bristol-Myers Squibb | 3,057 | 190,145 | ||||||
Bruker | 1,540 | 64,711 | ||||||
Cardinal Health | 2,204 | 111,875 | ||||||
Centene * | 834 | 51,141 | ||||||
Cerner | 1,528 | 112,109 | ||||||
Charles River Laboratories International * | 322 | 70,502 | ||||||
Chemed | 363 | 187,711 | ||||||
Cigna | 1,202 | 213,199 | ||||||
CVS Health | 4,836 | 300,412 | ||||||
Danaher | 1,783 | 368,136 | ||||||
DaVita * | 1,954 | 169,529 | ||||||
DexCom * | 268 | 114,010 | ||||||
Edwards Lifesciences * | 1,839 | 157,860 | ||||||
Eli Lilly | 1,765 | 261,908 | ||||||
Exelixis * | 1,275 | 28,331 | ||||||
Gilead Sciences | 1,311 | 87,509 | ||||||
HCA Healthcare | 245 | 33,251 | ||||||
Henry Schein * | 1,641 | 109,028 | ||||||
Hill-Rom Holdings | 269 | 25,229 | ||||||
Horizon Therapeutics * | 4,621 | 347,130 | ||||||
Humana | 1,021 | 423,889 | ||||||
IDEXX Laboratories * | 269 | 105,195 | ||||||
Johnson & Johnson | 2,318 | 355,604 | ||||||
Laboratory Corp of America Holdings * | 209 | 36,732 | ||||||
Masimo * | 523 | 117,152 | ||||||
McKesson | 1,160 | 177,990 | ||||||
Medtronic | 3,173 | 341,002 | ||||||
Merck | 2,767 | 235,942 | ||||||
Mettler-Toledo International * | 55 | 53,393 | ||||||
Molina Healthcare * | 758 | 140,207 | ||||||
Quest Diagnostics | 1,935 | 215,249 | ||||||
Quidel * | 425 | 74,783 |
The accompanying notes are an integral part of the financial statements.
72
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
HEALTH CARE — continued | ||||||||
Regeneron Pharmaceuticals * | 430 | $ | 266,570 | |||||
ResMed | 1,103 | 199,400 | ||||||
STERIS | 735 | 117,335 | ||||||
Teladoc Health * | 495 | 106,767 | ||||||
Teleflex | 107 | 42,046 | ||||||
Thermo Fisher Scientific | 372 | 159,581 | ||||||
United Therapeutics * | 614 | 65,673 | ||||||
UnitedHealth Group | 3,346 | 1,045,792 | ||||||
Universal Health Services, Cl B | 509 | 56,168 | ||||||
Veeva Systems, Cl A * | 284 | 80,165 | ||||||
Vertex Pharmaceuticals * | 295 | 82,340 | ||||||
West Pharmaceutical Services | 867 | 246,193 | ||||||
Zimmer Biomet Holdings | 314 | 44,236 | ||||||
Zoetis, Cl A | 1,789 | 286,419 | ||||||
10,114,571 | ||||||||
INDUSTRIALS — 1.9% | ||||||||
A O Smith | 903 | 44,220 | ||||||
ADT | 21,757 | 231,712 | ||||||
AECOM * | 663 | 26,195 | ||||||
AGCO | 1,515 | 107,717 | ||||||
Air Lease, Cl A | 1,150 | 35,742 | ||||||
Allegion | 1,479 | 152,914 | ||||||
AMETEK | 835 | 84,085 | ||||||
Armstrong World Industries | 811 | 59,803 | ||||||
Axon Enterprise * | 290 | 24,847 | ||||||
BWX Technologies | 697 | 38,760 | ||||||
Carlisle | 491 | 64,296 | ||||||
CH Robinson Worldwide | 395 | 38,829 | ||||||
Cintas | 604 | 201,277 | ||||||
Clean Harbors * | 375 | 22,912 | ||||||
Colfax * | 5,686 | 189,230 | ||||||
Copart * | 2,344 | 242,182 | ||||||
CoStar Group * | 244 | 207,058 | ||||||
Cummins | 1,555 | 322,274 | ||||||
Curtiss-Wright | 312 | 31,924 | ||||||
Donaldson | 573 | 28,856 | ||||||
Dover | 2,179 | 239,341 | ||||||
Eaton | 3,041 | 310,486 |
The accompanying notes are an integral part of the financial statements.
73
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
Emerson Electric | 894 | $ | 62,106 | |||||
Expeditors International of Washington | 1,192 | 105,361 | ||||||
Fastenal | 4,329 | 211,515 | ||||||
Fortune Brands Home & Security | 2,766 | 232,565 | ||||||
Gates Industrial * | 5,024 | 56,721 | ||||||
Generac Holdings * | 418 | 79,412 | ||||||
HD Supply Holdings * | 1,308 | 51,875 | ||||||
HEICO | 316 | 34,735 | ||||||
Honeywell International | 236 | 39,070 | ||||||
Howmet Aerospace | 3,066 | 53,716 | ||||||
Hubbell, Cl B | 1,115 | 161,586 | ||||||
IDEX | 511 | 92,098 | ||||||
IHS Markit | 1,423 | 113,726 | ||||||
Illinois Tool Works | 882 | 174,239 | ||||||
Ingersoll Rand * | 2,928 | 102,656 | ||||||
ITT | 3,041 | 191,005 | ||||||
Jacobs Engineering Group | 1,573 | 141,995 | ||||||
JB Hunt Transport Services | 1,715 | 241,026 | ||||||
Johnson Controls International | 2,101 | 85,574 | ||||||
Kansas City Southern | 1,008 | 183,496 | ||||||
Knight-Swift Transportation Holdings, Cl A | 1,917 | 87,147 | ||||||
Landstar System | 1,364 | 181,535 | ||||||
Lennox International | 292 | 81,857 | ||||||
Lockheed Martin | 670 | 261,474 | ||||||
ManpowerGroup | 1,733 | 127,046 | ||||||
Masco | 5,287 | 308,232 | ||||||
Middleby * | 386 | 37,789 | ||||||
MSC Industrial Direct, Cl A | 2,118 | 139,576 | ||||||
Nordson | 327 | 60,982 | ||||||
Old Dominion Freight Line | 1,417 | 286,489 | ||||||
Oshkosh | 1,105 | 85,096 | ||||||
Owens Corning | 3,111 | 210,428 | ||||||
PACCAR | 2,250 | 193,140 | ||||||
Parker-Hannifin | 361 | 74,370 | ||||||
Pentair | 1,994 | 90,009 | ||||||
Quanta Services | 2,439 | 124,999 | ||||||
Regal Beloit | 1,662 | 164,305 | ||||||
Republic Services, Cl A | 2,182 | 202,315 |
The accompanying notes are an integral part of the financial statements.
74
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INDUSTRIALS — continued | ||||||||
Robert Half International | 1,749 | $ | 93,047 | |||||
Rockwell Automation | 604 | 139,240 | ||||||
Roper Technologies | 292 | 124,740 | ||||||
Schneider National, Cl B | 8,088 | 218,861 | ||||||
Snap-on | 615 | 91,186 | ||||||
Stanley Black & Decker | 297 | 47,906 | ||||||
Teledyne Technologies * | 573 | 179,699 | ||||||
Timken | 2,838 | 153,791 | ||||||
Toro | 1,067 | 80,324 | ||||||
Trane Technologies | 2,828 | 334,807 | ||||||
TransUnion | 778 | 67,468 | ||||||
Trinity Industries | 1,897 | 38,832 | ||||||
Union Pacific | 1,092 | 210,145 | ||||||
United Rentals * | 1,470 | 260,264 | ||||||
Verisk Analytics, Cl A | 681 | 127,122 | ||||||
Waste Management | 306 | 34,884 | ||||||
Watsco | 340 | 83,297 | ||||||
WW Grainger | 430 | 157,135 | ||||||
XPO Logistics * | 1,670 | 147,411 | ||||||
Xylem | 922 | 73,926 | ||||||
10,500,011 | ||||||||
INFORMATION TECHNOLOGY — 4.5% | ||||||||
Accenture, Cl A | 2,361 | 566,475 | ||||||
Adobe * | 1,183 | 607,340 | ||||||
Akamai Technologies * | 1,702 | 198,164 | ||||||
Amdocs | 1,115 | 68,272 | ||||||
Analog Devices | 302 | 35,298 | ||||||
ANSYS * | 546 | 185,100 | ||||||
Apple | 50,440 | 6,508,778 | ||||||
Applied Materials | 6,612 | 407,299 | ||||||
Arrow Electronics * | 896 | 70,390 | ||||||
Aspen Technology * | 716 | 90,954 | ||||||
Atlassian, Cl A * | 160 | 30,682 | ||||||
Automatic Data Processing | 211 | 29,348 | ||||||
Avalara * | 1,927 | 255,154 | ||||||
Booz Allen Hamilton Holding, Cl A | 3,423 | 301,429 | ||||||
Broadridge Financial Solutions | 659 | 90,547 | ||||||
CACI International, Cl A * | 348 | 81,498 |
The accompanying notes are an integral part of the financial statements.
75
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
Cadence Design Systems * | 1,402 | $ | 155,496 | |||||
CDW | 1,777 | 201,956 | ||||||
Ciena * | 3,199 | 181,607 | ||||||
Cirrus Logic * | 580 | 35,142 | ||||||
Cisco Systems | 1,008 | 42,558 | ||||||
Citrix Systems | 346 | 50,239 | ||||||
Cognex | 1,058 | 73,203 | ||||||
Cognizant Technology Solutions, Cl A | 862 | 57,633 | ||||||
Coupa Software * | 605 | 198,283 | ||||||
DocuSign, Cl A * | 827 | 184,421 | ||||||
Entegris | 3,429 | 229,366 | ||||||
EPAM Systems * | 413 | 135,092 | ||||||
F5 Networks * | 272 | 35,994 | ||||||
Fair Isaac * | 423 | 177,994 | ||||||
Fortinet * | 567 | 74,847 | ||||||
Genpact | 1,379 | 58,166 | ||||||
Global Payments | 132 | 23,314 | ||||||
Intel | 7,525 | 383,399 | ||||||
Intuit | 249 | 86,002 | ||||||
Jabil | 2,183 | 74,550 | ||||||
Jack Henry & Associates | 665 | 110,004 | ||||||
Keysight Technologies * | 2,122 | 209,060 | ||||||
KLA | 1,217 | 249,655 | ||||||
Lam Research | 1,386 | 466,167 | ||||||
Leidos Holdings | 1,748 | 158,177 | ||||||
Lumentum Holdings * | 2,173 | 186,878 | ||||||
Manhattan Associates * | 977 | 95,013 | ||||||
Microchip Technology | 303 | 33,239 | ||||||
Micron Technology * | 5,605 | 255,084 | ||||||
Microsoft | 22,941 | 5,173,884 | ||||||
MKS Instruments | 896 | 107,099 | ||||||
Monolithic Power Systems | 510 | 136,236 | ||||||
Motorola Solutions | 416 | 64,376 | ||||||
NortonLifeLock | 8,916 | 209,704 | ||||||
Nuance Communications * | 6,338 | 189,887 | ||||||
NVIDIA | 2,408 | 1,288,232 | ||||||
Okta, Cl A * | 237 | 51,043 | ||||||
Paycom Software * | 142 | 42,523 |
The accompanying notes are an integral part of the financial statements.
76
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
INFORMATION TECHNOLOGY — continued | ||||||||
PayPal Holdings * | 1,649 | $ | 336,627 | |||||
Qorvo * | 2,255 | 289,249 | ||||||
QUALCOMM | 5,489 | 653,740 | ||||||
RingCentral, Cl A * | 199 | 57,863 | ||||||
ServiceNow * | 202 | 97,368 | ||||||
Skyworks Solutions | 1,878 | 272,028 | ||||||
SolarEdge Technologies * | 931 | 205,891 | ||||||
Splunk * | 200 | 43,866 | ||||||
SYNNEX | 1,634 | 207,763 | ||||||
Synopsys * | 885 | 195,851 | ||||||
Teradyne | 4,175 | 354,750 | ||||||
Texas Instruments | 710 | 100,927 | ||||||
Tyler Technologies * | 69 | 23,826 | ||||||
Ubiquiti | 676 | 122,863 | ||||||
Universal Display | 220 | 38,610 | ||||||
VeriSign * | 386 | 82,913 | ||||||
Visa, Cl A | 1,522 | 322,649 | ||||||
Western Union | 2,046 | 48,265 | ||||||
Zebra Technologies, Cl A * | 469 | 134,383 | ||||||
Zendesk * | 600 | 57,828 | ||||||
Zscaler * | 321 | 46,012 | ||||||
24,705,523 | ||||||||
MATERIALS — 0.6% | ||||||||
Air Products & Chemicals | 1,552 | 453,588 | ||||||
Albemarle | 583 | 53,059 | ||||||
AptarGroup | 500 | 59,195 | ||||||
Ardagh Group, Cl A | 1,529 | 23,271 | ||||||
Avery Dennison | 189 | 21,809 | ||||||
Ball | 1,222 | 98,212 | ||||||
Cabot | 575 | 21,281 | ||||||
Celanese, Cl A | 363 | 36,717 | ||||||
Chemours | 7,409 | 153,070 | ||||||
Crown Holdings * | 2,749 | 211,261 | ||||||
Eagle Materials | 274 | 22,405 | ||||||
Eastman Chemical | 1,712 | 125,164 | ||||||
Ecolab | 581 | 114,503 | ||||||
Element Solutions * | 2,957 | 31,788 | ||||||
FMC | 1,191 | 127,270 |
The accompanying notes are an integral part of the financial statements.
77
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
COMMON STOCK — continued | ||||||||
Shares | Value | |||||||
MATERIALS — continued | ||||||||
Graphic Packaging Holding | 1,525 | $ | 21,319 | |||||
Martin Marietta Materials | 103 | 20,896 | ||||||
NewMarket | 88 | 32,779 | ||||||
Newmont | 2,509 | 168,806 | ||||||
Packaging Corp of America | 1,010 | 102,252 | ||||||
PPG Industries | 409 | 49,244 | ||||||
Reliance Steel & Aluminum | 1,453 | 152,376 | ||||||
Royal Gold | 575 | 78,384 | ||||||
RPM International | 1,488 | 126,138 | ||||||
Scotts Miracle-Grow | 1,905 | 321,050 | ||||||
Sherwin-Williams | 438 | 293,920 | ||||||
Silgan Holdings | 925 | 35,206 | ||||||
Sonoco Products | 490 | 25,985 | ||||||
Valvoline | 7,678 | 156,631 | ||||||
3,137,579 | ||||||||
REAL ESTATE — 0.1% | ||||||||
CBRE Group, Cl A * | 2,325 | 109,345 | ||||||
Equity Commonwealth ‡ | 734 | 23,040 | ||||||
Life Storage ‡ | 231 | 24,354 | ||||||
Medical Properties Trust ‡ | 3,794 | 70,493 | ||||||
Sun Communities ‡ | 454 | 67,682 | ||||||
Taubman Centers ‡ | 984 | 37,687 | ||||||
332,601 | ||||||||
UTILITIES — 0.1% | ||||||||
American Water Works | 155 | 21,908 | ||||||
CMS Energy | 804 | 48,634 | ||||||
NextEra Energy | 1,037 | 289,499 | ||||||
Xcel Energy | 516 | 35,849 | ||||||
395,890 | ||||||||
77,969,450 | ||||||||
Total Common Stock | ||||||||
(Cost $113,518,576) | 144,894,801 |
PREFERRED STOCK — 0.0% | ||||||||
BRAZIL — 0.0% | ||||||||
Lojas Americanas (1) | 6,400 | 37,733 | ||||||
(Cost $22,018) | 37,733 |
The accompanying notes are an integral part of the financial statements.
78
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
SHORT-TERM INVESTMENT — 1.9% | ||||||||
Shares | Value | |||||||
DWS Government Money Market Series, Institutional Shares, 0.060% (A) | 10,300,387 | $ | 10,300,387 | |||||
Total Short-Term Investment (Cost $10,300,387) | 10,300,387 | |||||||
Total Investments — 99.9% | ||||||||
(Cost $472,455,664) | $ | 542,714,372 |
A list of the open futures contracts held by the Fund at August 31, 2020, is as follows:
Type of | Number of | Expiration | Notional | Value | Unrealized | |||||||||
MSCI EAFE Index | 3 | Sep-2020 | $ | 286,794 | $ | 285,015 | $ | (1,779 | ) | |||||
MSCI Emerging Markets | 4 | Sep-2020 | 219,127 | 220,080 | 953 | |||||||||
S&P 500 Index E-MINI | 7 | Sep-2020 | 1,180,576 | 1,224,615 | 44,039 | |||||||||
S&P TSX 60 Index | 7 | Sep-2020 | 1,003,627 | 1,061,525 | 57,898 | |||||||||
SGX Nifty 50 | 106 | Sep-2020 | 2,436,606 | 2,409,486 | (27,120 | ) | ||||||||
$ | 5,126,730 | $ | 5,200,721 | $ | 73,991 |
A list of open total return swap agreements held by the Fund at August 31, 2020, is as follows:
Counterparty | Reference | Fund Pays | Fund | Payment | Termination | Currency | Notional | Value | Net | |||||||||
ReFlow | SPGEX NAV | SOFR +35 BPS | SPGEX | Annually | 02/22/2021 | USD | 4,373,212 | $ | 39,914 | $ | 39,914 |
Percentages are based on Net Assets of $543,288,257.
* | 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, 2020. |
ADR — American Depositary Receipt
BPS — Basis Points
Cl — Class
EAFE — Europe, Australasia and Far East
ETF — Exchange-Traded Fund
MIN — Minimum
MSCI — Morgan Stanley Capital International
NVDR— Non-Voting Depository Receipt
The accompanying notes are an integral part of the financial statements.
79
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
S&P— Standard & Poor’s
SGX — Singapore Exchange
SOFR — Secured Overnight Financing Rate
SPGEX — Symmetry Panoramic Global Equity Fund
TSX — Toronto Stock Exchange
USD — United States Dollar
VOL — Volatility
The following table summarizes the inputs used as of August 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Registered Investment Companies | $ | 387,481,451 | $ | — | $ | — | $ | 387,481,451 | ||||||||
Common Stock | ||||||||||||||||
Australia | — | 1,814,436 | — | 1,814,436 | ||||||||||||
Austria | — | 97,946 | — | 97,946 | ||||||||||||
Belgium | — | 22,630 | — | 22,630 | ||||||||||||
Brazil | 396,878 | — | — | 396,878 | ||||||||||||
Canada | 2,790,584 | — | — | 2,790,584 | ||||||||||||
China | — | 2,459,019 | — | 2,459,019 | ||||||||||||
Denmark | — | 1,404,648 | — | 1,404,648 | ||||||||||||
Finland | — | 808,019 | — | 808,019 | ||||||||||||
France | — | 2,556,746 | — | 2,556,746 | ||||||||||||
Germany | — | 2,324,674 | — | 2,324,674 | ||||||||||||
Hong Kong | — | 10,333,836 | — | 10,333,836 | ||||||||||||
Hungary | — | 140,949 | — | 140,949 | ||||||||||||
Indonesia | — | 136,423 | — | 136,423 | ||||||||||||
Ireland | 44,209 | — | — | 44,209 | ||||||||||||
Italy | — | 762,011 | — | 762,011 | ||||||||||||
Japan | — | 15,303,939 | — | 15,303,939 | ||||||||||||
Malaysia | — | 592,802 | — | 592,802 | ||||||||||||
Mexico | 327,103 | — | — | 327,103 | ||||||||||||
Netherlands | — | 1,563,175 | — | 1,563,175 | ||||||||||||
Norway | — | 156,109 | — | 156,109 | ||||||||||||
Peru | 132,323 | — | — | 132,323 | ||||||||||||
Philippines | — | 217,125 | — | 217,125 | ||||||||||||
Poland | — | 158,835 | — | 158,835 | ||||||||||||
Portugal | — | 79,446 | — | 79,446 | ||||||||||||
Singapore | — | 270,960 | — | 270,960 | ||||||||||||
South Africa | 182,454 | 550,708 | — | 733,162 | ||||||||||||
South Korea | — | 3,639,426 | — | 3,639,426 | ||||||||||||
Spain | — | 602,128 | — | 602,128 | ||||||||||||
Sweden | — | 2,015,244 | — | 2,015,244 | ||||||||||||
Switzerland | — | 4,722,743 | — | 4,722,743 |
The accompanying notes are an integral part of the financial statements.
80
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
AUGUST 31, 2020
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Taiwan | $ | 1,982,280 | $ | 4,771,716 | $ | — | $ | 6,753,996 | ||||||||
Thailand | — | 34,070 | — | 34,070 | ||||||||||||
Turkey | — | 370,551 | — | 370,551 | ||||||||||||
United Kingdom | — | 3,159,206 | — | 3,159,206 | ||||||||||||
United States | 77,969,450 | — | — | 77,969,450 | ||||||||||||
Total Common Stock | 83,825,281 | 61,069,520 | — | 144,894,801 | ||||||||||||
Preferred Stock | ||||||||||||||||
Brazil | 37,733 | — | — | 37,733 | ||||||||||||
Short-Term Investment | 10,300,387 | — | — | 10,300,387 | ||||||||||||
Total Investments in Securities | $ | 481,644,852 | $ | 61,069,520 | $ | — | $ | 542,714,372 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts^ | ||||||||||||||||
Unrealized Appreciation | $ | 102,890 | $ | — | $ | — | $ | 102,890 | ||||||||
Unrealized Depreciation | (28,899 | ) | — | — | (28,899 | ) | ||||||||||
Total Return Swap^ | ||||||||||||||||
Unrealized Appreciation | — | 39,914 | — | 39,914 | ||||||||||||
Total Other Financial Instruments | $ | 73,991 | $ | 39,914 | $ | — | $ | 113,905 |
^ | Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Amounts designated as “—” are $0.
For the year ended August 31, 2020, there were no transfer in or out of Level 3 securities.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
81
SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
AUGUST 31, 2020
SECTOR WEIGHTINGS† (Unaudited) |
†Percentages are based on total investments.
SCHEDULE OF INVESTMENTS | ||||||||
REGISTERED INVESTMENT COMPANIES — 98.1% | ||||||||
Shares | Value | |||||||
EQUITY FUNDS — 98.1% | ||||||||
AQR TM Emerging Multi-Style Fund, Cl R6 | 428,149 | $ | 4,551,221 | |||||
AQR TM International Multi-Style Fund, Cl R6 | 729,952 | 7,671,800 | ||||||
AQR TM Large Capital Multi-Style Fund, Cl R6 | 741,028 | 11,026,497 | ||||||
Avantis Emerging Markets Equity ETF | 34,062 | 1,787,914 | ||||||
Avantis International Equity ETF | 12,214 | 614,853 | ||||||
Avantis International Small Capital Value ETF | 15,843 | 764,583 | ||||||
DFA Emerging Markets Portfolio, Cl I | 125,218 | 3,462,272 | ||||||
DFA Emerging Markets Small Capital Portfolio, Cl I | 77,525 | 1,545,855 | ||||||
DFA Emerging Markets Targeted Value Portfolio, Cl I | 33,303 | 324,705 | ||||||
DFA International High Relative Profitability Portfolio, Cl I | 180,171 | 2,014,316 | ||||||
DFA International Small Capital Growth Portfolio, Cl I | 20,547 | 313,135 | ||||||
DFA International Small Capital Value Portfolio, Cl I | 112,789 | 1,879,057 | ||||||
DFA Large Capital International Portfolio, Cl I | 164,747 | 3,673,864 | ||||||
DFA Real Estate Securities Portfolio, Cl I | 98,175 | 3,583,378 | ||||||
DFA TA US Core Equity 2 Portfolio, Cl I | 225,676 | 4,594,769 | ||||||
DFA Tax-Managed International Value Portfolio, Cl I | 156,030 | 1,964,416 | ||||||
DFA Tax-Managed US Equity Portfolio, Cl I | 171,624 | 6,490,802 | ||||||
DFA Tax-Managed US Marketwide Value Portfolio, Cl I | 153,815 | 4,336,057 | ||||||
DFA Tax-Managed US Small Capital Portfolio, Cl I | 46,059 | 1,794,461 | ||||||
DFA Tax-Managed US Targeted Value Portfolio, Cl I | 170,824 | 4,890,683 |
The accompanying notes are an integral part of the financial statements.
82
SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
AUGUST 31, 2020
REGISTERED INVESTMENT COMPANIES — continued | ||||||||
Shares | Value | |||||||
EQUITY FUNDS — continued | ||||||||
DFA US High Relative Profitability Portfolio, Cl I | 285,964 | $ | 4,503,939 | |||||
iShares Edge MSCI Min Vol Global ETF | 92,346 | 8,593,719 | ||||||
Schwab International Small-Capital Equity ETF | 14,523 | 478,823 | ||||||
Vanguard Small-Capital Value ETF | 7,425 | 857,959 | ||||||
Vanguard U.S. Value Factor ETF | 11,776 | 757,432 | ||||||
Vanguard US Quality Factor ETF | 4,573 | 395,129 | ||||||
Total Registered Investment Companies | ||||||||
(Cost $73,804,383) | 82,871,639 |
SHORT-TERM INVESTMENT — 1.7% | ||||||||
DWS Government Money Market Series, Institutional Shares 0.060% (A) | ||||||||
(Cost $1,447,906) | 1,447,906 | 1,447,906 | ||||||
Total Investments — 99.8% | ||||||||
(Cost $75,252,289) | $ | 84,319,545 |
A list of open total return swap agreements held by the Fund at August 31, 2020, is as follows:
Counterparty | Reference | Fund Pays | Fund | Payment | Termination | Currency | Notional | Value | Net | |||||||||
ReFlow | SPGTX NAV | SOFR +35 BPS | SPGTX | Annually | 02/22/2021 | USD | 1,535,906 | $ | 102,809 | $ | 102,809 |
Percentages are based on Net Assets of $84,457,773.
(A) | The rate reported is the 7-day effective yield as of August 31, 2020. |
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 accompanying notes are an integral part of the financial statements.
83
SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
AUGUST 31, 2020
The following table summarizes the inputs used as of August 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Registered Investment Companies | $ | 82,871,639 | $ | — | $ | — | $ | 82,871,639 | ||||||||
Short-Term Investment | 1,447,906 | — | — | 1,447,906 | ||||||||||||
Total Investments in Securities | $ | 84,319,545 | $ | — | $ | — | $ | 84,319,545 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Total Return Swap^ | ||||||||||||||||
Unrealized Appreciation | $ | — | $ | 102,809 | $ | — | $ | 102,809 | ||||||||
Total Other Financial Instruments | $ | — | $ | 102,809 | $ | — | $ | 102,809 |
^ | Swap contracts are valued at the unrealized appreciation on the instrument. |
Amounts designated as “—” are $0.
For the year ended August 31, 2020, there were no transfers in or out of Level 3 securities.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
84
SYMMETRY PANORAMIC US FIXED INCOME FUND
AUGUST 31, 2020
SECTOR WEIGHTINGS† (Unaudited) |
†Percentages are based on total investments.
SCHEDULE OF INVESTMENTS | ||||||||
REGISTERED INVESTMENT COMPANIES — 99.3% | ||||||||
Shares | Value | |||||||
FIXED INCOME FUNDS — 99.3% | ||||||||
iShares Core 1-5 Year USD Bond ETF, Cl 5 | 649,488 | $ | 33,572,035 | |||||
Vanguard Short-Term Bond Index Fund, Cl Admiral Shares (A) | 9,616,243 | 104,720,890 | ||||||
Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A) | 10,082,663 | 117,261,370 | ||||||
Total Registered Investment Companies | ||||||||
(Cost $237,844,620) | 255,554,295 |
SHORT-TERM INVESTMENT — 0.8% | ||||||||
DWS Government Money Market Series, Institutional Shares, 0.060% (B) | ||||||||
(Cost $2,045,436) | 2,045,436 | 2,045,436 | ||||||
Total Investments — 100.1% | ||||||||
(Cost $239,890,056) | $ | 257,599,731 |
Percentages are based on Net Assets of $257,445,939.
(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, 2020. |
Cl — Class
ETF — Exchange-Traded Fund
USD — U.S. Dollar
As of August 31, 2020, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.
For the year ended August 31, 2020, there were no transfers in or out of Level 3 securities.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
85
SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
AUGUST 31, 2020
SECTOR WEIGHTINGS† (Unaudited) |
†Percentages are based on total investments.
SCHEDULE OF INVESTMENTS | ||||||||
REGISTERED INVESTMENT COMPANIES — 97.6% | ||||||||
Shares | Value | |||||||
MUNICIPAL BOND FUNDS — 97.6% | ||||||||
DFA Intermediate-Term Municipal Bond Portfolio, Cl I (A) | 633,679 | $ | 6,729,673 | |||||
DFA Short-Term Municipal Bond Portfolio, Cl I (A) | 1,513,223 | 15,434,874 | ||||||
iShares National Muni Bond ETF | 11,797 | 1,368,216 | ||||||
iShares Short-Term National Muni Bond ETF | 24,688 | 2,668,032 | ||||||
Total Registered Investment Companies | ||||||||
(Cost $25,940,915) | 26,200,795 |
SHORT-TERM INVESTMENT — 1.1% | ||||||||
DWS Government Money Market Series, Institutional Shares, 0.060% (B) | ||||||||
(Cost $290,896) | 290,896 | 290,896 | ||||||
Total Investments — 98.7% | ||||||||
(Cost $26,231,811) | $ | 26,491,691 |
Percentages are based on Net Assets of $26,837,324.
(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, 2020. |
Cl — Class
ETF — Exchange-Traded Fund
As of August 31, 2020, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.
For the year ended August 31, 2020, there were no transfers in or out of Level 3 securities.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
86
SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
AUGUST 31, 2020
SECTOR WEIGHTINGS† (Unaudited) |
†Percentages are based on total investments.
SCHEDULE OF INVESTMENTS | ||||||||
REGISTERED INVESTMENT COMPANIES — 99.0% | ||||||||
Shares | Value | |||||||
FIXED INCOME FUNDS — 99.0% | ||||||||
DFA Five-Year Global Fixed Income Portfolio, Cl I | 2,557,663 | $ | 27,801,798 | |||||
Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A) | 16,864,626 | 196,135,599 | ||||||
Vanguard Total International Bond Index Fund, Cl Admiral Shares (A) | 5,044,806 | 174,651,200 | ||||||
Total Registered Investment Companies | ||||||||
(Cost $370,797,375) | 398,588,597 |
SHORT-TERM INVESTMENT — 1.0% | ||||||||
DWS Government Money Market Series, Institutional Shares, 0.060% (B) | ||||||||
(Cost $3,861,776) | 3,861,776 | 3,861,776 | ||||||
Total Investments — 100.0% | ||||||||
(Cost $374,659,151) | $ | 402,450,373 |
Percentages are based on Net Assets of $402,556,526.
(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, 2020. |
Cl — Class
As of August 31, 2020, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.
For the year ended August 31, 2020, there were no transfers in or out of Level 3 securities.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
87
SYMMETRY PANORAMIC ALTERNATIVES FUND
AUGUST 31, 2020
SECTOR WEIGHTINGS† (Unaudited) |
†Percentages are based on total investments.
SCHEDULE OF INVESTMENTS | ||||||||
REGISTERED INVESTMENT COMPANIES — 100.3% | ||||||||
Shares | Value | |||||||
EQUITY FUNDS — 100.3% | ||||||||
AQR Alternative Risk Premia Fund, Cl R6 | 30,657 | $ | 233,603 | |||||
AQR Diversified Arbitrage Fund, Cl R6 (A) | 47,037 | 468,961 | ||||||
AQR Managed Futures Strategy Fund, Cl R6 | 27,655 | 229,534 | ||||||
Total Registered Investment Companies | ||||||||
(Cost $930,821) | 932,098 |
SHORT-TERM INVESTMENT — 1.0% | ||||||||
DWS Government Money Market Series, Institutional Shares, 0.060% (B) | ||||||||
(Cost $9,530) | 9,530 | 9,530 | ||||||
Total Investments — 101.3% | ||||||||
(Cost $940,351) | $ | 941,628 |
Percentages are based on Net Assets of $929,283.
(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, 2020. |
Cl — Class
As of August 31, 2020, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.
For the year ended August 31, 2020, there were no transfers in or out of Level 3 securities.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
88
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Statements of Assets and Liabilities | ||||||||||||||||
US Equity | International | Global Equity | Tax-Managed | |||||||||||||
Assets: | ||||||||||||||||
Investments, at Value † | $ | 556,242,265 | $ | 290,454,588 | $ | 542,714,372 | $ | 84,319,545 | ||||||||
Deposit of Foreign Currency at Broker, at Value †† | — | 642,674 | 495,681 | — | ||||||||||||
Foreign Currency, at Value ††† | — | 248,666 | 366,193 | — | ||||||||||||
Receivable for Capital Shares Sold | 412,024 | 228,228 | 405,202 | 108,244 | ||||||||||||
Dividends and Interest Receivable | 155,023 | 192,475 | 238,576 | — | ||||||||||||
Unrealized Appreciation on Swap Contracts | 139,605 | — | 39,914 | 102,809 | ||||||||||||
Cash Collateral on Swap Contract Received from Counterparty | 120,000 | — | 200,000 | 88,000 | ||||||||||||
Cash Collateral on Futures Contracts | 100,111 | 113,073 | 99,085 | — | ||||||||||||
Unrealized Appreciation on Futures Contracts | 94,368 | 80,942 | 102,890 | — | ||||||||||||
Reclaim Receivable | 91 | 127,756 | 100,271 | — | ||||||||||||
Receivable for Investment Securities Sold | — | — | 2,605 | — | ||||||||||||
Prepaid Expenses | 14,933 | 8,694 | 14,309 | 3,684 | ||||||||||||
Total Assets | 557,278,420 | 292,097,096 | 544,779,098 | 84,622,282 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable for Capital Shares Redeemed | 810,791 | 389,389 | 847,941 | 16,124 | ||||||||||||
Payable Due to Adviser | 138,628 | 61,389 | 101,944 | 7,932 | ||||||||||||
Shareholder Servicing Fees Payable | 88,450 | 52,779 | 97,721 | 10,378 | ||||||||||||
Payable Due to Administrator | 17,261 | 9,144 | 16,976 | 2,556 | ||||||||||||
Audit Fees Payable | 14,719 | 14,719 | 14,719 | 14,719 | ||||||||||||
Trustees Fees Payable | 6,094 | 6,094 | 6,094 | 6,094 | ||||||||||||
Transfer Agent Fees Payable | 4,709 | 4,408 | 4,456 | 4,155 | ||||||||||||
Chief Compliance Officer Fees Payable | 3,618 | 1,926 | 3,570 | 524 | ||||||||||||
Payable for Investment Securities Purchased | — | — | 2,619 | — | ||||||||||||
Unrealized Depreciation on Swap Contracts | — | 2,976 | — | — | ||||||||||||
Due to Broker for Futures | — | 436,368 | 277,851 | — | ||||||||||||
Unrealized Depreciation on Spot Currency Contracts | — | 14 | — | — | ||||||||||||
Obligation to return cash collateral on Swap Contract received from Counterparty | — | — | — | 88,000 | ||||||||||||
Unrealized Depreciation on Futures Contracts | — | 37,622 | 28,899 | — | ||||||||||||
Other Accrued Expenses | 32,929 | 79,530 | 88,051 | 14,027 | ||||||||||||
Total Liabilities | 1,117,199 | 1,096,358 | 1,490,841 | 164,509 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
89
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
STATEMENTS OF ASSETS AND LIABILITIES - continued | ||||||||||||||||
US Equity | International | Global Equity | Tax-Managed | |||||||||||||
Net Assets | $ | 556,161,221 | $ | 291,000,738 | $ | 543,288,257 | $ | 84,457,773 | ||||||||
† Cost of Investments | $ | 475,163,153 | $ | 260,695,459 | $ | 472,455,664 | $ | 75,252,289 | ||||||||
†† Cost of Foreign Currency, at Broker | — | 684,603 | 527,890 | — | ||||||||||||
††† Cost of Foreign Currency | — | 241,845 | 360,121 | — | ||||||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in Capital | $ | 484,952,248 | $ | 280,021,182 | $ | 491,940,872 | $ | 77,473,719 | ||||||||
Total Distributable Earnings | 71,208,973 | 10,979,556 | 51,347,385 | 6,984,054 | ||||||||||||
Net Assets | $ | 556,161,221 | $ | 291,000,738 | $ | 543,288,257 | $ | 84,457,773 | ||||||||
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 50,247,215 | 28,176,733 | 50,323,205 | 7,643,652 | ||||||||||||
Class I Shares Net Asset Value, Offering and Redemption Price Per Share | $ | 11.07 | $ | 10.33 | $ | 10.80 | $ | 11.05 |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
90
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
STATEMENTS OF ASSETS AND LIABILITIES | ||||||||||||||||
US Fixed | Municipal | Global Fixed | Alternatives | |||||||||||||
Assets: | ||||||||||||||||
Investments, at Value † | $ | 257,599,731 | $ | 26,491,691 | $ | 402,450,373 | $ | 941,628 | ||||||||
Dividends and Interest Receivable | 359,135 | 11,610 | 493,742 | — | ||||||||||||
Receivable for Capital Shares Sold | 85,869 | 106,311 | 305,364 | — | ||||||||||||
Receivable for Investment Securities Sold | — | 267,428 | — | 19,530 | ||||||||||||
Prepaid Expenses | 10,844 | 2,899 | 11,522 | 2,177 | ||||||||||||
Total Assets | 258,055,579 | 26,879,939 | 403,261,001 | 963,335 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable for Capital Shares Redeemed | 467,591 | 468 | 495,448 | — | ||||||||||||
Shareholder Servicing Fees Payable | 42,807 | 3,641 | 69,436 | 355 | ||||||||||||
Payable Due to Adviser | 41,108 | 4,376 | 72,293 | 235 | ||||||||||||
Audit Fees Payable | 14,719 | 14,719 | 14,719 | 14,719 | ||||||||||||
Payable Due to Administrator | 8,134 | 828 | 12,803 | 29 | ||||||||||||
Trustees Fees Payable | 6,094 | 6,094 | 6,094 | 6,094 | ||||||||||||
Transfer Agent Fees Payable | 4,051 | 3,969 | 4,197 | 3,685 | ||||||||||||
Income Distributions Payable | 1,987 | 37 | 883 | — | ||||||||||||
Chief Compliance Officer Fees Payable | 1,753 | 174 | 2,763 | 6 | ||||||||||||
Other Accrued Expenses | 21,396 | 8,309 | 25,839 | 8,929 | ||||||||||||
Total Liabilities | 609,640 | 42,615 | 704,475 | 34,052 | ||||||||||||
Net Assets | $ | 257,445,939 | $ | 26,837,324 | $ | 402,556,526 | $ | 929,283 | ||||||||
† Cost of Investments | $ | 239,890,056 | $ | 26,231,811 | $ | 374,659,151 | $ | 940,351 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in Capital | $ | 239,575,894 | $ | 26,580,364 | $ | 374,295,824 | $ | 966,185 | ||||||||
Total Distributable Earnings (Loss) | 17,870,045 | 256,960 | 28,260,702 | (36,902 | ) | |||||||||||
Net Assets | $ | 257,445,939 | $ | 26,837,324 | $ | 402,556,526 | $ | 929,283 | ||||||||
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 23,562,533 | 2,605,475 | 37,014,280 | 98,738 | ||||||||||||
Class I Shares Net Asset Value, Offering and Redemption Price Per Share | $ | 10.93 | $ | 10.30 | $ | 10.88 | $ | 9.41 |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
91
SYMMETRY PANORAMIC TRUST
YEAR ENDED AUGUST 31, 2020
Statements of Operations | ||||||||||||||||
US Equity | International | Global Equity | Tax-Managed | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $ | 8,449,418 | $ | 9,054,838 | $ | 11,719,137 | $ | 888,650 | ||||||||
Less: Foreign Taxes Withheld | (621 | ) | (303,072 | ) | (233,437 | ) | — | |||||||||
Total Investment Income | 8,448,797 | 8,751,766 | 11,485,700 | 888,650 | ||||||||||||
Expenses: | ||||||||||||||||
Investment Advisory Fees | 2,851,201 | 1,937,503 | 3,263,361 | 343,165 | ||||||||||||
Shareholder Servicing Fees | 601,123 | 320,189 | 600,923 | 56,604 | ||||||||||||
Administration Fees | 191,487 | 102,250 | 191,347 | 19,506 | ||||||||||||
Chief Compliance Officer Fees | 19,523 | 10,406 | 18,899 | 4,538 | ||||||||||||
Trustees’ Fees | 19,434 | 19,434 | 19,434 | 19,434 | ||||||||||||
Legal Fees | 95,359 | 50,935 | 95,425 | 9,282 | ||||||||||||
Custodian Fees | 56,924 | 145,228 | 181,417 | 4,449 | ||||||||||||
Registration Fees | 48,590 | 37,919 | 47,778 | 31,071 | ||||||||||||
Printing Fees | 23,703 | 18,454 | 25,546 | 3,281 | ||||||||||||
Transfer Agent Fees | 19,558 | 16,525 | 19,424 | 13,413 | ||||||||||||
Offering Costs | 16,994 | 9,466 | 17,618 | 227 | ||||||||||||
Audit Fees | 11,688 | 14,188 | 14,188 | 11,688 | ||||||||||||
Insurance and Other Expenses | 5,452 | 79,075 | 82,320 | 4,197 | ||||||||||||
Total Expenses | 3,961,036 | 2,761,572 | 4,577,680 | 520,855 | ||||||||||||
Less: | ||||||||||||||||
Waiver of Investment Advisory Fees | (1,223,567 | ) | (863,716 | ) | (1,471,929 | ) | (205,898 | ) | ||||||||
Reimbursement by Investment Adviser | (249,142 | ) | (98,744 | ) | (412,180 | ) | (93,220 | ) | ||||||||
Net Expenses | 2,488,327 | 1,799,112 | 2,693,571 | 221,737 | ||||||||||||
Net Investment Income | 5,960,470 | 6,952,654 | 8,792,129 | 666,913 |
The accompanying notes are an integral part of the financial statements.
92
SYMMETRY PANORAMIC TRUST
YEAR ENDED AUGUST 31, 2020
STATEMENTS OF OPERATIONS - continued | ||||||||||||||||
US Equity | International | Global Equity | Tax-Managed | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||
Net Realized Loss on Investments Sold | $ | (18,285,424 | ) | $ | (18,916,421 | ) | $ | (24,269,179 | ) | $ | (2,712,659 | ) | ||||
Net Realized Gain on Futures Contracts | 442,005 | 134,577 | 240,995 | — | ||||||||||||
Net Realized Loss on Foreign Currency Transactions | — | (46,635 | ) | (37,592 | ) | — | ||||||||||
Net Realized Gain Received on Distributions from Registered Investment Companies | 5,865,873 | — | 3,305,254 | 279,108 | ||||||||||||
Net Realized Gain on Swap Contracts | 799,659 | 222,389 | 727,491 | 48,406 | ||||||||||||
Net Change in Unrealized Appreciation on Investments | 48,611,397 | 26,090,380 | 47,800,538 | 8,529,450 | ||||||||||||
Net Change in Unrealized Appreciation on Futures Contracts | 53,559 | 87,045 | 60,004 | — | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Swap Contracts | (17,874 | ) | 171,588 | 88,127 | 113,657 | |||||||||||
Net Change in Unrealized Appreciation on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | — | 56,575 | 122,657 | — | ||||||||||||
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 | 37,469,195 | 7,799,498 | 28,038,295 | 6,257,962 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 43,429,665 | $ | 14,752,152 | $ | 36,830,424 | $ | 6,924,875 |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
93
SYMMETRY PANORAMIC TRUST
YEAR ENDED AUGUST 31, 2020
STATEMENTS OF OPERATIONS | ||||||||||||||||
US Fixed | Municipal | Global Fixed | Alternatives | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $ | 5,315,182 | $ | 222,749 | $ | 10,579,294 | $ | 19,824 | ||||||||
Total Investment Income | 5,315,182 | 222,749 | 10,579,294 | 19,824 | ||||||||||||
Expenses: | ||||||||||||||||
Investment Advisory Fees | 1,064,896 | 85,299 | 2,042,988 | 11,814 | ||||||||||||
Shareholder Servicing Fees | 270,027 | 19,765 | 458,001 | 2,846 | ||||||||||||
Administration Fees | 87,539 | 6,710 | 145,329 | 339 | ||||||||||||
Trustees’ Fees | 19,434 | 19,434 | 19,434 | 19,434 | ||||||||||||
Chief Compliance Officer Fees | 12,335 | 1,583 | 17,720 | 33 | ||||||||||||
Legal Fees | 43,893 | 3,250 | 73,159 | 170 | ||||||||||||
Registration Fees | 40,959 | 23,625 | 44,629 | 19,966 | ||||||||||||
Custodian Fees | 17,262 | 1,869 | 28,012 | 404 | ||||||||||||
Transfer Agent Fees | 16,340 | 13,139 | 18,171 | 12,558 | ||||||||||||
Printing Fees | 14,936 | 1,747 | 19,289 | 593 | ||||||||||||
Audit Fees | 11,688 | 11,688 | 11,688 | 11,688 | ||||||||||||
Offering Costs | 6,646 | 59 | 11,547 | 5 | ||||||||||||
Insurance and Other Expenses | 3,608 | 3,421 | 2,971 | 6,697 | ||||||||||||
Total Expenses | 1,609,563 | 191,589 | 2,892,938 | 86,547 | ||||||||||||
Less: | ||||||||||||||||
Waiver of Investment Advisory Fees | (473,289 | ) | (39,927 | ) | (1,060,776 | ) | (9,067 | ) | ||||||||
Reimbursement by Investment Adviser | (166,041 | ) | (77,251 | ) | (142,780 | ) | (72,901 | ) | ||||||||
Net Expenses | 970,233 | 74,411 | 1,689,382 | 4,579 | ||||||||||||
Net Investment Income | 4,344,949 | 148,338 | 8,889,912 | 15,245 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||
Net Realized Gain (Loss) on Investments Sold | 173,023 | (3,134 | ) | 682,825 | (34,625 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 7,668,486 | 178,662 | 3,291,323 | (20,215 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 7,841,509 | 175,528 | 3,974,148 | (54,840 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 12,186,458 | $ | 323,866 | $ | 12,864,060 | $ | (39,595 | ) |
The accompanying notes are an integral part of the financial statements.
94
SYMMETRY PANORAMIC TRUST
Statements of Changes in Net Assets | ||||||||
US Equity Fund | ||||||||
Year Ended | Period Ended | |||||||
Operations: | ||||||||
Net Investment Income | $ | 5,960,470 | $ | 4,696,228 | ||||
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | (11,177,887 | ) | 2,644,925 | |||||
Net Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | 48,647,082 | 32,653,368 | ||||||
Net Increase in Net Assets Resulting from Operations | 43,429,665 | 39,994,521 | ||||||
Distributions | (10,539,740 | ) | (1,675,473 | ) | ||||
Capital Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 168,210,708 | 567,425,503 | ||||||
Reinvestment of Distributions | 10,534,370 | 1,675,473 | ||||||
Redeemed | (162,240,235 | ) | (100,653,571 | ) | ||||
Net Class I Share Transactions | 16,504,843 | 468,447,405 | ||||||
Net Increase in Net Assets from Share Transactions | 16,504,843 | 468,447,405 | ||||||
Total Increase in Net Assets | 49,394,768 | 506,766,453 | ||||||
Net Assets: | ||||||||
Beginning of Year/Period | 506,766,453 | — | ||||||
End of Year/Period | $ | 556,161,221 | $ | 506,766,453 | ||||
Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 17,153,658 | 57,531,373 | ||||||
Reinvestment of Distributions | 929,777 | 184,118 | ||||||
Redeemed | (15,732,443 | ) | (9,819,268 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 2,350,992 | 47,896,223 |
* | The Fund commenced operations on November 12, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
95
SYMMETRY PANORAMIC TRUST
Statements of Changes in Net Assets | ||||||||
International Equity Fund | ||||||||
Year Ended | Period Ended | |||||||
Operations: | ||||||||
Net Investment Income | $ | 6,952,654 | $ | 5,237,469 | ||||
Net Realized Loss on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | (18,606,090 | ) | (1,862,476 | ) | ||||
Net Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | 26,405,588 | 3,390,715 | ||||||
Net Increase in Net Assets Resulting from Operations | 14,752,152 | 6,765,708 | ||||||
Distributions | (8,354,916 | ) | (2,183,388 | ) | ||||
Capital Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 89,646,203 | 308,823,565 | ||||||
Reinvestment of Distributions | 8,351,570 | 2,183,388 | ||||||
Redeemed | (78,293,778 | ) | (50,689,766 | ) | ||||
Net Class I Share Transactions | 19,703,995 | 260,317,187 | ||||||
Net Increase in Net Assets from Share Transactions | 19,703,995 | 260,317,187 | ||||||
Total Increase in Net Assets | 26,101,231 | 264,899,507 | ||||||
Net Assets: | ||||||||
Beginning of Year/Period | 264,899,507 | — | ||||||
End of Year/Period | $ | 291,000,738 | $ | 264,899,507 | ||||
Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 9,372,629 | 30,665,775 | ||||||
Reinvestment of Distributions | 758,544 | 226,024 | ||||||
Redeemed | (7,944,913 | ) | (4,901,326 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 2,186,260 | 25,990,473 |
* | The Fund commenced operations on November 12, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
96
SYMMETRY PANORAMIC TRUST
STATEMENTS OF CHANGES IN NET ASSETS | ||||||||
Global Equity Fund | ||||||||
Year Ended | Period Ended | |||||||
Operations: | ||||||||
Net Investment Income | $ | 8,792,129 | $ | 6,963,178 | ||||
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | (20,033,031 | ) | 207,454 | |||||
Net Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | 48,071,326 | 22,377,176 | ||||||
Net Increase in Net Assets Resulting from Operations | 36,830,424 | 29,547,808 | ||||||
Distributions | (12,370,350 | ) | (2,660,497 | ) | ||||
Capital Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 155,369,402 | 578,259,771 | ||||||
Reinvestment of Distributions | 12,369,739 | 2,660,497 | ||||||
Redeemed | (156,344,792 | ) | (100,373,745 | ) | ||||
Net Class I Share Transactions | 11,394,349 | 480,546,523 | ||||||
Net Increase in Net Assets from Share Transactions | 11,394,349 | 480,546,523 | ||||||
Total Increase in Net Assets | 35,854,423 | 507,433,834 | ||||||
Net Assets: | ||||||||
Beginning of Year/Period | 507,433,834 | — | ||||||
End of Year/Period | $ | 543,288,257 | $ | 507,433,834 | ||||
Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 15,971,827 | 58,111,094 | ||||||
Reinvestment of Distributions | 1,101,690 | 285,155 | ||||||
Redeemed | (15,389,952 | ) | (9,756,609 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 1,683,565 | 48,639,640 |
* | The Fund commenced operations on November 12, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
97
SYMMETRY PANORAMIC TRUST
STATEMENTS OF CHANGES IN NET ASSETS | ||||||||
Tax-Managed Global Equity | ||||||||
Year Ended | Period Ended | |||||||
Operations: | ||||||||
Net Investment Income | $ | 666,913 | $ | 106,628 | ||||
Net Realized Loss on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | (2,385,145 | ) | (31,975 | ) | ||||
Net Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | 8,643,107 | 526,958 | ||||||
Net Increase in Net Assets Resulting from Operations | 6,924,875 | 601,611 | ||||||
Distributions | (539,136 | ) | (3,296 | ) | ||||
Capital Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 67,358,019 | 28,640,183 | ||||||
Reinvestment of Distributions | 526,015 | 3,296 | ||||||
Redeemed | (17,046,571 | ) | (2,007,223 | ) | ||||
Net Class I Share Transactions | 50,837,463 | 26,636,256 | ||||||
Net Increase in Net Assets from Share Transactions | 50,837,463 | 26,636,256 | ||||||
Total Increase in Net Assets | 57,223,202 | 27,234,571 | ||||||
Net Assets: | ||||||||
Beginning of Year/Period | 27,234,571 | — | ||||||
End of Year/Period | $ | 84,457,773 | $ | 27,234,571 | ||||
Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 6,765,511 | 2,783,966 | ||||||
Reinvestment of Distributions | 45,740 | 353 | ||||||
Redeemed | (1,763,225 | ) | (188,693 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 5,048,026 | 2,595,626 |
* | The Fund commenced operations on November 12, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
98
SYMMETRY PANORAMIC TRUST
STATEMENTS OF CHANGES IN NET ASSETS | ||||||||
US Fixed Income Fund | ||||||||
Year Ended | Period Ended | |||||||
Operations: | ||||||||
Net Investment Income | $ | 4,344,949 | $ | 2,977,009 | ||||
Net Realized Gain on Investments | 173,023 | 146,607 | ||||||
Net Change in Unrealized Appreciation on Investments | 7,668,486 | 10,041,189 | ||||||
Net Increase in Net Assets Resulting from Operations | 12,186,458 | 13,164,805 | ||||||
Distributions | (4,504,939 | ) | (2,976,279 | ) | ||||
Capital Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 112,825,729 | 235,234,437 | ||||||
Reinvestment of Distributions | 4,483,034 | 2,976,247 | ||||||
Redeemed | (69,118,591 | ) | (46,824,962 | ) | ||||
Net Class I Share Transactions | 48,190,172 | 191,385,722 | ||||||
Net Increase in Net Assets from Share Transactions | 48,190,172 | 191,385,722 | ||||||
Total Increase in Net Assets | 55,871,691 | 201,574,248 | ||||||
Net Assets: | ||||||||
Beginning of Year/Period | 201,574,248 | — | ||||||
End of Year/Period | $ | 257,445,939 | $ | 201,574,248 | ||||
Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 10,592,719 | 23,256,893 | ||||||
Reinvestment of Distributions | 417,988 | 287,747 | ||||||
Redeemed | (6,443,195 | ) | (4,549,619 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 4,567,512 | 18,995,021 |
* | The Fund commenced operations on November 12, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
99
SYMMETRY PANORAMIC TRUST
STATEMENTS OF CHANGES IN NET ASSETS | ||||||||
Municipal Fixed Income Fund | ||||||||
Year Ended | Period Ended | |||||||
Operations: | ||||||||
Net Investment Income | $ | 148,338 | $ | 38,463 | ||||
Net Realized Loss on Investments | (3,134 | ) | (149 | ) | ||||
Net Change in Unrealized Appreciation on Investments | 178,662 | 81,218 | ||||||
Net Increase in Net Assets Resulting from Operations | 323,866 | 119,532 | ||||||
Distributions | (148,299 | ) | (38,139 | ) | ||||
Capital Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 24,211,713 | 9,841,507 | ||||||
Reinvestment of Distributions | 147,464 | 37,879 | ||||||
Redeemed | (6,339,998 | ) | (1,318,201 | ) | ||||
Net Class I Share Transactions | 18,019,179 | 8,561,185 | ||||||
Net Increase in Net Assets from Share Transactions | 18,019,179 | 8,561,185 | ||||||
Total Increase in Net Assets | 18,194,746 | 8,642,578 | ||||||
Net Assets: | ||||||||
Beginning of Year/Period | 8,642,578 | — | ||||||
End of Year/Period | $ | 26,837,324 | $ | 8,642,578 | ||||
Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 2,366,533 | 970,457 | ||||||
Reinvestment of Distributions | 14,392 | 3,723 | ||||||
Redeemed | (620,027 | ) | (129,603 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 1,760,898 | 844,577 |
* | The Fund commenced operations on November 12, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
100
SYMMETRY PANORAMIC TRUST
STATEMENTS OF CHANGES IN NET ASSETS | ||||||||
Global Fixed Income Fund | ||||||||
Year Ended | Period Ended | |||||||
Operations: | ||||||||
Net Investment Income | $ | 8,889,912 | $ | 6,779,255 | ||||
Net Realized Gain on Investments | 682,825 | 484,192 | ||||||
Net Change in Unrealized Appreciation on Investments | 3,291,323 | 24,499,899 | ||||||
Net Increase in Net Assets Resulting from Operations | 12,864,060 | 31,763,346 | ||||||
Distributions | (9,589,255 | ) | (6,777,449 | ) | ||||
Capital Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 138,929,465 | 404,450,934 | ||||||
Reinvestment of Distributions | 9,577,313 | 6,776,920 | ||||||
Redeemed | (117,811,522 | ) | (67,627,286 | ) | ||||
Net Class I Share Transactions | 30,695,256 | 343,600,568 | ||||||
Net Increase in Net Assets from Share Transactions | 30,695,256 | 343,600,568 | ||||||
Total Increase in Net Assets | 33,970,061 | 368,586,465 | ||||||
Net Assets: | ||||||||
Beginning of Year/Period | 368,586,465 | — | ||||||
End of Year/Period | $ | 402,556,526 | $ | 368,586,465 | ||||
Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 13,016,354 | 39,942,278 | ||||||
Reinvestment of Distributions | 900,014 | 662,692 | ||||||
Redeemed | (10,963,850 | ) | (6,543,208 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 2,952,518 | 34,061,762 |
* | The Fund commenced operations on November 12, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
101
SYMMETRY PANORAMIC TRUST
STATEMENTS OF CHANGES IN NET ASSETS | ||||||||
Alternatives Fund | ||||||||
Year Ended | Period Ended | |||||||
Operations: | ||||||||
Net Investment Income | $ | 15,245 | $ | 963 | ||||
Net Realized Loss on Investments | (34,625 | ) | (1,451 | ) | ||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (20,215 | ) | 21,492 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (39,595 | ) | 21,004 | |||||
Ordinary Distributions | (16,020 | ) | (2,291 | ) | ||||
Return of Capital | (911 | ) | — | |||||
Capital Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued | 36,613 | 849,369 | ||||||
Reinvestment of Distributions | 16,931 | 2,291 | ||||||
Redeemed | (2,489 | ) | (35,619 | ) | ||||
Net Class I Share Transactions | 51,055 | 816,041 | ||||||
Net Increase in Net Assets from Share Transactions | 51,055 | 816,041 | ||||||
Total Increase (Decrease) in Net Assets | (5,471 | ) | 834,754 | |||||
Net Assets: | ||||||||
Beginning of Year/Period | 934,754 | 100,000 | ||||||
End of Year/Period | $ | 929,283 | $ | 934,754 | ||||
Share Transactions: | ||||||||
Class I Shares: | ||||||||
Issued (**including 10,000 seed shares) | 3,823 | 96,842 | ** | |||||
Reinvestment of Distributions | 1,754 | 239 | ||||||
Redeemed | (278 | ) | (3,642 | ) | ||||
Net Increase in Shares Outstanding from Share Transactions | 5,299 | 93,439 |
* | The Fund commenced operations on November 12, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
102
SYMMETRY PANORAMIC US EQUITY FUND
Financial Highlights |
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Year or Period |
Class I Shares | Year | Period | ||||||
Net Asset Value, Beginning of Year/Period | $ | 10.58 | $ | 10.00 | ||||
Income from Operations: | ||||||||
Net Investment Income(1) | 0.12 | 0.11 | ||||||
Net Realized and Unrealized Gain | 0.59 | 0.51 | ||||||
Total from Operations | 0.71 | 0.62 | ||||||
Dividends and Distributions: | ||||||||
Net Investment Income | (0.12 | ) | (0.04 | ) | ||||
Net Realized Gain | (0.10 | ) | — | |||||
Total Dividends and Distributions | (0.22 | ) | (0.04 | ) | ||||
Net Asset Value, End of Year/Period | $ | 11.07 | $ | 10.58 | ||||
Total Return† | 6.73 | % | 6.26 | % | ||||
Ratios and Supplemental Data | ||||||||
Net Assets, End of Year/Period (Thousands) | $ | 556,161 | $ | 506,766 | ||||
Ratio of Expenses to Average Net Assets(2) | 0.48 | % | 0.48 | %** | ||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2) | 0.76 | % | 0.82 | %** | ||||
Ratio of Net Investment Income to Average Net Assets(2) (3) | 1.15 | % | 1.32 | %** | ||||
Portfolio Turnover Rate | 83 | % | 22 | %*** |
(1) | Calculated using average shares. |
(2) | The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
(3) | Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
* | Commenced operations on November 12, 2018. |
** | Annualized. |
*** | Not Annualized. |
† | Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
103
SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS |
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Year or Period |
Class I Shares | Year | Period | ||||||
Net Asset Value, Beginning of Year/Period | $ | 10.19 | $ | 10.00 | ||||
Income from Operations: | ||||||||
Net Investment Income(1) | 0.25 | 0.23 | ||||||
Net Realized and Unrealized Gain | 0.22 | 0.06 | ||||||
Total from Operations | 0.47 | 0.29 | ||||||
Dividends and Distributions: | ||||||||
Net Investment Income | (0.33 | ) | (0.10 | ) | ||||
Total Dividends and Distributions | (0.33 | ) | (0.10 | ) | ||||
Net Asset Value, End of Year/Period | $ | 10.33 | $ | 10.19 | ||||
Total Return† | 4.38 | % | 2.93 | % | ||||
Ratios and Supplemental Data | ||||||||
Net Assets, End of Year/Period (Thousands) | $ | 291,001 | $ | 264,900 | ||||
Ratio of Expenses to Average Net Assets(2) | 0.65 | % | 0.65 | %** | ||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2) | 1.00 | % | 1.04 | %** | ||||
Ratio of Net Investment Income to Average Net Assets(2) (3) | 2.51 | % | 2.72 | %** | ||||
Portfolio Turnover Rate | 88 | % | 24 | %*** |
(1) | Calculated using average shares. |
(2) | The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
(3) | Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
* | Commenced operations on November 12, 2018. |
** | Annualized. |
*** | Not Annualized. |
† | Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
The accompanying notes are an integral part of the financial statements.
104
SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FINANCIAL HIGHLIGHTS |
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Year or Period |
Class I Shares | Year | Period | ||||||
Net Asset Value, Beginning of Year/Period | $ | 10.43 | $ | 10.00 | ||||
Income from Operations: | ||||||||
Net Investment Income(1) | 0.17 | 0.16 | ||||||
Net Realized and Unrealized Gain | 0.46 | 0.33 | ||||||
Total from Operations | 0.63 | 0.49 | ||||||
Dividends and Distributions: | ||||||||
Net Investment Income | (0.21 | ) | (0.06 | ) | ||||
Net Realized Gain | (0.05 | ) | — | |||||
Total Dividends and Distributions | (0.26 | ) | (0.06 | ) | ||||
Net Asset Value, End of Year/Period | $ | 10.80 | $ | 10.43 | ||||
Total Return† | 5.97 | % | 4.99 | % | ||||
Ratios and Supplemental Data | ||||||||
Net Assets, End of Year/Period (Thousands) | $ | 543,288 | $ | 507,434 | ||||
Ratio of Expenses to Average Net Assets(2) | 0.52 | % | 0.52 | %** | ||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2) | 0.88 | % | 0.93 | %** | ||||
Ratio of Net Investment Income to Average Net Assets(2) (3) | 1.70 | % | 1.92 | %** | ||||
Portfolio Turnover Rate | 86 | % | 23 | %*** |
(1) | Calculated using average shares. |
(2) | The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
(3) | Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
* | Commenced operations on November 12, 2018. |
** | Annualized. |
*** | Not Annualized. |
† | Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
105
SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FINANCIAL HIGHLIGHTS |
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Year or Period |
Class I Shares | Year | Period | ||||||
Net Asset Value, Beginning of Year/Period | $ | 10.49 | $ | 10.00 | ||||
Income from Operations: | ||||||||
Net Investment Income(1) | 0.13 | 0.08 | ||||||
Net Realized and Unrealized Gain | 0.57 | 0.44 | ||||||
Total from Operations | 0.70 | 0.52 | ||||||
Dividends and Distributions: | ||||||||
Net Investment Income | (0.14 | ) | (0.03 | ) | ||||
Total Dividends and Distributions | (0.14 | ) | (0.03 | ) | ||||
Net Asset Value, End of Year/Period | $ | 11.05 | $ | 10.49 | ||||
Total Return† | 6.64 | % | 5.20 | % | ||||
Ratios and Supplemental Data | ||||||||
Net Assets, End of Year/Period (Thousands) | $ | 84,458 | $ | 27,235 | ||||
Ratio of Expenses to Average Net Assets(2) | 0.42 | % | 0.42 | %** | ||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2) | 0.99 | % | 1.72 | %** | ||||
Ratio of Net Investment Income to Average Net Assets(2) (3) | 1.26 | % | 0.98 | %** | ||||
Portfolio Turnover Rate | 65 | % | 11 | %*** |
(1) | Calculated using average shares. |
(2) | The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
(3) | Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
* | Commenced operations on November 12, 2018. |
** | Annualized. |
*** | Not Annualized. |
† | Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
The accompanying notes are an integral part of the financial statements.
106
SYMMETRY PANORAMIC US FIXED INCOME FUND
FINANCIAL HIGHLIGHTS |
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Year or Period |
Class I Shares | Year | Period | ||||||
Net Asset Value, Beginning of Year/Period | $ | 10.61 | $ | 10.00 | ||||
Income from Operations: | ||||||||
Net Investment Income(1) | 0.20 | 0.18 | ||||||
Net Realized and Unrealized Gain | 0.33 | 0.59 | ||||||
Total from Operations | 0.53 | 0.77 | ||||||
Dividends and Distributions: | ||||||||
Net Investment Income | (0.20 | ) | (0.16 | ) | ||||
Net Realized Gain | (0.01 | ) | — | |||||
Total Dividends and Distributions | (0.21 | ) | (0.16 | ) | ||||
Net Asset Value, End of Year/Period | $ | 10.93 | $ | 10.61 | ||||
Total Return† | 5.02 | % | 7.75 | % | ||||
Ratios and Supplemental Data | ||||||||
Net Assets, End of Year/Period (Thousands) | $ | 257,446 | $ | 201,574 | ||||
Ratio of Expenses to Average Net Assets(2) | 0.41 | % | 0.41 | %** | ||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2) | 0.68 | % | 0.75 | %** | ||||
Ratio of Net Investment Income to Average Net Assets(2) (3) | 1.84 | % | 2.15 | %** | ||||
Portfolio Turnover Rate | 10 | % | 16 | %*** |
(1) | Calculated using average shares. |
(2) | The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
(3) | Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
* | Commenced operations on November 12, 2018. |
** | Annualized. |
*** | Not Annualized. |
† | Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
107
SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
FINANCIAL HIGHLIGHTS |
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Year or Period |
Class I Shares | Year | Period | ||||||
Net Asset Value, Beginning of Year/Period | $ | 10.23 | $ | 10.00 | ||||
Income from Operations: | ||||||||
Net Investment Income(1) | 0.08 | 0.09 | ||||||
Net Realized and Unrealized Gain | 0.07 | 0.22 | ||||||
Total from Operations | 0.15 | 0.31 | ||||||
Dividends and Distributions: | ||||||||
Net Investment Income | (0.08 | ) | (0.08 | ) | ||||
Total Dividends and Distributions | (0.08 | ) | (0.08 | ) | ||||
Net Asset Value, End of Year/Period | $ | 10.30 | $ | 10.23 | ||||
Total Return† | 1.51 | % | 3.10 | % | ||||
Ratios and Supplemental Data | ||||||||
Net Assets, End of Year/Period (Thousands) | $ | 26,837 | $ | 8,643 | ||||
Ratio of Expenses to Average Net Assets(2) | 0.41 | % | 0.41 | %** | ||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2) | 1.06 | % | 3.23 | %** | ||||
Ratio of Net Investment Income to Average Net Assets(2) (3) | 0.82 | % | 1.10 | %** | ||||
Portfolio Turnover Rate | 8 | % | 9 | %*** |
(1) | Calculated using average shares. |
(2) | The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
(3) | Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
* | Commenced operations on November 12, 2018. |
** | Annualized. |
*** | Not Annualized. |
† | Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
The accompanying notes are an integral part of the financial statements.
108
SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
FINANCIAL HIGHLIGHTS |
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Year or Period |
Class I Shares | Year | Period | ||||||
Net Asset Value, Beginning of Year/Period | $ | 10.82 | $ | 10.00 | ||||
Income from Operations: | ||||||||
Net Investment Income(1) | 0.24 | 0.23 | ||||||
Net Realized and Unrealized Gain | 0.09 | 0.81 | ||||||
Total from Operations | 0.33 | 1.04 | ||||||
Dividends and Distributions: | ||||||||
Net Investment Income | (0.25 | ) | (0.22 | ) | ||||
Net Realized Gain | (0.02 | ) | — | |||||
Total Dividends and Distributions | (0.27 | ) | (0.22 | ) | ||||
Net Asset Value, End of Year/Period | $ | 10.88 | $ | 10.82 | ||||
Total Return† | 3.16 | % | 10.58 | % | ||||
Ratios and Supplemental Data | ||||||||
Net Assets, End of Year/Period (Thousands) | $ | 402,557 | $ | 368,586 | ||||
Ratio of Expenses to Average Net Assets(2) | 0.43 | % | 0.43 | %** | ||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2) | 0.74 | % | 0.79 | %** | ||||
Ratio of Net Investment Income to Average Net Assets(2) (3) | 2.26 | % | 2.75 | %** | ||||
Portfolio Turnover Rate | 13 | % | 7 | %*** |
(1) | Calculated using average shares. |
(2) | The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
(3) | Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
* | Commenced operations on November 12, 2018. |
** | Annualized. |
*** | Not Annualized. |
† | Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
109
SYMMETRY PANORAMIC ALTERNATIVES FUND
FINANCIAL HIGHLIGHTS |
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Year or Period |
Class I Shares | Year | Period | ||||||
Net Asset Value, Beginning of Year/Period | $ | 10.00 | $ | 10.00 | ||||
Income (Loss) from Operations: | ||||||||
Net Investment Income(1) | 0.16 | 0.03 | ||||||
Net Realized and Unrealized Gain (Loss) | (0.57 | ) | 0.20 | |||||
Total from Operations | (0.41 | ) | 0.23 | |||||
Dividends and Distributions: | ||||||||
Net Investment Income | (0.17 | ) | (0.23 | ) | ||||
Return of Capital | (0.01 | ) | — | |||||
Total Dividends and Distributions | (0.18 | ) | (0.23 | ) | ||||
Net Asset Value, End of Year/Period | $ | 9.41 | $ | 10.00 | ||||
Total Return† | (4.14 | )% | 2.39 | % | ||||
Ratios and Supplemental Data | ||||||||
Net Assets, End of Year/Period (Thousands) | $ | 929 | $ | 935 | ||||
Ratio of Expenses to Average Net Assets(2) | 0.50 | % | 0.50 | %** | ||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2) | 9.46 | % | 31.15 | %** | ||||
Ratio of Net Investment Income to Average Net Assets(2) (3) | 1.67 | % | 0.33 | %** | ||||
Portfolio Turnover Rate | 37 | % | 15 | %*** |
(1) | Calculated using average shares. |
(2) | The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
(3) | Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
* | Commenced operations on November 12, 2018. |
** | Annualized. |
*** | Not Annualized. |
† | Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
110
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Notes to Financial Statements |
1. Organization:
The Symmetry Panoramic Trust (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust, dated April 3, 2018. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company currently consisting of eight separate portfolios. The financial statements herein are those of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund and Symmetry Panoramic Alternatives Fund (each a “Fund” and collectively, the “Funds”). The investment objective of each of Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund is to seek long-term capital appreciation. The investment objective of Symmetry Panoramic US Fixed Income Fund is to seek total return through exposure to US fixed income securities. The investment objective of Symmetry Panoramic Municipal Fixed Income Fund is to provide current income that is exempt from federal personal income tax. The investment objective of Symmetry Panoramic Global Fixed Income Fund is to seek total return through exposure to global fixed income securities. The investment objective of Symmetry Panoramic Alternatives Fund is to seek positive long-term absolute returns. An “absolute return” seeks to earn a positive total return over the long-term, regardless of market conditions or general market direction. The Funds are classified as diversified investment companies. The Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund, and Symmetry Panoramic Alternatives Fund are “fund of funds” and offer shareholders the opportunity to invest in certain underlying investment companies, which are separately managed series of the following investment companies: Avantis Funds, SSGA Active ETF Trust, American Century ETF Trust, AQR Funds, Dimensional Fund Advisors LP (DFA), iShares Funds, JPMorgan Asset Management and Vanguard Funds. The Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund also utilize a fund of funds structure by investing in certain underlying investment companies, but also utilize a sub-adviser and invest directly in securities and other instruments issued by operating companies and other issuers. Symmetry Partners, LLC serves as the Funds’ investment adviser (the “Adviser”), and AQR Capital Management LLC provides sub-advisory services to each of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund. The Funds currently offer Class I Shares. The Funds commenced operations on November 12, 2018. The assets of each Fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.
111
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
2. Significant Accounting Policies:
The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).
Use of Estimates — The preparation of financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.
Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are either fair valued or valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm Eastern Standard Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust’s fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.
112
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Securities for which market prices are not readily available are valued in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.
Swaps are marked-to-market daily based upon the outstanding value by contract and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations.
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called.
The Funds use MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market that exceeds a specific threshold
113
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
established by the Committee. The Committee has established a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value the non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts SEI Investments Global Funds Services (the “Administrator”) and can request that a meeting of the Committee be held.
If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.
In accordance with U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
● | Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date; |
● | Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and |
● | Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
Industry classifications are summarized in the Funds’ Schedules of Investments.
114
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Federal Income Taxes — It is each Fund’s intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986 (the “Code”), as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the year ended August 31, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended August 31, 2020, the Funds did not incur any significant interest or penalties.
Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date.
Foreign Taxes — The Symmetry Panoramic International Equity Fund, the Symmetry Panoramic Global Equity Fund, the Symmetry Panoramic Tax-Managed Global Equity Fund and the Symmetry Panoramic Global Fixed Income Fund may be subject to foreign withholding or other foreign income taxes with respect to dividends or interest received from (and, in some cases, gains recognized on shares of stock of) non-U.S. companies. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net
115
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
realized gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
Futures Contracts — Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, and Symmetry Panoramic Global Equity Fund all utilized futures contracts during the year ended August 31, 2020. To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of August 31, 2020.
For the year ended August 31, 2020, the average monthly notional amount of futures contracts held were as follows:
| Symmetry | Symmetry | Symmetry | |||||||||
Average Monthly Notional Balance Long | $ | 2,329,459 | $ | 4,761,391 | $ | 4,983,291 | ||||||
Ending Monthly Notional Balance Long | 2,265,366 | 4,732,426 | 4,998,377 |
116
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Swap Contracts — The Funds are authorized to enter into swap agreements, including total return swaps. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered.
Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, futures contract, basket of securities or futures contracts, defined portfolios of bonds, loans and mortgages, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security, commodity or market without owning or taking physical custody of such security, commodity or market. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked-to-market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).
Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Fund may have open at period end. Entering into swap contracts involves, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedules of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Funds’ custodian.
There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds’ ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds’ ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, it will not be able to implement
117
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
its investment strategy. As of August 31, 2020, Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund have swap agreements with one counterparty, ReFlow Fund, LLC (“ReFlow”).
The Funds may participate in a variety of liquidity programs offered by ReFlow. These include the ReFlow Redemption Service and ReFlow NAVswap. The ReFlow Redemption Service provides participating funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed from the fund, subject to certain limitations. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow’s discretion. In the event a Fund uses the ReFlow Redemption Service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund.
ReFlow NAVswap is an International Swaps and Derivatives Association governed total return swap in which a fund receives a return that corresponds to the daily change in the reference fund’s net asset value. In return, the fund pays Secured Overnight Financing Rate (SOFR) plus a spread. By participating in the ReFlow programs, a fund may maintain a cash balance to meet redemptions without suffering a significant cash drag. In an environment of declining market values, a fund participating in the ReFlow programs may experience a greater decrease in value than it would if it did not participate in the programs and instead maintained a higher cash balance.
For the year ended August 31, 2020, the monthly average balances of swap contracts held by the Funds was as follows:
| Symmetry | Symmetry | Symmetry | Symmetry | ||||||||||||
Average Monthly Notional Balance Long | $ | 5,312,362 | $ | 2,818,471 | $ | 5,123,814 | $ | 1,181,737 | ||||||||
Ending Monthly Notional Balance Long | 5,314,121 | 2,814,133 | 4,373,212 | 1,535,906 |
118
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
For the year ended August 31, 2020, the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund only held equity risk derivatives. Additional information can be found on the Schedule of Investments, Statement of Assets and Liabilities and the Statement of Operations.
Offsetting Assets and Liabilities — The Funds may be subject to various Master Netting Arrangements with various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty.
Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $400,000 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
119
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
Expenses — Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed to a particular Fund are apportioned among the Funds based on the number of Funds and/or relative net assets.
Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and is classified as cash on the Statements of Assets and Liabilities. Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.
Dividends and Distributions to Shareholders — Income dividends are derived from net investment income (i.e., interest and other income, less any related expenses) a Fund earns from its portfolio securities and other investments. Capital gain distributions are derived from gains realized when a Fund sells a portfolio security. Long-term capital gains are derived from gains realized when a Fund sells a portfolio security it has owned for more than one year, and short-term capital gains are derived from gains realized when a portfolio security was owned for one year or less. Distributions received from underlying funds can be classified as either ordinary income, return of capital, or long-term capital gains.
Dividends from net investment income and distributable net realized capital gains, if any, are declared and distributed annually by the Funds. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; and temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.
The Symmetry Panoramic US Equity Fund, the Symmetry Panoramic International Equity Fund, the Symmetry Panoramic Global Equity Fund, the Symmetry Panoramic Tax-Managed Global Equity Fund, and the Symmetry Panoramic Alternatives Fund each intend to distribute substantially all of their net investment income and net capital gains, if any, at least annually, or more frequently as determined to be appropriate by the Adviser. The Symmetry Panoramic US Fixed Income Fund, the Symmetry Panoramic Municipal Fixed Income Fund, and the Symmetry Panoramic Global Fixed Income Fund each intend to distribute substantially all of their net investment income and net capital gains, if any, monthly.
120
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Organization and Offering Costs — Organization costs are expensed as incurred. Offering costs are amortized for a period of twelve months upon commencement of operations of a Fund. Organization and offering costs are subject to recoupment by the Adviser, within twelve months of commencement of operations subject to the Organizational Expense Agreement and Expense Limitation Agreement. The Adviser will reimburse the Funds for any organization and offering costs incurred by the Funds. The Trust incurred offering costs which were amortized to expense over a twelve month period. As of August 31, 2020, the offering costs were fully amortized.
3. Transactions with Affiliates:
Certain officers of the Trust are also employees of the Administrator, a wholly-owned subsidiary of SEI Investments Company, SEI Investments Distribution Co. (the “Distributor”) and/or Atlantic Consulting Services, LLC (now part of the Apex Group Ltd.) (“Atlantic Consulting”). Such officers are paid no fees directly by the Trust for serving as officers of the Trust.
The services provided by the Chief Compliance Officer (“CCO”) and the CCO’s staff, who are employees of Atlantic Consulting are paid for by the Trust as incurred pursuant to a Compliance Services Agreement between the Trust and Atlantic Fund Services. The services include regulatory oversight of the Trust’s Adviser and other service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.
4. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:
The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the year ended August 31, 2020, the Funds were charged as follows for these services:
Fund | Administration | |||
Symmetry Panoramic US Equity Fund | $ | 191,487 | ||
Symmetry Panoramic International Equity Fund | 102,250 | |||
Symmetry Panoramic Global Equity Fund | 191,347 | |||
Symmetry Panoramic Tax-Managed Global Equity Fund | 19,506 | |||
Symmetry Panoramic US Fixed Income Fund | 87,539 | |||
Symmetry Panoramic Municipal Fixed Income Fund | 6,710 | |||
Symmetry Panoramic Global Fixed Income Fund | 145,329 | |||
Symmetry Panoramic Alternatives Fund | 339 |
121
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
The Distributor serves as each Fund’s Distributor pursuant to a Distribution Agreement with the Trust.
The Bank of New York Mellon acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.
Atlantic Fund Services, LLC (now part of the Apex Group) serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.
5. Investment Advisory Agreement:
The Adviser has entered into an investment advisory agreement with each Fund. For its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate disclosed below based on the average daily net assets of each of the Funds. Subject to general oversight by the Board of Trustees, the Adviser manages and supervises the investment operations and business affairs of the Funds. The Adviser may select, contract with and compensate one or more sub-advisers to manage all or a portion of a Fund’s portfolio assets, subject to oversight by the Adviser. In this role, the Adviser has supervisory responsibility for managing the investment and reinvestment of each Fund’s portfolio assets through proactive oversight and monitoring of each sub-adviser and the Fund, as described in further detail below. The Adviser is responsible for developing overall investment strategies for the Funds and overseeing and implementing each Fund’s continuous investment programs and provides a variety of advisory oversight and investment research services. The Adviser also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or sub-adviser changes) and coordinates and oversees services provided under other agreements. The Adviser has ultimate responsibility to oversee a sub-adviser and recommend to the Board of Trustees its hiring, termination, and replacement. In this capacity, the Adviser, among other things: (i) monitors on a daily basis the compliance of the sub-adviser with the investment objectives and related policies of the Fund; (ii) monitors significant changes that may impact the sub-adviser’s overall business and regularly performs due diligence reviews of the sub-adviser; (iii) reviews the performance of the sub-adviser; and (iv) reports periodically on such performance to the Board of Trustees. The Adviser employs a team of investment professionals who provide these ongoing research and monitoring services.
In addition to investment advisory fees, each Fund pays other expenses including costs incurred in connection with the maintenance of its securities law registration, printing and mailing prospectuses and statements of additional information to shareholders, certain financial accounting services, taxes or governmental fees, custodial, transfer and shareholder servicing agent costs, expenses of outside counsel and independent accountants, preparation of shareholder reports and expenses of trustee and shareholders meetings.
122
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
The Adviser has agreed to limit each Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in the below table until at least December 31, 2020 (the “Expense Limitation”). For purposes of the Expense Limitation, the term “Operating Expenses” with respect to the Funds is defined to include all expenses necessary or appropriate for the operation of a Fund and including the Adviser’s investment advisory or management fee detailed in the advisory agreement, any Rule 12b-l fees and/or shareholder services fees and other expenses described in the advisory agreement, but does not include: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of a Fund’s officers and Trustees, and contractual indemnification of an affected Fund’s service providers (other than the Adviser)).
| Advisory | Expense |
Symmetry Panoramic US Equity Fund | 0.55% | 0.48% |
Symmetry Panoramic International Equity Fund | 0.70% | 0.65% |
Symmetry Panoramic Global Equity Fund | 0.63% | 0.52% |
Symmetry Panoramic Tax-Managed Global Equity Fund | 0.65% | 0.42% |
Symmetry Panoramic US Fixed Income Fund | 0.45% | 0.41% |
Symmetry Panoramic Municipal Fixed Income Fund | 0.47% | 0.41% |
Symmetry Panoramic Global Fixed Income Fund | 0.52% | 0.43% |
Symmetry Panoramic Alternatives Fund | 1.29% | 0.50% |
The Adviser also has contractually agreed to waive its management fee for each of the Funds until at least December 31, 2020 (“Fee Waiver”) so that the aggregate management fee retained by the Adviser with respect to each of the Funds after payment of sub-advisory fees does not exceed the following:
Symmetry Panoramic US Equity Fund | 0.25% |
Symmetry Panoramic International Equity Fund | 0.25% |
Symmetry Panoramic Global Equity Fund | 0.25% |
Symmetry Panoramic Tax-Managed Global Equity Fund | 0.26% |
Symmetry Panoramic US Fixed Income Fund | 0.25% |
Symmetry Panoramic Municipal Fixed Income Fund | 0.25% |
Symmetry Panoramic Global Fixed Income Fund | 0.25% |
Symmetry Panoramic Alternatives Fund | 0.30% |
123
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
The Adviser may recover all or a portion of the Expense Limitation within a three-year rolling period from the year in which it reduced its fee or reimbursed expenses if a Fund’s total annual operating expenses are below the Expense Limitation that was in place at the time of such fee reductions or expense reimbursements. The Expense Limitation and Fee Waiver agreements may be terminated by the Board of Trustees without penalty on 60 days’ written notice to the Adviser. The Expense Limitation and Fee Waiver agreements shall terminate automatically in the event of assignment of the investment advisory agreement.
As of August 31, 2020, the amounts of waivers/reimbursements subject to recoupment are as follows:
| Amount expiring | Amount expiring | ||||||
Symmetry Panoramic US Equity Fund | $ | 367,716 | $ | 249,142 | ||||
Symmetry Panoramic International Equity Fund | 155,300 | 98,744 | ||||||
Symmetry Panoramic Global Equity Fund | 452,187 | 412,180 | ||||||
Symmetry Panoramic Tax-Managed Global Equity Fund | 99,132 | 93,220 | ||||||
Symmetry Panoramic US Fixed Income Fund | 189,463 | 166,041 | ||||||
Symmetry Panoramic Municipal Fixed Income Fund | 90,462 | 77,251 | ||||||
Symmetry Panoramic Global Fixed Income Fund | 221,220 | 142,780 | ||||||
Symmetry Panoramic Alternatives Fund | 86,499 | 72,901 |
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 year ended August 31, 2020, were as follows:
| Purchases | Sales and | ||||||
Symmetry Panoramic US Equity Fund | $ | 444,202,271 | $ | 422,258,483 | ||||
Symmetry Panoramic International Equity Fund | 254,067,690 | 233,257,116 |
124
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
| Purchases | Sales and | ||||||
Symmetry Panoramic Global Equity Fund | $ | 448,701,528 | $ | 432,714,862 | ||||
Symmetry Panoramic Tax-Managed Global Equity Fund | 84,136,488 | 33,878,235 | ||||||
Symmetry Panoramic US Fixed Income Fund | 73,633,779 | 23,739,552 | ||||||
Symmetry Panoramic Municipal Fixed Income Fund | 18,913,788 | 1,415,224 | ||||||
Symmetry Panoramic Global Fixed Income Fund | 82,394,484 | 49,555,736 | ||||||
Symmetry Panoramic Alternatives Fund | 368,182 | 339,426 |
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 permanent differences primarily consist of foreign currency translations, reclassification of long term capital gain distribution on REITs, investments in PFICs, and distribution reclassification. There were no permanent differences credited or charged to Paid-in Capital or Distributable Earnings as of August 31, 2020.
The tax character of dividends and distributions declared during the fiscal year was as follows:
| Ordinary | Long-Term | Return of | Tax Exempt | Total | |||||||||||||||
Symmetry Panoramic US Equity Fund | ||||||||||||||||||||
2020 | $ | 7,116,331 | $ | 3,423,409 | $ | — | $ | — | $ | 10,539,740 | ||||||||||
2019 | 1,675,473 | — | — | — | 1,675,473 | |||||||||||||||
Symmetry Panoramic International Equity Fund | ||||||||||||||||||||
2020 | 8,354,916 | — | — | — | 8,354,916 | |||||||||||||||
2019 | 2,183,388 | — | — | — | 2,183,388 | |||||||||||||||
Symmetry Panoramic Global Equity Fund | ||||||||||||||||||||
2020 | 11,416,654 | 953,696 | — | — | 12,370,350 | |||||||||||||||
2019 | 2,660,497 | — | — | — | 2,660,497 |
125
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
| Ordinary | Long-Term | Return of | Tax Exempt | Total | |||||||||||||||
Symmetry Panoramic Tax-Managed Global Equity Fund | ||||||||||||||||||||
2020 | $ | 539,136 | $ | — | $ | — | $ | — | $ | 539,136 | ||||||||||
2019 | 3,296 | — | — | — | 3,296 | |||||||||||||||
Symmetry Panoramic US Fixed Income Fund | ||||||||||||||||||||
2020 | 4,504,940 | — | — | — | 4,504,940 | |||||||||||||||
2019 | 2,976,279 | — | — | — | 2,976,279 | |||||||||||||||
Symmetry Panoramic Municipal Fixed Income Fund | ||||||||||||||||||||
2020 | — | — | — | 148,299 | 148,299 | |||||||||||||||
2019 | — | — | — | 38,139 | 38,139 | |||||||||||||||
Symmetry Panoramic Global Fixed Income Fund | ||||||||||||||||||||
2020 | 9,589,255 | — | — | — | 9,589,255 | |||||||||||||||
2019 | 6,777,449 | — | — | — | 6,777,449 | |||||||||||||||
Symmetry Panoramic Alternatives Fund | ||||||||||||||||||||
2020 | 16,020 | — | 911 | — | 16,931 | |||||||||||||||
2019 | 2,291 | — | — | — | 2,291 |
As of August 31, 2020, the components of Distributable Earnings on a tax basis were as follows:
| Symmetry | Symmetry | Symmetry | Symmetry | ||||||||||||
Undistributed Ordinary Income | $ | 3,159,198 | $ | 1,826,704 | $ | 3,361,572 | $ | 231,135 | ||||||||
Undistributed Tax-Exempt Income | — | — | — | — | ||||||||||||
Post-October Losses | (12,842,784 | ) | (19,152,390 | ) | (21,817,886 | ) | (1,832,963 | ) | ||||||||
Late-Year Loss Deferral | — | — | — | — | ||||||||||||
Capital Loss Carryforwards | — | (1,321,689 | ) | — | (24,682 | ) | ||||||||||
Unrealized Appreciation | 80,892,561 | 29,626,934 | 69,803,704 | 8,610,566 | ||||||||||||
Other Temporary Differences | (2 | ) | (3 | ) | (5 | ) | (2 | ) | ||||||||
Total Distributable Earnings | $ | 71,208,973 | $ | 10,979,556 | $ | 51,347,385 | $ | 6,984,054 |
126
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
| Symmetry | Symmetry | Symmetry | Symmetry | ||||||||||||
Undistributed Ordinary Income | $ | 118,623 | $ | 107 | $ | 612,036 | $ | — | ||||||||
Undistributed Long-Term Capital Gain | 41,748 | — | — | — | ||||||||||||
Undistributed Tax-Exempt Income | — | 364 | — | — | ||||||||||||
Post-October Losses | — | — | (19,898 | ) | (34,729 | ) | ||||||||||
Late-Year Loss Deferral | — | — | — | (2,103 | ) | |||||||||||
Capital Loss Carryforwards | — | — | — | (1,003 | ) | |||||||||||
Unrealized Appreciation | 17,709,674 | 256,491 | 27,668,564 | 932 | ||||||||||||
Other Temporary Differences | — | (2 | ) | — | 1 | |||||||||||
Total Distributable Earnings (Accumulated Losses) | $ | 17,870,045 | $ | 256,960 | $ | 28,260,702 | $ | (36,902 | ) |
Post-October losses represent losses realized on investment transactions from November 1, 2019 through August 31, 2020, that, in accordance with Federal income tax regulations, the Funds elect to defer and treat as having arisen in the following fiscal year.
Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2020 through August 31, 2020 and specified losses realized on investment transactions from November 1, 2019 through August 31, 2020.
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 Global Fixed Income Fund, and Symmetry Panoramic Alternatives Fund had Post-October losses of $12,842,784, $19,152,390, $21,817,886, $1,832,963, $19,898, and $34,729, respectively. The Symmetry Panoramic Alternatives Fund had a late-year loss of $2,103. The funds elect to treat each as having arisen in the following fiscal year.
127
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
For Federal income tax purposes, capital loss carryforwards may be carried forward and indefinitely applied against all future capital gains. The Funds have capital losses carried forward as follows:
Short-Term | Long-Term | Total | ||||||||||
Symmetry Panoramic US Equity Fund | $ | — | $ | — | $ | — | ||||||
Symmetry Panoramic International Equity Fund | 1,321,689 | — | 1,321,689 | |||||||||
Symmetry Panoramic Global Equity Fund | — | — | — | |||||||||
Symmetry Panoramic Tax-Managed Global Equity Fund | 24,682 | — | 24,682 | |||||||||
Symmetry Panoramic US Fixed Income Fund | — | — | — | |||||||||
Symmetry Panoramic Municipal Fixed Income Fund | — | — | — | |||||||||
Symmetry Panoramic Global Fixed Income Fund | — | — | — | |||||||||
Symmetry Panoramic Alternatives Fund | 1,003 | — | 1,003 |
The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at August 31, 2020, were as follows:
Federal | Aggregate | Aggregate | Net | |||||||||||||
Symmetry Panoramic US Equity Fund | $ | 475,476,676 | $ | 82,943,655 | $ | (2,178,066 | ) | $ | 80,765,589 | |||||||
Symmetry Panoramic International Equity Fund | 260,848,258 | 32,970,374 | (3,364,044 | ) | 29,606,330 | |||||||||||
Symmetry Panoramic Global Equity Fund | 472,959,695 | 74,024,783 | (4,270,106 | ) | 69,754,677 | |||||||||||
Symmetry Panoramic Tax-Managed Global Equity Fund | 75,811,789 | 8,968,079 | (460,322 | ) | 8,507,757 | |||||||||||
Symmetry Panoramic US Fixed Income Fund | 239,890,056 | 17,709,674 | — | 17,709,674 | ||||||||||||
Symmetry Panoramic Municipal Fixed Income Fund | 26,235,201 | 256,491 | — | 256,491 | ||||||||||||
Symmetry Panoramic Global Fixed Income Fund | 374,781,809 | 27,791,222 | (122,658 | ) | 27,668,564 | |||||||||||
Symmetry Panoramic Alternatives Fund | 940,695 | 43,110 | (42,178 | ) | 932 |
128
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
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 | ● | ● | ● | ● | ● | ● | ● | ● |
China A-Shares and China Stock Connect Risk | ● | ● | ● | |||||
Commodities Risk |
|
|
|
|
|
|
| ✔ |
Convertible Securities Risk |
|
|
|
|
|
|
| ✔ |
Credit Default Swaps Risk |
|
|
|
|
|
|
| ✔ |
Currency Risk |
| ✔ | ✔ | ✔ |
|
| ✔ | ✔ |
Cybersecurity Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
129
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
| US Equity | International Equity | Global Equity | Tax-Managed Global Equity | US Fixed Income | Municipal Fixed Income | Global Fixed Income | Alternatives |
Derivatives Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Distressed Investments Risk |
|
|
|
|
|
|
| ✔ |
Emerging Markets Risk |
| ✔ | ✔ | ✔ |
|
| ● | ✔ |
Equity Risk | ✔ | ✔ | ✔ | ✔ |
|
|
| ✔ |
Exchange-Traded Notes Risk |
|
|
|
|
|
|
| ● |
Financial Sector Risk | ✔ | ✔ | ✔ | ✔ |
|
|
|
|
Fixed Income Securities |
|
|
|
| ✔ | ✔ | ✔ | ✔ |
Foreign (Non-U.S.) Investment Risk |
| ✔ | ✔ | ✔ |
|
| ✔ | ✔ |
Forward and Futures Contract Risk |
| ✔ | ✔ | ✔ |
|
| ✔ | ✔ |
Futures Contract Risk | ✔ | |||||||
Geographic and Sector Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
High Portfolio Turnover Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
High Yield Risk |
|
|
|
| ✔ | ✔ | ✔ | ✔ |
Index Tracking Error Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | |
Investment Companies and ETFs Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Investment Style Risk | ✔ | ✔ | ✔ | ✔ |
|
|
| ✔ |
IPO and SEO Risk |
|
|
|
|
|
|
| ✔ |
Leveraging Risk | ● | ● | ● | ● | ● | ● | ● | ✔ |
Litigation and Enforcement Risk |
|
|
|
|
|
|
| ✔ |
Liquidity Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Management Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Market Capitalization Risk | ✔ | ✔ | ✔ | ✔ |
|
|
| ✔ |
Market Events Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Market Risk | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
130
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
| US Equity | International Equity | Global Equity | Tax-Managed Global Equity | US Fixed Income | Municipal Fixed Income | Global Fixed Income | Alternatives |
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 Underlying Funds that invest directly in securities and other instruments, the Fund’s shareholders will be affected by the investment policies of the Underlying Funds in direct proportion to the amount of assets the Fund allocates to those Underlying Funds. Certain of the Funds also may invest in Underlying Funds that in turn invest in foreign issuers and thus are subject to additional risks, including changes in foreign currency exchange rates and country risk. Foreign investments of the Underlying Funds may include securities of issuers located in emerging countries in Asia, Latin America, Eastern Europe and Africa. The Funds also may invest in Underlying Funds that invest in mid-, small-, and micro-capitalization stocks, which may be riskier than investing in larger, more established companies.
131
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
A Fund’s investment in Underlying Funds that invest in fixed-income securities will be subject to, among other things, credit (or default) risk and interest rate/maturity risk. Credit (or default) risk is the risk that an issuer or guarantor of a security or a counterparty to a transaction may default on its payment obligations or experience a decline in credit quality. Interest rate/maturity risk is the risk that increases in prevailing interest rates will cause fixed-income securities held by the Fund to decline in value. The magnitude of this decline will often be greater for longer-term fixed-income securities than shorter-term fixed-income securities.
The Underlying Funds will also be subject to prepayment (or call) risk (the risk that an issuer will exercise its right to pay principal on an obligation held by a Fund earlier than expected) and debt extension risk (the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected).
The Funds may invest in Underlying Funds that invest in asset-backed and structured investment securities, which may involve a greater chance of default during periods of economic downturn than other securities, and may be less liquid and more difficult to value and liquidate. Underlying Funds may also invest in real estate securities, commodity-related securities and money market investments.
The risks described below for each Fund are in reference to either the Underlying Funds, direct purchases of the Funds, or both unless otherwise noted.
Arbitrage Risk — The risk incurred when a Fund invests in securities purchased pursuant to an arbitrage strategy in order to take advantage of a perceived relationship between the value of two securities presents certain risks. Securities purchased or sold short pursuant to an arbitrage strategy may not perform as intended, which may result in a loss to the Fund. Additionally, issuers of a security purchased pursuant to an arbitrage strategy are often engaged in significant corporate events, such as restructurings, acquisitions, mergers, takeovers, tender offers or exchanges, or liquidations. Such corporate events may not be completed as initially planned or may fail.
Asset Allocation Risk — The risk that the selection by the Adviser of the Underlying Funds and the allocation of the Fund’s assets among the Underlying Funds and the Sub-Adviser will cause a Fund to underperform other funds with similar investment objectives. In this regard, a Fund also may temporarily deviate from its factor exposures for the purpose of managing distributions. In addition, the Adviser may invest Fund assets in Underlying Funds managed by a limited number of investment managers. In such circumstances, a Fund’s performance could be substantially dependent on the performance of such managers. Similarly, the Adviser’s allocation of a Fund’s assets to a limited number of Underlying Funds may adversely affect the performance of the Fund, and, in such circumstances, it will be more sensitive to the performance and risks associated with those Underlying Funds and any investments in which such Underlying Funds focus.
132
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Borrowing Risk — While the Funds do not anticipate doing so, other than for cash management, the Funds may borrow money for investment purposes. Borrowing for investment purposes is one form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk, but also increases investment opportunity. Because substantially all of a Fund’s assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the net asset value per share of the Fund will increase more when the Fund’s portfolio assets increase in value and decrease more when the Fund’s portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. The Funds may use leverage during periods when the Adviser believes that a Fund’s investment objective would be furthered.
Cash Management Strategies — Although the Funds will generally invest substantially all of their assets in accordance with their respective investment objectives and principal investment strategies, each Fund may, at times, hold a substantial amount of its assets in cash or short-term cash equivalents, such as money market instruments, money market funds or repurchase agreements, in order to satisfy redemptions or on a temporary basis while the portfolio managers look for suitable investment opportunities. The percentage of a Fund’s assets invested in cash and short-term cash equivalents may vary and will depend on various factors, including market conditions and purchases and redemptions of Fund shares. Substantial holdings in cash or cash equivalents could reduce the magnitude of losses incurred by the Fund during periods of falling markets or cause the Fund to miss investment opportunities during periods of rising markets. The Fund’s investments in short-term cash equivalents, such as money market instruments, may be subject to credit and counterparty risk (the risk that an issuer or counterparty will default or become less creditworthy) and interest rate risk (the risk that the value of an investment in an income-producing security will decrease as interest rates rise). To the extent permitted by its principal investment strategies and investment policies, a Fund may acquire shares of exchange-traded funds or invest in index futures contracts based on a relevant market index in an effort to maintain exposure to the market, or engage in swap agreements, but a Fund’s efforts to maintain market exposure in this manner may not be successful. If you are concerned about the volatility of your investment in a Fund, you may wish to consult your financial intermediary and consider whether a lower risk exposure is more appropriate for your investment portfolio.
China A-Shares and China Stock Connect Risk — The Funds with international exposures may invest in eligible renminbi-denominated shares of mainland China-based companies that trade on Chinese stock markets such as the Shanghai Stock Exchange and the Shenzen Stock Exchange (referred to as “China A-Shares”) through the Shanghai and Shenzen–Hong Kong Stock Connect Programs (“Stock Connect” or “Stock Connect Programs”). Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a Qualified Foreign
133
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Institutional Investor (QFII) or a Renminbi QFII (RQFII) and through the Stock Connect Programs. A fund’s ownership of China A-Shares will be reflected on its custodian’s records but the fund itself will have only beneficial rights in such China A-Shares. The precise nature and rights of a fund as a beneficial owner of China A-Shares in this context is not well defined and may expose a fund to the credit risk of its custodian or to greater risk of expropriation. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. These risks could cause volatility in the price of a Fund and could adversely affect the Fund.
Commodities Risk — Exposure to commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, and agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies.
The energy sector can be significantly affected by changes in the prices and supplies of oil and other energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations, policies of the Organization of Petroleum Exporting Countries (“OPEC”) and relationships among OPEC members and between OPEC and oil importing nations. The metals sector can be affected by sharp price volatility over short periods caused by global economic, financial and political factors, resource availability, government regulation, economic cycles, changes in inflation or expectations about inflation in various countries, interest rates, currency fluctuations, metal sales by governments, central banks or international agencies, investment speculation and fluctuations in industrial and commercial supply and demand. The commodity-linked securities in which the Fund may invest may be issued by companies in the financial services sector, including the banking, brokerage and insurance sectors. As a result, events affecting issuers in the financial services sector may cause the Fund’s share value to fluctuate.
Convertible Securities — Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer’s underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of “usable” bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer’s capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a
134
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security’s underlying common stock.
Credit Default Swaps Risk — A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided generally that no credit event on a reference obligation has occurred. Credit default swaps involve risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).
Currency Risk — The risk for Funds with international exposures that foreign currencies will increase in value relative to the U.S. dollar and adversely affect the dollar value of the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency risk may be particularly high to the extent that the Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to emerging market countries. Conversely, in strategies where currency risk is hedged, the risk is that a decline in the value of the local currency relative to the U.S. dollar will not be earned by the Fund investor.
Cybersecurity Risk — With the increased use of the Internet and because information technology systems and digital data underlie most of the Fund’s operations, the Fund and its Adviser, any Sub-Advisers, custodian, transfer agent, distributor and other service providers and the financial intermediaries (collectively “Service Providers”) are exposed to the risk that their operations and data may be compromised as a result of internal and external cyber-failures, breaches or attacks. This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain unauthorized access to or release confidential information, (iii) shut down the Fund or Service Provider website through denial-of-service attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate cyber-attacks.
Derivatives Risk — The Fund may invest in derivatives, which are financial instruments whose value is typically based on the value of a security, commodity or index, in order to better track the Index. These instruments include options, futures contracts, swap agreements, including total return swap agreements, and similar instruments. The Fund’s
135
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested.
The market value of derivative instruments and securities may be more volatile than that of other instruments, and each type of derivative instrument may have its own special risks, including the risk of mispricing or improper valuation of derivatives and the inability of derivatives to correlate perfectly with underlying assets, rates, and indices. Many derivatives, in particular privately negotiated derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the Fund. The value of derivatives may not correlate perfectly, or at all, with the value of the assets, reference rates or indices they are designed to closely track.
Derivatives are subject to a number of other risks, including liquidity risk (the possibility that the derivative may be difficult to purchase or sell and the Adviser may be unable to initiate a transaction or liquidate a position at an advantageous time or price), leverage risk (the possibility that adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the amount invested in the derivative), interest rate risk (some derivatives are more sensitive to interest rate changes and market price fluctuations), and counterparty risk (the risk that a counterparty may be unable to perform according to a contract, and that any deterioration in a counterparty’s creditworthiness could adversely affect the instrument). In addition, because derivative products are highly specialized, investment techniques and risk analyses employed with respect to investments in derivatives are different from those associated with stocks and bonds. Finally, the Fund’s use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.
Derivative instruments are also subject to the risk that the market value of an instrument will change to the detriment of the Fund. If the Adviser inaccurately forecast the values of securities, interest rates or other economic factors in using derivatives, the Fund might have been in a better position if it had not entered into the transaction at all. Some strategies involving derivative instruments can reduce the risk of loss, but they can also reduce the opportunity for gain or result in losses by offsetting favorable price movements in other investments held by the Fund. The Fund may also have to buy or sell a security at a disadvantageous time or price because regulations require funds to maintain offsetting positions or asset coverage in connection with certain derivatives transactions.
If the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
136
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Distressed Investments Risk — Distressed investments include loans, loan participations, bonds, notes, and non-performing and sub-performing mortgage loans, many of which are not publicly traded and may involve a substantial degree of risk. In certain periods, there may be little or no liquidity in the markets for these securities or instruments. In addition, the prices of such securities or instruments may be subject to periods of abrupt and erratic market movements and above-average price volatility. It may be more difficult to value such securities, and the spread between the bid and asked prices of such securities may be greater than normally expected. If the Fund’s evaluation of the risks and anticipated outcome of an investment in a distressed security should prove incorrect, the Fund may lose a substantial portion or all of its investment or it may be required to accept cash or securities with a value less than the original investment.
Emerging Markets Risk — A Fund with international exposure’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets. These risks include less social, political and economic stability; smaller securities markets with low or nonexistent trading volume and greater illiquidity and price volatility; more restrictive national policies on foreign investment, including restrictions on investment in issuers or industries deemed sensitive to national interests; less transparent and established taxation policies; less developed regulatory or legal structures governing private and foreign investment; more pervasiveness of corruption and crime; less financial sophistication, creditworthiness and/or resources possessed by, and less government regulation of, the financial institutions and issuers with which the Fund transacts; less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the U.S.; greater concentration in a few industries resulting in greater vulnerability to regional and global trade conditions; higher rates of inflation and more rapid and extreme fluctuations in inflation rates; greater sensitivity to interest rate changes; increased volatility in currency exchange rates and potential for currency devaluations and/or currency controls; greater debt burdens relative to the size of the economy; more delays in settling portfolio transactions and heightened risk of loss from share registration and custody practices; and less assurance that recent favorable economic developments will not be slowed or reversed by unanticipated economic, political or social events in such countries.
Because of these risk factors, the Fund’s investments in developing market countries are subject to greater price volatility and illiquidity than investments in developed markets. Governments of emerging market and frontier market countries may own or control parts of the private sector. Accordingly, government actions could have a significant impact on economic conditions. Certain emerging market and frontier market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular sector and/or company, limit the investment by foreign persons to a specific class of securities of an issuer that may have less advantageous rights than a domestically available class, require foreign investors to maintain a trading account with only one licensed securities company in the relevant
137
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
market and/or impose additional taxes on foreign investors. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment.
Equity Risk — For Funds that invest in equity securities, such securities are susceptible to general market fluctuations and volatile increases and decreases in value as market confidence in and perceptions of their issuers change.
Exchange-Traded Notes Risk — Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. The Fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on a Fund’s right to redeem its investment in an exchange-traded note, which is meant to be held until maturity.
Financial Sector Risk — The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. The Fund may be adversely affected by events or developments negatively impacting the financial sector.
Fixed Income Securities Risk — Fixed income securities held by the Fund are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, and liquidity risk, which are more fully described below. In addition, current market conditions may pose heightened risks for fixed income securities. Current interest rates are at or near historic lows, and as the Federal Reserve Board has begun tapering its quantitative easing program and in December of 2015 began raising the federal funds rate, there is a risk that interest rates will rise. Future increases in interest rates could result in less liquidity and greater volatility of fixed income securities. The Fund may lose money if short-term or long-term interest rates rise sharply. Moreover, new regulations applicable to and changing business practices of financial intermediaries restricting their market marking activities for certain fixed income securities, which may reduce the liquidity and increase the volatility for such fixed income securities.
● | Call Risk. During periods of declining interest rates, a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in its income. |
● | Credit Risk. Fixed income securities are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due. There is also the risk that the securities could lose value because of a loss |
138
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
of confidence in the ability of the borrower to pay back debt. Lower rated fixed income securities involve greater credit risk, including the possibility of default or bankruptcy.
● | Interest Rate Risk. Fixed income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Fixed income securities with longer maturities sometimes offer higher yields, but are subject to greater price shifts as a result of interest rate changes than fixed income securities with shorter maturities. |
● | Liquidity Risk. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. These features make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on its performance. Infrequent trading of securities may also lead to an increase in their price volatility. Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out an investment contract when it wants to. If this happens, the Fund will be required to hold the security or keep the position open, and it could incur losses. |
● | Prepayment and Extension Risk. Many types of fixed income securities are subject to prepayment risk. Prepayment occurs when the issuer of a fixed income security can repay principal prior to the security’s maturity. Fixed income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a fixed income security can be difficult to predict and result in greater volatility. On the other hand, rising interest rates could cause prepayments of the obligations to decrease, extending the life of mortgage- and asset-backed securities with lower payment rates. This is known as extension risk and may increase the Fund���s sensitivity to rising rates and its potential for price declines. |
● | Variable and Floating Rate Securities. Variable and floating rate securities generally are less sensitive to interest changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Floating rate securities will not generally increase in value if interest rates decline. |
Foreign (Non-U.S.) Investment Risk — For Funds with international exposures, foreign securities include direct investments in non-U.S. dollar-denominated securities traded primarily outside of the United States and dollar-denominated securities of foreign issuers. Foreign securities also include indirect investments such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts
139
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
(“GDRs”). ADRs are U.S. dollar-denominated receipts representing shares of foreign-based corporations. ADRs are receipts that are traded in the United States, and entitle the holder to all dividend and capital gain distributions that are paid out on the underlying foreign shares. EDRs and GDRs are receipts that often trade on foreign exchanges. They represent ownership in an underlying foreign or U.S. security and generally are denominated in a foreign currency. Foreign government obligations may include debt obligations of supranational entities, including international organizations (such as The International Bank for Reconstruction and Development, also known as the World Bank) and international banking institutions and related government agencies.
Special Risks of Foreign Securities — Foreign securities involve special risks and costs, which are considered by the investment adviser in evaluating the creditworthiness of issuers and making investment decisions for the Fund. Foreign securities fluctuate in price because of political, financial, social and economic events in foreign countries (including, for example, military confrontations, war and terrorism). A foreign security could also lose value because of more or less stringent foreign securities regulations and less stringent accounting and disclosure standards. In addition, foreign markets may have greater volatility than domestic markets and foreign securities may be less liquid and harder to value than domestic securities.
Foreign securities, and in particular foreign debt securities, are sensitive to changes in interest rates. In addition, investment in the securities of foreign governments involves the risk that foreign governments may default on their obligations or may otherwise not respect the integrity of their obligations. The performance of investments in securities denominated in a foreign currency also will depend, in part, on the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Absent other events which otherwise could affect the value of a foreign security (such as a change in the political climate or an issuer’s credit quality), appreciation in the value of the foreign currency generally results in an increase in value of a foreign currency-denominated security in terms of U.S. dollars. A decline in the value of the foreign currency relative to the U.S. dollar generally results in a decrease in value of a foreign currency-denominated security. Additionally, many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline.
Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Foreign investments also may involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability. Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls or freezes on the convertibility of currency, trade restrictions (including tariffs) or the adoption of other governmental restrictions
140
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
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 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.
141
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Forward and Futures Contract Risk — The successful use of forward and futures contracts draws upon an Adviser’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) an Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. A Fund could be unable to recover assets held at the futures clearing broker, even assets directly traceable to a Fund from the futures clearing broker in the event of a bankruptcy of the broker. A futures clearing broker is required to segregate customer funds pursuant to the Commodities Exchange Act and the regulations of the U.S. Commodity Futures Trading Commission. However, in the unlikely event of the broker’s bankruptcy, there is no equivalent of the Securities Investors Protection Corporation insurance as is applicable in the case of securities broker dealers’ bankruptcies.
Futures Contract Risk — The successful use of futures contracts draws upon the Adviser’s or Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund’s net asset value and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s or Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.
Geographic and Sector Risk — The risk that if a Fund invests a significant portion of its total assets in certain issuers within the same geographic region or economic sector, an adverse economic, business or political development affecting that region or sector may affect the value of the Fund’s investments more than if the Fund’s investments were not so focused. While the Funds may not concentrate in any one industry, a Fund may invest without limitation in a particular country or market sector.
142
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
High Portfolio Turnover Risk — A Fund may engage in active trading, including investments made on a shorter-term basis, which may lead to increased expenses that may result in lower investment returns.
High Yield Risk — Exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a government or company than other fixed income instruments. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish the Fund’s ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. If the issuer of a security is in default with respect to interest or principal payments, the issuer’s security could lose its entire value. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect the Fund’s performance.
Index Tracking Error Risk — The performance of an Underlying Fund and its index may differ from each other for a variety of reasons. For example, an Underlying Fund that is index-based in which the Fund invests incurs operating expenses and portfolio transaction costs not incurred by the Underlying Fund’s index. In addition, the Underlying Fund may not be fully invested in the securities of the index that it tracks at all times or may hold securities not included in its index.
Investment Companies and Exchange-Traded Funds Risk — When a Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company’s or ETF’s operating expenses, including the management fees of the Underlying Fund in addition to those paid by the Fund. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund also will incur brokerage costs when it purchases and sells ETFs.
Investment Style Risk — The risk that different investment styles (e.g., “growth,” “value,” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that employ a different investment style.
o | Momentum Style Risk. Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section |
143
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy may suffer.
o | Value Investing Risk is the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by the Fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor. |
o | Quantitative Investing Risk is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns. |
Certain Sub-Advisers may rely heavily on quantitative models and information and data supplied by third parties (“Models and Data”). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging investments.
When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.
All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.
IPO and SEO Risk — The market value of shares sold in an initial public offering (“IPO”) will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. “SEOs” are seasoned (i.e., secondary) equity offerings of U.S. equity securities. The purchase of IPO shares may involve high transaction costs. IPO and SEO shares are subject to market risk and liquidity risk. In addition, the prices of securities sold in IPOs or SEOs may be highly volatile or may decline shortly after the initial public offering or seasoned equity offering.
144
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Leveraging Risk — Financial leverage refers to the use of debt to acquire assets. The Fund may use leverage through a line of credit offered by a bank or may purchase derivatives that have the effect of creating leverage. The use of leverage may exaggerate any increase or decrease in a Fund’s net asset value, causing a Fund to be more volatile. The use of leverage may increase expenses and increase the impact of a Fund’s other risks. The use of leverage may cause a Fund or Underlying Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet regulatory requirements resulting in increased volatility of returns. Leverage, including borrowing, may cause a Fund to be more volatile than if a Fund had not been leveraged. Additionally, for certain derivatives, such as futures, adverse changes in the value or level of the reference asset, rate, or index may result in a loss substantially greater than the amount paid for the derivative.
Liquidity Risk — There is risk that a Fund may not be able to pay redemption proceeds within the time periods described in this Prospectus because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that a Fund would like or difficult to value. A Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on Fund management or performance. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, Rule 144A securities, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk.
Litigation and Enforcement Risk — Companies involved in significant restructuring tend to involve increased litigation risk, including for investors in these companies. This risk may be greater in the event a Fund takes a large position or is otherwise prominently involved. The expense of defending against (or asserting) claims and paying any amounts pursuant to settlements or judgments would be borne by the Fund (directly if it were directly involved or indirectly in the case of claims by or against an underlying company or settlements or judgments paid by an underlying company). Further, ownership of companies over certain threshold levels involves additional filing requirements and substantive regulation on such owners, and if the Fund fails to comply with all of these requirements, the Fund may be forced to disgorge profits, pay fines or otherwise bear losses or other costs from such failure to comply.
In addition, there have been a number of widely reported instances of violations of securities laws through the misuse of confidential information. Such violations may result in substantial liabilities for damages caused to others, for the disgorgement of profits realized and for penalties. Investigations and enforcement proceedings may be charged with involvement in such violations. Furthermore, if persons associated with a company in which the Fund invested engages in such violations, that Fund could be exposed to losses.
145
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Management Risk — The net asset value of the Fund changes daily based on the performance of the securities and derivatives in which it invests. The Adviser’s judgments about the attractiveness, value and potential appreciation of particular securities or derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser may have conflicts of interest that could interfere with its management of the Fund’s portfolio. For example, the Adviser or its affiliates may manage other investment funds or have other clients that may be similar to, or overlap with, the investment objective and strategy of the Fund, creating potential conflicts of interest when making decisions regarding which investments may be appropriate for the Fund and other clients. Further information regarding conflicts of interest is available in the SAI.
Market Capitalization Risk — Stocks fall into the following broad market capitalization categories—large, medium, small and micro. A Fund that invests primarily in one of these categories carries the risk that due to current market conditions that category may be out of favor with investors. If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of micro, small or medium capitalization companies, investors may migrate to the stocks of micro, small and medium-sized companies. Larger, more established companies may also be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
Investing in medium, small, and micro capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their stocks, as compared with larger companies. In addition, securities of these companies are subject to the risk that, during certain periods, the liquidity of particular issuers or industries will shrink or disappear with little forewarning as a result of adverse economic or market conditions, or adverse investor perceptions, whether or not accurate. Securities of medium, small and micro capitalization issuers may therefore be subject to greater price volatility and may decline more significantly in market downturns than securities of larger companies.
Micro, small and medium capitalization issuers may also require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and such issuers may have substantial borrowings or may otherwise have a weak financial condition, and may be susceptible to bankruptcy. Transaction costs for these investments are often higher than those of larger capitalization companies. There is typically less publicly available information about small and micro capitalization companies. Generally, the smaller the company size, the greater the risk.
Some micro, small, and medium capitalization companies also may be relatively new issuers, which carries risks in addition to the risks of other medium, small and micro capitalization companies. New issuers may be more speculative because such companies
146
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
are relatively unseasoned. These companies will often be involved in the development or marketing of a new product with no established market, which could lead to significant losses.
Market Risk — Overall capital market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.
Market Events Risk — Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and more recently in connection with the coronavirus disease 2019 (COVID-19) pandemic. Market conditions such as this are an inevitable part of investing in capital markets and may continue, recur, worsen or spread. Markets may be volatile and values of individual securities and other investments may decline significantly in response to adverse issuer, political, regulatory, market, economic, public health, or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Changes in the financial condition of a single issuer may impact a market as a whole. Changes in value may be temporary or may last for extended periods. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters or epidemics (such as COVID-19), or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. Governments and central banks may take steps to support financial markets, including by keeping interest rates at historically low levels. This and other governmental intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Governments and central banks also may 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 the Fund invests. Governmental policy and legislative changes also may contribute to decreased liquidity and increased volatility in the financial markets.
The outbreak of the COVID-19 respiratory disease was first detected in China in late 2019 and subsequently spread globally. The impact of the outbreak has been rapidly evolving, and cases of the virus have been identified in most developed and emerging countries throughout the world. The transmission of COVID-19 and efforts to contain its spread have resulted in significant disruptions to business operations, supply chains and customer activity, widespread business closures and layoffs, international, national and local border closings, extended quarantines and stay-at-home orders, event cancellations, service
147
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, as well as general concern and uncertainty that has negatively affected the global economy. These circumstances are evolving, and further developments could result in additional disruptions and uncertainty. These circumstances also have caused significant volatility, declines in global financial markets, and losses for investors, which may recur or worsen. The impact of the COVID-19 pandemic may last for an extended period of time and could result in a substantial economic downturn or recession.
Health crises caused by pandemics, such as the COVID-19 pandemic, may exacerbate other pre-existing political, social, economic, and financial risks. The impact of the COVID-19 pandemic, and other epidemics and pandemics that may arise in the future, could result in a general decline in the global economy, and negatively affect the performance of individual countries, industries, sectors or companies in significant and unforeseen ways. Deteriorating economic fundamentals may in turn increase the risk of default or insolvency of particular companies, negatively impact market values, increase market volatility, cause credit spreads to widen, and reduce liquidity. All of these risks may have a material adverse effect on the performance and financial condition of the securities in which a Fund invests, and on the overall performance of the Fund.
Governments and central banks around the world have taken a variety of unprecedented actions to stimulate the economy and calm the financial markets. For example, in March 2020, the U.S. government adopted the largest economic stimulus package in recent history, estimated at $2 trillion, which is aimed at supporting American workers and businesses adversely affected by economic upheaval stemming from the COVID-19 pandemic. The law provides for loans and other disbursements to a wide swath of the economy, including direct payments to Americans and loans to large and small companies, as well as expanding unemployment insurance. The ultimate effect of these efforts is not yet known, and they may not be successful.
In the future, governments may take actions that could affect the overall economy as well as the securities in which the Funds invest, the markets in which they trade, or the issuers of such securities, in ways that are unforeseen. Governmental and quasi-governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve (the “Fed”), have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates. Certain of those policy changes have been or are being implemented or considered in response to the COVID-19 pandemic. The Fed has spent hundreds of billions of dollars to keep credit flowing through short-term money markets since mid-September 2019 when a shortage of liquidity caused a spike in overnight borrowing rates, and again in 2020 with large stimulus initiatives intended to respond to economic stresses stemming from the COVID-19 pandemic. The Fed has signaled that it plans to maintain its interventions at an elevated level. Changes in government policies or central banks could negatively affect
148
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
the value and liquidity of a Fund’s investments and cause it to lose money, and there can be no assurance that the initiatives undertaken by governments and central banks will be successful.
The COVID-19 pandemic, and future pandemics, could also impair the information technology and other operational systems upon which the Adviser or a sub-adviser relies, and could otherwise disrupt the ability of a Fund’s service providers to perform essential tasks. Such impacts could impair a Fund’s ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of a Fund’s service providers, and negatively impact a Fund’s performance. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately value its investments.
Markets generally and the energy sector specifically also have been adversely impacted by reduced demand for oil and other energy commodities as a result of the slowdown in economic activity resulting from the spread of the coronavirus and by price competition among key oil producing countries.
Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in, or foreign exchange rates with, a different country or region. The rise in protectionist trade policies, and changes to some major international trade agreements and the potential for changes to others, could affect the economies of many countries in ways that cannot necessarily be foreseen at the present time. Political and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Financial markets in the United States and China have been sensitive to the outlook for resolving ongoing U.S.-China trade disputes.
High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. Interest rates have been unusually low in recent years in the U.S. and abroad, and central banks have reduced rates further in an effort to combat the economic effects of the COVID-19 pandemic. Because there is little precedent for this situation, it is difficult to predict the impact on various markets of a significant rate change or other significant policy initiatives, whether brought about by U.S. policy makers or by dislocations in world markets. Extremely low or negative interest rates may become more prevalent. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Similarly, negative rates on investments by a fund that is a money market fund would make it difficult for the fund to maintain stability in its share price without financial support from the fund’s adviser or other persons. There is no assurance that such support would be provided, which could lead to losses on investments in the fund, including on investments by a Fund that uses the fund as an investment option for the Fund’s uninvested cash. While negative yields may reduce the demand, liquidity and valuation of fixed
149
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
income investments, investors may be willing to continue to purchase such investments for a number of reasons, including, but not limited to, price insensitivity, arbitrage opportunities across fixed income markets or rules-based investment strategies. If negative interest rates become more prevalent, investors may over time seek to reallocate assets to other income-producing assets or equity investments that pay a dividend, which may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time. Over the longer term, rising interest rates may present a greater risk than has historically been the case due to the current period of low rates and the effect of government fiscal policy initiatives and potential market reaction to those initiatives.
Some countries, including the United States, are adopting more protectionist trade policies and moving away from the tighter financial industry regulations that followed the 2008 financial crisis. The United States is also said to be considering significant new investments in infrastructure, national defense and other spending priorities which, coupled with lower federal tax rates, could lead to sharply increased government borrowing and higher interest rates. The exact shape of these policies is still being worked out through the political process, but the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.
The implementation and the resulting impact of the United Kingdom’s January 31, 2020 departure from the European Union (the “EU”), commonly referred to as “Brexit,” remain uncertain. The effect on the economies of the United Kingdom and the EU will likely depend on the nature of trade relations between the United Kingdom and the EU and other major economies following Brexit, which are subject to negotiation. During a transition period that will extend to December 2020, and that can be extended for an additional period, the United Kingdom will have access to the EU single market and be subject to EU regulation. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the United Kingdom and European economies.
In addition, global climate change may have an adverse effect on the value of securities and other assets, such as real estate. A rise in sea levels, an increase in powerful windstorms and/or a storm-driven increase in flooding could cause coastal properties to lose value or become unmarketable altogether. Large wildfires such as those driven by high winds and prolonged drought may devastate entire communities and may be very costly to any business found to be responsible for the fire or conducting business or operations in affected areas. These losses could adversely affect corporate issuers and borrowers as well as mortgage lenders, the value of securities of companies and other issuers affected by these developments (such as mortgage-backed securities), the bonds of municipalities that depend on tax revenues and tourist dollars generated by properties in affected areas, and insurers of the property and/or of corporate, municipal or mortgage backed securities. Since property and security values are driven largely by buyers’ perceptions, it is difficult to know the time period over which these effects might unfold. Economists warn that,
150
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
unlike previous declines in the real estate market, properties in affected coastal zones may never recover their value. Similarly, efforts to address climate change, including increased environmental regulation, may adversely impact individual companies, industries or sectors of the economy, such as energy and manufacturing companies, which could lead to declines in the value of securities and other instruments issued by such companies.
Money Market Instrument Risk — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. It is possible to lose money by investing in a money market fund. Recently, the SEC adopted money market fund reform intended to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The money market fund reforms may impact the structure, operations and return potential of the money market funds in which the Fund invests.
Municipal Bond Risk — The Funds that invest in municipal bonds may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of municipal bonds to pay interest or repay principal. In addition, the ability of an issuer to make payments or repay interest may be affected by litigation or bankruptcy. In the event of bankruptcy of such an issuer, a Fund investing in the issuer’s securities could experience delays in collecting principal and interest, and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, a Fund may, in some instances, take possession of, and manage, the assets securing the issuer’s obligations on such securities, which may increase the Fund’s operating expenses. Any income derived from the Fund’s ownership or operation of such assets may not be tax-exempt. Municipal bonds are generally subject to interest rate, credit and market risk.
Because many municipal bonds are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal bonds backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Municipal bonds are subject to the risk that the Internal Revenue Service (the “IRS”) may determine that an issuer has not complied with applicable tax requirements and that interest from the municipal bond is taxable, which may result in a significant decline in the value of the security.
Municipal bonds may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal bond issuers than for issuers of other securities, and the investment performance of a fund investing in municipal bonds may therefore be more dependent on the analytical abilities of the Adviser than if the fund
151
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
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 Secured Overnight Financing Rate (SOFR) plus a spread. By participating in the ReFlow programs, the Fund may maintain a lower cash balance than might otherwise be required. In an environment of declining market values, a fund participating in the ReFlow programs may experience a greater decrease in value than it would if it did not participate in the programs and instead maintained a higher cash balance.
REIT Risk — There is risk that investments in real estate investment trusts (REITs) will make a Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. REITs may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets.
Restricted Securities — The Fund may invest securities in which the disposition would be subject to legal restrictions (so called “restricted securities”). Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act of 1933, as amended (the “Securities Act”). Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were
152
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell. Restricted securities issued pursuant to Rule 144A under the Securities Act that have a readily available market usually are not deemed illiquid for purposes of this limitation by the Fund. However, investing in Rule 144A securities could result in increasing the level of a Fund’s illiquidity if qualified institutional buyers become, for a time, uninterested in purchasing these securities.
Securities Issued in PIPE Transactions — A Fund may invest in securities that are purchased in private investment in public equity (“PIPE”) transactions. Securities acquired by the Fund in such transactions are subject to resale restrictions under securities laws. While issuers in PIPE transactions typically agree that they will register the securities for resale by the Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered. In addition, a PIPE issuer may require the Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, the Fund’s ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by the Fund may be deemed illiquid.
Securities Lending Risk — To realize additional income, a Fund may lend portfolio securities with a value of up to 33⅓% of the Fund’s total assets, including any collateral received from the loans. The Fund receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. The collateral the Fund receives will generally take the form of cash, U.S. Government securities, letters of credit, or other collateral as deemed appropriate by the Adviser. The Fund may use any cash collateral it receives to invest in short-term investments, including money market funds. It is the Trust’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, from time to time the value of the collateral received by the Fund may be less than the value of the securities on loan. The Fund will receive income earned on the securities loaned during the lending period and a portion of the interest or rebate earned on the collateral received. The risks associated with lending portfolio securities, as with other extensions of secured credit, include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the securities loaned, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral.
Short Sales Risk — The Fund may attempt to limit its exposure to a possible market decline in the value of its portfolio securities through short sales of securities that its portfolio manager believes possess volatility characteristics similar to those being hedged. The Fund may also use short sales for non-hedging purposes to pursue its investment objectives if, in the portfolio manager’s view, the security is over-valued. Short selling is speculative in nature and, in certain circumstances, can substantially increase the effect of adverse price movements on the Fund’s portfolio. A short sale of a security involves the risk of an unlimited increase in the market price of the security that can in turn result in an
153
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
inability to cover the short position and a theoretically unlimited loss. No assurance can be given that securities necessary to cover the Fund’s short position will be available for purchase. The SEC and other U.S. and non-U.S. regulatory authorities have imposed, and may impose in the future, restrictions on short selling, either on a temporary or permanent basis. Such restrictions may include placing limitations on specific companies and/or industries with respect to which the Fund may enter into short positions, and may hinder the Fund in, or prevent it from, implementing its investment strategies, and may negatively affect performance.
Small Fund Risk — The Fund currently has fewer assets than larger funds. Thus, like other small funds, inflows and outflows may impact its market exposure. In addition, if the Fund does not attract additional assets, the Fund’s fixed costs will continue to be spread over a small asset base, which could result in increased shareholder expenses (if the Fund were not subject to an expense cap) or force the Fund to liquidate.
SPACs Risk — A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities and cash; if an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity’s shareholders. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the Volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.
Subsidiary Risk — By investing in a Subsidiary, a Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved. A Subsidiary is not registered under the Investment Company Act of 1940 (the “1940 Act”) and generally is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by the same adviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in its prospectus and statement of additional information and could adversely affect a Fund.
154
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Swap Risk — Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated by the Fund or the counterparty in accordance with its terms. If a swap were to terminate, the Fund may be unable to implement its investment strategies and the Fund may not be able to seek to achieve its investment objective.
Taxability Risk — Some or all of the Funds’ income may be subject to the federal alternative minimum tax, which could reduce the Fund’s after-tax returns. In addition, there is no guarantee that all of the Fund’s income will remain exempt from federal or state or local income taxes. Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service (“IRS”) or state tax authorities, or non-compliant conduct of a bond issuer. The Fund may sell securities that lose their tax-exempt statuses at inopportune times, which may cause tax consequences or a decrease in the Fund’s value.
Tax Risk — The federal income tax treatment of the complex securities in which Funds may invest may not be clear or may be subject to recharacterization by the IRS. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies could make it more difficult for a Fund itself to comply with such rules. Furthermore, the ability of the Fund to gain commodity exposure as contemplated may be adversely affected by future legislation, regulatory developments, interpretive guidance or other actions by the IRS or the Treasury Department. In addition, the Fund’s use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.
Tax-Managed Investing Risk — Market conditions may limit the Fund’s ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although the Fund can generally be expected to distribute a smaller percentage of returns each year than an equity mutual fund that is managed without regard to tax considerations, there can be no assurance about the size of taxable distributions to shareholders.
Temporary Defensive Position — In response to adverse market, economic, political or other conditions, each Fund may temporarily invest up to 100% of its total assets, without limitation, in high-quality short-term debt securities, money market instruments and cash. These short-term debt securities and money market instruments include: shares of money
155
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
market mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements. While the Fund is in a temporary defensive position, the opportunity to achieve upside return may be limited.
U.S. Government Securities Risk — Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.
Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology. Because portfolio securities of the Fund may be traded on non-U.S. exchanges, and non-U.S. exchanges may be open on days when the Fund does not price its shares, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.
Volatility Risk — The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.
9. Other:
As of August 31, 2020, the percentage of total shares outstanding held by shareholders for the Funds, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders were as follows:
| No. of Shareholders | % |
Symmetry Panoramic US Equity Fund | 1 | 82.16% |
Symmetry Panoramic International Equity Fund | 1 | 82.31% |
Symmetry Panoramic Global Equity Fund | 1 | 84.03% |
Symmetry Panoramic Tax-Managed Global Equity Fund | 2 | 67.39% |
Symmetry Panoramic US Fixed Income Fund | 2 | 87.93% |
Symmetry Panoramic Municipal Fixed Income Fund | 4 | 86.34% |
Symmetry Panoramic Global Fixed Income Fund | 1 | 80.80% |
Symmetry Panoramic Alternatives Fund | 2 | 92.89% |
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.
156
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
10. 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, 2020, except as follows:
At a meeting held on July 21, 2020, the Board of Trustees (“Board”) of Symmetry Panoramic Trust (the “Trust”) approved a new investment sub-advisory agreement between Symmetry Partners, LLC (“Adviser”) and Dimensional Fund Advisors LP (“DFA”) with respect to each of the Equity Funds. The agreement with DFA became effective on September 10, 2020. It is expected that the portion of the assets of the Symmetry Panoramic Global Equity Fund (“Global Equity Fund”) that will be sub-advised by DFA will be funded on or about September 15, 2020. It is expected that the portion of the assets of the Symmetry Panoramic US Equity Fund (“US Equity Fund”) that will be sub-advised by DFA will be funded by the fourth quarter of 2020. The portion of the assets of the Symmetry Panoramic International Equity Fund that will be sub-advised by DFA will be funded at a later date depending on market and other circumstances.”
The Trust’s Board of Trustees, at the Board’s July 21, 2020 Meeting approved an amendment to the Amended and Restated Operating Expenses Limitation and Services Agreement, dated November 1, 2019 (the “Expense Limitation Agreement”), between the Trust and Symmetry, so as to raise the current expense caps for the US Equity Fund and the Global Equity Fund as follows: (a) for the US Equity Fund: 0.07% up from 0.48% to 0.55% of the average daily net assets of this Fund; and (b) for the Global Equity Fund: 0.04% up from 0.52% to 0.56% of the average daily net assets of this Fund. Symmetry expects, once these expense caps are raised, that the “Acquired Fund Fees and Expenses” (“AFFE”), based on current estimates, will decrease as follows: (a) for the US Equity Fund, whose current AFFE is 0.18% of the average daily net assets of the Fund, this Fund’s AFFE will decrease from 0.170% to 0.091%, for a difference of 0.079%, of the average daily net assets of this Fund; and (b) for the Global Equity Fund, whose current AFFE is 0.22% of the average daily net assets of the Fund, this Fund’s AFFE will decrease from 0.204% to 0.158%, for a difference of 0.046%, of the average daily net assets of this Fund. These expense ratio changes were not effective until after the Trust’s fiscal-year-ending August 31, 2020, when the new Sleeves of the US Equity Fund and the Global Equity Fund managed by DFA were funded.
Subsequent to August 31, 2020, Dana D’Auria resigned as the Trust President, effective as of September 24, 2020. The Trustees, on September 10, 2020, elected Philip McDonald as the new Trust President and Ms. Rebecca Cioban as the new Trust Vice President effective as of September 24, 2020, the date that Ms. D’Auria’s resignation as Trust President became effective.
157
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
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, 2020, and the related statements of operations for the year then ended, and the statements of changes in net assets, including the related notes, and the financial highlights for each of the two periods in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2020, the results of their operations for the year then ended, the changes in their net assets and the financial highlights for each of the two periods in the period then ended, 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 audits. 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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits 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, 2020, by correspondence with the custodian and brokers. Our audits 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 audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2018.
COHEN & COMPANY, LTD.
Cleveland, Ohio
October 28, 2020
158
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
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, 2020:
Name and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen By Trustee | Other Directorships held by Trustee |
Interested Trustee | |||||
John McDermott (1962) | Chairman, Trustee | Trustee (Since 2018) | Consultant, Chief Investment Strategist, Symmetry Partners, LLC (2005-present); Chair, Department of Finance, Fairfield University School of Business (2014-present).
Qualifications: Dr. McDermott’s experience includes research on hedging, market liquidity, and index reconstitution, which has been published in notable financial journals including the Journal of Banking and Finance, Journal of Financial Markets, Journal of Futures Market, and Journal of Index Investing. Dr. McDermott also serves as a member of the Index Committee for Janus Index and Calculation Services. | 8 | None. |
159
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Name and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen By Trustee | Other Directorships held by Trustee |
Independent Trustees | |||||
Tracie Ahern (1968) | Trustee | Trustee (Since 2018) | Chief Financial Officer, PineBridge Investments (April 2019 - Present); Principal, Danesmead Partners (July 2016- April 2019); Adjunct Professor, Monmouth University School of Business (September 2016); Adviser (January 2016-June 2016) and Chief Operating Officer/Chief Financial Officer (February 2015-January 2016), Brightwood Capital Advisors LLC; Chief Financial Officer, Soros Fund Management LLC (February 2007-January 2015).
Qualifications: Ms. Ahern’s experience includes serving as an Independent Trustee on the boards of mutual funds and private equity/hedge funds. She also has served on several executive committees for several institutions, including Brightwood Capital Advisors LLC. Ms. Ahern is a Certified Public Accountant and has significant experience with SEC Regulatory Reporting including Public Company Financial Reporting. | 8 | None. |
160
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
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. |
161
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Name and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen By Trustee | Other Directorships held by Trustee |
Independent Trustees (continued) | |||||
Fred Naddaff (1958) | Trustee | Trustee (Since 2018) | Retired; Chief Operating Officer of Transfer Agency and Investor Services, FIS Global Asset Management (2012-2018).
Qualifications: Mr. Naddaff’s experience includes a 40 year career in the financial services industry. He has experience in all aspects of mutual fund operations, fund accounting, administration, regulatory and compliance. In addition to FIS Global, he has held senior management positions at Citi Fund Services, BISYS Fund Services and First Data Investor Services Group. | 8 | None. |
162
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Name and | Position(s) Held with the Trust | Principal Occupation(s) | Number of Portfolios in Fund Complex Overseen By Trustee | Other Directorships held by Trustee |
Officers | ||||
Philip McDonald (1976) | President (September 24, 2020 to Present) | 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. |
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). | 8 | None. |
Rebecca Cioban (1984) | Vice President (September 24, 2020 to Present) | Associate Director (January 2020-present); Senior Research Associate, Symmetry Partners, LLC (December 2016-December 2019); Research Associate, Symmetry Partners. LLC (December 2014-November 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. |
163
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Name and | Position(s) Held with the Trust | Principal Occupation(s) | 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. |
164
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
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, 2020 to August 31, 2020.
The table on the next page illustrates your Fund’s costs in two ways:
□ Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
□ Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.
165
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
DISCLOSURE OF FUND EXPENSES (Unaudited) - continued |
Note: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as wire transfers, redemption fees, or returned checks. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Annualized | Expenses |
Symmetry Panoramic US Equity Fund | ||||
Class I Shares | ||||
Actual Fund Return | $ 1,000.00 | $ 1,093.90 | 0.48% | $ 2.53 |
Hypothetical 5% Return | $ 1,000.00 | $ 1,022.72 | 0.48% | $ 2.44 |
Symmetry Panoramic International Equity Fund | ||||
Class I Shares | ||||
Actual Fund Return | $ 1,000.00 | $ 1,050.90 | 0.65% | $ 3.35 |
Hypothetical 5% Return | $ 1,000.00 | $ 1,021.87 | 0.65% | $ 3.30 |
Symmetry Panoramic Global Equity Fund | ||||
Class I Shares | ||||
Actual Fund Return | $ 1,000.00 | $ 1,076.80 | 0.52% | $ 2.71 |
Hypothetical 5% Return | $ 1,000.00 | $ 1,022.52 | 0.52% | $ 2.64 |
Symmetry Panoramic Tax-Managed Global Equity Fund | ||||
Class I Shares | ||||
Actual Fund Return | $ 1,000.00 | $ 1,075.90 | 0.42% | $ 2.19 |
Hypothetical 5% Return | $ 1,000.00 | $ 1,023.03 | 0.42% | $ 2.14 |
Symmetry Panoramic US Fixed Income Fund | ||||
Class I Shares | ||||
Actual Fund Return | $ 1,000.00 | $ 1,024.60 | 0.41% | $ 2.09 |
Hypothetical 5% Return | $ 1,000.00 | $ 1,023.08 | 0.41% | $ 2.08 |
Symmetry Panoramic Municipal Fixed Income Fund | ||||
Class I Shares | ||||
Actual Fund Return | $ 1,000.00 | $ 1,007.70 | 0.41% | $ 2.07 |
Hypothetical 5% Return | $ 1,000.00 | $ 1,023.08 | 0.41% | $ 2.08 |
Symmetry Panoramic Global Fixed Income Fund | ||||
Class I Shares | ||||
Actual Fund Return | $ 1,000.00 | $ 1,013.20 | 0.43% | $ 2.18 |
Hypothetical 5% Return | $ 1,000.00 | $ 1,022.97 | 0.43% | $ 2.19 |
166
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
DISCLOSURE OF FUND EXPENSES (Unaudited) - concluded |
| Beginning | Ending | Annualized | Expenses |
Symmetry Panoramic Alternatives Fund | ||||
Class I Shares | ||||
Actual Fund Return | $ 1,000.00 | $ 988.40 | 0.50% | $ 2.50 |
Hypothetical 5% Return | $ 1,000.00 | $ 1,022.62 | 0.50% | $ 2.54 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period). |
167
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Board Consideration of the Continuance of the Investment Advisory and Sub-Advisory Agreements (Unaudited) |
Symmetry Panoramic U.S. Equity Fund | Symmetry Panoramic US Fixed Income Fund |
Symmetry Panoramic International Equity Fund | Symmetry Panoramic Municipal Fixed Income Fund |
Symmetry Panoramic Global Equity Fund | Symmetry Panoramic Global Fixed Income Fund |
Symmetry Panoramic Tax-Managed Global Equity Fund | Symmetry Panoramic Alternatives Fund |
(collectively, the “Funds”) |
At a meeting of the Board of Trustees (the “Trustees” or the “Board”) of Symmetry Panoramic Trust (the “Trust”) held on April 28, 2020 (the “Meeting”), the Trustees, including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940) of the Trust (the “Independent Trustees”), approved the continuance for an additional year of:
(1) | the investment advisory agreement (the “Advisory Agreement”) between Symmetry Partners, LLC (“Symmetry”) and the Trust, on behalf of the Funds, pursuant to which Symmetry provides the Funds with investment advisory services; and |
(2) | an investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) between Symmetry and AQR Capital Management, LLC (“AQR”), pursuant to which AQR provides investment sub-advisory services to the Symmetry Panoramic U.S. Equity Fund, Symmetry Panoramic International Equity Fund, and Symmetry Panoramic Global Equity Fund (the “Sub-Advised Funds”). |
In response to requests made on behalf of the Independent Trustees by independent legal counsel, the Board received and reviewed prior to the Meeting materials specifically prepared for the Board’s annual review of the Agreements from Symmetry, AQR, and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent, and quality of services provided by Symmetry and AQR; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks; an analysis of the fees and expense ratios of the Funds in absolute terms and as compared to those of certain peer funds; a description of the profitability of Symmetry and AQR; and a description of indirect benefits received by Symmetry and AQR as a result of their relationships with the Funds.
168
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
The information prepared specifically for the annual review of the Agreements supplemented the information provided to the Board throughout the year. The Board met regularly during the year and the information provided and topics discussed at such meetings were relevant to the review of the Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Funds; compliance, regulatory, and risk management matters; the trading practices of Symmetry and AQR; valuation of securities; fund expenses; and overall market and regulatory developments. The Independent Trustees considered the review of the Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained during their tenure on the Board governing the Funds and working with Symmetry and AQR in their review of the Agreements.
The Independent Trustees were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel without representatives from Symmetry or AQR present. In connection with their annual review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Agreements.
In deciding to continue the Agreements, the Independent Trustees did not identify a particular factor or information as determinative or controlling; rather, the decision reflected the comprehensive consideration of all the information provided, and each Trustee may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information the Board considered in deciding to continue the Agreements and its conclusions.
The nature, extent, and quality of the services provided. The Board considered the nature, extent, and quality of the services provided by Symmetry to the Funds and by AQR to the Sub-Advised Funds. The Board considered the investment strategies of each Fund and Symmetry and AQR’s expertise with respect to such strategies; the experience, capability, and integrity of Symmetry and AQR’s respective senior management; the financial resources of Symmetry and AQR; the continuous and regular management and services provided by Symmetry and AQR and the risks assumed and borne; and the professional qualifications of the portfolio management teams of Symmetry and AQR.
The Board considered that each Fund is managed as a multi-factor fund providing exposure to different managers that, in Symmetry’s view, are best able to deliver certain factor exposures as identified by Symmetry, and that Symmetry accesses these investment managers on behalf of the Funds either through investment in other registered investment companies or by entering into a sub-advisory relationship with one or more investment managers pursuant to which the sub-adviser is responsible for advising an allocated portion of a Fund’s assets. The Board noted that, in implementing each Fund’s investment strategy, Symmetry combines the Fund’s investments in other registered investment companies with any sub-advised positions to gain a more complete set of market and factor exposures
169
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
for the Fund and manages investment and sub-adviser rebalances and transitions within the Fund’s portfolio. The Board noted that Symmetry’s advisory fee serves as compensation for these services as well as other services it provides to the Funds, including: development, implementation and monitoring of each Fund’s investment program, assessing each Fund’s investment objectives and policies, composition, investment style and investment process, and development and evaluation of strategic initiatives with respect to the Funds; as a “manager of managers,” selecting sub-advisers for the Funds and monitoring such sub-advisers’ implementation of and adherence to each Fund’s investment objectives, policies, and restrictions; providing a continuous investment program for each Fund and making determinations with respect to the investment of a Fund’s assets, including day-to-day management of the Fund or portions thereof; reviewing brokerage matters; generally overseeing compliance by the Trust; carrying out directives of the Board as they relate to each Fund; and making its employees available to serve as trustees and officers of the Trust. The Board further noted the services Symmetry provides to the Funds in the form of oversight of the services provided by the Funds’ custodian, administrator, transfer agent, independent accountant and legal counsel and supervision of the performance of recordkeeping and shareholder relations functions of the Funds. The Board considered that Symmetry’s management services also include, among other things, the provision of supervisory, compliance, and administrative services to each Fund.
With respect to its consideration of the Sub-Advisory Agreement, the Board considered Symmetry’s reasons for recommending that AQR continue to serve as a sub-adviser to the Sub-Advised Funds, including Symmetry’s due diligence concerning and previous and ongoing experience with AQR. The Board noted that under the Sub-Advisory Agreement, AQR, subject to the oversight of the Trustees and the supervision of Symmetry, is responsible for, among other things: making investment decisions on behalf of each Sub-Advised Fund with respect to its allocated portion of such Sub-Advised Fund; placing orders with brokers or dealers for the purchase and sale of investments; and performing other related functions.
The Board also considered the compliance and operational resources of Symmetry and AQR. The Board considered Symmetry and AQR’s commitment to compliance with applicable laws and regulations and the Trust’s compliance policies and procedures, including recent and ongoing implementation of various enhancements to their compliance programs. The Trustees also considered Symmetry and AQR’s operational infrastructure, including their risk management, technology and cybersecurity controls and systems. In this regard, the Trustees noted the seamless transition of both Symmetry and AQR personnel to remote work environments, as well as their successful establishment of long-term remote operations to service the Funds, in connection with the COVID-19 pandemic.
Based on the factors discussed above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent, and quality of the services provided to the Funds by Symmetry and AQR.
170
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Performance. The Board considered the performance of each Fund in light of its investment objective. The Board reviewed reports prepared by Broadridge, which included information comparing each Fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), as well as Symmetry’s similarly managed accounts. The Board noted that Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. The Board noted that four Funds – the Symmetry Panoramic U.S. Equity Fund, the Symmetry Panoramic U.S. Fixed Income Fund, the Symmetry Panoramic International Equity Fund, and the Symmetry Panoramic Alternatives Fund – had performance that ranked in the fourth quartile of their respective Performance Group or Performance Universe for a one-year period or since inception. Symmetry reviewed with the Board the factors that contributed to and detracted from each Fund’s performance. In reviewing the Funds’ performance, the Board took into account that the Funds have had relatively short operating histories over which to consider Symmetry and AQR’s performance and that the Board would continue to monitor each Fund’s performance in the coming year, noting that it receives regular reports regarding the Funds’ performance at its quarterly meetings. The Board further noted that the usefulness of performance comparisons may be affected by a number of factors, including that the investment limitations and policies applicable to a Fund may be different than those applicable to the funds included in a Fund’s Performance Group and Performance Universe. The Board also recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results.
Advisory fees, sub-advisory fees, and expense ratios. The Board considered the advisory and sub-advisory fees and expense ratios of each Fund. The Board reviewed reports prepared by Broadridge, which included information comparing each Fund’s advisory fee and net expense ratio with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”). The Board noted that two Funds – the Symmetry Panoramic Alternatives Fund and Symmetry Panoramic Municipal Fixed Income Fund – had advisory fees and net expense ratios that ranked in the fourth quartile of their respective Expense Group and Expense Universe. The Board took into account Symmetry’s explanation that these Funds have not yet experienced the same levels of inflows as the other Funds and that Symmetry is continuing to subsidize each Fund’s expenses to a significant extent. The Board further noted that the advisory fee and net expense ratio for the Symmetry Panoramic Alternatives Fund are within the range of the Fund’s peer group.
The Board noted that, consistent with their investment strategies, the Funds make investments in other registered investment companies and, as a result, would bear their pro rata share of the fees and expenses of such other companies. The Board further noted that the Funds’ advisory fees are based on services that Symmetry provides to the Funds that are in addition to, not duplicative of, the services provided to the underlying investment companies by their investment advisers. The Board noted that, with respect to each Fund, Symmetry contractually agreed to waive its management fee so as to cap the aggregate
171
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
management fee retained by Symmetry with respect to each Fund after payment of sub-advisory fees and, separately, contractually agreed to reduce each Fund’s fees and absorb expenses of each Fund so as to limit total annual Fund operating expenses, in each case through at least December 31, 2020. The Board considered that the net advisory fees for the Symmetry Panoramic Tax-Managed Global Equity Fund and Symmetry Panoramic Alternatives Fund are higher than the net advisory fees of the other Funds, and that such difference was in recognition of the additional tax management services and additional due diligence and monitoring services, respectively, provided to those Funds. The Board noted that Symmetry’s commitment of resources to the Funds resulted in it assuming entrepreneurial and other risks, for which it may reasonably seek to be compensated.
With respect to Symmetry’s oversight of AQR, the Board noted that Symmetry, as a “manager of managers,” must select, oversee and monitor the Sub-Adviser, as well as negotiate a sub-advisory fee rate for each Sub-Advised Fund. In reviewing the fairness of each Sub-Advised Fund’s sub-advisory fee rate, the Board observed that Symmetry pays the fee directly out of its management fee and, as a result, the sub-advisory fee rate materially impacts Symmetry’s profitability with respect to the Sub-Advised Funds. Accordingly, the Board reasoned that Symmetry would have negotiated at arm’s length for a competitive rate. The Board noted the breakpoint structure for each Sub-Advised Fund’s sub-advisory fee. The Board considered the sub-advisory fees paid to AQR in relation to the fees paid to Symmetry by the Sub-Advised Funds and the respective services provided by AQR and Symmetry. The Board considered the meaningful differences in the services that Symmetry provides to the Sub-Advised Funds as compared to the services provided by AQR.
On the basis of these and other considerations, the Board determined that the advisory fee rate paid by each Fund to Symmetry, including, with respect to the Sub-Advised Funds, as portioned between Symmetry and AQR under the Agreements, was reasonable in light of the services provided and the risks borne by Symmetry and AQR, respectively.
Profitability. With respect to the profitability of the Funds to Symmetry, the Board reviewed aggregate and per Fund profitability data, including the management fees earned by Symmetry and the expenses paid by Symmetry out of such management fees. In discussing the fee arrangements between Symmetry and AQR, the Board noted that Symmetry pays AQR out of the advisory fee it receives from the Sub-Advised Funds. The Board also reviewed information comparing each Fund’s fee to the fees paid by comparable funds. The Board also considered Symmetry’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratios of the Funds. Based on its review, in the context of its full deliberations, the Board concluded the profitability to Symmetry from each Fund is not unreasonable or excessive.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Funds grow. The Board considered for each Fund whether economies of scale were realized, noting the fees waived and expenses reimbursed by Symmetry during the period. Based on its consideration of the factors above, the Board
172
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
determined that there was a reasonable sharing of any realized economies of scale under the advisory and sub-advisory fee schedules at the present time. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for each Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of a Fund.
Benefits to Symmetry, AQR, and their affiliates from their relationships with the Funds. The Board considered other benefits derived by Symmetry, AQR, and their affiliates from their relationships with the Funds. The Board noted that, although both Symmetry and AQR have the ability to realize soft dollar benefits from their relationship with the Funds, neither currently does so. The Board also considered the potential benefits flowing to Symmetry from sponsoring its own family of mutual funds and how the Funds may be used in delivering investment advisory services to Symmetry’s other clients. Based on its review, the Board determined that any “fall-out” benefits and other types of benefits that may accrue to Symmetry or AQR are fair and reasonable. The Board noted that it would have the opportunity to review the appropriateness of these benefits over time.
Other considerations. The Board considered the investment objective and strategy of each Fund and noted that Symmetry believed the Funds enhance Symmetry’s product offerings. The Board noted that Symmetry had made a substantial commitment to the development of the strategy represented by each Fund and to the recruitment and retention of high quality personnel, and maintained the financial, compliance, and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of each Fund and its respective shareholders. In this regard, the Board favorably considered Symmetry’s procedures and policies to enforce compliance with applicable laws and regulations and, with respect to the Sub-Advised Funds, oversee the sub-advisory activities of AQR. The Board also noted that Symmetry had made a significant entrepreneurial commitment to the development, management, and success of the Funds and assumed commensurate risk.
Conclusion. After consideration of the factors described above, as well as other factors, the Board, including all of the Independent Trustees, concluded that the terms of the Agreements evidenced substantial due diligence, arm’s length negotiation, and were consistent with the interests of the Funds and investors.
173
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
BOARD CONSIDERATION OF APPROVAL OF
SUB-ADVISORY AGREEMENT
At a meeting of the Board of Trustees (the “Trustees” or the “Board”) of Symmetry Panoramic Trust (the “Trust”) held on July 21, 2020, the Trustees, including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940) of the Trust (the “Independent Trustees”), approved an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between Dimensional Fund Advisors LP (“DFA”) and Symmetry Partners, LLC (the “Adviser”), pursuant to which DFA would provide investment sub-advisory services to the Symmetry Panoramic U.S. Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic International Equity Fund (each, a “Fund” and together, the “Funds”).
In considering whether to approve the Sub-Advisory Agreement, the Trustees considered and discussed information and analyses provided in advance of the meeting by the Adviser and DFA. The Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Sub-Advisory Agreement. The Trustees were assisted in their review by counsel to the Trust and independent legal counsel, and met with counsel in executive session separate from representatives of the Adviser and DFA. The Trustees evaluated a number of considerations they believed, in light of the legal advice furnished to them by counsel and their own business judgment, to be relevant, and then made decisions in their business judgment. In considering the approval of the Sub-Advisory Agreement for an initial two-year period, the Board evaluated all factors it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Trustee may have attributed different weights to the factors considered.
The nature, extent, and quality of the sub-advisory services to be provided, including investment performance. The Board considered the nature, extent, and quality of the services to be provided by DFA to the Funds. The Board considered the investment strategies of each Fund and DFA’s expertise with respect to such strategies; the experience, capability, and integrity of DFA’s senior management; the financial resources of DFA; the continuous and regular management and services to be provided by DFA and the risks to be assumed and borne; and the professional qualifications of the portfolio management teams of DFA.
The Board considered that each Fund is managed as a multi-factor fund providing exposure to different managers that, in the Adviser’s view, are best able to deliver certain factor exposures as identified by the Adviser, and that the Adviser accesses these investment managers on behalf of the Funds either through investment in other registered investment companies or by entering into a sub-advisory relationship with one or more investment managers pursuant to which the sub-adviser would be responsible for advising an allocated portion of a Fund’s assets. The Board noted that the Funds currently access DFA’s investment capabilities through investment in DFA-sponsored mutual funds, and the Board considered the Adviser’s assertion that the Funds may benefit by transitioning their investments in such funds to direct equity investments managed by DFA.
174
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
The Board considered the Adviser’s reasons for recommending that DFA be appointed as a sub-adviser to the Funds, including the Adviser’s due diligence concerning and previous experience with DFA. The Board noted that under the Sub-Advisory Agreement, DFA, subject to the oversight of the Trustees and the supervision of the Adviser, will be responsible for, among other things: making investment decisions on behalf of each Fund with respect to its allocated portion of such Fund, placing with brokers or dealers orders for the purchase and sale of investments for each Fund, and performing other related functions.
In connection with the assessment of DFA’s ability to perform its duties under the Sub-Advisory Agreement, the Board considered the sufficiency of DFA’s resources and reviewed DFA’s overall investment experience, including its experience managing other open-end funds. The Board also considered the Funds’ past performance and noted the fact that performance may be impacted by the addition of DFA as a sub-adviser to the Funds. In this regard, the Board considered performance information regarding DFA’s similarly managed portfolios. The Board noted that, subject to a number of limitations, such information was designed to aid the Board in understanding how DFA may have been able to contribute to the Funds’ performance in the past. The Board discussed DFA’s portfolio managers’ experience and the investment strategies to be employed in DFA’s management of its allocated portion of each Fund’s assets. The Board noted the reputation and experience of DFA.
The Board also considered the compliance resources of DFA. The Board considered DFA’s commitment to compliance with applicable laws and regulations and the Trust’s compliance policies and procedures, including the determination of the Trust’s Chief Compliance Officer that DFA’s compliance program appears to be reasonably designed to prevent violations of the federal securities laws. The Board also considered DFA’s operational infrastructure, including its risk management, technology and cybersecurity controls and systems. In this regard, the Board considered DFA’s transition to a remote work environment in connection with the COVID-19 pandemic.
On the basis of this information and the Board’s assessment of the nature, extent, and quality of sub-advisory services to be provided by DFA to the Funds, the Board concluded that DFA is capable of generating a level of investment performance that is appropriate in light of the Funds’ investment objectives, policies, and strategies. The Board also determined that DFA could provide investment and related services that are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs.
Sub-advisory fees. In considering the sub-advisory fees to be paid to DFA, the Board noted the breakpoint structure for the sub-advisory fees paid with respect to the Symmetry Panoramic U.S. Equity Fund and Symmetry Panoramic Global Equity Fund. The Board noted that DFA’s fees will be paid by the Adviser (out of its fee paid by the Funds) and not by the Funds. The Board considered the sub-advisory fees to be paid to DFA in relation to the fees paid to the Adviser by the Funds and the respective services provided, and to
175
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
be provided, by the Adviser and DFA. The Board considered the meaningful differences in the services that the Adviser provides to the Funds as compared to the services to be provided by DFA. The Board noted that, with respect to each Fund, the Adviser contractually agreed to reduce each Fund’s fees and absorb expenses of each Fund so as to limit total annual Fund operating expenses, in each case through at least December 31, 2020, and that, in connection with DFA’s proposed appointment, the Adviser was proposing to raise the current expense limits for each Fund to account for payments to be made by the Adviser to DFA.
On the basis of these and other considerations, together with the other information it considered, the Board determined that the sub-advisory fees to be received by DFA under the Sub-Advisory Agreement are reasonable in light of the services to be provided by DFA.
The cost of sub-advisory services provided and the level of profitability. The Board considered the costs of the services to be provided and any profits to be realized by DFA from its relationship with the Funds, noting the arm’s-length nature of the relationship between the Adviser and DFA with respect to the negotiation of DFA’s sub-advisory fee rates.
Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Funds grow. The Board evaluated the extent to which the sub-advisory fees payable under the Sub-Advisory Agreement reflect economies of scale or will permit economies of scale to be realized in the future. Based on its consideration of the factors above, the Board determined that there was a reasonable sharing of any realized economies of scale under the sub-advisory fee schedule at the present time. The Board noted that, in the future, it would have the opportunity to periodically reexamine the appropriateness of sub-advisory fees payable by the Adviser to DFA.
Benefits to DFA and its affiliates from its relationships with the Funds. The Board considered other benefits derived by DFA and its affiliates from their relationships with the Funds. The Board noted that, although DFA has the ability to realize soft dollar benefits from its relationship with the Funds, it does not currently intend to do so. Based on its review, the Board determined that any “fall-out” benefits and other types of benefits that may accrue to DFA are fair and reasonable. The Board noted that it would have the opportunity to review the appropriateness of these benefits over time.
Conclusion. After consideration of the factors described above, as well as other factors, the Board, including all of the Independent Trustees, concluded that the terms of the Sub-Advisory Agreement evidenced substantial due diligence, arm’s length negotiation, and was consistent with the interests of the Funds and investors.
176
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
Notice to Shareholders (Unaudited) |
For shareholders that do not have an August 31, 2020 tax year end, this notice is for informational purposes only. For shareholders with an August 31, 2020 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal period ended August 31, 2020, the Fund is designating the following items with regard to distributions paid during the period:
| Return of | Long Term | Ordinary | Tax-Exempt | Total |
Symmetry Panoramic US Equity Fund | 0.00% | 32.48% | 67.52% | 0.00% | 100.00% |
Symmetry Panoramic International Equity Fund | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% |
Symmetry Panoramic Global Equity Fund | 0.00% | 7.71% | 92.29% | 0.00% | 100.00% |
Symmetry Panoramic Tax-Managed Global Equity Fund | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% |
Symmetry Panoramic US Fixed Income Fund | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% |
Symmetry Panoramic Municipal Fixed Income Fund | 0.00% | 0.00% | 0.01% | 99.99% | 100.00% |
Symmetry Panoramic Global Fixed Income Fund | 0.00% | 0.00% | 100.00% | 0.00% | 100.00% |
Symmetry Panoramic Alternatives Fund | 5.69% | 0.00% | 94.31% | 0.00% | 100.00% |
177
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
| Dividends | Qualifying | U.S. | Interest | Qualified |
Symmetry Panoramic US Equity Fund | 88.20% | 89.99% | 0.00% | 0.00% | 100.00% |
Symmetry Panoramic International Equity Fund | 3.26% | 67.27% | 0.00% | 0.00% | 0.00% |
Symmetry Panoramic Global Equity Fund | 24.61% | 38.70% | 0.00% | 0.00% | 100.00% |
Symmetry Panoramic Tax-Managed Global Equity Fund | 36.51% | 77.84% | 0.00% | 0.00% | 0.00% |
Symmetry Panoramic US Fixed Income Fund | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% |
Symmetry Panoramic Municipal Fixed Income Fund | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% |
Symmetry Panoramic Global Fixed Income Fund | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% |
Symmetry Panoramic Alternatives Fund | 0.00% | 28.29% | 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. |
178
SYMMETRY PANORAMIC TRUST
AUGUST 31, 2020
(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. |
(6) | “Tax-exempt income distributions” represents the amount of interest that was derived from state exempt obligations and distributed during the fiscal year. This amount is reflected as a percentage of total distributions. Generally, interest from state obligations is exempt from state income tax. However, for shareholders of the Symmetry Panoramic Municipal Fixed Income Fund who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2020. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.
179
(This Page Intentionally Left Blank.)
(This Page Intentionally Left Blank.)
Symmetry Panoramic Funds
P.O. Box 588
Portland, ME 04112
1-844-796-3863
Investment Adviser:
Symmetry Partners, LLC
151 National Drive
Glastonbury, CT 06033
Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Legal Counsel:
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600
Independent Registered Public Accounting Firm:
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115
This information must be preceded or accompanied by a current prospectus for the Funds described.
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, comptroller or principal accounting officer or any person who performs a similar function.
Item 3. Audit Committee Financial Expert.
(a) (1) The Registrant’s Board of Trustees has determined that the Registrant has an audit committee financial expert serving on the audit committee.
(a) (2) The audit committee financial expert Tracie Ahern is an independent trustee as defined in Form N-CSR Item 3 (a) (2).
Item 4. Principal Accountant Fees and Services.
Fees billed by Cohen & Company, Ltd (Cohen) related to the Registrant.
Cohen billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:
2020 | 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 | 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 | N/A | N/A | $97,500 | N/A | N/A |
(b) | Audit-Related Fees | N/A | N/A | N/A | N/A | N/A | N/A |
(c) | Tax Fees | $24,000 | N/A | N/A | $24,000 | N/A | $6,600 |
(d) | All Other Fees | N/A | N/A | N/A | N/A | N/A | N/A |
(e)(1) The Trust’s Audit Committee has adopted, and the Board of Trustees has ratified, the Charter of the Audit Committee, which sets forth, at Section 3(A) of the Charter, 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:
2020 | 2019 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) Not Applicable.
(g) The aggregate non-audit fees and services billed by Cohen for the fiscal years 2020 and 2019 were $24,000 and $30,600, respectively.
(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.
The Registrant currently does not have in place procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
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.
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/ Philip McDonald | |
Philip McDonald | ||
President |
Date: November 6, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By | /s/ Philip McDonald | |
Philip McDonald | ||
President |
Date: November 6, 2020
By | /s/ Stephen Connors | |
Stephen Connors | ||
Treasurer & Principal Financial Officer |
Date: November 6, 2020