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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSRS

________

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, 2021

Date of reporting period: February 28, 2021

Item 1. Reports to Stockholders.

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

Symmetry Panoramic Trust

SEMI-ANNUAL REPORT

FEBRUARY 28, 2021

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)

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2021

TABLE OF CONTENTS

Shareholders’ Letter	1
Schedules of Investments	3
Statements of Assets and Liabilities	95
Statements of Operations	98
Statements of Changes in Net Assets	101
Financial Highlights	109
Notes to Financial Statements	117
Disclosure of Fund Expenses	164
Review of Liquidity Risk Management Program	167

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2021
(Unaudited)

Shareholders’ Letter

Dear Shareholders,

The last six months have seen important developments for investors in general, and multi-factor investors specifically. Calendar year 2020 illustrated the potential short-term volatility of equity investments. Later in the year, uncertainty surrounding fiscal stimulus and potential for a nascent economic recovery led to changing market conditions. The calendar year ended with most major equity and fixed income indices up, having rewarded those investors who maintained the discipline to stay invested through a very volatile year.

Perhaps the most notable development for us during this period was the inflection in the performance of various factors that began in November. With the promise of an effective Covid-19 vaccine, the value and momentum styles of investing experienced a drastic reversal of relative performance.¹ The resulting outperformance of the value and small factors has continued through the end of the funds’ second fiscal quarter. Market outlook for economic growth combined with a continuing accommodative U.S. monetary policy led to increased inflation expectations in the last six months. The resulting steepening of the U.S. Treasury yield curve during this period led to losses in diversified fixed income portfolios.² The difference between the nominal and TIPS Treasury yield curves, or the break-even rate, indicates that as of February 26, 2021, the market was pricing in an expected inflation rate of 2.4% in the near term.³ This rate has since slightly increased.

While we cannot explicitly call a recovery, we view many of these developments as very promising for our portfolios. As the percent of the population that is fully vaccinated increases, the potential for a more fully-open economy should follow. Rest assured we will be closely tracking progress in the markets, asset classes, and the factors that we target.

Sincerely,
Philip McDonald
President, Symmetry Panoramic Trust

1 As may be proxied by MSCI Small and Value Indices for the ACWI, USA, World Ex-USA, and Emerging Market Regions compared to the market-capitalization weighted parent index in each region.

2 As indicated by Bloomberg Barclays Aggregate Index and the Bloomberg Barclays Aggregate ex-US Hedged Index.

3 Source: St. Louis Fed FRED data library and as indicated by the difference in 5 year nominal U.S. Treasury (Series: DGS5) and TIPs yields (Series: DFII5).

1

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2021
(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 US EQUITY FUND
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(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 63.3%
	Shares		Value
COMMUNICATION SERVICES — 5.4%
Activision Blizzard		5,942	$	568,115
Alphabet, Cl A *		2,238		4,525,035
Alphabet, Cl C *		1,487		3,028,811
Altice USA, Cl A *		4,567		153,497
AT&T		49,994		1,394,333
Cable One		345		660,623
Charter Communications, Cl A *		906		555,758
Comcast, Cl A		46,737		2,463,975
Discovery *		2,385		126,477
Discovery, Cl C *		5,065		227,925
DISH Network, Cl A *		2,940		92,639
Electronic Arts		3,320		444,780
Facebook, Cl A *		16,716		4,306,376
Fox, Cl A		3,472		115,652
Fox, Cl B		2,648		84,551
Interpublic Group		3,520		91,942
Liberty Broadband, Cl A *		231		33,578
Liberty Broadband, Cl C *		2,194		328,025
Liberty Media -Liberty Formula One, Cl C *		2,990		131,261
Liberty Media -Liberty SiriusXM, Cl A *		1,491		66,215
Liberty Media -Liberty SiriusXM, Cl B *		3,414		150,626

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

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COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES — continued
Live Nation Entertainment *		1,417	$	125,915
Lumen Technologies		28,152		345,988
Match Group *		3,252		497,068
Netflix *		1,661		895,030
New York Times, Cl A		1,127		57,669
News, Cl A		5,717		134,064
News, Cl B		2,934		67,247
Omnicom Group		4,571		314,165
Pinterest, Cl A *		7,834		631,264
Roku, Cl A *		631		249,548
Sirius XM Holdings		11,567		67,667
Snap, Cl A *		4,684		307,551
Spotify Technology *		1,370		421,110
Take-Two Interactive Software *		774		142,772
T-Mobile US *		7,212		865,224
Twitter *		6,323		487,250
Verizon Communications		53,347		2,950,089
ViacomCBS, Cl B		6,976		449,882
Walt Disney		8,488		1,604,571
Zillow Group, Cl A *		377		64,022
Zillow Group, Cl C *		2,161		348,634
Zynga, Cl A *		18,872		210,423
				30,787,347
CONSUMER DISCRETIONARY — 8.7%
Advance Auto Parts		1,100		176,385
Amazon.com *		3,451		10,673,701
Aptiv		2,524		378,196
Aramark		1,589		58,984
Autoliv		489		44,010
AutoNation *		7,727		579,679
AutoZone *		279		323,618
Best Buy		9,613		964,665
Booking Holdings *		334		777,722
BorgWarner		5,923		266,535
Bright Horizons Family Solutions *		1,583		252,742
Brunswick		5,479		484,179
Burlington Stores *		1,363		352,772

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

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COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
Caesars Entertainment *		2,739	$	255,932
Capri Holdings *		4,642		216,642
CarMax *		2,533		302,719
Carnival		10,204		272,957
Carvana, Cl A *		134		37,989
Chegg *		962		92,862
Chewy, Cl A *		621		63,069
Chipotle Mexican Grill, Cl A *		233		335,986
Choice Hotels International		751		78,757
Darden Restaurants		2,278		312,838
Deckers Outdoor *		121		39,459
Dick’s Sporting Goods		6,705		478,536
Dollar General		5,285		998,812
Dollar Tree *		3,120		306,384
Domino’s Pizza		529		183,304
DR Horton		11,973		920,364
eBay		10,916		615,881
Etsy *		2,683		590,984
Expedia Group		1,115		179,515
Five Below *		240		44,669
Floor & Decor Holdings, Cl A *		2,416		229,737
Foot Locker		6,108		293,734
Ford Motor		67,028		784,228
Gap		3,514		87,674
Garmin		5,896		731,222
General Motors		28,395		1,457,515
Gentex		10,657		377,044
Genuine Parts		981		103,348
Hanesbrands		9,568		169,258
Harley-Davidson		1,101		39,273
Hasbro		2,120		198,665
Hilton Worldwide Holdings		1,877		232,147
Home Depot		7,878		2,035,202
L Brands		13,688		748,186
Las Vegas Sands		4,389		274,752
Lear		864		143,502
Leggett & Platt		5,674		245,514
Lennar, Cl A		10,386		861,726

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
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COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
Lithia Motors, Cl A		125	$	46,744
LKQ *		14,233		560,638
Lowe’s		6,806		1,087,258
Lululemon Athletica *		1,350		420,768
Marriott International, Cl A		2,195		325,014
McDonald’s		3,382		697,166
Mohawk Industries *		2,933		513,246
Newell Brands		9,043		209,526
NIKE, Cl B		10,847		1,461,959
NVR *		89		400,575
Ollie’s Bargain Outlet Holdings *		479		39,604
O’Reilly Automotive *		878		392,756
Peloton Interactive, Cl A *		4,327		521,274
Penn National Gaming *		1,480		171,354
Penske Automotive Group		6,182		420,252
Polaris		1,898		223,509
Pool		1,487		497,803
PulteGroup		17,062		769,667
PVH		1,004		100,360
Qurate Retail		39,798		494,291
RH *		87		42,662
Ross Stores		3,459		403,458
Royal Caribbean Cruises		1,868		174,228
Service International		2,373		113,334
Skechers U.S.A., Cl A *		2,595		94,977
Starbucks		5,137		554,950
Tapestry		2,964		124,903
Target		9,761		1,790,558
Tempur Sealy International		13,872		463,464
Terminix Global Holdings *		1,525		68,640
Tesla *		1,863		1,258,456
Thor Industries		3,092		361,950
TJX		5,599		369,478
Toll Brothers		5,482		292,848
Tractor Supply		3,585		569,872
Ulta Beauty *		980		315,883
Under Armour, Cl C *		2,186		39,785
Vail Resorts		335		103,575

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

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(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
VF		3,767	$	298,083
Wayfair, Cl A *		1,961		566,690
Whirlpool		3,944		749,676
Williams-Sonoma		5,378		706,078
Wynn Resorts		834		109,863
Yum! Brands		2,040		211,201
				49,811,950
CONSUMER STAPLES — 3.5%
Altria Group		15,304		667,254
Archer-Daniels-Midland		4,946		279,845
Beyond Meat *		242		35,206
Boston Beer, Cl A *		312		320,957
Brown-Forman, Cl A		811		54,004
Brown-Forman, Cl B		2,972		212,736
Bunge		1,504		115,176
Campbell Soup		4,695		213,529
Casey’s General Stores		1,633		329,801
Church & Dwight		4,903		386,111
Clorox		1,096		198,431
Coca-Cola		26,815		1,313,667
Colgate-Palmolive		4,095		307,944
Conagra Brands		11,704		397,117
Constellation Brands, Cl A		1,462		313,073
Costco Wholesale		4,639		1,535,509
Darling Ingredients *		1,223		77,098
Estee Lauder, Cl A		2,930		837,570
General Mills		7,684		422,697
Hain Celestial Group *		5,231		220,643
Hershey		2,887		420,491
Hormel Foods		4,068		188,633
J M Smucker		1,221		136,752
Kellogg		4,310		248,730
Keurig Dr Pepper		4,822		147,167
Kimberly-Clark		1,376		176,582
Kraft Heinz		9,216		335,278
Kroger		14,373		462,954
Lamb Weston Holdings		2,419		192,964
McCormick		2,892		243,738

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

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(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES — continued
Molson Coors Beverage, Cl B		582	$	25,870
Mondelez International, Cl A		5,340		283,874
Monster Beverage *		5,058		443,789
Nu Skin Enterprises, Cl A		4,205		215,212
PepsiCo		11,368		1,468,632
Philip Morris International		7,794		654,852
Post Holdings *		543		52,161
Procter & Gamble		16,242		2,006,374
Spectrum Brands Holdings		2,767		214,581
Sprouts Farmers Market *		5,434		114,712
Sysco		3,290		261,983
Tyson Foods, Cl A		3,016		204,093
Walgreens Boots Alliance		8,881		425,666
Walmart		24,914		3,236,827
				20,400,283
ENERGY — 1.5%
Baker Hughes, Cl A		5,711		139,805
Cheniere Energy *		2,683		180,807
Chevron		9,196		919,600
Cimarex Energy		2,205		127,868
ConocoPhillips		17,620		916,416
Continental Resources		1,459		35,279
Devon Energy		5,252		113,128
Diamondback Energy		812		56,255
EOG Resources		5,967		385,230
Equities		23,659		420,894
Exxon Mobil		20,620		1,121,109
Halliburton		21,235		463,560
Hess		5,346		350,323
Kinder Morgan		19,697		289,546
Marathon Oil		3,633		40,326
Marathon Petroleum		5,662		309,259
Occidental Petroleum		22,484		598,299
ONEOK		7,731		342,406
Phillips 66		3,800		315,590
Pioneer Natural Resources		1,684		250,192
Schlumberger		23,374		652,369
Valero Energy		4,179		321,700

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

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(Unaudited)

COMMON STOCK — continued
	Shares		Value
ENERGY — continued
Williams		10,560	$	241,190
				8,591,151
FINANCIALS — 7.0%
Aflac		6,002		287,436
Allstate		5,636		600,798
Ally Financial		17,241		715,501
American Express		4,488		607,047
American Financial Group		283		30,196
American International Group		7,130		313,363
Ameriprise Financial		4,646		1,027,881
Aon, Cl A		2,737		623,242
Arch Capital Group *		5,966		213,702
Ares Management, Cl A		1,108		57,594
Arthur J Gallagher		1,666		199,587
Assurant		1,374		169,304
Athene Holding, Cl A *		5,966		271,990
Bank of America		38,070		1,321,410
Bank of New York Mellon		9,079		382,771
Bank OZK		5,759		237,386
Berkshire Hathaway, Cl B *		9,460		2,275,224
BlackRock, Cl A		1,377		956,327
Blackstone Group, Cl A		3,114		215,582
Brown & Brown		4,375		200,813
Capital One Financial		3,001		360,690
Cboe Global Markets		1,683		166,550
Charles Schwab		15,202		938,267
Chubb		1,920		312,154
Cincinnati Financial		2,364		231,365
Citigroup		10,175		670,329
Citizens Financial Group		10,312		447,953
CME Group, Cl A		1,526		304,742
CNA Financial		896		38,116
Comerica		2,075		141,308
Commerce Bancshares		1,506		111,489
Discover Financial Services		4,937		464,424
East West Bancorp		14,687		1,059,814
Equitable Holdings		6,605		195,310
Erie Indemnity, Cl A		1,441		348,866

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

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FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Evercore, Cl A		1,611	$	192,949
Everest Re Group		587		141,942
FactSet Research Systems		625		189,944
Fidelity National Financial		9,168		350,951
Fifth Third Bancorp		6,198		215,009
First American Financial		1,494		78,495
First Citizens BancShares, Cl A		180		132,820
First Horizon		2,717		44,015
First Republic Bank		1,491		245,642
Franklin Resources		3,098		81,075
Globe Life		1,686		157,472
Goldman Sachs Group		1,727		551,742
Hartford Financial Services Group		3,671		186,083
Huntington Bancshares		13,524		207,458
Intercontinental Exchange		1,464		161,494
Invesco		8,892		199,359
Jefferies Financial Group		10,530		305,791
JPMorgan Chase		24,396		3,590,359
KeyCorp		14,610		294,245
KKR		2,812		128,115
Lincoln National		3,908		222,248
Loews		4,122		197,073
LPL Financial Holdings		500		65,770
M&T Bank		1,521		229,580
Markel *		120		130,656
MarketAxess Holdings		1,001		556,496
Marsh & McLennan		3,720		428,618
MetLife		8,776		505,498
Moody’s		923		253,723
Morgan Stanley		23,404		1,799,065
Morningstar		322		72,209
MSCI, Cl A		566		234,618
Nasdaq		2,677		370,202
Northern Trust		2,133		202,912
PNC Financial Services Group		1,806		304,058
Popular		1,504		100,497
Primerica		836		118,068
Principal Financial Group		4,035		228,300

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

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(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Progressive		7,190	$	617,981
Prosperity Bancshares		3,091		227,096
Prudential Financial		3,417		296,322
Raymond James Financial		1,826		213,167
Regions Financial		57,028		1,176,488
RenaissanceRe Holdings		753		125,736
S&P Global		1,390		457,810
SEI Investments		3,004		168,224
Signature Bank NY		752		164,192
SLM		22,544		355,970
State Street		8,242		599,770
SVB Financial Group *		1,699		858,607
Synchrony Financial		5,791		223,996
Synovus Financial		4,030		170,509
T Rowe Price Group		5,434		881,069
Tradeweb Markets, Cl A		1,316		95,792
Travelers		3,002		436,791
Truist Financial		5,733		326,552
US Bancorp		5,768		288,400
Virtu Financial, Cl A		6,954		189,636
Wells Fargo		19,105		691,028
Western Alliance Bancorp		13,857		1,268,054
Willis Towers Watson		638		140,768
WR Berkley		3,834		265,811
				40,212,851
HEALTH CARE — 7.9%
Abbott Laboratories		8,385		1,004,355
AbbVie		26,233		2,826,343
ABIOMED *		833		270,350
Acadia Healthcare *		6,084		336,080
ACADIA Pharmaceuticals *		3,470		169,926
Agilent Technologies		2,087		254,760
Alexion Pharmaceuticals *		1,907		291,294
Align Technology *		1,237		701,515
Alnylam Pharmaceuticals *		673		99,671
Amedisys *		245		62,142
AmerisourceBergen, Cl A		5,327		539,199
Amgen		4,826		1,085,464

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

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COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Anthem		2,775	$	841,352
Avantor *		1,448		40,356
Baxter International		6,363		494,342
Becton Dickinson		973		234,639
Biogen *		2,053		560,223
BioMarin Pharmaceutical *		1,333		103,214
Bio-Rad Laboratories, Cl A *		802		468,769
Bio-Techne		614		222,078
Boston Scientific *		4,427		171,679
Bristol-Myers Squibb		11,729		719,340
Bruker		3,100		189,038
Cardinal Health		4,539		233,849
Catalent *		1,113		126,559
Centene *		6,603		386,540
Cerner		5,526		382,068
Charles River Laboratories International *		1,344		384,572
Chemed		678		301,852
Cigna		4,442		932,376
Cooper		384		148,274
CVS Health		13,276		904,494
Danaher		5,415		1,189,513
DaVita *		6,443		658,024
DENTSPLY SIRONA		3,211		170,408
DexCom *		725		288,391
Edwards Lifesciences *		4,098		340,544
Elanco Animal Health *		4,020		132,097
Eli Lilly		5,021		1,028,753
Encompass Health		797		64,111
Exact Sciences *		871		118,561
Exelixis *		3,037		65,781
Gilead Sciences		10,953		672,514
Guardant Health *		961		141,440
HCA Healthcare		4,997		859,634
Henry Schein *		4,012		248,142
Hologic *		2,504		180,513
Horizon Therapeutics *		9,608		873,463
Humana		1,738		659,832
IDEXX Laboratories *		1,101		572,707

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Illumina *		509	$	223,660
Incyte *		1,269		99,820
Insulet *		201		52,079
Intuitive Surgical *		386		284,405
IQVIA Holdings *		1,664		320,802
Jazz Pharmaceuticals *		876		147,203
Johnson & Johnson		19,441		3,080,621
Laboratory Corp of America Holdings *		1,179		282,854
Masimo *		1,488		373,086
McKesson		4,599		779,622
Medtronic		9,637		1,127,240
Merck		16,929		1,229,384
Mettler-Toledo International *		275		306,914
Mirati Therapeutics *		223		44,805
Moderna *		2,289		354,360
Molina Healthcare *		3,086		668,921
Neurocrine Biosciences *		1,443		158,023
Novocure *		391		58,298
PerkinElmer		1,253		157,991
Pfizer		29,343		982,697
PRA Health Sciences *		500		73,705
Quest Diagnostics		4,015		464,094
Quidel *		568		93,300
Regeneron Pharmaceuticals *		485		218,526
Repligen *		508		107,894
ResMed		3,294		635,017
Sarepta Therapeutics *		759		66,079
Seagen *		673		101,697
STERIS		1,863		325,652
Stryker		1,096		265,988
Teladoc Health *		1,672		369,662
Teleflex		543		216,179
Thermo Fisher Scientific		2,585		1,163,457
United Therapeutics *		1,788		298,918
UnitedHealth Group		11,184		3,715,548
Universal Health Services, Cl B		1,693		212,184
Varian Medical Systems *		372		65,201
Veeva Systems, Cl A *		753		210,923

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Vertex Pharmaceuticals *		907	$	192,783
Viatris, Cl W *		9,712		144,223
Waters *		838		229,511
West Pharmaceutical Services		1,832		514,151
Zimmer Biomet Holdings		2,303		375,527
Zoetis, Cl A		5,744		891,699
				45,435,844
INDUSTRIALS — 8.0%
3M		6,120		1,071,367
A O Smith		4,804		285,213
ADT		5,679		43,217
AECOM *		1,309		75,778
AGCO		3,392		439,196
Air Lease, Cl A		3,463		158,813
Allegion		2,543		276,627
AMERCO		274		157,473
American Airlines Group		1,910		39,995
AMETEK		3,144		370,898
Armstrong World Industries		1,500		128,370
Axon Enterprise *		491		81,256
Boeing		2,431		515,396
BWX Technologies		1,132		65,667
Carlisle		1,424		206,836
Carrier Global		5,862		214,139
Caterpillar		5,452		1,176,978
CH Robinson Worldwide		2,352		213,679
Cintas		2,501		811,175
Colfax *		5,378		238,514
Copart *		4,558		497,551
CoStar Group *		625		514,850
CSX		6,095		557,997
Cummins		4,866		1,232,071
Deere		3,639		1,270,448
Delta Air Lines		5,889		282,319
Donaldson		931		54,845
Dover		5,664		698,145
Eaton		8,842		1,151,140
Emerson Electric		12,990		1,115,841

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Equifax		822	$	133,065
Expeditors International of Washington		3,414		313,542
Fastenal		15,950		739,602
FedEx		3,697		940,886
Fortive		2,477		163,036
Fortune Brands Home & Security		6,362		528,937
Gates Industrial *		10,684		160,260
Generac Holdings *		1,967		648,244
General Dynamics		2,941		480,765
General Electric		42,713		535,621
Graco		2,579		178,854
HEICO		933		117,353
HEICO, Cl A		711		82,305
Honeywell International		4,192		848,251
Howmet Aerospace		8,692		244,332
Hubbell, Cl B		2,808		498,448
IDEX		1,364		266,212
IHS Markit		2,916		262,907
Illinois Tool Works		2,723		550,536
Ingersoll Rand *		8,696		402,973
ITT		3,419		283,709
Jacobs Engineering Group		4,605		529,944
JB Hunt Transport Services		4,452		653,865
Johnson Controls International		9,361		522,250
Kansas City Southern		2,448		519,808
Knight-Swift Transportation Holdings, Cl A		2,017		87,135
L3Harris Technologies		1,881		342,173
Landstar System		2,190		350,707
Lennox International		518		144,921
Lincoln Electric Holdings		367		43,346
Lockheed Martin		1,488		491,412
ManpowerGroup		554		52,320
Masco		11,096		590,529
Middleby *		1,508		220,786
MSC Industrial Direct, Cl A		3,867		333,065
Nordson		1,452		279,379
Norfolk Southern		2,433		613,262
Northrop Grumman		1,228		358,159

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Old Dominion Freight Line		3,488	$	749,118
Oshkosh		2,565		271,890
Otis Worldwide		2,931		186,734
Owens Corning		4,700		380,794
PACCAR		8,937		813,178
Parker-Hannifin		3,423		982,264
Pentair		6,953		388,881
Quanta Services		5,645		473,333
Raytheon Technologies		7,460		537,046
Regal Beloit		2,843		388,553
Republic Services, Cl A		6,967		620,690
Robert Half International		2,592		201,632
Rockwell Automation		2,006		488,020
Rollins		3,031		100,538
Roper Technologies		445		168,041
Ryder System		2,343		158,785
Snap-on		1,903		386,518
Southwest Airlines		6,046		351,454
Stanley Black & Decker		1,173		205,087
Sunrun *		1,227		76,785
Teledyne Technologies *		1,503		557,613
Textron		3,351		168,689
Timken		6,472		507,081
Toro		3,393		341,913
Trane Technologies		8,085		1,238,945
TransDigm Group *		367		211,638
TransUnion		3,277		275,956
Trex *		1,679		153,864
Trinity Industries		2,621		84,134
Union Pacific		5,869		1,208,779
United Airlines Holdings *		5,458		287,528
United Parcel Service, Cl B		5,232		825,767
United Rentals *		4,350		1,293,603
Valmont Industries		632		149,487
Verisk Analytics, Cl A		2,559		419,292
Wabtec		2,797		202,587
Waste Management		2,908		322,468
Watsco		933		226,812

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
WW Grainger		1,402	$	522,539
XPO Logistics *		4,255		496,133
Xylem		3,101		308,736
				46,191,598
INFORMATION TECHNOLOGY — 17.4%
Accenture, Cl A		8,187		2,054,118
Adobe *		3,352		1,540,814
Advanced Micro Devices *		4,434		374,717
Akamai Technologies *		3,181		300,605
Amdocs		3,501		265,411
Amphenol, Cl A		2,885		362,587
Analog Devices		1,488		231,860
Anaplan *		541		35,160
ANSYS *		1,182		403,050
Apple		170,716		20,701,022
Applied Materials		16,485		1,948,362
Arista Networks *		662		185,254
Arrow Electronics *		2,061		206,636
Aspen Technology *		2,154		324,198
Atlassian, Cl A *		541		128,596
Autodesk *		1,205		332,580
Automatic Data Processing		4,526		787,615
Avalara *		3,491		547,877
Black Knight *		1,366		104,759
Booz Allen Hamilton Holding, Cl A		7,744		597,372
Broadcom		2,217		1,041,702
Broadridge Financial Solutions		2,917		415,643
Cadence Design Systems *		3,559		502,139
CDW		4,640		727,970
Ceridian HCM Holding *		1,426		127,855
Ciena *		3,127		163,136
Cirrus Logic *		1,749		143,033
Cisco Systems		26,488		1,188,516
Citrix Systems		836		111,673
Cognex		3,456		285,431
Cognizant Technology Solutions, Cl A		6,607		485,482
Corning		6,629		253,493
Coupa Software *		1,131		391,620

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Cree *		1,341	$	152,150
Crowdstrike Holdings, Cl A *		1,596		344,736
Dell Technologies, Cl C *		6,083		493,149
DocuSign, Cl A *		1,748		396,202
Dropbox, Cl A *		4,271		96,290
Dynatrace *		2,718		135,248
Elastic *		434		58,325
Enphase Energy *		2,701		475,538
Entegris		8,222		865,037
EPAM Systems *		1,035		386,686
F5 Networks *		354		67,253
Fair Isaac *		1,181		540,366
Fastly, Cl A *		2,233		164,304
Fidelity National Information Services		2,636		363,768
First Solar *		2,282		184,888
Fiserv *		2,422		279,426
Five9 *		253		46,866
FleetCor Technologies *		1,056		292,839
Flex *		1,663		30,250
Fortinet *		2,350		396,797
Gartner *		1,553		278,049
Genpact		881		35,628
Global Payments		1,273		252,041
Globant *		400		85,888
GoDaddy, Cl A *		2,258		183,169
Guidewire Software *		1,211		134,409
Hewlett Packard Enterprise		18,906		275,271
HP		21,712		628,997
HubSpot *		638		328,570
II-VI *		75		6,323
Intel		52,430		3,186,695
International Business Machines		11,317		1,345,931
Intuit		1,689		658,946
IPG Photonics *		772		175,514
Jack Henry & Associates		1,186		176,050
Keysight Technologies *		5,333		754,726
KLA		4,528		1,409,249
Lam Research		3,249		1,842,800

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Leidos Holdings		1,976	$	174,777
Lumentum Holdings *		481		43,290
Manhattan Associates *		868		106,721
Marvell Technology Group		4,925		237,779
Mastercard, Cl A		5,274		1,866,205
Maxim Integrated Products		1,819		169,476
Microchip Technology		3,099		473,000
Micron Technology *		13,434		1,229,614
Microsoft		55,509		12,899,181
MKS Instruments		2,300		379,270
MongoDB, Cl A *		114		43,996
Monolithic Power Systems		1,080		404,482
Motorola Solutions		1,813		318,145
NetApp		1,536		96,154
NortonLifeLock		10,521		205,265
Nuance Communications *		12,651		564,235
NVIDIA		6,281		3,445,631
Okta, Cl A *		503		131,509
ON Semiconductor *		6,356		255,956
Oracle		16,143		1,041,385
Palo Alto Networks *		186		66,646
Paychex		4,525		412,092
Paycom Software *		690		258,226
Paylocity Holding *		364		69,593
PayPal Holdings *		8,296		2,155,716
Pegasystems		622		82,322
PTC *		1,123		153,784
Qorvo *		4,719		824,551
QUALCOMM		16,067		2,188,165
RingCentral, Cl A *		509		192,483
salesforce.com *		2,608		564,632
Seagate Technology		4,961		363,294
ServiceNow *		634		338,214
Skyworks Solutions		4,795		852,647
Slack Technologies, Cl A *		1,869		76,498
SolarEdge Technologies *		2,138		637,787
Splunk *		1,011		144,583
Square, Cl A *		287		66,019

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
SS&C Technologies Holdings		2,241	$	148,533
SYNNEX		3,877		345,673
Synopsys *		3,437		842,787
TE Connectivity		2,425		315,323
Teradyne		9,185		1,181,283
Texas Instruments		8,283		1,426,912
Trade Desk, Cl A *		344		277,054
Trimble *		5,825		431,865
Twilio, Cl A *		307		120,614
Tyler Technologies *		233		107,977
Ubiquiti		1,565		499,110
Universal Display		1,023		216,559
VeriSign *		1,429		277,269
Visa, Cl A		11,365		2,413,812
VMware, Cl A *		393		54,316
Vontier *		990		31,086
Western Digital		4,446		304,684
Western Union		5,564		129,196
WEX *		140		29,169
Workday, Cl A *		304		74,535
Xilinx		2,362		307,769
Zebra Technologies, Cl A *		1,254		626,285
Zendesk *		1,398		204,304
Zoom Video Communications, Cl A *		2,279		851,457
Zscaler *		722		148,032
				99,697,587
MATERIALS — 2.7%
Air Products & Chemicals *		3,276		837,411
Albemarle		4,132		649,592
Amcor		19,488		213,199
AptarGroup		1,434		186,520
Ardagh Group, Cl A		3,018		76,476
Avery Dennison		1,614		282,789
Ball		5,182		442,491
Berry Global Group *		4,202		232,791
Celanese, Cl A		2,139		297,129
CF Industries Holdings		999		45,235
Chemours		23,579		554,814

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
MATERIALS — continued
Corteva		7,696	$	347,474
Crown Holdings *		7,956		760,275
Dow		10,340		613,265
DuPont de Nemours		1,482		104,214
Eagle Materials		319		39,996
Eastman Chemical		6,743		736,740
Ecolab		2,227		466,245
Element Solutions		4,689		84,637
FMC		2,642		268,665
Freeport-McMoRan		21,029		713,093
Graphic Packaging Holding		5,617		89,142
Huntsman		1,444		39,421
International Flavors & Fragrances		2,108		285,655
International Paper		5,853		290,601
Linde		2,187		534,219
LyondellBasell Industries, Cl A		6,571		677,404
Martin Marietta Materials		531		178,878
Mosaic		4,468		131,359
Newmont		4,969		270,214
Nucor		5,786		346,119
Olin		4,733		146,439
Packaging Corp of America		3,028		399,756
PPG Industries		3,223		434,525
Reliance Steel & Aluminum		3,380		446,836
Royal Gold		799		82,864
RPM International		4,567		363,716
Scotts Miracle-Gro		4,235		902,690
Sherwin-Williams		1,338		910,295
Silgan Holdings		1,512		56,791
Southern Copper		1,684		120,120
Steel Dynamics		5,251		218,337
Valvoline		3,495		87,235
Vulcan Materials		1,187		198,217
Westlake Chemical		1,500		128,385
Westrock		4,381		190,968
				15,483,237
REAL ESTATE — 0.2%
Brookfield Property REIT, Cl A ‡		4,744		83,020
CBRE Group, Cl A *		6,825		517,131

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
REAL ESTATE — continued
Life Storage ‡		589	$	49,417
Medical Properties Trust ‡		6,876		148,453
Sun Communities ‡		935		142,073
				940,094
UTILITIES — 1.0%
AES		9,004		239,146
Alliant Energy		1,852		85,488
Ameren		1,670		117,351
American Electric Power		2,485		186,002
American Water Works		1,226		173,945
Atmos Energy		1,670		141,299
Avangrid		659		30,156
CenterPoint Energy		7,375		143,370
CMS Energy		1,938		104,865
Consolidated Edison		2,264		148,631
Dominion Energy		3,249		221,972
DTE Energy		1,300		153,036
Duke Energy		2,844		243,418
Edison International		717		38,711
Entergy		1,355		117,628
Essential Utilities		3,319		139,597
Evergy		3,068		164,537
Eversource Energy		2,319		184,314
Exelon		6,592		254,451
FirstEnergy		3,669		121,591
NextEra Energy		11,351		834,072
NiSource		5,185		111,996
NRG Energy		3,781		138,044
PG&E *		11,383		119,635
Pinnacle West Capital		1,524		106,573
PPL		5,203		136,267
Public Service Enterprise Group		3,423		184,260
Sempra Energy		1,958		227,089
Southern		4,088		231,871
Vistra		10,870		187,508
WEC Energy Group		2,135		172,166

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UTILITIES — continued
Xcel Energy		3,556	$	208,346
				5,667,335
Total Common Stock
(Cost $290,091,287)				363,219,277

REGISTERED INVESTMENT COMPANIES — 34.9%
EQUITY FUNDS — 34.9%
AQR Large Cap Defensive Style Fund, Cl R6	584,622	15,252,777
DFA Real Estate Securities Portfolio, Cl I	930,919	35,859,010
DFA US Small Cap Portfolio, Cl I	525,182	22,871,692
DFA US Small Cap Value Portfolio, Cl I	311,670	12,709,921
DFA US Targeted Value Portfolio, Cl I	1,536,423	42,482,104
iShares MSCI USA Min Vol Factor ETF	576,991	37,954,468
Vanguard Small Cap Value ETF	60,115	9,490,355
Vanguard U.S. Quality Factor ETF	68,307	7,351,958
Vanguard U.S. Value Factor ETF	183,402	16,104,731
Total Registered Investment Companies
(Cost $149,282,639)		200,077,016

SHORT-TERM INVESTMENT — 1.8%
DWS Government Money Market Series, Institutional Shares, 0.040% (A)
(Cost $10,115,856)	10,115,856		10,115,856
Total Investments — 100.0%
(Cost $449,489,782)		$	573,412,149

A list of open futures contracts held by the Fund at February 28, 2021, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation
S&P 500 Index E-MINI	13	Mar-2021	$	2,371,077	$	2,475,980	$	104,903

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

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

A list of open total return swap agreements held by the Fund at February 28, 2021, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Depreciation

Reflow

SPUSX NAV

SOFR +25 BPS

SPUSX

Annually

03/02/2022

USD

5,881,268

$

(74,481

)

$

(74,481

)

Percentages are based on Net Assets of $573,231,674.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of February 28, 2021.

BPS — Basis Points

Cl — Class

ETF — Exchange Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

SOFR — Secured Overnight Financing Rate

SPUSX — Symmetry Panoramic US Equity Fund

USD — United States Dollar

VOL — Volatility

The following table summarizes the inputs used as of February 28, 2021, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	363,219,277	$	—	$	—	$	363,219,277
Registered Investment Companies		200,077,016		—		—		200,077,016
Short-Term Investment		10,115,856		—		—		10,115,856
Total Investments in Securities	$	573,412,149	$	—	$	—	$	573,412,149

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Futures Contract^
Unrealized Appreciation	$	104,903	$	—		$	—	$	104,903
Total Return Swap^
Unrealized Depreciation		—		(74,481	)		—		(74,481	)
Total Other Financial Instruments	$	104,903	$	(74,481	)	$	—	$	30,422

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

Amounts designated as “—” are $0.

For the period ended February 28, 2021, 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
FEBRUARY 28, 2021
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 66.5%
	Shares		Value
EQUITY FUNDS — 66.5%
AQR International Defensive Style Fund, Cl R6		701,824	$	9,944,842
Avantis Emerging Markets Equity ETF		256,298		16,737,387
Avantis International Equity ETF		91,878		5,391,401
Avantis International Small Cap Value ETF		124,566		7,463,995
DFA Emerging Markets Portfolio, Cl I		911,982		31,071,241
DFA Emerging Markets Small Cap Portfolio, Cl I		580,011		14,024,654
DFA Emerging Markets Targeted Value Portfolio, Cl I		269,560		3,269,768
DFA International High Relative Profitability Portfolio, Cl I		1,328,122		16,574,968
DFA International Real Estate Securities, Cl I		2,195,091		9,987,666
DFA International Small Cap Growth Portfolio, Cl I		112,315		1,982,360
DFA International Small Cap Value Portfolio, Cl I		788,423		15,721,161
DFA International Value Portfolio, Cl I		943,037		16,955,807
DFA Large Cap International Portfolio, Cl I		1,188,159		30,155,470
iShares MSCI EAFE Min Vol Factor ETF		141,476		10,111,290
iShares MSCI Emerging Markets Min Vol Factor ETF		194,945		12,143,124
Schwab International Small Cap Equity ETF		74,825		2,878,518
Total Registered Investment Companies
(Cost $160,599,773)				204,413,652

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — 29.5%
	Shares		Value
AUSTRALIA — 0.9%
BHP Group		10,383	$	328,387
BlueScope Steel		4,621		58,916
Coles Group		14,573		172,574
CSL		780		158,834
Evolution Mining		5,083		16,278
Fortescue Metals Group		30,993		573,338
Glencore		10,996		44,621
REA Group		1,089		115,470
Rio Tinto		8,538		734,201
Sonic Healthcare		4,916		120,718
Washington H Soul Pattinson		1,255		28,846
Wesfarmers		7,479		284,385
Woolworths Group		7,238		220,397
				2,856,965
AUSTRIA — 0.1%
voestalpine		3,932		155,485
BELGIUM — 0.0%
UCB		204		20,234
BRAZIL — 0.2%
WEG		20,700		288,290
Wheaton Precious Metals		1,709		61,130
Yara International		2,903		139,616
				489,036
CANADA — 1.9%
Agnico Eagle Mines		839		46,835
Alimentation Couche-Tard, Cl B		8,020		241,054
B2Gold		9,784		42,593
Bank of Montreal		5,267		430,349
Bank of Nova Scotia		7,581		443,208
BCE		527		22,540
Canadian Imperial Bank of Commerce		3,888		358,462
Canadian National Railway		2,065		225,404
Canadian Pacific Railway		1,360		484,667
Canadian Tire, Cl A		1,780		230,004
CGI, Cl A *		292		21,798
CI Financial		4,276		59,876

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CANADA — continued
Constellation Software		28	$	36,254
Dollarama		803		30,559
Empire		1,696		47,138
Franco-Nevada		367		39,295
George Weston		887		65,148
Hydro One		1,413		30,001
iA Financial		422		21,684
Intact Financial		1,902		212,589
Kinross Gold		46,012		285,993
Magna International		3,058		257,573
National Bank of Canada		6,172		388,769
Nutrien		393		21,213
Open Text		420		18,706
Pan American Silver		4,078		134,748
Ritchie Bros Auctioneers		1,530		83,497
Royal Bank of Canada		8,278		704,859
Sun Life Financial		5,631		270,975
Teck Resources, Cl B		2,634		54,849
Toromont Industries		430		31,323
Toronto-Dominion Bank		6,084		368,788
WSP Global		1,891		163,780
Yamana Gold		3,903		15,519
				5,890,050
CHILE — 0.1%
Antofagasta		7,299		181,419
Lundin Mining		8,797		100,717
				282,136
CHINA — 4.4%
Agricultural Bank of China, Cl A		35,800		18,063
Agricultural Bank of China, Cl H		700,000		254,716
Airtac International Group		1,000		34,986
Anhui Conch Cement, Cl A		4,300		35,542
Anhui Conch Cement, Cl H		33,500		215,753
ANTA Sports Products		5,000		76,923
Bank of Beijing, Cl A		31,100		22,968
Bank of China, Cl A		32,800		16,447
Bank of China, Cl H		109,000		38,233
Bank of Communications, Cl A		25,400		17,973

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Bank of Ningbo, Cl A		4,608	$	28,618
Bank of Shanghai, Cl A		15,700		20,365
Baoshan Iron & Steel, Cl A		18,500		21,536
BOE Technology Group, Cl A		56,500		53,284
Bosideng International Holdings		52,000		21,898
BYD, Cl A		700		21,204
BYD, Cl H		15,000		379,249
BYD Electronic International		32,500		181,806
China Construction Bank, Cl H		426,000		342,249
China Everbright Bank, Cl A		35,600		22,591
China Everbright Bank, Cl H		236,000		102,279
China Fortune Land Development, Cl A		6,760		8,874
China Fortune Land Development, Cl A		6,300		8,270
China Hongqiao Group		119,000		148,099
China International Travel Service, Cl A		1,900		90,673
China Lesso Group Holdings		93,000		172,114
China Longyuan Power Group, Cl H		127,000		189,786
China Merchants Bank, Cl A		7,100		56,181
China Merchants Bank, Cl H		138,000		1,060,891
China Merchants Securities, Cl A		9,800		33,013
China Merchants Shekou Industrial Zone Holdings, Cl A		10,900		21,701
China Minsheng Banking, Cl A		28,800		23,107
China Minsheng Banking, Cl H		23,000		13,752
China National Building Material, Cl H		140,000		212,255
China Pacific Insurance Group, Cl H		5,800		26,688
China Pacific Insurance Group, Cl A		2,700		18,449
China Petroleum & Chemical, Cl A		25,000		17,438
China Resources Beer Holdings		2,000		15,087
China Resources Cement Holdings		12,000		14,320
China Resources Gas Group		4,000		19,996
China Resources Land		36,000		171,214
China Shenhua Energy, Cl H		110,000		209,553
China Vanke, Cl H		4,000		16,988
China Vanke, Cl A		7,800		39,970
CIFI Holdings Group		110,000		104,369
CITIC Securities, Cl A		11,000		46,449
COSCO SHIPPING Holdings, Cl H *		34,000		37,921

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Country Garden Services Holdings		35,000	$	288,239
CSPC Pharmaceutical Group		12,800		13,395
Daqin Railway, Cl A		15,100		15,264
ENN Energy Holdings		1,600		24,512
Far East Horizon		70,000		75,521
Foshan Haitian Flavouring & Food, Cl A		2,280		61,001
Fosun International		23,500		35,316
Fuyao Glass Industry Group, Cl H		4,000		24,683
Geely Automobile Holdings		41,000		133,744
Great Wall Motor, Cl H		131,500		383,498
Gree Electric Appliances of Zhuhai, Cl A		2,500		22,858
Guotai Junan Securities, Cl A		10,200		26,302
Haier Smart Home, Cl A		7,342		32,838
Haitian International Holdings		29,000		99,815
Haitong Securities, Cl A		14,000		26,200
Hansoh Pharmaceutical Group *		12,000		61,240
Huatai Securities, Cl A		9,200		24,459
Huaxia Bank, Cl A		24,900		24,046
Industrial & Commercial Bank of China, Cl H		410,000		267,564
Industrial & Commercial Bank of China, Cl A		19,500		16,201
Industrial Bank, Cl A		7,200		27,532
Inner Mongolia Yili Industrial Group, Cl A		4,400		29,485
Innovent Biologics *		13,000		134,012
Jiangsu Hengrui Medicine, Cl A		4,920		77,610
Jiangsu Yanghe Brewery Joint-Stock, Cl A		1,200		35,073
Kaisa Group Holdings		78,000		40,477
Kingboard Holdings		29,500		136,198
Kingdee International Software Group		44,000		158,559
Kweichow Moutai, Cl A		500		164,400
KWG Group Holdings		100,500		152,712
Lee & Man Paper Manufacturing		34,000		31,566
Li Ning		58,500		329,367
Logan Property Holdings		58,000		90,792
Longfor Group Holdings		41,500		248,577
Luxshare Precision Industry, Cl A		10,769		77,486
Luzhou Laojiao, Cl A		1,900		69,168
Meituan Dianping, Cl B *		9,300		409,280
Midea Group, Cl A		2,800		40,345

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
NARI Technology, Cl A		7,100	$	31,251
New China Life Insurance, Cl A		2,700		21,740
PetroChina, Cl A		21,900		14,763
Ping An Bank, Cl A		9,600		31,769
Ping An Healthcare and Technology *		3,200		46,494
Ping An Insurance Group of China, Cl H		1,500		18,479
Ping An Insurance Group of China, Cl A		4,400		58,056
Poly Developments and Holdings Group, Cl A		11,900		28,642
Postal Savings Bank of China, Cl H		95,000		70,798
SAIC Motor, Cl A		5,600		18,500
Sany Heavy Industry, Cl A		13,100		83,383
Shandong Weigao Group Medical Polymer, Cl H		88,000		151,343
Shanghai Fosun Pharmaceutical Group, Cl H		3,000		14,205
Shanghai Pudong Development Bank, Cl A		12,100		19,747
Shenwan Hongyuan Group, Cl A		24,800		18,424
Shimao Property Holdings		32,500		107,006
Sinotruk Hong Kong		24,500		78,291
Suning.com, Cl A		11,399		12,287
Tencent Holdings		31,700		2,739,906
Tingyi Cayman Islands Holding		42,000		84,353
Tsingtao Brewery, Cl H		10,000		82,019
Uni-President China Holdings		20,000		24,048
Weichai Power, Cl H		84,000		246,773
Wilmar International		63,300		247,432
Xinyi Solar Holdings		56,000		118,773
Yihai International Holding		16,000		219,481
Yonghui Superstores, Cl A		9,400		10,490
Yonghui Superstores, Cl A		6,300		7,030
Zhongsheng Group Holdings		29,000		180,882
Zoomlion Heavy Industry Science and Technology		75,000		114,695
				13,514,236
DENMARK — 0.5%
AP Moller - Maersk, Cl B		91		195,758
Carlsberg, Cl B		123		19,359
Coloplast, Cl B		121		18,457
Danske Bank		7,431		137,113
DSV Panalpina		1,754		322,765
GN Store Nord		396		33,265

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
DENMARK — continued
Novo Nordisk, Cl B		3,316	$	236,322
Orsted		161		26,107
Pandora		2,855		278,007
ROCKWOOL International, Cl B		258		93,631
Tryg		2,819		88,828
Vestas Wind Systems		1,001		187,435
				1,637,047
FINLAND — 0.5%
Elisa		1,640		97,693
Kesko, Cl B		3,145		79,926
Kone, Cl B		3,815		303,854
Neste		6,667		438,369
Nokia		6,017		23,905
Nordea Bank Abp *		6,487		58,721
Orion, Cl B		862		35,337
Stora Enso, Cl R		16,309		321,240
UPM-Kymmene		4,729		180,464
				1,539,509
FRANCE — 1.0%
Air Liquide		2,719		409,236
Arkema		654		72,256
BNP Paribas		290		17,264
Bouygues		4,455		180,532
Capgemini		162		26,028
Cie de Saint-Gobain		4,463		239,763
Cie Generale des Etablissements Michelin SCA		747		107,986
CNP Assurances		3,270		58,934
Dassault Systemes		377		78,221
Edenred		474		26,257
Electricite de France		1,382		16,582
EssilorLuxottica		971		158,170
Gecina ‡		706		97,798
Hermes International		135		150,522
Iliad		366		64,813
Kering		58		36,748
L’Oreal		162		59,213
LVMH Moet Hennessy Louis Vuitton		119		75,521
Publicis Groupe		2,615		153,503

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FRANCE — continued
Sartorius Stedim Biotech		651	$	284,868
Schneider Electric		4,005		594,080
Teleperformance		348		123,756
				3,032,051
GERMANY — 1.5%
adidas		60		20,922
Allianz		666		160,589
Bayerische Motoren Werke		2,094		181,030
Brenntag		3,426		266,203
Carl Zeiss Meditec		1,014		152,029
Covestro		1,750		126,819
Daimler		7,085		566,379
Delivery Hero *		282		36,048
Deutsche Bank		16,782		206,688
Deutsche Boerse		408		66,789
Deutsche Post		10,107		501,140
Evonik Industries		5,610		188,902
GEA Group		2,509		86,808
Hannover Rueck		1,516		256,979
HeidelbergCement		208		16,431
HelloFresh *		2,528		197,341
Infineon Technologies		3,462		150,969
KION Group		333		28,136
Knorr-Bremse		199		25,370
LANXESS		1,753		129,922
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		343		100,599
Puma		399		42,384
Siemens		4,055		626,783
Siemens Energy *		2,099		79,509
Symrise, Cl A		675		78,828
TeamViewer *		720		38,767
United Internet		3,091		135,999
Volkswagen		132		30,967
Zalando *		1,478		151,465
				4,650,795
HONG KONG — 0.2%
Hang Lung Properties		8,000		20,705

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Kingboard Laminates Holdings		70,500	$	120,594
Nine Dragons Paper Holdings		113,000		182,491
Sun Hung Kai Properties		2,000		32,136
Techtronic Industries		11,000		167,600
Vinda International Holdings		12,000		35,847
WH Group		32,000		28,743
Wharf Real Estate Investment		5,000		29,871
Xinyi Glass Holdings		34,000		95,156
				713,143
HUNGARY — 0.0%
OTP Bank Nyrt		1,193		54,220
Richter Gedeon Nyrt		3,082		87,891
				142,111
INDONESIA — 0.1%
Adaro Energy		1,233,500		102,281
Charoen Pokphand Indonesia		91,600		39,606
Indah Kiat Pulp & Paper		76,900		71,180
Indofood Sukses Makmur		114,600		48,659
United Tractors		23,100		36,593
				298,319
ITALY — 0.4%
DiaSorin		313		61,260
Enel		58,524		553,510
Ferrari		690		134,608
FinecoBank Banca Fineco		7,772		136,523
Prysmian		4,988		160,301
Recordati		899		45,764
Terna Rete Elettrica Nazionale		11,972		83,227
				1,175,193
JAPAN — 5.8%
Acom		6,300		28,284
Advantest		3,700		306,184
Ajinomoto		6,000		119,746
Asahi Intecc		700		20,120
Azbil		1,500		63,853
Bandai Namco Holdings		2,700		207,643
Brother Industries		6,700		132,587
Capcom		1,100		66,800

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Casio Computer		5,300	$	102,376
Chiba Bank		27,500		176,310
Chugai Pharmaceutical		6,900		309,286
Daiichi Sankyo		11,700		332,207
Daikin Industries		1,600		312,935
Denso		1,500		90,670
Disco		500		156,769
Fuji Electric		600		25,210
FUJIFILM Holdings		3,700		211,658
Fujitsu		1,800		259,919
Hamamatsu Photonics		700		41,192
Hikari Tsushin		600		118,908
Hino Motors		4,300		40,593
Hisamitsu Pharmaceutical		1,100		68,929
Hitachi		1,800		83,047
Hitachi Metals		3,900		61,930
Honda Motor		1,200		32,819
Hoshizaki		1,000		88,008
Hoya		3,800		433,091
Hulic		6,500		72,812
ITOCHU		12,100		361,782
Itochu Techno-Solutions		3,000		92,113
Japan Airport Terminal		700		33,847
JSR		7,300		218,345
Kakaku.com		2,000		63,387
Kansai Paint		800		21,056
KDDI		3,700		114,776
Keihan Holdings		1,000		45,007
Keyence		100		47,615
Kikkoman		1,400		93,111
Kobayashi Pharmaceutical		400		37,863
Koei Tecmo Holdings		400		22,571
Konami Holdings		1,000		64,290
Kubota		5,500		125,456
Kurita Water Industries		2,500		101,854
Kyowa Hakko Kirin		1,500		41,906
LIXIL Group		2,700		76,326
M3		5,400		429,896

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Mercari *		1,500	$	71,991
Minebea Mitsumi		5,400		134,276
Mitsubishi Electric		14,200		210,487
Mitsubishi Gas Chemical		10,100		236,688
Mitsubishi UFJ Financial Group		19,600		103,221
Mitsui		6,000		128,117
Mitsui Chemicals		600		18,672
Miura		500		25,980
MonotaRO		2,700		154,950
Murata Manufacturing		6,600		567,202
Nabtesco		2,900		123,747
Nexon		8,700		273,918
NGK Insulators		4,100		72,867
NH Foods		900		38,026
Nidec		2,500		319,610
Nintendo		1,000		612,467
Nippon Paint Holdings		600		44,679
Nippon Telegraph & Telephone		15,700		407,613
Nippon Yusen		1,100		31,917
Nissan Chemical		900		49,201
Nitori Holdings		1,000		187,261
Nitto Denko		2,200		189,483
Nomura Holdings		40,200		234,590
Nomura Real Estate Holdings		3,400		76,744
Nomura Research Institute		7,800		242,897
Obayashi		5,600		48,423
Obic		100		16,902
Oji Holdings		6,700		42,302
Olympus		12,800		270,741
Omron		3,200		259,068
Oracle Japan		700		71,084
Oriental Land		200		33,626
ORIX		15,600		265,818
Otsuka		2,300		106,859
Otsuka Holdings		1,200		47,865
Pan Pacific International Holdings		5,000		116,936
Panasonic		27,300		353,533
Recruit Holdings		1,800		89,855

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Renesas Electronics *		9,400	$	104,329
Rinnai		1,400		141,816
Rohm		600		59,535
Sekisui Chemical		7,100		127,674
Sekisui House		3,300		62,228
SG Holdings		3,400		78,214
Shimadzu		600		21,710
Shimamura		800		79,849
Shimano		400		89,875
Shin-Etsu Chemical		3,600		590,672
SMC		200		118,479
Sompo Holdings		1,100		42,444
Sony		9,500		991,898
Square Enix Holdings		2,700		153,108
Stanley Electric		600		17,910
SUMCO		4,800		110,612
Sumitomo Electric Industries		1,500		21,978
Sumitomo Metal Mining		2,700		130,580
Sumitomo Mitsui Financial Group		1,900		67,139
Sumitomo Mitsui Trust Holdings		2,100		69,408
Sundrug		3,800		143,069
Sysmex		900		93,925
Taiyo Nippon Sanso		2,500		47,246
TDK		1,100		158,895
Teijin		1,600		27,578
Terumo		1,100		41,000
Toho Gas		1,700		99,730
Tokyo Electron		1,300		535,495
Tosoh		5,000		92,292
TOTO		500		30,361
Toyo Suisan Kaisha		1,800		76,763
Toyoda Gosei		3,100		80,512
Toyota Industries		2,200		189,050
Toyota Motor		2,000		147,954
Tsuruha Holdings		1,000		128,887
Unicharm		1,200		47,671
Welcia Holdings		1,900		60,711
Yamaha		600		33,721

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Yamato Holdings		2,500	$	66,108
Z Holdings		41,500		252,706
				17,667,835
JORDAN — 0.1%
Hikma Pharmaceuticals		5,444		169,682
LUXEMBOURG — 0.1%
ArcelorMittal		11,504		270,916
Eurofins Scientific		1,070		95,156
				366,072
MALAYSIA — 0.2%
Hartalega Holdings		39,600		97,864
Press Metal Aluminium Holdings		16,000		38,242
RHB Bank		10,300		13,787
Sime Darby		202,400		113,527
Supermax		80,913		97,049
Telekom Malaysia		63,100		95,751
Top Glove		93,700		121,516
				577,736
MEXICO — 0.2%
Alfa, Cl A		71,400		38,906
America Movil ADR, Cl L		3,259		41,389
Arca Continental		7,700		35,020
Fresnillo		8,527		108,120
Gruma, Cl B		6,835		74,489
Grupo Bimbo, Ser A		5,900		11,044
Grupo Mexico		24,500		116,147
Kimberly-Clark de Mexico, Cl A		16,314		26,139
Wal-Mart de Mexico		41,600		118,391
				569,645
NETHERLANDS — 0.6%
Adyen *		80		184,072
ASML Holding		1,776		999,643
Koninklijke Ahold Delhaize		1,524		40,194
Koninklijke DSM		888		146,632
Koninklijke Philips		373		20,261
NN Group		4,708		216,832
Randstad		2,542		170,052

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
NETHERLANDS — continued
Topicus.com *		52	$	2,699
Wolters Kluwer		1,455		115,489
				1,895,874
NORWAY — 0.1%
Gjensidige Forsikring		3,248		74,776
Norsk Hydro		45,417		251,904
Orkla		1,762		16,245
				342,925
PERU — 0.2%
Southern Copper		7,241		516,501
PHILIPPINES — 0.1%
Globe Telecom		1,075		44,957
PLDT		5,135		136,230
				181,187
POLAND — 0.1%
Dino Polska *		283		18,597
KGHM Polska Miedz		3,001		151,034
Orange Polska *		22,072		37,228
Polskie Gornictwo Naftowe i Gazownictwo		75,562		113,218
				320,077
RUSSIA — 0.1%
Evraz		30,507		243,248
SINGAPORE — 0.0%
Mapletree Commercial Trust ‡		25,300		38,479
Venture		3,400		48,724
				87,203
SOUTH AFRICA — 0.5%
Anglo American		9,271		358,565
Anglo American Platinum		2,463		298,333
Aspen Pharmacare Holdings		1,620		15,282
Clicks Group		1,125		18,205
FirstRand		6,672		22,161
Impala Platinum Holdings		8,342		135,670
Kumba Iron Ore		3,864		165,544
Momentum Metropolitan Holdings		27,492		30,322
Shoprite Holdings		2,080		18,292

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH AFRICA — continued
Sibanye Stillwater		68,981	$	318,693
Vodacom Group		10,733		88,293
				1,469,360
SOUTH KOREA — 2.9%
Alteogen *		93		10,761
Amorepacific		409		85,981
Celltrion *		166		44,177
Celltrion Pharm *		391		53,739
CJ		2,013		166,989
CJ CheilJedang		362		131,181
DB Insurance		1,339		49,485
Doosan Bobcat		1,171		33,847
E-MART		803		121,567
GS Engineering & Construction		2,096		68,145
Hana Financial Group		2,613		86,224
Hankook Tire		2,094		88,890
Hanon Systems		4,257		58,670
Hanwha		4,959		130,084
Hanwha Solutions *		3,562		144,211
Hyundai Glovis		622		107,439
Hyundai Mobis		251		67,813
Hyundai Motor		444		94,192
Hyundai Steel		305		10,845
Kakao		261		113,893
KB Financial Group		4,476		174,790
Kia Motors		5,045		358,066
KMW *		1,533		85,069
Korea Investment Holdings		1,364		106,441
Korea Zinc		321		114,936
Kumho Petrochemical		1,423		269,191
LG		2,092		175,289
LG Chemical		482		358,365
LG Electronics		2,299		301,153
LG Innotek		1,132		201,395
Lotte Chemical		269		76,425
Meritz Securities		5,652		18,915
Mirae Asset Daewoo		11,221		93,544
NAVER		1,516		507,856

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
NCSoft		263	$	219,484
Orion		352		40,398
POSCO		604		150,966
Posco International		6,072		121,399
S-1, Cl 1		644		47,513
Samsung Card		3,077		90,281
Samsung Electro-Mechanics		1,262		214,445
Samsung Electronics		35,743		2,636,123
Samsung Engineering *		1,742		20,131
Samsung Life Insurance		579		38,710
Samsung SDI		140		84,493
Samsung Securities		1,240		40,476
Seegene		392		43,413
SK Holdings		255		59,934
SK Hynix		3,361		425,669
SK Telecom		548		120,825
Yuhan		1,845		102,570
				8,966,398
SPAIN — 0.3%
CaixaBank		110,550		321,833
Iberdrola		41,598		522,630
Industria de Diseno Textil		1,078		35,455
				879,918
SWEDEN — 1.3%
Alfa Laval		4,917		151,950
Assa Abloy, Cl B		3,854		96,753
Atlas Copco, Cl A		10,110		577,999
Boliden		6,040		239,647
Electrolux		1,720		40,751
Epiroc, Cl A		4,719		100,352
Equities		2,484		69,337
Hennes & Mauritz, Cl B		5,237		123,214
Hexagon, Cl B		1,346		112,341
Husqvarna, Cl B		9,035		110,607
Investor, Cl B		2,793		206,897
L E Lundbergforetagen, Cl B		1,472		73,328
Nibe Industrier, Cl B		6,310		198,490
Sandvik		13,059		351,264

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SWEDEN — continued
Skandinaviska Enskilda Banken, Cl A		15,724	$	181,337
Skanska, Cl B		2,816		68,306
SKF, Cl B		10,252		279,566
Svenska Cellulosa SCA, Cl B		2,539		43,694
Svenska Handelsbanken, Cl A		7,147		75,491
Swedbank		8,743		153,378
Swedish Match		1,128		81,096
Telefonaktiebolaget LM Ericsson, Cl B		14,038		175,178
Volvo, Cl B		18,051		463,922
				3,974,898
SWITZERLAND — 0.9%
Baloise Holding		261		45,578
Chocoladefabriken Lindt & Spruengli		5		41,903
EMS-Chemie Holding		88		77,806
Geberit		52		30,672
Givaudan		28		105,498
Kuehne + Nagel International		1,107		262,470
LafargeHolcim		3,462		191,286
Logitech International		1,285		137,838
Lonza Group		195		122,975
Nestle		874		91,301
Partners Group Holding		42		50,379
Roche Holding		1,217		398,540
Sika		797		210,671
Sonova Holding		421		107,737
STMicroelectronics		5,702		221,103
Straumann Holding		19		22,977
Swiss Life Holding		127		63,239
UBS Group		13,492		209,007
Zurich Insurance Group		1,088		444,349
				2,835,329
TAIWAN — 3.0%
Accton Technology		19,000		179,381
Acer		39,000		37,743
Advantech		9,898		128,942
ASE Technology Holding		49,000		182,420
Asia Cement		92,000		140,471
Asustek Computer		8,000		87,361

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Cathay Financial Holding		67,000	$	101,054
Chailease Holding		24,034		148,753
Chang Hwa Commercial Bank		18,796		11,495
Chicony Electronics		6,000		20,220
Compal Electronics		18,000		14,372
CTBC Financial Holding		75,000		53,879
Delta Electronics		8,000		80,704
E.Sun Financial Holding		221,569		201,047
Eclat Textile		3,000		46,295
Evergreen Marine Taiwan *		37,000		50,746
Feng TAY Enterprise		4,680		31,258
Fubon Financial Holding		52,000		93,364
Giant Manufacturing		9,000		91,068
Globalwafers		8,000		213,324
Hon Hai Precision Industry		81,000		325,825
Hua Nan Financial Holdings		68,459		44,581
Innolux		94,000		57,805
Inventec		15,000		13,374
Lite-On Technology		70,000		149,467
MediaTek		22,000		710,236
Mega Financial Holding		54,000		56,611
Micro-Star International		39,000		209,231
Nien Made Enterprise		2,000		28,076
Novatek Microelectronics		27,000		461,398
Pegatron		8,000		21,490
Phison Electronics		7,000		115,943
Quanta Computer		44,000		134,531
Realtek Semiconductor		22,000		364,649
SinoPac Financial Holdings		51,000		21,354
Standard Foods		17,000		33,588
Synnex Technology International		54,000		95,820
Taishin Financial Holding		182,117		84,693
Taiwan Cement		116,523		175,844
Taiwan Cooperative Financial Holding		159,135		113,992
Taiwan Semiconductor Manufacturing ADR		22,063		2,778,614
United Microelectronics		310,000		609,642
Vanguard International Semiconductor		29,000		121,333
Walsin Technology		9,000		82,453

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Win Semiconductors		6,000	$	82,226
Wistron		26,000		29,932
Yuanta Financial Holding		177,840		135,830
Zhen Ding Technology Holding		50,000		216,029
				9,188,464
THAILAND — 0.0%
PTT Exploration & Production NVDR		4,900		18,425
Srisawad NVDR		13,900		28,379
				46,804
TURKEY �� 0.2%
Anadolu Efes Biracilik Ve Malt Sanayii		13,180		42,023
BIM Birlesik Magazalar		5,957		53,146
Eregli Demir ve Celik Fabrikalari		73,712		145,061
Ford Otomotiv Sanayi		11,329		267,791
Turkcell Iletisim Hizmetleri		6,247		13,368
				521,389
UNITED KINGDOM — 0.9%
Admiral Group		6,148		264,828
Ashtead Group		6,149		333,129
AstraZeneca		1,416		137,708
Auto Trader Group		4,696		36,030
BAE Systems		12,804		86,427
Berkeley Group Holdings		1,580		89,300
Bunzl		5,281		164,579
Croda International		450		38,739
Direct Line Insurance Group		20,769		92,704
Experian		5,901		187,156
GVC Holdings		8,748		172,355
Halma		5,137		162,229
JD Sports Fashion		16,394		189,986
Kingfisher		29,480		108,630
Legal & General Group		75,485		272,962
Mondi		1,143		27,472
National Grid		1,467		16,351
Next		816		85,782
Persimmon		6,805		245,463
Rentokil Initial		10,623		69,195
Spirax-Sarco Engineering		369		55,133

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
SSE		1,149	$	21,169
United Utilities Group		2,190		26,101
Wm Morrison Supermarkets		7,302		17,398
				2,900,826
UNITED STATES — 0.0%
JBS		15,200		70,112
ZAMBIA — 0.1%
First Quantum Minerals		11,926		257,057
Total Common Stock
(Cost $61,656,931)				90,444,850

PREFERRED STOCK — 0.0%
BRAZIL — 0.0%
Lojas Americanas (1)	8,300	36,893
(Cost $25,893)		36,893

RIGHTS — 0.0%
	Number Of Rights
China Resources Land#*		462	—
KWG Group Holdings#*		2,233	—
Shimao Property Holdings#*		738	795
Total Rights
(Cost $—)			795

SHORT-TERM INVESTMENT — 2.8%
	Shares
DWS Government Money Market Series, Institutional Shares, 0.040% (A)
(Cost $8,641,505)		8,641,505		8,641,505
Total Investments — 98.8%
(Cost $230,924,102)			$	303,537,695

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

A list of open futures contracts held by the Fund at February 28, 2021, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI EAFE Index	7	Mar-2021	$	736,416	$	757,400	$	20,984
MSCI Emerging Markets	10	Mar-2021		626,965		669,050		42,085
SGX Nifty 50	141	Mar-2021		4,185,230		4,095,909		(89,321	)
			$	5,548,611	$	5,522,359	$	(26,252	)

A list of open total return swap agreements held by the Fund at February 28, 2021, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Depreciation

ReFlow

SPILX NAV

SOFR +35 BPS

SPILX

Annually

03/02/2022

USD

334,766

$

(47,169

)

$

(47,169

)

Percentages are based on Net Assets of $307,353,169.

* Non-income producing security.

‡ Real Estate Investment Trust

# Expiration date not available

(1) Rate is not available.

(A) The rate reported is the 7-day effective yield as of February 28, 2021.

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

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPILX — Symmetry Panoramic International Equity Fund

Ser — Series

USD — United States Dollar

VOL — Volatility

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

The following table summarizes the inputs used as of February 28, 2021, 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	$	204,413,652	$	—	$	—	$	204,413,652
Common Stock
Australia		2,856,965		—		—		2,856,965
Austria		155,485		—		—		155,485
Belgium		20,234		—		—		20,234
Brazil		489,036		—		—		489,036
Canada		5,890,050		—		—		5,890,050
Chile		282,136		—		—		282,136
China		13,514,236		—		—		13,514,236
Denmark		1,637,047		—		—		1,637,047
Finland		1,539,509		—		—		1,539,509
France		3,032,051		—		—		3,032,051
Germany		4,650,795		—		—		4,650,795
Hong Kong		713,143		—		—		713,143
Hungary		142,111		—		—		142,111
Indonesia		298,319		—		—		298,319
Italy		1,175,193		—		—		1,175,193
Japan		17,645,264		22,571		—		17,667,835
Jordan		169,682		—		—		169,682
Luxembourg		366,072		—		—		366,072
Malaysia		577,736		—		—		577,736
Mexico		569,645		—		—		569,645
Netherlands		1,895,874		—		—		1,895,874
Norway		342,925		—		—		342,925
Peru		516,501		—		—		516,501
Philippines		181,187		—		—		181,187
Poland		320,077		—		—		320,077
Russia		243,248		—		—		243,248
Singapore		87,203		—		—		87,203
South Africa		1,469,360		—		—		1,469,360
South Korea		8,922,221		44,177		—		8,966,398
Spain		879,918		—		—		879,918
Sweden		3,974,898		—		—		3,974,898
Switzerland		2,835,329		—		—		2,835,329
Taiwan		9,097,396		91,068		—		9,188,464
Thailand		46,804		—		—		46,804
Turkey		521,389		—		—		521,389
United Kingdom		2,900,826		—		—		2,900,826
United States		70,112		—		—		70,112
Zambia		257,057		—		—		257,057
Total Common Stock		90,287,034		157,816		—		90,444,850

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

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock
Brazil	$	36,893	$	—	$	—	$	36,893
Rights		795		—		—		795
Short-Term Investment		8,641,505		—		—		8,641,505
Total Investments in Securities	$	303,379,879	$	157,816	$	—	$	303,537,695

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^
Unrealized Appreciation	$	63,069		$	—		$	—	$	63,069
Unrealized Depreciation		(89,321	)		—			—		(89,321	)
Total Return Swap^
Unrealized Depreciation		—			(47,169	)		—		(47,169	)
Total Other Financial Instruments	$	(26,252	)	$	(47,169	)	$	—	$	(73,421	)

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

Amounts designated as “—” are $0.

For the period ended February 28, 2021, 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
FEBRUARY 28, 2021
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 49.3%
	Shares		Value
AUSTRALIA — 0.4%
BHP Group		8,086	$	255,739
BlueScope Steel		3,226		41,130
Coles Group		11,324		134,099
CSL		450		91,635
Fortescue Metals Group		24,313		449,765
Glencore		10,339		41,954
REA Group		734		77,828
Rio Tinto		5,909		508,127
Sonic Healthcare		4,145		101,785
Washington H Soul Pattinson		952		21,882
Wesfarmers		6,233		237,007
Woolworths Group		5,584		170,033
				2,130,984
AUSTRIA — 0.0%
Verbund		222		16,843
voestalpine		3,012		119,105
				135,948
BELGIUM — 0.0%
UCB		190		18,846
BRAZIL — 0.1%
Raia Drogasil		2,000		8,297
WEG		14,900		207,513

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Wheaton Precious Metals		1,224	$	43,782
Yara International		2,221		106,816
				366,408
CANADA — 0.8%
Agnico Eagle Mines		575		32,098
Alimentation Couche-Tard, Cl B		6,348		190,799
B2Gold		8,046		35,027
Bank of Montreal		3,975		324,784
Bank of Nova Scotia		5,642		329,848
BCE		1,146		49,015
Canadian Imperial Bank of Commerce		2,927		269,861
Canadian National Railway		1,685		183,925
Canadian Pacific Railway		1,156		411,967
Canadian Tire, Cl A		1,369		176,897
CGI, Cl A *		253		18,887
CI Financial		3,679		51,516
Constellation Software		22		28,485
Dollarama		718		27,324
Empire		1,438		39,967
Franco-Nevada		261		27,946
George Weston		512		37,605
Hydro One		1,426		30,277
iA Financial		496		25,486
Intact Financial		1,593		178,051
Kinross Gold		36,386		226,162
Magna International		2,242		188,842
Manulife Financial		610		12,161
National Bank of Canada		4,302		270,979
Nutrien		223		12,037
Pan American Silver		3,132		103,489
Quebecor, Cl B		512		13,237
Ritchie Bros Auctioneers		1,078		58,830
Royal Bank of Canada		6,070		516,852
Sun Life Financial		4,065		195,616
Teck Resources, Cl B		1,945		40,502
Toromont Industries		171		12,456
Toronto-Dominion Bank		4,412		267,438

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CANADA — continued
WSP Global		1,366	$	118,309
				4,506,675
CHILE — 0.0%
Antofagasta		5,161		128,278
Lundin Mining		6,551		75,002
				203,280
CHINA — 1.8%
Agricultural Bank of China, Cl A		31,800		16,045
Agricultural Bank of China, Cl H		562,000		204,501
Airtac International Group		1,000		34,986
Anhui Conch Cement, Cl H		25,000		161,010
Anhui Conch Cement, Cl A		3,288		27,177
ANTA Sports Products		1,000		15,385
Bank of Beijing, Cl A		26,800		19,793
Bank of China, Cl A		31,200		15,644
Bank of Communications, Cl A		23,300		16,487
Bank of Ningbo, Cl A		2,400		14,905
Bank of Shanghai, Cl A		12,297		15,951
Baoshan Iron & Steel, Cl A		13,800		16,065
BOE Technology Group, Cl A		13,700		12,920
Bosideng International Holdings		58,000		24,425
BYD, Cl H		11,500		290,757
BYD, Cl A		300		9,087
BYD Electronic International		25,000		139,851
China Construction Bank, Cl H		351,000		281,994
China Everbright Bank, Cl H		242,000		104,880
China Everbright Bank, Cl A		30,400		19,292
China Fortune Land Development, Cl A		5,070		6,656
China Fortune Land Development, Cl A		4,600		6,039
China Hongqiao Group		94,000		116,986
China International Travel Service, Cl A		1,400		66,811
China Lesso Group Holdings		71,000		131,399
China Longyuan Power Group, Cl H		87,000		130,011
China Merchants Bank, Cl A		5,100		40,355
China Merchants Bank, Cl H		101,500		780,293
China Merchants Securities, Cl A		5,500		18,528
China Merchants Shekou Industrial Zone Holdings, Cl A		8,400		16,724

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
China Minsheng Banking, Cl A		24,100	$	19,336
China Minsheng Banking, Cl H		26,000		15,546
China National Building Material, Cl H		102,000		154,643
China Pacific Insurance Group, Cl A		1,900		12,983
China Pacific Insurance Group, Cl H		8,600		39,572
China Petroleum & Chemical, Cl A		19,200		13,392
China Resources Beer Holdings		2,000		15,087
China Resources Cement Holdings		12,000		14,320
China Resources Gas Group		2,000		9,998
China Resources Land		26,000		123,654
China Shenhua Energy, Cl H		80,000		152,402
China Vanke, Cl A		6,100		31,259
CIFI Holdings Group		54,000		51,236
COSCO SHIPPING Holdings, Cl H *		42,500		47,401
Country Garden Services Holdings		27,000		222,355
CSPC Pharmaceutical Group		14,640		15,321
Daqin Railway, Cl A		12,600		12,737
Dongfeng Motor Group, Cl H		14,000		12,940
ENN Energy Holdings		800		12,256
Far East Horizon		33,000		35,603
Foshan Haitian Flavouring & Food, Cl A		1,800		48,158
Fosun International		22,000		33,062
Fuyao Glass Industry Group, Cl H		6,800		41,962
Geely Automobile Holdings		32,000		104,386
Great Wall Motor, Cl H		102,000		297,466
Gree Electric Appliances of Zhuhai, Cl A		1,900		17,372
Guotai Junan Securities, Cl A		5,377		13,865
Haier Smart Home, Cl A		5,441		24,335
Haitian International Holdings		6,000		20,651
Haitong Securities, Cl A		8,300		15,533
Hansoh Pharmaceutical Group *		10,000		51,033
Huatai Securities, Cl A		5,700		15,154
Huaxia Bank, Cl A		20,800		20,087
Industrial & Commercial Bank of China, Cl H		296,000		193,168
Industrial & Commercial Bank of China, Cl A		16,300		13,542
Industrial Bank, Cl A		5,400		20,649
Inner Mongolia Yili Industrial Group, Cl A		3,200		21,444
Innovent Biologics *		9,500		97,932

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Jiangsu Hengrui Medicine, Cl A		3,600	$	56,788
Jiangsu Yanghe Brewery Joint-Stock, Cl A		900		26,305
Kaisa Group Holdings		51,000		26,466
Kingboard Holdings		19,500		90,029
Kingdee International Software Group		34,000		122,523
Kweichow Moutai, Cl A		400		131,520
KWG Group Holdings		77,000		117,003
Lee & Man Paper Manufacturing		30,000		27,853
Li Ning		45,000		253,359
Logan Property Holdings		47,000		73,572
Longfor Group Holdings		32,000		191,674
Luxshare Precision Industry, Cl A		5,815		41,841
Luzhou Laojiao, Cl A		1,700		61,887
Meituan Dianping, Cl B *		6,800		299,258
Midea Group, Cl A		2,100		30,259
NARI Technology, Cl A		5,400		23,768
New China Life Insurance, Cl A		2,100		16,909
PetroChina, Cl A		16,800		11,325
Ping An Bank, Cl A		7,000		23,165
Ping An Healthcare and Technology *		2,300		33,417
Ping An Insurance Group of China, Cl A		3,200		42,223
Ping An Insurance Group of China, Cl H		1,000		12,320
Poly Developments and Holdings Group, Cl A		9,100		21,903
SAIC Motor, Cl A		3,100		10,241
Sany Heavy Industry, Cl A		12,400		78,927
Shandong Weigao Group Medical Polymer, Cl H		60,000		103,188
Shanghai Fosun Pharmaceutical Group, Cl H		2,500		11,837
Shanghai Pudong Development Bank, Cl A		10,000		16,320
Shenwan Hongyuan Group, Cl A		19,500		14,487
Shimao Property Holdings		23,000		75,727
Sinotruk Hong Kong		33,500		107,050
Suning.com, Cl A		8,900		9,594
Tencent Holdings		23,400		2,022,517
Tingyi Cayman Islands Holding		32,000		64,269
Tsingtao Brewery, Cl H		8,000		65,615
Uni-President China Holdings		18,000		21,643
Weichai Power, Cl H		63,000		185,080
Wilmar International		45,600		178,245

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Xinjiang Goldwind Science & Technology, Cl H		19,800	$	42,715
Xinyi Solar Holdings		46,000		97,564
Yihai International Holding		9,000		123,458
Yonghui Superstores, Cl A		10,200		11,382
Yuexiu Property		68,000		15,095
Zhongsheng Group Holdings		22,500		140,339
Zoomlion Heavy Industry Science and Technology		7,200		11,011
				9,958,468
DENMARK — 0.2%
AP Moller - Maersk, Cl B		78		167,793
Carlsberg, Cl B		97		15,266
Coloplast, Cl B		96		14,644
Danske Bank		7,177		132,426
DSV Panalpina		1,211		222,844
GN Store Nord		494		41,497
Novo Nordisk, Cl B		1,991		141,893
Orsted		235		38,107
Pandora		2,206		214,810
ROCKWOOL International, Cl B		150		54,437
Tryg		1,236		38,947
Vestas Wind Systems		859		160,846
				1,243,510
FINLAND — 0.2%
Elisa		1,385		82,503
Kesko, Cl B		2,384		60,586
Kone, Cl B		2,776		221,101
Neste		4,701		309,100
Nokia		4,950		19,666
Nordea Bank Abp *		7,086		64,143
Orion, Cl B		579		23,736
Stora Enso, Cl R		12,373		243,712
UPM-Kymmene		3,245		123,833
				1,148,380
FRANCE — 0.4%
Air Liquide		1,926		289,882
Arkema		455		50,270
Bouygues		3,110		126,028
Cie de Saint-Gobain		2,985		160,361

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FRANCE — continued
Cie Generale des Etablissements Michelin SCA		542	$	78,351
CNP Assurances		2,484		44,768
Dassault Systemes		244		50,626
Edenred		407		22,546
EssilorLuxottica		589		95,945
Gecina ‡		501		69,401
Hermes International		98		109,268
Iliad		281		49,761
Kering		49		31,046
Legrand		668		58,039
L’Oreal		155		56,655
LVMH Moet Hennessy Louis Vuitton		89		56,483
Publicis Groupe		1,907		111,943
Sartorius Stedim Biotech		458		200,414
Schneider Electric		3,162		469,034
Teleperformance		298		105,975
				2,236,796
GERMANY — 0.6%
adidas		47		16,388
Allianz		451		108,747
Bayerische Motoren Werke		1,868		161,492
Brenntag		2,945		228,829
Carl Zeiss Meditec		737		110,498
Covestro		1,223		88,629
Daimler		5,395		431,280
Delivery Hero *		201		25,694
Deutsche Bank		10,460		128,826
Deutsche Boerse		247		40,433
Deutsche Post		7,541		373,909
Evonik Industries		4,598		154,825
GEA Group		1,917		66,326
Hannover Rueck		1,175		199,175
HeidelbergCement		156		12,323
HelloFresh *		1,875		146,366
Infineon Technologies		2,180		95,065
KION Group		350		29,572
Knorr-Bremse		125		15,936
LANXESS		1,426		105,686

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
GERMANY — continued
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		229	$	67,164
Puma		269		28,575
RWE		433		16,342
Siemens		3,335		515,492
Siemens Energy *		582		22,046
Symrise, Cl A		461		53,836
TeamViewer *		325		17,499
United Internet		2,130		93,716
Zalando *		774		79,320
				3,433,989
HONG KONG — 0.1%
Hang Lung Properties		6,000		15,529
Kingboard Laminates Holdings		66,500		113,751
Nine Dragons Paper Holdings		79,000		127,582
Sun Hung Kai Properties		1,000		16,068
Techtronic Industries		8,000		121,891
Vinda International Holdings		19,000		56,758
WH Group		29,500		26,498
Xinyi Glass Holdings		26,000		72,767
				550,844
HUNGARY — 0.0%
OTP Bank Nyrt		573		26,042
Richter Gedeon Nyrt		582		16,597
				42,639
INDONESIA — 0.0%
Adaro Energy		902,200		74,810
Charoen Pokphand Indonesia		32,300		13,966
Indah Kiat Pulp & Paper		56,500		52,298
Indofood Sukses Makmur		91,900		39,021
United Tractors		14,900		23,603
				203,698
ITALY — 0.2%
DiaSorin		114		22,312
Enel		42,539		402,326
Ferrari		487		95,006
FinecoBank Banca Fineco		6,173		108,435
Prysmian		4,171		134,045

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
ITALY — continued
Recordati		499	$	25,402
Terna Rete Elettrica Nazionale		9,883		68,705
				856,231
JAPAN — 2.4%
Acom		4,800		21,550
Advantest		2,500		206,881
Ajinomoto		4,800		95,797
Asahi Intecc		500		14,371
Azbil		900		38,312
Bandai Namco Holdings		1,900		146,119
Brother Industries		5,300		104,883
Capcom		700		42,509
Casio Computer		3,400		65,675
Chiba Bank		22,800		146,177
Chugai Pharmaceutical		5,400		242,050
Daiichi Sankyo		8,700		247,026
Daikin Industries		1,300		254,260
Denso		1,300		78,581
Disco		300		94,062
Fuji Electric		500		21,008
FUJIFILM Holdings		2,600		148,732
Fujitsu		1,400		202,159
Hamamatsu Photonics		500		29,423
Hikari Tsushin		400		79,272
Hino Motors		3,200		30,209
Hisamitsu Pharmaceutical		800		50,130
Hitachi		500		23,069
Hitachi Metals		2,600		41,287
Honda Motor		1,000		27,349
Hoshizaki		700		61,605
Hoya		2,900		330,517
Hulic		5,100		57,129
ITOCHU		9,400		281,054
Itochu Techno-Solutions		2,300		70,620
Japan Airport Terminal		500		24,177
JSR		5,700		170,488
Kakaku.com		1,500		47,540
KDDI		2,900		89,960

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Keihan Holdings		700	$	31,505
Keyence		100		47,615
Kikkoman		700		46,556
Kobayashi Pharmaceutical		300		28,398
Koito Manufacturing		200		13,459
Konami Holdings		800		51,432
Kubota		2,700		61,588
Kurita Water Industries		1,400		57,038
Kyowa Hakko Kirin		1,000		27,938
LIXIL Group		2,100		59,365
M3		4,200		334,364
Mercari *		1,000		47,994
Minebea Mitsumi		4,100		101,950
Mitsubishi Electric		11,200		166,018
Mitsubishi Gas Chemical		7,900		185,132
Mitsubishi UFJ Financial Group		15,200		80,049
Mitsui		4,700		100,359
Mitsui Chemicals		500		15,560
Miura		800		41,568
MonotaRO		2,100		120,516
Murata Manufacturing		5,000		429,698
Nabtesco		2,600		110,946
Nexon		6,800		214,097
NGK Insulators		3,400		60,426
NH Foods		700		29,575
Nidec		1,800		230,119
Nintendo		700		428,727
Nippon Paint Holdings		400		29,786
Nippon Telegraph & Telephone		12,000		311,551
Nippon Yusen		1,000		29,015
Nissan Chemical		700		38,268
Nitori Holdings		800		149,809
Nitto Denko		1,700		146,418
Nomura Holdings		33,400		194,908
Nomura Real Estate Holdings		2,400		54,172
Nomura Research Institute		5,700		177,501
NTT Data		1,100		16,910
Obayashi		4,300		37,182

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Obic		100	$	16,902
Olympus		9,800		207,286
Omron		2,400		194,301
Ono Pharmaceutical		500		13,454
Oracle Japan		500		50,774
Oriental Land		200		33,626
ORIX		7,500		127,797
Otsuka		1,700		78,983
Otsuka Holdings		900		35,899
Pan Pacific International Holdings		3,500		81,855
Panasonic		20,900		270,653
Recruit Holdings		1,300		64,895
Renesas Electronics *		6,900		76,582
Rinnai		1,100		111,427
Rohm		500		49,613
Sega Sammy Holdings		1,100		18,486
Sekisui Chemical		5,900		106,095
Sekisui House		3,300		62,228
SG Holdings		5,500		126,522
Shimadzu		700		25,328
Shimamura		500		49,905
Shimano		300		67,406
Shin-Etsu Chemical		2,800		459,412
SMC		200		118,479
Sompo Holdings		1,000		38,585
Sony		7,400		772,636
Square Enix Holdings		2,100		119,084
Stanley Electric		600		17,911
SUMCO		3,400		78,350
Sumitomo Electric Industries		1,100		16,117
Sumitomo Metal Mining		2,100		101,562
Sumitomo Mitsui Financial Group		1,300		45,937
Sumitomo Mitsui Trust Holdings		1,800		59,492
Sundrug		2,900		109,185
Sysmex		700		73,053
Taiyo Nippon Sanso		1,800		34,017
TDK		800		115,560
Teijin		1,000		17,236

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Terumo		800	$	29,818
Toho Gas		1,100		64,531
Tokyo Electron		1,000		411,919
Tosoh		4,000		73,833
Toyo Suisan Kaisha		1,300		55,440
Toyoda Gosei		2,500		64,929
Toyota Industries		1,800		154,677
Toyota Motor		1,000		73,977
Tsuruha Holdings		700		90,221
Unicharm		900		35,754
Welcia Holdings		1,300		41,539
Yamaha		400		22,481
Z Holdings		32,400		197,293
				13,254,538
JORDAN — 0.0%
Hikma Pharmaceuticals		4,104		127,916
LUXEMBOURG — 0.1%
ArcelorMittal		8,154		192,024
Eurofins Scientific		690		61,363
				253,387
MALAYSIA — 0.1%
Hartalega Holdings		29,900		73,892
Kossan Rubber Industries		8,600		8,409
Press Metal Aluminium Holdings		18,300		43,739
RHB Bank		16,700		22,353
Sime Darby		87,200		48,911
Supermax		60,795		72,919
Telekom Malaysia		69,200		105,008
Top Glove		76,500		99,210
				474,441
MEXICO — 0.1%
Alfa, Cl A		64,400		35,092
America Movil ADR, Cl L		3,463		43,980
Arca Continental		5,300		24,105
Fresnillo		6,657		84,409
Gruma, Cl B		4,325		47,134
Grupo Bimbo, Ser A		18,400		34,441

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
MEXICO — continued
Grupo Mexico		21,800	$	103,347
Kimberly-Clark de Mexico, Cl A		12,130		19,435
Wal-Mart de Mexico		43,700		124,368
				516,311
NETHERLANDS — 0.3%
Adyen *		61		140,355
ASML Holding		1,245		700,764
Koninklijke Ahold Delhaize		802		21,152
Koninklijke DSM		639		105,516
Koninklijke Philips		510		27,702
NN Group		3,578		164,789
Randstad		2,271		151,923
Topicus.com *		40		2,076
Wolters Kluwer		998		79,215
				1,393,492
NORWAY — 0.0%
Gjensidige Forsikring		2,260		52,030
Norsk Hydro		33,238		184,354
				236,384
PERU — 0.1%
Southern Copper		6,542		466,641
PHILIPPINES — 0.0%
Globe Telecom		1,140		47,676
PLDT		475		12,602
				60,278
POLAND — 0.1%
Dino Polska *		183		12,025
KGHM Polska Miedz		2,487		125,165
Orange Polska *		5,457		9,204
Polskie Gornictwo Naftowe i Gazownictwo		64,399		96,492
				242,886
PUERTO RICO — 0.0%
Popular		803		53,656
RUSSIA — 0.0%
Evraz		20,844		166,200

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SINGAPORE — 0.0%
Mapletree Commercial Trust ‡		21,400	$	32,547
Venture		2,000		28,661
				61,208
SOUTH AFRICA — 0.2%
Anglo American		7,182		277,771
Anglo American Platinum		1,835		222,266
Aspen Pharmacare Holdings		1,196		11,282
FirstRand		5,526		18,354
Impala Platinum Holdings		4,516		73,446
Kumba Iron Ore		1,143		48,969
Momentum Metropolitan Holdings		19,629		21,649
Shoprite Holdings		2,772		24,378
Sibanye Stillwater		53,377		246,602
Vodacom Group		8,154		67,077
				1,011,794
SOUTH KOREA — 1.2%
Alteogen *		104		12,034
Amorepacific		311		65,379
Celltrion *		170		45,261
Celltrion Healthcare *		83		9,329
Celltrion Pharm *		122		16,837
CJ		1,303		108,090
CJ CheilJedang		292		105,814
DB Insurance		877		32,411
Doosan Bobcat		1,166		33,702
E-MART		634		95,982
GS Engineering & Construction		1,803		58,619
Hana Financial Group		2,526		83,354
Hankook Tire		1,690		71,740
Hanon Systems		3,606		49,698
Hanwha		3,829		100,442
Hanwha Solutions *		2,719		110,082
Hyundai Glovis		467		80,666
Hyundai Mobis		187		50,522
Hyundai Motor		406		86,131
Hyundai Steel		292		10,383
Kakao		216		94,257
KB Financial Group		2,990		116,761

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
Kia Motors		3,952	$	280,491
KMW *		153		8,490
Korea Investment Holdings		1,034		80,689
Korea Zinc		257		92,021
Kumho Petrochemical		1,112		210,359
LG		1,768		148,141
LG Chemical		369		274,350
LG Electronics		1,192		156,144
LG Innotek		574		102,121
Lotte Chemical		229		65,061
Meritz Securities		7,157		23,952
Mirae Asset Daewoo		8,901		74,203
NAVER		1,172		392,617
NCSoft		203		169,412
Orion		260		29,839
POSCO		453		113,225
Posco International		3,718		74,335
S-1, Cl 1		275		20,289
Samsung Card		2,068		60,676
Samsung Electro-Mechanics		1,102		187,257
Samsung Electronics		26,635		1,964,388
Samsung Engineering *		748		8,644
Samsung Life Insurance		541		36,170
Samsung SDI		135		81,476
Samsung Securities		930		30,357
Seegene		382		42,305
SK Holdings		188		44,187
SK Hynix		2,682		339,674
SK Telecom		433		95,469
Yuhan		1,186		65,934
				6,709,770
SPAIN — 0.1%
CaixaBank		86,144		250,782
Iberdrola		32,991		414,493
Industria de Diseno Textil		1,023		33,646
				698,921
SWEDEN — 0.6%
Alfa Laval		4,339		134,088

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SWEDEN — continued
Atlas Copco, Cl A		7,734	$	442,160
Boliden		5,254		208,461
Electrolux		1,157		27,412
Epiroc, Cl A		3,719		79,087
Equities		1,484		41,423
Hennes & Mauritz, Cl B		4,152		97,687
Hexagon, Cl B		1,175		98,068
Husqvarna, Cl B		5,085		62,251
Investor, Cl B		2,859		211,786
L E Lundbergforetagen, Cl B		1,013		50,463
Nibe Industrier, Cl B		5,386		169,424
Sandvik		10,303		277,132
Skandinaviska Enskilda Banken, Cl A		13,458		155,205
Skanska, Cl B		5,215		126,497
SKF, Cl B		7,597		207,166
Svenska Cellulosa SCA, Cl B		1,784		30,701
Svenska Handelsbanken, Cl A		2,498		26,385
Swedbank		7,429		130,326
Swedish Match		983		70,671
Telefonaktiebolaget LM Ericsson, Cl B		10,730		133,898
Volvo, Cl B		13,561		348,526
				3,128,817
SWITZERLAND — 0.4%
Baloise Holding		221		38,593
Chocoladefabriken Lindt & Spruengli		5		41,903
EMS-Chemie Holding		77		68,080
Geberit		81		47,777
Givaudan		24		90,427
Kuehne + Nagel International		809		191,814
LafargeHolcim		2,250		124,320
Logitech International		886		95,038
Lonza Group		142		89,551
Nestle		524		54,739
Partners Group Holding		76		91,162
Roche Holding		914		299,314
Sika		541		143,002
Sonova Holding		280		71,654
STMicroelectronics		4,306		166,971

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SWITZERLAND — continued
Straumann Holding		35	$	42,327
Swiss Life Holding		60		29,877
UBS Group		9,462		146,577
Zurich Insurance Group		839		342,656
				2,175,782
TAIWAN — 1.2%
Accton Technology		15,000		141,617
Acer		42,000		40,646
Advantech		6,599		85,966
ASE Technology Holding		33,000		122,854
Asia Cement		71,000		108,407
Asustek Computer		6,000		65,521
Cathay Financial Holding		47,000		70,889
Chailease Holding		18,584		115,022
Chang Hwa Commercial Bank		44,051		26,940
Chicony Electronics		5,000		16,850
China Life Insurance		10,720		8,755
Compal Electronics		39,000		31,139
Delta Electronics		9,000		90,792
E.Sun Financial Holding		176,390		160,052
Eclat Textile		2,000		30,863
Evergreen Marine Taiwan *		42,000		57,604
Feng TAY Enterprise		4,080		27,250
Fubon Financial Holding		16,000		28,727
Giant Manufacturing		8,000		80,950
Globalwafers		7,000		186,658
Hon Hai Precision Industry		65,000		261,465
Hua Nan Financial Holdings		17,633		11,483
Innolux		102,000		62,725
Lite-On Technology		10,000		21,353
MediaTek		17,000		548,819
Mega Financial Holding		28,000		29,354
Micro-Star International		24,000		128,757
Nien Made Enterprise		2,000		28,076
Novatek Microelectronics		21,000		358,865
Pegatron		19,000		51,039
Phison Electronics		4,000		66,253
Quanta Computer		25,000		76,438

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Realtek Semiconductor		18,000	$	298,349
SinoPac Financial Holdings		24,000		10,049
Standard Foods		7,000		13,831
Synnex Technology International		32,000		56,782
Taishin Financial Holding		129,938		60,427
Taiwan Cement		93,388		140,931
Taiwan Cooperative Financial Holding		128,368		91,953
Taiwan Semiconductor Manufacturing ADR		16,285		2,050,933
United Microelectronics		202,000		397,251
Vanguard International Semiconductor		23,000		96,229
Walsin Technology		7,000		64,130
Win Semiconductors		1,000		13,704
Wistron		16,000		18,420
Yuanta Financial Holding		154,960		118,354
Zhen Ding Technology Holding		39,000		168,503
				6,741,975
THAILAND — 0.0%
Advanced Info Service NVDR		3,300		18,007
TURKEY — 0.1%
Anadolu Efes Biracilik Ve Malt Sanayii		9,187		29,292
Aselsan Elektronik Sanayi Ve Ticaret		16,397		37,546
BIM Birlesik Magazalar		5,489		48,971
Eregli Demir ve Celik Fabrikalari		75,178		147,946
Ford Otomotiv Sanayi		4,308		101,831
Turkcell Iletisim Hizmetleri		8,271		17,698
				383,284
UNITED KINGDOM — 0.4%
Admiral Group		4,382		188,756
Ashtead Group		4,475		242,438
AstraZeneca		1,371		133,332
Auto Trader Group		3,946		30,276
BAE Systems		9,058		61,142
Berkeley Group Holdings		1,162		65,675
Bunzl		3,529		109,979
Croda International		333		28,667
Direct Line Insurance Group		15,499		69,181
Experian		4,503		142,817

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
GVC Holdings		6,160	$	121,366
Halma		3,072		97,015
JD Sports Fashion		11,168		129,423
Kingfisher		25,679		94,623
Legal & General Group		52,042		188,189
Linde		1,408		343,932
Mondi		1,416		34,033
Next		564		59,290
Persimmon		3,867		139,486
Rentokil Initial		6,903		44,964
Spirax-Sarco Engineering		264		39,445
SSE		784		14,444
				2,378,473
UNITED STATES — 37.1%
COMMUNICATION SERVICES — 2.8%
Activision Blizzard		5,116		489,141
Alphabet, Cl A *		815		1,647,857
Alphabet, Cl C *		786		1,600,972
Altice USA, Cl A *		3,281		110,274
AT&T		29,528		823,536
Cable One		150		287,227
Charter Communications, Cl A *		453		277,879
Comcast, Cl A		19,399		1,022,715
Discovery, Cl C *		3,941		177,345
DISH Network, Cl A *		2,713		85,487
Electronic Arts		1,639		219,577
Facebook, Cl A *		8,576		2,209,349
Fox, Cl B		2,469		78,835
Fox, Cl A		3,250		108,257
Liberty Broadband, Cl C *		570		85,221
Liberty Media -Liberty SiriusXM, Cl B *		2,196		96,888
Live Nation Entertainment *		922		81,929
Lumen Technologies		19,141		235,243
Match Group *		2,046		312,731
Netflix *		643		346,480
New York Times, Cl A		1,680		85,966
News, Cl A		965		22,629
Omnicom Group		2,187		150,313

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES — continued
Pinterest, Cl A *		4,534	$	365,350
Roku, Cl A *		847		334,971
Snap, Cl A *		3,149		206,763
Spotify Technology *		693		213,014
Take-Two Interactive Software *		921		169,888
T-Mobile US *		3,734		447,968
Twitter *		2,913		224,476
Verizon Communications		26,627		1,472,473
ViacomCBS, Cl B		5,233		337,476
Walt Disney		3,732		705,497
Zillow Group, Cl C *		2,036		328,468
Zynga, Cl A *		4,242		47,298
				15,409,493
CONSUMER DISCRETIONARY — 4.8%
Amazon.com *		1,598		4,942,502
Aptiv		1,648		246,936
AutoNation *		4,486		336,540
AutoZone *		192		222,705
Best Buy		5,274		529,246
Booking Holdings *		117		272,436
BorgWarner		1,753		78,885
Bright Horizons Family Solutions *		400		63,864
Brunswick		3,295		291,179
Burlington Stores *		997		258,044
Caesars Entertainment *		615		57,466
Capri Holdings *		2,573		120,082
CarMax *		1,849		220,974
Carnival		6,565		175,614
Chipotle Mexican Grill, Cl A *		107		154,294
Choice Hotels International		455		47,716
Darden Restaurants		1,179		161,912
Dick’s Sporting Goods		3,756		268,066
Dollar General		4,306		813,791
Dollar Tree *		2,484		243,929
Domino’s Pizza		448		155,236
DR Horton		7,685		590,746
eBay		7,541		425,463
Etsy *		1,443		317,850

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
Expedia Group		770	$	123,970
Floor & Decor Holdings, Cl A *		582		55,342
Foot Locker		3,073		147,781
Ford Motor		40,334		471,908
Gap		1,808		45,110
Garmin		4,133		512,575
General Motors		18,401		944,523
Gentex		5,203		184,082
Genuine Parts		797		83,964
Hanesbrands		4,021		71,131
Harley-Davidson		625		22,294
Hilton Worldwide Holdings		1,360		168,205
Home Depot		4,551		1,175,705
L Brands		5,387		294,453
Las Vegas Sands		1,762		110,301
Lear		201		33,384
Leggett & Platt		990		42,837
Lennar, Cl A		5,913		490,602
LKQ *		4,413		173,828
Lowe’s		3,750		599,062
Lululemon Athletica *		1,017		316,979
Marriott International, Cl A		1,591		235,579
McDonald’s		2,001		412,486
Mohawk Industries *		1,319		230,812
Newell Brands		3,089		71,572
NIKE, Cl B		5,458		735,629
NVR *		78		351,066
Ollie’s Bargain Outlet Holdings *		627		51,840
O’Reilly Automotive *		565		252,741
Peloton Interactive, Cl A *		2,379		286,598
Penn National Gaming *		460		53,259
Penske Automotive Group		3,074		208,971
Polaris		1,020		120,115
Pool		1,040		348,161
PulteGroup		9,463		426,876
PVH		511		51,080
Qurate Retail		23,067		286,492
Ross Stores		1,856		216,484

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
Royal Caribbean Cruises		1,930	$	180,011
Skechers U.S.A., Cl A *		1,724		63,098
Starbucks		3,068		331,436
Tapestry		792		33,375
Target		6,853		1,257,114
Tempur Sealy International		8,016		267,815
Terminix Global Holdings *		787		35,423
Tesla *		1,167		788,308
Thor Industries		1,731		202,631
TJX		2,868		189,259
Toll Brothers		2,557		136,595
Tractor Supply		2,036		323,643
Ulta Beauty *		510		164,388
VF		1,760		139,269
Wayfair, Cl A *		1,106		319,612
Whirlpool		2,232		424,259
Williams-Sonoma		2,959		388,487
Yum! Brands		1,479		153,121
				26,801,117
CONSUMER STAPLES — 2.2%
Altria Group		8,863		386,427
Archer-Daniels-Midland		4,238		239,786
Boston Beer, Cl A *		92		94,641
Brown-Forman, Cl B		2,759		197,489
Campbell Soup		2,227		101,284
Casey’s General Stores		1,026		207,211
Church & Dwight		2,422		190,733
Clorox		528		95,594
Coca-Cola		11,676		572,007
Colgate-Palmolive		3,606		271,171
Conagra Brands		9,446		320,503
Constellation Brands, Cl A		785		168,100
Costco Wholesale		3,108		1,028,748
Estee Lauder, Cl A		1,434		409,923
General Mills		3,873		213,054
Hain Celestial Group *		3,082		129,999
Hershey		1,859		270,763
Hormel Foods		2,190		101,550

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES — continued
J M Smucker		1,154	$	129,248
JBS		9,800		45,204
Kellogg		2,641		152,412
Keurig Dr Pepper		3,013		91,957
Kimberly-Clark		1,473		189,030
Kraft Heinz		5,758		209,476
Kroger		8,344		268,760
Lamb Weston Holdings		511		40,762
McCormick		2,056		173,280
Mondelez International, Cl A		3,890		206,792
Monster Beverage *		2,824		247,778
Nu Skin Enterprises, Cl A		2,762		141,359
PepsiCo		6,361		821,778
Philip Morris International		4,589		385,568
Procter & Gamble		9,081		1,121,776
Spectrum Brands Holdings		1,390		107,794
Sprouts Farmers Market *		1,889		39,877
Sysco		2,262		180,123
Tyson Foods, Cl A		2,801		189,544
US Foods Holding *		728		26,543
Walgreens Boots Alliance		7,046		337,715
Walmart		14,274		1,854,478
				11,960,237
ENERGY — 0.8%
Baker Hughes, Cl A		6,206		151,923
Cheniere Energy *		1,789		120,561
Chevron		5,077		507,700
Cimarex Energy		1,422		82,462
ConocoPhillips		8,114		422,009
EOG Resources		3,166		204,397
Equities		13,368		237,817
Exxon Mobil		11,495		624,983
Halliburton		12,253		267,483
Hess		2,822		184,926
Kinder Morgan		11,398		167,551
Marathon Petroleum		3,557		194,283
Occidental Petroleum		7,636		203,194
ONEOK		4,201		186,062

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
ENERGY — continued
Phillips 66		2,374	$	197,161
Pioneer Natural Resources		1,344		199,678
Schlumberger		10,489		292,748
Valero Energy		3,820		294,064
Williams		5,591		127,698
				4,666,700
FINANCIALS — 4.2%
Aflac		4,183		200,324
Allstate		3,084		328,754
Ally Financial		5,880		244,020
American Express		1,862		251,854
American International Group		5,053		222,079
Ameriprise Financial		2,948		652,216
Aon, Cl A		2,362		537,851
Arch Capital Group *		3,839		137,513
Arthur J Gallagher		1,856		222,349
Assurant		1,057		130,244
Athene Holding, Cl A *		4,112		187,466
Bank of America		21,199		735,817
Bank of New York Mellon		4,817		203,085
Bank OZK		4,031		166,158
Berkshire Hathaway, Cl B *		4,983		1,198,461
BlackRock, Cl A		806		559,767
Blackstone Group, Cl A		2,538		175,706
Brown & Brown		1,337		61,368
Capital One Financial		2,483		298,432
Charles Schwab		4,253		262,495
Chubb		1,635		265,818
Cincinnati Financial		1,521		148,860
Citigroup		5,660		372,881
Citizens Financial Group		7,424		322,499
CME Group, Cl A		1,950		389,415
Comerica		1,500		102,150
Commerce Bancshares		900		66,627
Discover Financial Services		4,558		428,771
East West Bancorp		9,222		665,460
Erie Indemnity, Cl A		756		183,028
Evercore, Cl A		856		102,523

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
FactSet Research Systems		295	$	89,653
Fidelity National Financial		2,434		93,174
Fifth Third Bancorp		7,345		254,798
First American Financial		1,333		70,036
First Citizens BancShares, Cl A		71		52,390
First Republic Bank		1,161		191,275
Goldman Sachs Group		1,243		397,114
Hartford Financial Services Group		4,695		237,990
Intercontinental Exchange		1,091		120,348
Invesco		3,966		88,918
Jefferies Financial Group		5,367		155,858
JPMorgan Chase		8,071		1,187,809
KeyCorp		12,703		255,838
KKR		2,096		95,494
Lincoln National		2,030		115,446
M&T Bank		1,213		183,090
Markel *		130		141,544
MarketAxess Holdings		717		398,609
Marsh & McLennan		4,650		535,773
MetLife		5,148		296,525
Moody’s		958		263,345
Morgan Stanley		11,151		857,177
MSCI, Cl A		410		169,953
Nasdaq		2,044		282,665
Northern Trust		2,411		229,358
PNC Financial Services Group		2,459		413,997
Primerica		604		85,303
Principal Financial Group		2,249		127,248
Progressive		6,961		598,298
Prosperity Bancshares		2,554		187,642
Prudential Financial		2,406		208,648
Regions Financial		32,427		668,969
S&P Global		913		300,706
SEI Investments		1,311		73,416
Signature Bank NY		437		95,415
SLM		12,048		190,238
State Street		5,713		415,735
Sterling Bancorp		1,410		30,780

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
SVB Financial Group *		1,315	$	664,548
Synchrony Financial		6,762		261,554
Synovus Financial		2,900		122,699
T Rowe Price Group		2,744		444,912
Travelers		2,058		299,439
Truist Financial		6,519		371,322
US Bancorp		7,372		368,600
Virtu Financial, Cl A		3,702		100,954
Wells Fargo		10,199		368,898
Western Alliance Bancorp		2,170		198,577
Willis Towers Watson		476		105,025
WR Berkley		759		52,621
				23,343,715
HEALTH CARE — 4.7%
Abbott Laboratories		5,373		643,578
AbbVie		13,093		1,410,640
ABIOMED *		362		117,487
Acadia Healthcare *		3,136		173,233
ACADIA Pharmaceuticals *		1,599		78,303
Agilent Technologies		1,413		172,485
Alexion Pharmaceuticals *		776		118,534
Align Technology *		562		318,716
Alnylam Pharmaceuticals *		658		97,450
Amedisys *		90		22,828
AmerisourceBergen, Cl A		3,312		335,241
Amgen		2,769		622,804
Anthem		1,901		576,364
Avantor *		822		22,909
Baxter International		2,872		223,126
Becton Dickinson and		1,576		380,052
Biogen *		1,684		459,530
BioMarin Pharmaceutical *		1,415		109,563
Bio-Rad Laboratories, Cl A *		444		259,518
Bio-Techne		146		52,807
Boston Scientific *		5,919		229,539
Bristol-Myers Squibb		6,853		420,295
Bruker		1,540		93,909
Cardinal Health		2,324		119,732

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Catalent *		1,591	$	180,913
Centene *		3,137		183,640
Cerner		2,307		159,506
Charles River Laboratories International *		659		188,566
Chemed		363		161,611
Cigna		2,616		549,098
Cooper		416		160,630
CVS Health		7,970		542,996
Danaher		2,975		653,518
DaVita *		2,169		221,520
DexCom *		359		142,803
Edwards Lifesciences *		3,828		318,107
Elanco Animal Health *		4,462		146,621
Eli Lilly		2,871		588,239
Exact Sciences *		1,172		159,533
Exelixis *		1,275		27,617
Gilead Sciences		3,958		243,021
Guardant Health *		249		36,648
HCA Healthcare		3,777		649,757
Henry Schein *		993		61,417
Hologic *		3,000		216,270
Horizon Therapeutics *		6,340		576,369
Humana		1,520		577,068
IDEXX Laboratories *		630		327,707
Illumina *		459		201,689
Incyte *		1,241		97,617
Intuitive Surgical *		172		126,730
IQVIA Holdings *		944		181,994
Johnson & Johnson		9,974		1,580,480
Laboratory Corp of America Holdings *		1,289		309,244
Masimo *		690		173,004
McKesson		2,252		381,759
Medtronic		5,652		661,114
Merck		9,802		711,821
Mettler-Toledo International *		197		219,862
Moderna *		532		82,359
Molina Healthcare *		1,718		372,394
PerkinElmer		1,084		136,681

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Pfizer		15,152	$	507,441
Quest Diagnostics		2,912		336,598
Quidel *		135		22,175
Regeneron Pharmaceuticals *		593		267,188
ResMed		1,847		356,065
Seagen *		452		68,302
STERIS		580		101,384
Stryker		644		156,292
Teladoc Health *		865		191,243
Teleflex		363		144,518
Thermo Fisher Scientific		1,443		649,465
United Therapeutics *		1,113		186,071
UnitedHealth Group		6,747		2,241,488
Universal Health Services, Cl B		178		22,309
Veeva Systems, Cl A *		496		138,934
Vertex Pharmaceuticals *		742		157,712
Viatris, Cl W *		7,606		112,949
Waters *		516		141,322
West Pharmaceutical Services		1,231		345,480
Zimmer Biomet Holdings		1,482		241,655
Zoetis, Cl A		3,610		560,416
				26,317,573
INDUSTRIALS — 4.8%
3M		2,694		471,612
A O Smith		1,737		103,126
ADT		2,827		21,513
AECOM *		663		38,381
AGCO		1,515		196,162
Air Lease, Cl A		1,711		78,466
AMETEK		1,918		226,266
Armstrong World Industries		811		69,405
Axon Enterprise *		290		47,992
Boeing		1,331		282,185
BWX Technologies		697		40,433
Carlisle		491		71,318
Carrier Global		3,583		130,887
Caterpillar		2,121		457,881
CH Robinson Worldwide		1,321		120,013

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Cintas		1,161	$	376,559
Colfax *		2,708		120,100
Copart *		2,679		292,440
CoStar Group *		407		335,270
CSX		6,330		579,512
Cummins		2,393		605,908
Deere		1,967		686,719
Delta Air Lines		4,965		238,022
Dover		3,683		453,967
Eaton		6,068		789,993
Emerson Electric		8,523		732,126
Equifax		1,177		190,533
Expeditors International of Washington		3,134		287,827
Fastenal		8,146		377,730
FedEx		2,757		701,656
Fortive		2,121		139,604
Fortune Brands Home & Security		4,322		359,331
Gates Industrial *		7,163		107,445
Generac Holdings *		1,009		332,526
General Dynamics		1,845		301,602
General Electric		23,927		300,045
HEICO		516		64,903
HEICO, Cl A		651		75,360
Honeywell International		2,358		477,141
Howmet Aerospace		3,066		86,185
Hubbell, Cl B		1,115		197,924
IDEX		1,243		242,596
IHS Markit		1,642		148,043
Illinois Tool Works		1,572		317,827
Ingersoll Rand *		6,872		318,448
ITT		3,041		252,342
Jacobs Engineering Group		2,804		322,684
JB Hunt Transport Services		2,937		431,357
Johnson Controls International		4,902		273,483
Kansas City Southern		2,053		435,934
Knight-Swift Transportation Holdings, Cl A		892		38,534
L3Harris Technologies		1,176		213,926
Landstar System		1,364		218,431

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Lincoln Electric Holdings		548	$	64,724
Lockheed Martin		847		279,722
Lyft, Cl A *		883		49,183
Masco		7,466		397,340
Middleby *		737		107,904
MSC Industrial Direct, Cl A		2,359		203,181
Nordson		890		171,245
Norfolk Southern		1,435		361,706
Northrop Grumman		1,310		382,075
nVent Electric		1,352		35,504
Old Dominion Freight Line		1,981		425,459
Oshkosh		1,634		173,204
Otis Worldwide		2,515		160,231
Owens Corning		3,111		252,053
PACCAR		4,924		448,035
Parker-Hannifin		1,702		488,406
Pentair		3,154		176,403
Quanta Services		2,953		247,609
Raytheon Technologies		4,163		299,694
Regal Beloit		1,824		249,286
Republic Services, Cl A		3,310		294,888
Robert Half International		1,749		136,055
Rockwell Automation		1,185		288,287
Rollins		2,592		85,977
Roper Technologies		433		163,509
Ryder System		1,064		72,107
Snap-on		644		130,803
Southwest Airlines		3,225		187,469
Stanley Black & Decker		1,115		194,947
Teledyne Technologies *		930		345,030
Timken		4,125		323,194
Toro		1,067		107,522
Trane Technologies		4,183		641,003
TransDigm Group *		266		153,394
TransUnion		2,306		194,188
Trinity Industries		1,897		60,894
Uber Technologies *		1,520		78,660
Union Pacific		3,005		618,910

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
United Parcel Service, Cl B		2,393	$	377,687
United Rentals *		2,533		753,264
Valmont Industries		97		22,944
Verisk Analytics, Cl A		1,414		231,684
Wabtec		1,800		130,374
Waste Management		3,782		419,386
Watsco		340		82,654
WW Grainger		944		351,838
XPO Logistics *		1,670		194,722
Xylem		1,771		176,321
				26,570,348
INFORMATION TECHNOLOGY — 10.4%
Accenture, Cl A		4,097		1,027,937
Adobe *		1,946		894,518
Advanced Micro Devices *		1,665		140,709
Akamai Technologies *		2,598		245,511
Amdocs		844		63,984
Amphenol, Cl A		1,693		212,776
Analog Devices		1,826		284,527
ANSYS *		694		236,647
Apple		98,215		11,909,551
Applied Materials		9,006		1,064,419
Arista Networks *		737		206,242
Arrow Electronics *		1,279		128,232
Aspen Technology *		716		107,765
Atlassian, Cl A *		372		88,424
Autodesk *		1,076		296,976
Automatic Data Processing		3,253		566,087
Avalara *		1,927		302,423
Black Knight *		1,225		93,945
Booz Allen Hamilton Holding, Cl A		3,423		264,050
Broadcom		1,146		538,471
Broadridge Financial Solutions		1,884		268,451
Cadence Design Systems *		2,020		285,002
CDW		3,295		516,953
Ceridian HCM Holding *		1,151		103,199
Ciena *		2,518		131,364
Cirrus Logic *		825		67,469

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Cisco Systems		16,513	$	740,938
Citrix Systems		1,029		137,454
Cognex		1,914		158,077
Cognizant Technology Solutions, Cl A		4,099		301,194
Corning		4,142		158,390
Coupa Software *		605		209,487
Crowdstrike Holdings, Cl A *		939		202,824
Dell Technologies, Cl C *		3,942		319,578
DocuSign, Cl A *		1,090		247,059
Dynatrace *		932		46,376
Enphase Energy *		932		164,088
Entegris		3,429		360,765
EPAM Systems *		691		258,164
Fair Isaac *		516		236,096
Fastly, Cl A *		840		61,807
Fidelity National Information Services		1,685		232,530
Fiserv *		2,478		285,887
FleetCor Technologies *		974		270,100
Fortinet *		1,715		289,578
Gartner *		949		169,909
Global Payments		1,627		322,130
GoDaddy, Cl A *		1,390		112,757
Hewlett Packard Enterprise		14,635		213,086
HP		12,683		367,427
HubSpot *		508		261,620
Intel		24,630		1,497,011
International Business Machines		5,706		678,615
Intuit		935		364,781
Jabil		817		35,270
Keysight Technologies *		3,125		442,250
KLA		2,168		674,747
Lam Research		2,064		1,170,680
Leidos Holdings		1,634		144,527
Lumentum Holdings *		256		23,040
Manhattan Associates *		333		40,942
Marvell Technology Group		3,339		161,207
Mastercard, Cl A		2,772		980,872
Maxim Integrated Products		2,398		223,422

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Microchip Technology		1,461	$	222,992
Micron Technology *		6,577		601,993
Microsoft		38,769		9,009,140
MKS Instruments		729		120,212
Monolithic Power Systems		650		243,438
Motorola Solutions		1,249		219,175
NetApp		597		37,372
NortonLifeLock		7,163		139,750
Nuance Communications *		6,338		282,675
NVIDIA		3,290		1,804,828
Okta, Cl A *		237		61,964
Oracle		6,097		393,317
Palo Alto Networks *		176		63,063
Paychex		2,723		247,984
Paycom Software *		502		187,868
PayPal Holdings *		4,788		1,244,162
PTC *		218		29,853
Qorvo *		3,477		607,536
QUALCOMM		9,147		1,245,730
RingCentral, Cl A *		199		75,254
salesforce.com *		1,556		336,874
Seagate Technology		2,266		165,939
ServiceNow *		319		170,174
Skyworks Solutions		2,989		531,504
Slack Technologies, Cl A *		2,741		112,189
SolarEdge Technologies *		1,153		343,951
Splunk *		617		88,237
Square, Cl A *		286		65,789
SS&C Technologies Holdings		2,984		197,779
SYNNEX		2,085		185,899
Synopsys *		1,374		336,919
TE Connectivity		1,365		177,491
Teradyne		5,313		683,305
Texas Instruments		4,270		735,593
Trimble *		3,144		233,096
Twilio, Cl A *		353		138,687
Tyler Technologies *		173		80,172
Ubiquiti		823		262,471

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Universal Display		220	$	46,572
VeriSign *		949		184,134
Visa, Cl A		6,248		1,327,013
Vontier *		494		15,512
Western Digital		2,861		196,064
Workday, Cl A *		460		112,783
Xilinx		938		122,221
Zebra Technologies, Cl A *		1,025		511,916
Zendesk *		600		87,684
Zoom Video Communications, Cl A *		1,378		514,835
Zscaler *		321		65,815
				57,479,241
MATERIALS — 1.5%
Air Products & Chemicals *		2,110		539,358
Albemarle		2,263		355,766
Amcor		23,631		258,523
AptarGroup		500		65,035
Ardagh Group, Cl A		1,529		38,745
Avery Dennison		189		33,115
Ball		3,075		262,574
Berry Global Group *		2,654		147,032
Cabot		548		26,978
Celanese, Cl A		1,260		175,027
Chemours		12,309		289,631
Corteva		4,090		184,664
Crown Holdings *		3,187		304,550
Dow		4,752		281,841
DuPont de Nemours		1,894		133,186
Eagle Materials		274		34,354
Eastman Chemical		2,835		309,752
Ecolab		2,038		426,676
Element Solutions		2,957		53,374
FMC		1,492		151,722
Freeport-McMoRan		11,671		395,764
Graphic Packaging Holding		1,659		26,328
International Flavors & Fragrances		2,089		283,080
International Paper		4,561		226,454
LyondellBasell Industries, Cl A		2,752		283,704

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
MATERIALS — continued
Martin Marietta Materials		720	$	242,546
Mosaic		2,524		74,206
Newmont		4,568		248,408
Nucor		4,430		265,003
Olin		2,182		67,511
Packaging Corp of America		1,010		133,340
PPG Industries		2,583		348,240
Reliance Steel & Aluminum		1,453		192,087
RPM International		1,488		118,504
Scotts Miracle-Gro		1,905		406,051
Sherwin-Williams		1,001		681,020
Silgan Holdings		925		34,743
Sonoco Products		490		29,189
Steel Dynamics		2,444		101,621
Valvoline		1,746		43,580
Vulcan Materials		1,328		221,763
				8,495,045
REAL ESTATE — 0.1%
Brookfield Property REIT, Cl A ‡		1,270		22,225
CBRE Group, Cl A *		5,871		444,846
Life Storage ‡		346		29,029
Medical Properties Trust ‡		3,794		81,913
Sun Communities ‡		454		68,985
				646,998
UTILITIES — 0.8%
AES		5,543		147,222
Alliant Energy		2,080		96,013
Ameren		2,056		144,475
American Electric Power		2,434		182,185
American Water Works		889		126,131
Atmos Energy		1,028		86,979
CMS Energy		2,386		129,106
Consolidated Edison		1,641		107,732
Dominion Energy		3,243		221,562
DTE Energy		954		112,305
Duke Energy		3,608		308,809
Edison International		2,205		119,048
Entergy		1,668		144,799

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UTILITIES — continued
Evergy		1,889	$	101,307
Eversource Energy		1,681		133,606
Exelon		4,778		184,431
FirstEnergy		4,518		149,727
NextEra Energy		7,324		538,168
PG&E *		8,810		92,593
PPL		6,407		167,799
Public Service Enterprise Group		2,481		133,552
Sempra Energy		1,419		164,576
Southern		5,185		294,093
WEC Energy Group		1,547		124,750
Xcel Energy		3,093		181,219
				4,192,187
				205,882,654
ZAMBIA — 0.0%
First Quantum Minerals		8,859		190,949
Total Common Stock
(Cost $211,146,465)				273,664,460

REGISTERED INVESTMENT COMPANIES — 47.8%
EQUITY FUNDS — 47.8%
AQR International Defensive Style Fund, Cl R6	468,451	6,637,952
AQR Large Cap Defensive Style Fund, Cl R6	363,801	9,491,565
Avantis Emerging Markets Equity ETF	195,806	12,786,993
Avantis International Equity ETF	68,174	4,000,450
Avantis International Small Cap Value ETF	87,677	5,253,606
DFA Emerging Markets Portfolio, Cl I	698,742	23,806,138
DFA Emerging Markets Small Cap Portfolio, Cl I	415,460	10,045,827
DFA Emerging Markets Targeted Value Portfolio, Cl I	186,911	2,267,228
DFA International High Relative Profitability Portfolio, Cl I	998,818	12,465,250
DFA International Real Estate Securities, Cl I	1,638,872	7,456,866
DFA International Small Cap Growth Portfolio, Cl I	113,213	1,998,216
DFA International Small Cap Value Portfolio, Cl I	581,936	11,603,801

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
DFA International Value Portfolio, Cl I		705,887	$	12,691,840
DFA Large Cap International Portfolio, Cl I		860,248		21,833,098
DFA Real Estate Securities Portfolio, Cl I		479,578		18,473,347
DFA US Small Cap Portfolio, Cl I		221,093		9,628,596
DFA US Small Cap Value Portfolio, Cl I		200,981		8,195,997
DFA US Targeted Value Portfolio, Cl I		926,359		25,613,825
iShares MSCI Global Min Vol Factor ETF		420,506		39,578,025
Schwab International Small Cap Equity ETF		60,162		2,314,432
Vanguard Small Cap Value ETF		40,292		6,360,898
Vanguard U.S. Quality Factor ETF		39,529		4,254,550
Vanguard U.S. Value Factor ETF		98,922		8,686,450
Total Registered Investment Companies
(Cost $204,341,423)				265,444,950

PREFERRED STOCK — 0.0%
BRAZIL — 0.0%
Lojas Americanas (1)	5,200	23,113
(Cost $16,222)		23,113

RIGHTS — 0.0%
	Number Of Rights
China Resources Land#*		354	—
KWG Group Holdings#*		1,711	—
Shimao Property Holdings#*		566	609
Total Rights
(Cost $—)			609

SHORT-TERM INVESTMENT — 2.1%
	Shares
DWS Government Money Market Series, Institutional Shares, 0.040% (A)
(Cost $11,448,752)		11,448,752		11,448,752
Total Investments — 99.2%
(Cost $426,952,862)			$	550,581,884

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

A list of the open futures contracts held by the Fund at February 28, 2021, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI EAFE Index	7	Mar-2021	$	736,416	$	757,400	$	20,984
MSCI Emerging Markets	12	Mar-2021		752,358		802,860		50,502
S&P 500 Index E-MINI	6	Mar-2021		1,094,178		1,142,760		48,582
SGX Nifty 50	102	Mar-2021		3,027,510		2,962,998		(64,512	)
			$	5,610,462	$	5,666,018	$	55,556

A list of open total return swap agreements held by the Fund at February 28, 2021, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Depreciation

ReFlow

SPGEX NAV

SOFR +35 BPS

SPGEX

Annually

03/02/2022

USD

5,359,324

$

(70,635

)

$

(70,635

)

Percentages are based on Net Assets of $555,069,727.

* Non-income producing security.

‡ Real Estate Investment Trust

# Expiration date not available.

(1) Rate is not available

(A) The rate reported is the 7-day effective yield as of February 28, 2021.

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

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s 500 Index

Ser — Series

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPGEX — Symmetry Panoramic Global Equity Fund

USD — United States Dollar

VOL — Volatility

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

The following table summarizes the inputs used as of February 28, 2021, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	2,130,984	$	—	$	—	$	2,130,984
Austria		135,948		—		—		135,948
Belgium		18,846		—		—		18,846
Brazil		366,408		—		—		366,408
Canada		4,506,675		—		—		4,506,675
Chile		203,280		—		—		203,280
China		9,958,468		—		—		9,958,468
Denmark		1,243,510		—		—		1,243,510
Finland		1,148,380		—		—		1,148,380
France		2,236,796		—		—		2,236,796
Germany		3,433,989		—		—		3,433,989
Hong Kong		550,844		—		—		550,844
Hungary		42,639		—		—		42,639
Indonesia		203,698		—		—		203,698
Italy		856,231		—		—		856,231
Japan		13,254,538		—		—		13,254,538
Jordan		127,916		—		—		127,916
Luxembourg		253,387		—		—		253,387
Malaysia		474,441		—		—		474,441
Mexico		516,311		—		—		516,311
Netherlands		1,393,492		—		—		1,393,492
Norway		236,384		—		—		236,384
Peru		466,641		—		—		466,641
Philippines		60,278		—		—		60,278
Poland		242,886		—		—		242,886
Puerto Rico		53,656		—		—		53,656
Russia		166,200		—		—		166,200
Singapore		61,208		—		—		61,208
South Africa		1,011,794		—		—		1,011,794
South Korea		6,664,509		45,261		—		6,709,770
Spain		698,921		—		—		698,921
Sweden		3,128,817		—		—		3,128,817
Switzerland		2,175,782		—		—		2,175,782
Taiwan		6,661,025		80,950		—		6,741,975
Thailand		18,007		—		—		18,007
Turkey		383,284		—		—		383,284
United Kingdom		2,378,473		—		—		2,378,473
United States		205,882,654		—		—		205,882,654
Zambia		190,949		—		—		190,949
Total Common Stock		273,538,249		126,211		—		273,664,460

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

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	265,444,950	$	—	$	—	$	265,444,950
Preferred Stock
Brazil		23,113		—		—		23,113
Rights		609		—		—		609
Short-Term Investment		11,448,752		—		—		11,448,752
Total Investments in Securities	$	550,455,673	$	126,211	$	—	$	550,581,884

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^
Unrealized Appreciation	$	120,068		$	—		$	—	$	120,068
Unrealized Depreciation		(64,512	)		—			—		(64,512	)
Total Return Swap^
Unrealized Depreciation		—			(70,635	)		—		(70,635	)
Total Other Financial Instruments	$	55,556		$	(70,635	)	$	—	$	(15,079	)

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

Amounts designated as “—” are $0.

For the period ended February 28, 2021, 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.
87

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 97.9%
	Shares		Value
EQUITY FUNDS — 97.9%
AQR International Defensive Style Fund, Cl R6		86,040	$	1,219,190
AQR Large Cap Defensive Style Fund, Cl R6		65,541		1,709,966
AQR TM Emerging Multi-Style Fund, Cl R6		428,149		5,437,488
AQR TM International Multi-Style Fund, Cl R6		795,594		9,555,079
AQR TM Large Cap Multi-Style Fund, Cl R6		786,307		12,966,211
Avantis Emerging Markets Equity ETF		34,062		2,224,398
Avantis International Equity ETF		12,214		716,717
Avantis International Small Cap Value ETF		18,843		1,129,073
DFA Emerging Markets Portfolio, Cl I		125,218		4,266,171
DFA Emerging Markets Small Cap Portfolio, Cl I		77,525		1,874,563
DFA Emerging Markets Targeted Value Portfolio, Cl I		33,303		403,966
DFA International High Relative Profitability Portfolio, Cl I		180,171		2,248,539
DFA International Small Cap Growth Portfolio, Cl I		20,547		362,653
DFA International Small Cap Value Portfolio, Cl I		112,789		2,249,004
DFA Large Cap International Portfolio, Cl I		164,747		4,181,285
DFA Real Estate Securities Portfolio, Cl I		46,497		1,791,081
DFA TA US Core Equity 2 Portfolio, Cl I		184,657		4,461,307
DFA Tax-Managed International Value Portfolio, Cl I		156,030		2,396,619
DFA Tax-Managed US Equity Portfolio, Cl I		206,219		8,685,950
DFA Tax-Managed US Marketwide Value Portfolio, Cl I		153,815		5,320,476
DFA Tax-Managed US Small Cap Portfolio, Cl I		38,315		2,071,326
DFA Tax-Managed US Targeted Value Portfolio, Cl I		152,972		6,259,595
DFA US High Relative Profitability Portfolio, Cl I		305,052		5,121,816
iShares MSCI Global Min Vol Factor ETF		78,787		7,415,432
Schwab International Small Cap Equity ETF		14,523		558,700

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

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
Vanguard Small Cap Value ETF		7,425	$	1,172,185
Vanguard U.S. Quality Factor ETF		6,573		707,459
Vanguard U.S. Value Factor ETF		17,776		1,560,930
Total Registered Investment Companies
(Cost $76,008,431)				98,067,179

SHORT-TERM INVESTMENT — 2.1%
DWS Government Money Market Series, Institutional Shares, 0.040% (A)
(Cost $2,098,842)	2,098,842		2,098,842
Total Investments — 100.0%
(Cost $78,107,273)		$	100,166,021

A list of open total return swap agreements held by the Fund at February 28, 2021, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Depreciation

ReFlow

SPGTX NAV

SOFR +35 BPS

SPGTX

Annually

03/02/2022

USD

2,027,954

$

(20,489

)

$

(20,489

)

Percentages are based on Net Assets of $100,189,859.

(A) The rate reported is the 7-day effective yield as of February 28, 2021.

BPS — Basis Points

Cl — Class

ETF — Exchange Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

SOFR — Secured Overnight Financing Rate

SPGTX — Symmetry Panoramic Tax-Managed Global Equity Fund

USD — United States Dollar

VOL — Volatility

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

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 28, 2021
(Unaudited)

The following table summarizes the inputs used as of February 28, 2021, 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	$	98,067,179	$	—	$	—	$	98,067,179
Short-Term Investment		2,098,842		—		—		2,098,842
Total Investments in Securities	$	100,166,021	$	—	$	—	$	100,166,021

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Total Return Swap^
Unrealized Depreciation	$	—	$	(20,489	)	$	—	$	(20,489	)
Total Other Financial Instruments	$	—	$	(20,489	)	$	—	$	(20,489	)

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

Amounts designated as “—” are $0.

For the period ended February 28, 2021, 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.
90

SYMMETRY PANORAMIC US FIXED INCOME FUND
FEBRUARY 28, 2021
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 99.0%
	Shares		Value
FIXED INCOME FUNDS — 99.0%
iShares Core 1-5 Year USD Bond ETF, Cl 5		630,313	$	32,385,482
Vanguard Short-Term Bond Index Fund, Cl Admiral Shares (A)		9,340,548		100,971,327
Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A)		9,926,295		112,365,661
Total Registered Investment Companies
(Cost $232,279,083)				245,722,470

SHORT-TERM INVESTMENT — 1.0%
DWS Government Money Market Series, Institutional Shares, 0.040% (B)
(Cost $2,410,032)	2,410,032		2,410,032
Total Investments — 100.0%
(Cost $234,689,115)		$	248,132,502

Percentages are based on Net Assets of $248,111,988.

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

(B) The rate reported is the 7-day effective yield as of February 28, 2021.

Cl — Class

ETF — Exchange Traded Fund

USD — U.S. Dollar

As of February 28, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 28, 2021, 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.
91

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
FEBRUARY 28, 2021
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.0%
	Shares		Value
MUNICIPAL BOND FUNDS — 98.0%
DFA Intermediate-Term Municipal Bond Portfolio, Cl I		705,074	$	7,410,326
DFA Short-Term Municipal Bond Portfolio, Cl I (A)		1,686,153		17,165,033
iShares National Muni Bond ETF		12,679		1,465,566
iShares Short-Term National Muni Bond ETF		28,029		3,017,882
Vanguard Tax-Exempt Bond Index ETF		13,677		744,576
Total Registered Investment Companies
(Cost $29,677,765)				29,803,383

SHORT-TERM INVESTMENT — 2.1%
DWS Government Money Market Series, Institutional Shares, 0.040% (B)
(Cost $630,619)	630,619		630,619
Total Investments — 100.1%
(Cost $30,308,384)		$	30,434,002

Percentages are based on Net Assets of $30,416,504.

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

(B) The rate reported is the 7-day effective yield as of February 28, 2021.

Cl — Class

ETF — Exchange Traded Fund

As of February 28, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 28, 2021, 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.
92

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
FEBRUARY 28, 2021
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.9%
	Shares		Value
FIXED INCOME FUNDS — 98.9%
DFA Five-Year Global Fixed Income Portfolio, Cl I		2,476,956	$	26,974,055
Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A)		16,308,577		184,613,097
Vanguard Total International Bond Index Fund, Cl Admiral Shares (A)		4,822,630		165,126,857
Total Registered Investment Companies
(Cost $356,328,587)				376,714,009

SHORT-TERM INVESTMENT — 1.0%
DWS Government Money Market Series, Institutional Shares, 0.040% (B)
(Cost $3,831,259)	3,831,259		3,831,259
Total Investments — 99.9%
(Cost $360,159,846)		$	380,545,268

Percentages are based on Net Assets of $380,889,181.

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

(B) The rate reported is the 7-day effective yield as of February 28, 2021.

Cl — Class

As of February 28, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 28, 2021, 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.
93

SYMMETRY PANORAMIC ALTERNATIVES FUND
FEBRUARY 28, 2021
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 99.5%
	Shares		Value
EQUITY FUNDS — 99.5%
AQR Alternative Risk Premia Fund, Cl R6		53,128	$	373,490
AQR Diversified Arbitrage Fund, Cl R6 (A)		59,326		741,570
AQR Managed Futures Strategy Fund, Cl R6		45,578		368,725
Total Registered Investment Companies
(Cost $1,368,317)				1,483,785

SHORT-TERM INVESTMENT — 1.0%
DWS Government Money Market Series, Institutional Shares, 0.040% (B)
(Cost $14,780)	14,780		14,780
Total Investments — 100.5%
(Cost $1,383,097)		$	1,498,565

Percentages are based on Net Assets of $1,491,787.

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

(B) The rate reported is the 7-day effective yield as of February 28, 2021.

Cl — Class

As of February 28, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 28, 2021, 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.
94

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2021
(Unaudited)

Statements of Assets and Liabilities
	US Equity Fund		International Equity Fund		Global Equity Fund		Tax-Managed Global Equity Fund
Assets:
Investments, at Value †	$	573,412,149	$	303,537,695	$	550,581,884	$	100,166,021
Foreign Currency, at Value ††		—		1,104,717		1,080,941		—
Receivable for Investment Securities Sold		12,222,700		9,178,051		14,756,435		—
Dividends and Interest Receivable		428,610		183,026		394,222		78
Receivable for Capital Shares Sold		247,613		123,519		212,198		151,719
Unrealized Appreciation on Futures Contracts		104,903		63,069		120,068		—
Reclaim Receivable		1,089		152,474		119,812		—
Cash Collateral on Futures Contracts		—		7,979		—		—
Prepaid Expenses		16,829		14,868		16,844		12,065
Total Assets		586,433,893		314,365,398		567,282,404		100,329,883
Liabilities:
Payable for Investment Securities Purchased		12,330,532		5,934,806		10,911,664		—
Payable for Capital Shares Redeemed		500,105		235,784		447,412		77,221
Payable Due to Adviser		141,342		89,371		130,578		9,175
Shareholder Servicing Fees Payable		75,787		42,761		81,535		4,587
Unrealized Depreciation on Swap Contracts		74,481		47,169		70,635		20,489
Due to Broker for Futures		20,437		476,939		386,607		—
Payable Due to Administrator		16,455		8,938		16,029		2,849
Audit Fees Payable		7,476		5,129		5,128		7,475
Trustees Fees Payable		5,704		5,704		5,704		5,704
Transfer Agent Fees Payable		4,687		4,291		4,323		4,027
Chief Compliance Officer Fees Payable		2,900		1,643		2,853		573
Unrealized Depreciation on Spot Currency Contracts		—		1,110		8,383		—
Unrealized Depreciation on Futures Contracts		—		89,321		64,512		—
Other Accrued Expenses		22,313		69,263		77,314		7,924
Total Liabilities		13,202,219		7,012,229		12,212,677		140,024

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

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2021
(Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES - continued
	US Equity Fund		International Equity Fund		Global Equity Fund		Tax-Managed Global Equity Fund
Net Assets	$	573,231,674	$	307,353,169	$	555,069,727	$	100,189,859
† Cost of Investments	$	449,489,782	$	230,924,102	$	426,952,862	$	78,107,273
†† Cost of Foreign Currency		—		1,105,083		1,082,902		—
Net Assets Consist of:
Paid-in Capital	$	423,915,474	$	250,202,759	$	426,208,996	$	79,667,531
Total Distributable Earnings		149,316,200		57,150,410		128,860,731		20,522,328
Net Assets	$	573,231,674	$	307,353,169	$	555,069,727	$	100,189,859
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		45,042,667		25,505,757		44,622,987		7,830,288
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	12.73	$	12.05	$	12.44	$	12.80

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
FEBRUARY 28, 2021
(Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES
	US Fixed Income Fund		Municipal Fixed Income Fund		Global Fixed Income Fund		Alternatives Fund
Assets:
Investments, at Value †	$	248,132,502	$	30,434,002	$	380,545,268	$	1,498,565
Dividends and Interest Receivable		274,682		27		399,561		1
Receivable for Capital Shares Sold		110,621		119,366		391,215		—
Receivable Due from Adviser		—		2,649		—		6,010
Prepaid Expenses		15,323		11,732		15,532		11,342
Total Assets		248,533,128		30,567,776		381,351,576		1,515,918
Liabilities:
Payable for Capital Shares Redeemed		322,055		5,545		300,004		—
Shareholder Servicing Fees Payable		36,001		1,731		64,126		207
Payable Due to Adviser		25,051		—		52,573		—
Audit Fees Payable		7,475		7,475		7,475		7,475
Payable Due to Administrator		7,009		843		10,754		42
Trustees Fees Payable		5,704		5,704		5,704		5,704
Transfer Agent Fees Payable		4,023		3,886		4,176		3,633
Chief Compliance Officer Fees Payable		1,406		251		2,151		108
Income Distributions Payable		1,084		18		565		—
Payable for Investment Securities Purchased		—		119,702		—		—
Other Accrued Expenses		11,332		6,117		14,867		6,962
Total Liabilities		421,140		151,272		462,395		24,131
Net Assets	$	248,111,988	$	30,416,504	$	380,889,181	$	1,491,787
† Cost of Investments	$	234,689,115	$	30,308,384	$	360,159,846	$	1,383,097
Net Assets Consist of:
Paid-in Capital	$	234,492,992	$	30,295,188	$	359,770,288	$	1,372,419
Total Distributable Earnings		13,618,996		121,316		21,118,893		119,368
Net Assets	$	248,111,988	$	30,416,504	$	380,889,181	$	1,491,787
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		23,099,732		2,966,373		35,686,913		141,623
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	10.74	$	10.25	$	10.67	$	10.53

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
SIX MONTHS ENDED FEBRUARY 28, 2021
(Unaudited)

Statements of Operations
	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Investment Income:
Dividend Income	$	4,946,908		$	2,855,282		$	5,013,491		$	1,071,894
Less: Foreign Taxes Withheld		—			(100,806	)		(76,297	)		—
Total Investment Income		4,946,908			2,754,476			4,937,194			1,071,894
Expenses:
Investment Advisory Fees		1,520,346			1,041,943			1,724,297			295,476
Shareholder Servicing Fees		319,718			173,042			321,063			45,266
Administration Fees		102,066			54,958			100,003			16,782
Chief Compliance Officer Fees		10,242			5,579			10,068			1,756
Trustees’ Fees		9,298			9,298			9,298			9,298
Legal Fees		44,850			24,130			44,105			7,143
Custodian Fees		34,736			65,697			88,818			3,026
Registration Fees		16,027			13,201			15,362			10,363
Transfer Agent Fees		14,690			12,919			14,312			11,602
Printing Fees		13,663			7,739			13,335			2,190
Audit Fees		7,507			7,660			7,660			7,507
Insurance and Other Expenses		16,455			43,584			51,447			6,080
Total Expenses		2,109,598			1,459,750			2,399,768			416,489
Less:
Waiver of Investment Advisory Fees		(571,889	)		(481,909	)		(875,225	)		(177,285	)
Reimbursement by Investment Adviser		(47,475	)		(11,232	)		(18,027	)		(48,465	)
Net Expenses		1,490,234			966,609			1,506,516			190,739
Net Investment Income		3,456,674			1,787,867			3,430,678			881,155

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

SYMMETRY PANORAMIC TRUST
SIX MONTHS ENDED FEBRUARY 28, 2021
(Unaudited)

STATEMENTS OF OPERATIONS - continued
	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain on Investments Sold	$	37,072,537		$	3,715,899		$	25,529,448		$	461,336
Net Realized Gain on Futures Contracts		239,423			1,133,006			1,023,626			—
Net Realized Loss on Foreign Currency Transactions		—			(9,828	)		(510	)		—
Net Realized Gain Received on Distributions from Registered Investment Companies		38,940			—			—			4,885
Net Realized Gain on Swap Contracts		921,432			565,018			991,017			493,139
Net Change in Unrealized Appreciation on Investments		42,843,255			42,854,464			53,370,314			12,991,492
Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts		10,535			(69,572	)		(18,435	)		—
Net Change in Unrealized Depreciation on Swap Contracts		(201,451	)		(44,193	)		(110,548	)		(123,298	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Transactions and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		—			6,680			(76,813	)		—
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		80,924,671			48,151,474			80,708,099			13,827,554
Net Increase in Net Assets Resulting from Operations	$	84,381,345		$	49,939,341		$	84,138,777		$	14,708,709

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
SIX MONTHS ENDED FEBRUARY 28, 2021
(Unaudited)

STATEMENTS OF OPERATIONS
	US Fixed Income Fund			Municipal Fixed Income Fund			Global Fixed Income Fund			Alternatives Fund
Investment Income:
Dividend Income	$	2,230,362		$	112,149		$	2,764,477		$	35,399
Total Investment Income		2,230,362			112,149			2,764,477			35,399
Expenses:
Investment Advisory Fees		554,775			65,499			1,002,473			8,011
Shareholder Servicing Fees		157,564			14,992			239,489			729
Administration Fees		45,527			5,146			71,195			229
Trustees’ Fees		9,298			9,298			9,298			9,298
Chief Compliance Officer Fees		4,748			621			7,414			123
Legal Fees		20,738			2,263			32,682			96
Registration Fees		17,189			10,069			14,200			9,493
Transfer Agent Fees		12,841			11,315			13,568			11,075
Custodian Fees		8,994			1,008			13,955			54
Audit Fees		7,507			7,507			7,507			7,507
Printing Fees		6,366			723			9,677			32
Insurance and Other Expenses		9,067			5,594			11,506			3,752
Total Expenses		854,614			134,035			1,432,964			50,399
Less:
Waiver of Investment Advisory Fees		(246,567	)		(30,659	)		(520,512	)		(6,148	)
Reimbursement by Investment Adviser		(103,037	)		(46,291	)		(84,213	)		(41,148	)
Net Expenses		505,010			57,085			828,239			3,103
Net Investment Income		1,725,352			55,064			1,936,238			32,296
Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments Sold		410,061			(603	)		1,150,781			9,783
Net Change in Unrealized Appreciation (Depreciation) on Investments		(4,266,288	)		(134,262	)		(7,405,800	)		114,191
Net Realized and Unrealized Gain (Loss) on Investments		(3,856,227	)		(134,865	)		(6,255,019	)		123,974
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,130,875	)	$	(79,801	)	$	(4,318,781	)	$	156,270

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

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets
	US Equity Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net Investment Income	$	3,456,674		$	5,960,470
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		38,272,332			(11,177,887	)
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		42,652,339			48,647,082
Net Increase in Net Assets Resulting from Operations		84,381,345			43,429,665
Distributions		(6,274,118	)		(10,539,740	)
Capital Share Transactions:
Class I Shares:
Issued		33,598,554			168,210,708
Reinvestment of Distributions		6,264,504			10,534,370
Redeemed		(100,899,832	)		(162,240,235	)
Net Class I Share Transactions		(61,036,774	)		16,504,843
Net Increase (Decrease) in Net Assets from Share Transactions		(61,036,774	)		16,504,843
Total Increase in Net Assets		17,070,453			49,394,768
Net Assets:
Beginning of Period/Year		556,161,221			506,766,453
End of Period/Year	$	573,231,674		$	556,161,221
Share Transactions:
Class I Shares:
Issued		2,872,422			17,153,658
Reinvestment of Distributions		513,063			929,777
Redeemed		(8,590,034	)		(15,732,443	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(5,204,549	)		2,350,992

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

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets
	International Equity Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net Investment Income	$	1,787,867		$	6,952,654
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		5,404,095			(18,606,090	)
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		42,747,379			26,405,588
Net Increase in Net Assets Resulting from Operations		49,939,341			14,752,152
Distributions		(3,768,487	)		(8,354,916	)
Capital Share Transactions:
Class I Shares:
Issued		17,945,798			89,646,203
Reinvestment of Distributions		3,762,883			8,351,570
Redeemed		(51,527,104	)		(78,293,778	)
Net Class I Share Transactions		(29,818,423	)		19,703,995
Net Increase (Decrease) in Net Assets from Share Transactions		(29,818,423	)		19,703,995
Total Increase in Net Assets		16,352,431			26,101,231
Net Assets:
Beginning of Period/Year		291,000,738			264,899,507
End of Period/Year	$	307,353,169		$	291,000,738
Share Transactions:
Class I Shares:
Issued		1,607,075			9,372,629
Reinvestment of Distributions		319,430			758,544
Redeemed		(4,597,481	)		(7,944,913	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,670,976	)		2,186,260

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Global Equity Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net Investment Income	$	3,430,678		$	8,792,129
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		27,543,581			(20,033,031	)
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		53,164,518			48,071,326
Net Increase in Net Assets Resulting from Operations		84,138,777			36,830,424
Distributions		(6,625,431	)		(12,370,350	)
Capital Share Transactions:
Class I Shares:
Issued		31,929,492			155,369,402
Reinvestment of Distributions		6,615,548			12,369,739
Redeemed		(104,276,916	)		(156,344,792	)
Net Class I Share Transactions		(65,731,876	)		11,394,349
Net Increase (Decrease) in Net Assets from Share Transactions		(65,731,876	)		11,394,349
Total Increase in Net Assets		11,781,470			35,854,423
Net Assets:
Beginning of Period/Year		543,288,257			507,433,834
End of Period/Year	$	555,069,727		$	543,288,257
Share Transactions:
Class I Shares:
Issued		2,777,000			15,971,827
Reinvestment of Distributions		549,008			1,101,690
Redeemed		(9,026,226	)		(15,389,952	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(5,700,218	)		1,683,565

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Tax-Managed Global Equity Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net Investment Income	$	881,155		$	666,913
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		959,360			(2,385,145	)
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		12,868,194			8,643,107
Net Increase in Net Assets Resulting from Operations		14,708,709			6,924,875
Distributions		(1,170,435	)		(539,136	)
Capital Share Transactions:
Class I Shares:
Issued		11,183,338			67,358,019
Reinvestment of Distributions		1,167,237			526,015
Redeemed		(10,156,763	)		(17,046,571	)
Net Class I Share Transactions		2,193,812			50,837,463
Net Increase in Net Assets from Share Transactions		2,193,812			50,837,463
Total Increase in Net Assets		15,732,086			57,223,202
Net Assets:
Beginning of Period/Year		84,457,773			27,234,571
End of Period/Year	$	100,189,859		$	84,457,773
Share Transactions:
Class I Shares:
Issued		942,767			6,765,511
Reinvestment of Distributions		94,666			45,740
Redeemed		(850,797	)		(1,763,225	)
Net Increase in Shares Outstanding from Share Transactions		186,636			5,048,026

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	US Fixed Income Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net Investment Income	$	1,725,352		$	4,344,949
Net Realized Gain on Investments		410,061			173,023
Net Change in Unrealized Appreciation (Depreciation) on Investments		(4,266,288	)		7,668,486
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,130,875	)		12,186,458
Distributions		(2,120,174	)		(4,504,939	)
Capital Share Transactions:
Class I Shares:
Issued		30,292,866			112,825,729
Reinvestment of Distributions		2,109,667			4,483,034
Redeemed		(37,485,435	)		(69,118,591	)
Net Class I Share Transactions		(5,082,902	)		48,190,172
Net Increase (Decrease) in Net Assets from Share Transactions		(5,082,902	)		48,190,172
Total Increase (Decrease) in Net Assets		(9,333,951	)		55,871,691
Net Assets:
Beginning of Period/Year		257,445,939			201,574,248
End of Period/Year	$	248,111,988		$	257,445,939
Share Transactions:
Class I Shares:
Issued		2,784,238			10,592,719
Reinvestment of Distributions		193,990			417,988
Redeemed		(3,441,029	)		(6,443,195	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(462,801	)		4,567,512

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Municipal Fixed Income Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net Investment Income	$	55,064		$	148,338
Net Realized Loss on Investments		(603	)		(3,134	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(134,262	)		178,662
Net Increase (Decrease) in Net Assets Resulting from Operations		(79,801	)		323,866
Distributions		(55,843	)		(148,299	)
Capital Share Transactions:
Class I Shares:
Issued		6,280,972			24,211,713
Reinvestment of Distributions		55,610			147,464
Redeemed		(2,621,758	)		(6,339,998	)
Net Class I Share Transactions		3,714,824			18,019,179
Net Increase in Net Assets from Share Transactions		3,714,824			18,019,179
Total Increase in Net Assets		3,579,180			18,194,746
Net Assets:
Beginning of Period/Year		26,837,324			8,642,578
End of Period/Year	$	30,416,504		$	26,837,324
Share Transactions:
Class I Shares:
Issued		610,201			2,366,533
Reinvestment of Distributions		5,406			14,392
Redeemed		(254,709	)		(620,027	)
Net Increase in Shares Outstanding from Share Transactions		360,898			1,760,898

The accompanying notes are an integral part of the financial statements.
106

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Global Fixed Income Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net Investment Income	$	1,936,238		$	8,889,912
Net Realized Gain on Investments		1,150,781			682,825
Net Change in Unrealized Appreciation (Depreciation) on Investments		(7,405,800	)		3,291,323
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,318,781	)		12,864,060
Distributions		(2,823,028	)		(9,589,255	)
Capital Share Transactions:
Class I Shares:
Issued		40,969,839			138,929,465
Reinvestment of Distributions		2,817,269			9,577,313
Redeemed		(58,312,644	)		(117,811,522	)
Net Class I Share Transactions		(14,525,536	)		30,695,256
Net Increase (Decrease) in Net Assets from Share Transactions		(14,525,536	)		30,695,256
Total Increase (Decrease) in Net Assets		(21,667,345	)		33,970,061
Net Assets:
Beginning of Period/Year		402,556,526			368,586,465
End of Period/Year	$	380,889,181		$	402,556,526
Share Transactions:
Class I Shares:
Issued		3,766,207			13,016,354
Reinvestment of Distributions		258,864			900,014
Redeemed		(5,352,438	)		(10,963,850	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,327,367	)		2,952,518

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

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Alternatives Fund
	Six Months Ended February 28, 2021 (Unaudited)		Year Ended August 31, 2020
Operations:
Net Investment Income	$	32,296	$	15,245
Net Realized Gain (Loss) on Investments		9,783		(34,625	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		114,191		(20,215	)
Net Increase (Decrease) in Net Assets Resulting from Operations		156,270		(39,595	)
Ordinary Distributions		—		(16,020	)
Return of Capital		—		(911	)
Capital Share Transactions:
Class I Shares:
Issued		406,234		36,613
Reinvestment of Distributions		—		16,931
Redeemed		—		(2,489	)
Net Class I Share Transactions		406,234		51,055
Net Increase in Net Assets from Share Transactions		406,234		51,055
Total Increase (Decrease) in Net Assets		562,504		(5,471	)
Net Assets:
Beginning of Period/Year		929,283		934,754
End of Period/Year	$	1,491,787	$	929,283
Share Transactions:
Class I Shares:
Issued		42,885		3,823
Reinvestment of Distributions		—		1,754
Redeemed		—		(278	)
Net Increase in Shares Outstanding from Share Transactions		42,885		5,299

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

The accompanying notes are an integral part of the financial statements.
108

SYMMETRY PANORAMIC US EQUITY FUND

Financial Highlights

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Year or Period

Class I Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	11.07		$	10.58		$	10.00
Income from Operations:
Net Investment Income(1)		0.07			0.12			0.11
Net Realized and Unrealized Gain		1.73			0.59			0.51
Total from Operations		1.80			0.71			0.62
Dividends and Distributions:
Net Investment Income		(0.14	)		(0.12	)		(0.04	)
Net Realized Gain		—			(0.10	)		—
Total Dividends and Distributions		(0.14	)		(0.22	)		(0.04	)
Net Asset Value, End of Year/Period	$	12.73		$	11.07		$	10.58
Total Return†		16.28	%		6.73	%		6.26	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	573,232		$	556,161		$	506,766
Ratio of Expenses to Average Net Assets(2)		0.54	%**		0.48	%		0.48	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.76	%**		0.76	%		0.82	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.25	%**		1.15	%		1.32	%**
Portfolio Turnover Rate		57	%***		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.
109

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Year or Period

Class I Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.33		$	10.19		$	10.00
Income from Operations:
Net Investment Income(1)		0.07			0.25			0.23
Net Realized and Unrealized Gain		1.79			0.22			0.06
Total from Operations		1.86			0.47			0.29
Dividends and Distributions:
Net Investment Income		(0.14	)		(0.33	)		(0.10	)
Total Dividends and Distributions		(0.14	)		(0.33	)		(0.10	)
Net Asset Value, End of Year/Period	$	12.05		$	10.33		$	10.19
Total Return†		18.08	%		4.38	%		2.93	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	307,353		$	291,001		$	264,900
Ratio of Expenses to Average Net Assets(2)		0.65	%**		0.65	%		0.65	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.98	%**		1.00	%		1.04	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.20	%**		2.51	%		2.72	%**
Portfolio Turnover Rate		19	%***		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.
110

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Year or Period

Class I Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.80		$	10.43		$	10.00
Income from Operations:
Net Investment Income(1)		0.07			0.17			0.16
Net Realized and Unrealized Gain		1.71			0.46			0.33
Total from Operations		1.78			0.63			0.49
Dividends and Distributions:
Net Investment Income		(0.14	)		(0.21	)		(0.06	)
Net Realized Gain		—			(0.05	)		—
Total Dividends and Distributions		(0.14	)		(0.26	)		(0.06	)
Net Asset Value, End of Year/Period	$	12.44		$	10.80		$	10.43
Total Return†		16.57	%		5.97	%		4.99	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	555,070		$	543,288		$	507,434
Ratio of Expenses to Average Net Assets(2)		0.56	%**		0.52	%		0.52	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.88	%**		0.88	%		0.93	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.26	%**		1.70	%		1.92	%**
Portfolio Turnover Rate		41	%***		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.
111

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	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	11.05		$	10.49		$	10.00
Income from Operations:
Net Investment Income(1)		0.11			0.13			0.08
Net Realized and Unrealized Gain		1.79			0.57			0.44
Total from Operations		1.90			0.70			0.52
Dividends and Distributions:
Net Investment Income		(0.15	)		(0.14	)		(0.03	)
Total Dividends and Distributions		(0.15	)		(0.14	)		(0.03	)
Net Asset Value, End of Year/Period	$	12.80		$	11.05		$	10.49
Total Return†		17.25	%		6.64	%		5.20	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	100,190		$	84,458		$	27,235
Ratio of Expenses to Average Net Assets(2)		0.42	%**		0.42	%		0.42	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.91	%**		0.99	%		1.72	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.93	%**		1.26	%		0.98	%**
Portfolio Turnover Rate		6	%***		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.
112

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	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.93		$	10.61		$	10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.08			0.20			0.18
Net Realized and Unrealized Gain (Loss)		(0.17	)		0.33			0.59
Total from Operations		(0.09	)		0.53			0.77
Dividends and Distributions:
Net Investment Income		(0.08	)		(0.20	)		(0.16	)
Net Realized Gain		(0.02	)		(0.01	)		—
Total Dividends and Distributions		(0.10	)		(0.21	)		(0.16	)
Net Asset Value, End of Year/Period	$	10.74		$	10.93		$	10.61
Total Return†		(0.89	)%		5.02	%		7.75	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	248,112		$	257,446		$	201,574
Ratio of Expenses to Average Net Assets(2)		0.41	%**		0.41	%		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.69	%**		0.68	%		0.75	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.40	%**		1.84	%		2.15	%**
Portfolio Turnover Rate		3	%***		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.
113

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	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.30		$	10.23		$	10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.02			0.08			0.09
Net Realized and Unrealized Gain (Loss)		(0.05	)		0.07			0.22
Total from Operations		(0.03	)		0.15			0.31
Dividends and Distributions:
Net Investment Income		(0.02	)		(0.08	)		(0.08	)
Total Dividends and Distributions		(0.02	)		(0.08	)		(0.08	)
Net Asset Value, End of Year/Period	$	10.25		$	10.30		$	10.23
Total Return†		(0.29	)%		1.51	%		3.10	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	30,417		$	26,837		$	8,643
Ratio of Expenses to Average Net Assets(2)		0.41	%**		0.41	%		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.96	%**		1.06	%		3.23	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		0.39	%**		0.82	%		1.10	%**
Portfolio Turnover Rate		1	%***		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.
114

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	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.88		$	10.82		$	10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.05			0.24			0.23
Net Realized and Unrealized Gain (Loss)		(0.18	)		0.09			0.81
Total from Operations		(0.13	)		0.33			1.04
Dividends and Distributions:
Net Investment Income		(0.05	)		(0.25	)		(0.22	)
Net Realized Gain		(0.03	)		(0.02	)		—
Total Dividends and Distributions		(0.08	)		(0.27	)		(0.22	)
Net Asset Value, End of Year/Period	$	10.67		$	10.88		$	10.82
Total Return†		(1.21	)%		3.16	%		10.58	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	380,889		$	402,557		$	368,586
Ratio of Expenses to Average Net Assets(2)		0.43	%**		0.43	%		0.43	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.74	%**		0.74	%		0.79	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.00	%**		2.26	%		2.75	%**
Portfolio Turnover Rate		2	%***		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.
115

SYMMETRY PANORAMIC ALTERNATIVES FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Year or Period

Class I Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	9.41		$	10.00		$	10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.25			0.16			0.03
Net Realized and Unrealized Gain (Loss)		0.87			(0.57	)		0.20
Total from Operations		1.12			(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	$	10.53		$	9.41		$	10.00
Total Return†		11.90	%		(4.14	)%		2.39	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	1,492		$	929		$	935
Ratio of Expenses to Average Net Assets(2)		0.50	%**		0.50	%		0.50	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		8.10	%**		9.46	%		31.15	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		5.19	%**		1.67	%		0.33	%**
Portfolio Turnover Rate		6	%***		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.
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FEBRUARY 28, 2021
(Unaudited)

Notes to Financial Statements

1. Organization:

The Symmetry Panoramic Trust (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust, dated April 3, 2018. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company currently consisting of eight separate portfolios. The financial statements herein are those of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund and Symmetry Panoramic Alternatives Fund (each a “Fund” and collectively, the “Funds”). The investment objective of each of Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund is to seek long-term capital appreciation. The investment objective of Symmetry Panoramic US Fixed Income Fund is to seek total return through exposure to US fixed income securities. The investment objective of Symmetry Panoramic Municipal Fixed Income Fund is to provide current income that is exempt from federal personal income tax. The investment objective of Symmetry Panoramic Global Fixed Income Fund is to seek total return through exposure to global fixed income securities. The investment objective of Symmetry Panoramic Alternatives Fund is to seek positive long-term absolute returns. An “absolute return” seeks to earn a positive total return over the long-term, regardless of market conditions or general market direction. The Funds are classified as diversified investment companies. The Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund, and Symmetry Panoramic Alternatives Fund are “fund of funds” and offer shareholders the opportunity to invest in certain underlying investment companies, which are separately managed series of the following investment companies: Avantis Funds, SSGA Active ETF Trust, American Century ETF Trust, AQR Funds, Dimensional Fund Advisors LP (DFA), iShares Funds, JPMorgan Asset Management and Vanguard Funds. The Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund also utilize a fund of funds structure by investing in certain underlying investment companies, but also utilize a sub-adviser and invest directly in securities and other instruments issued by operating companies and other issuers. Symmetry Partners, LLC serves as the Funds’ investment adviser (the “Adviser”), 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, and Dimensional Fund Advisors LP provides sub-advisory services to each of the Symmetry Panoramic US Equity Fund and Symmetry Panoramic Global Equity Fund. The

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Funds currently offer Class I Shares. The Funds commenced operations on November 12, 2018. The assets of each Fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

2. Significant Accounting Policies:

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

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

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

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(Unaudited)

suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

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

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

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SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2021
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The Funds use MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee has established a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value the non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts SEI Investments Global Funds Services (the “Administrator”) and can request that a meeting of the Committee be held.

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

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).

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

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

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

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

As of and during the period ended February 28, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended February 28, 2021, 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.

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

Futures Contracts — Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, and Symmetry Panoramic Global Equity Fund all utilized futures contracts during the period ended February 28, 2021. To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of February 28, 2021.

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SYMMETRY PANORAMIC TRUST
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For the period ended February 28, 2021, the average monthly notional amount of futures contracts held were as follows:

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund
Average Monthly Notional Balance Long	$	2,295,885	$	5,321,035	$	5,440,310
Ending Monthly Notional Balance Long		2,371,077		5,548,611		5,610,462

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

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(Unaudited)

may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedules of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Funds’ custodian.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds’ ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds’ ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, it will not be able to implement its investment strategy. As of February 28, 2021, 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.

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For the period ended February 28, 2021, the monthly average balances of swap contracts held by the Funds was as follows:

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund		Symmetry Panoramic Tax-Managed Global Equity Fund
Average Monthly Notional Balance Long	$	5,903,382	$	2,947,128	$	5,320,000	$	1,859,656
Ending Monthly Notional Balance Long		5,881,268		3,334,766		5,359,324		2,027,954

For the period ended February 28, 2021, 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

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and swap contracts (cash). The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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

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

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

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

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.

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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.

3. Transactions with Affiliates:

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

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

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

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended February 28, 2021, the Funds were charged as follows for these services:

Fund	Administration Fee
Symmetry Panoramic US Equity Fund	$	102,066
Symmetry Panoramic International Equity Fund		54,958
Symmetry Panoramic Global Equity Fund		100,003
Symmetry Panoramic Tax-Managed Global Equity Fund		16,782
Symmetry Panoramic US Fixed Income Fund		45,527
Symmetry Panoramic Municipal Fixed Income Fund		5,146
Symmetry Panoramic Global Fixed Income Fund		71,195
Symmetry Panoramic Alternatives Fund		229

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

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

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

5. Investment Advisory Agreement:

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

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

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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, 2021 (the “Expense Limitation”). For purposes of the Expense Limitation, the term “Operating Expenses” with respect to the Funds is defined to include all expenses necessary or appropriate for the operation of a Fund and including the Adviser’s investment advisory or management fee detailed in the advisory agreement, any Rule 12b-l fees and/or shareholder services fees and other expenses described in the advisory agreement, but does not include: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of a Fund’s officers and Trustees, and contractual indemnification of an affected Fund’s service providers (other than the Adviser)).

	Advisory Fee Before Expense Limitation	Expense Limitation
Symmetry Panoramic US Equity Fund	0.55%	0.55%
Symmetry Panoramic International Equity Fund	0.70%	0.65%
Symmetry Panoramic Global Equity Fund	0.63%	0.56%
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, 2021 (“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%

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

As of February 28, 2021, the amounts of waivers/reimbursements subject to recoupment are as follows:

	Amount Expiring in 2022		Amount Expiring in 2023
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”) and Dimensional Fund Advisors LP (“DFA”), 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, however, has not yet allocated any assets of the Symmetry Panoramic International Equity Fund to DFA. The Adviser pays AQR and DFA 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.

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6. Investment Transactions:

The cost of security purchases and the proceeds from security sales other than short-term securities, for the period ended February 28, 2021, were as follows:

	Purchases		Sales and Maturities
Symmetry Panoramic US Equity Fund	$	307,769,275	$	371,440,896
Symmetry Panoramic International Equity Fund		53,585,522		87,840,407
Symmetry Panoramic Global Equity Fund		216,654,806		288,752,794
Symmetry Panoramic Tax-Managed Global Equity Fund		7,136,136		5,393,424
Symmetry Panoramic US Fixed Income Fund		6,470,778		12,311,429
Symmetry Panoramic Municipal Fixed Income Fund		3,942,680		205,226
Symmetry Panoramic Global Fixed Income Fund		5,818,983		20,955,670
Symmetry Panoramic Alternatives Fund		504,331		76,617

7. Federal Tax Information:

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

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

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Tax Exempt Income		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

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	Ordinary Income		Long-Term Capital Gain		Return of Capital		Tax Exempt Income		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 Panoramic US Equity Fund			Symmetry Panoramic International Equity Fund			Symmetry Panoramic Global Equity Fund			Symmetry Panoramic Tax-Managed Global Equity Fund
Undistributed Ordinary Income	$	3,159,198		$	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

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	Symmetry Panoramic US Fixed Income Fund		Symmetry Panoramic Municipal Fixed Income Fund			Symmetry Panoramic Global Fixed Income Fund			Symmetry Panoramic Alternatives Fund
Undistributed Ordinary Income	$	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.

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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 Loss		Long-Term Loss		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 February 28, 2021, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Symmetry Panoramic US Equity Fund	$	449,489,782	$	127,340,758	$	(3,418,391	)	$	123,922,367
Symmetry Panoramic International Equity Fund		230,924,102		72,957,788		(344,195	)		72,613,593
Symmetry Panoramic Global Equity Fund		426,952,862		126,338,471		(2,709,449	)		123,629,022
Symmetry Panoramic Tax-Managed Global Equity Fund		78,107,273		22,100,495		(41,747	)		22,058,748
Symmetry Panoramic US Fixed Income Fund		234,689,115		13,443,387		—			13,443,387
Symmetry Panoramic Municipal Fixed Income Fund		30,308,384		139,032		(13,414	)		125,618
Symmetry Panoramic Global Fixed Income Fund		360,159,846		20,385,422		—			20,385,422
Symmetry Panoramic Alternatives Fund		1,383,097		183,576		(68,108	)		115,468

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8. Concentration of Risks:

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

Please note that each of the Funds primarily will invest in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”), 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	✔	✔	✔	✔	✔	✔	✔	✔

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	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	●	●	●	●	●	●	●	✔
LIBOR Risk	●	●	●	●	●	●	●	●
Litigation and Enforcement Risk								✔
Liquidity Risk	✔	✔	✔	✔	✔	✔	✔	✔
Management Risk	✔	✔	✔	✔	✔	✔	✔	✔
Market Capitalization Risk	✔	✔	✔	✔				✔
Market Events Risk	✔	✔	✔	✔	✔	✔	✔	✔

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	US Equity	International Equity	Global Equity	Tax- Managed Global Equity	US Fixed Income	Municipal Fixed Income	Global Fixed Income	Alternatives
Market Risk	✔	✔	✔	✔	✔	✔	✔	✔
Money Market Instrument Risk					●	●	●
Municipal Bond Risk						✔		●
Operational 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

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

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

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

The Funds may invest in Underlying Funds that invest in asset-backed and structured investment securities, which may involve a greater chance of default during periods of economic downturn than other securities, and may be less liquid and more difficult to value and liquidate. Underlying Funds may also invest in real estate securities, commodity-related securities and money market investments.

The risks described below for each Fund are in reference to either the Underlying Funds, direct purchases of the Funds, or both unless otherwise noted.

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

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

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of Underlying Funds may adversely affect the performance of the Fund, and, in such circumstances, it will be more sensitive to the performance and risks associated with those Underlying Funds and any investments in which such Underlying Funds focus.

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

Cash Management Strategies - Although the Funds will generally invest substantially all of their assets in accordance with their respective investment objectives and principal investment strategies, each Fund may, at times, hold a substantial amount of its assets in cash or short-term cash equivalents, such as money market instruments, money market funds or repurchase agreements, in order to satisfy redemptions or on a temporary basis while the portfolio managers look for suitable investment opportunities. The percentage of a Fund’s assets invested in cash and short-term cash equivalents may vary and will depend on various factors, including market conditions and purchases and redemptions of Fund shares. Substantial holdings in cash or cash equivalents could reduce the magnitude of losses incurred by the Fund during periods of falling markets or cause the Fund to miss investment opportunities during periods of rising markets. The Fund’s investments in short-term cash equivalents, such as money market instruments, may be subject to credit and counterparty risk (the risk that an issuer or counterparty will default or become less creditworthy) and interest rate risk (the risk that the value of an investment in an income-producing security will decrease as interest rates rise). To the extent permitted by its principal investment strategies and investment policies, a Fund may acquire shares of exchange-traded funds or invest in index futures contracts based on a relevant market index in an effort to maintain exposure to the market, or engage in swap agreements, 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

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

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

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

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of these securities. Convertible securities are senior to common stocks in an issuer’s capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security’s underlying common stock.

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

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

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

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

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

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

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

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the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

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

Emerging Markets Risk - A Fund with international exposure’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets. These risks include less social, political and economic stability; smaller securities markets with low or nonexistent trading volume and greater illiquidity and price volatility; more restrictive national policies on foreign investment, including restrictions on investment in issuers or industries deemed sensitive to national interests; less transparent and established taxation policies; less developed regulatory or legal structures governing private and foreign investment; more pervasiveness of corruption and crime; less financial sophistication, creditworthiness and/or resources possessed by, and less government regulation of, the financial institutions and issuers with which the Fund transacts; less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the U.S.; greater concentration in a few industries resulting in greater vulnerability to regional and global trade conditions; higher rates of inflation and more rapid and extreme fluctuations in inflation rates; greater sensitivity to interest rate changes; increased volatility in currency exchange rates and potential for currency devaluations and/or currency controls; greater debt burdens relative to the size of the economy; more delays in settling portfolio transactions and heightened risk of loss from share registration and 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

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investment by foreign persons to a specific class of securities of an issuer that may have less advantageous rights than a domestically available class, require foreign investors to maintain a trading account with only one licensed securities company in the relevant market and/or impose additional taxes on foreign investors. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment.

Equity Risk - For Funds that invest in equity securities, such securities are susceptible to general market fluctuations and volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

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

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

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

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

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

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

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

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

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

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

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Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls or freezes on the convertibility of currency, trade restrictions (including tariffs) or the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Additionally, foreign banks and foreign branches of domestic banks may be subject to less stringent reserve requirements and to different accounting, auditing and recordkeeping requirements.

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

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

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

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could be significant and far-reaching. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

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

Futures Contract Risk - The successful use of futures contracts draws upon the Adviser’s or Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund’s net asset value and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s or Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has 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.

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The Adviser determines the appropriate country and industry categories and assigns issuers to them based on a variety of considerations, including relevant third party categorization and classification systems. Country and industry categories and issuer assignments may change over time as industry sectors and issuers evolve. The Adviser and sub-advisers may use a variety of classification methodologies when performing day-to-day management of the funds. Country classifications shown in this shareholder report generally represent Country of Risk.

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.

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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 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.

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

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

LIBOR Risk - On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit London Interbank Offered Rate(“LIBOR”) rates after 2021. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (“SOFR”), that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around the LIBOR transition, however, remain a concern for the Fund. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fall backs for both legacy and new products, instruments and contracts are commercially accepted.

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

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

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

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

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

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

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

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

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

Market Events Risk - 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

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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 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

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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 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.

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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 income investments, investors may be willing to continue to purchase such investments for a number of reasons, including, but not limited to, price insensitivity, arbitrage opportunities across fixed income markets or rules-based investment strategies. If negative interest rates become more prevalent, investors may over time seek to reallocate assets to other income-producing assets or equity investments that pay a dividend, which may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time. Over the longer term, rising interest rates may present a greater risk than has historically been the case due to the current period of low rates and the effect of government fiscal policy initiatives and potential market reaction to those initiatives.

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

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

The implementation and the resulting impact of the United Kingdom’s January 31, 2020 departure from the European Union (the “EU”), commonly referred to as “Brexit,” remain uncertain. The effect on the economies of the United Kingdom and the EU will likely depend on the nature of trade relations between the United Kingdom and the EU and other major economies following Brexit, which are subject to negotiation. During a transition period that was extended to December 2020, 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, 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.

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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 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.

Operational Risk - Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Adviser’s and the Sub-Advisers’ control, including instances at third parties. The Fund, the Adviser and the Sub-Advisers seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risk.

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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 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.

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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 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

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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.

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.

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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 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

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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 February 28, 2021, the percentage of total shares outstanding held by shareholders for the Funds, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders were as follows:

	No. of Shareholders	% Ownership
Symmetry Panoramic US Equity Fund	1	79.96%
Symmetry Panoramic International Equity Fund	1	80.25%
Symmetry Panoramic Global Equity Fund	1	81.80%
Symmetry Panoramic Tax-Managed Global Equity Fund	2	72.11%
Symmetry Panoramic US Fixed Income Fund	2	85.52%
Symmetry Panoramic Municipal Fixed Income Fund	3	76.58%
Symmetry Panoramic Global Fixed Income Fund	1	78.76%
Symmetry Panoramic Alternatives Fund	1	86.61%

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

10. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of February 28, 2021.

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Disclosure of Fund Expenses

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from September 1, 2020 to February 28, 2021.

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

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

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

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

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DISCLOSURE OF FUND EXPENSES - continued

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

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

	Beginning Account Value 9/1/20	Ending Account Value 2/28/21	Annualized Expense Ratios	Expenses Paid During Period*
Symmetry Panoramic US Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,162.80	0.54%	$ 2.90
Hypothetical 5% Return	$ 1,000.00	$ 1,022.12	0.54%	$ 2.71
Symmetry Panoramic International Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,180.80	0.65%	$ 3.51
Hypothetical 5% Return	$ 1,000.00	$ 1,021.57	0.65%	$ 3.26
Symmetry Panoramic Global Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,165.70	0.56%	$ 3.01
Hypothetical 5% Return	$ 1,000.00	$ 1,022.02	0.56%	$ 2.81
Symmetry Panoramic Tax-Managed Global Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,172.50	0.42%	$ 2.26
Hypothetical 5% Return	$ 1,000.00	$ 1,022.71	0.42%	$ 2.11
Symmetry Panoramic US Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 991.10	0.41%	$ 2.02
Hypothetical 5% Return	$ 1,000.00	$ 1,022.76	0.41%	$ 2.06
Symmetry Panoramic Municipal Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 997.10	0.41%	$ 2.03
Hypothetical 5% Return	$ 1,000.00	$ 1,022.76	0.41%	$ 2.06
Symmetry Panoramic Global Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 987.90	0.43%	$ 2.12
Hypothetical 5% Return	$ 1,000.00	$ 1,022.66	0.43%	$ 2.16

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DISCLOSURE OF FUND EXPENSES - concluded

	Beginning Account Value 9/1/20	Ending Account Value 2/28/21	Annualized Expense Ratios	Expenses Paid During Period*
Symmetry Panoramic Alternatives Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,119.00	0.50%	$ 2.63
Hypothetical 5% Return	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51

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

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Review of Liquidity Risk Management Program

The Funds have adopted and implemented a written liquidity risk management program (the “Program”), as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended. The Program is reasonably designed to assess and manage the Funds’ liquidity risks, taking into consideration, among other factors, each Fund’s investment strategy; portfolio investment liquidity and concentration; use of borrowings for investment purposes and derivatives; short and long-term cash flow projections; and cash holdings, cash equivalents, borrowing arrangements and other funding sources.

The Board approved the designation of the Adviser’s Investment Risk and Compliance Committee as the administrator of the Program (the “Program Administrator”). The Program Administrator is responsible for the administration and oversight of the Program and for reporting to the Board on at least an annual basis regarding, among other things, the Program’s operation, adequacy, and effectiveness. The Program Administrator assessed each Fund’s liquidity risk profile based on information gathered for the period December 1, 2019 through November 30, 2020 in order to prepare a written report to the Board for review at its meeting held on January 20, 2021.

The Program Administrator’s written report stated that: (i) the Funds are able to meet redemptions in normal and reasonably foreseeable stressed conditions and without significant dilution of remaining shareholders’ interests in the Funds; (ii) each Fund’s strategy is appropriate for an open-end mutual fund; (iii) the liquidity classification determinations regarding the Funds’ portfolio investments, which take into account a variety of factors and may incorporate analysis from one or more third-party data vendors, remained appropriate; (iv) the Funds did not approach the internal triggers set forth in the Program or the regulatory percentage limitation (15%) on holdings in illiquid investments; (v) it continues to be appropriate to not set a “highly liquid investment minimum” for the Funds because the Funds primarily hold “highly liquid investments”; and (vi) the Program remains reasonably designed and adequately implemented to prevent violations of the Liquidity Rule. The report also stated that there have been no material changes to the Program since its inception. No significant liquidity events impacting the Funds or proposed changes to the Program were noted in the report.

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Symmetry Panoramic Funds

P.O. Box 588

Portland, ME 04112

1-844-796-3863

Investment Adviser:

Symmetry Partners, LLC

151 National Drive

Glastonbury, CT 06033

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

K&L Gates LLP

1601 K Street, NW

Washington, DC 20006-1600

Independent Registered Public Accounting Firm:

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

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

SYM-SA-001-0100

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Investments

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

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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) Not applicable for semi-annual report.

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

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

SIGNATURES

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

	Symmetry Panoramic Trust
By	/s/ Philip R. McDonald
	Philip R. McDonald
	President

Date: May 6, 2021

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 R. McDonald
	Philip R. McDonald
	President

Date: May 6, 2021

By	/s/ Andrew Metzger
	Andrew Metzger
	Treasurer & Principal Financial Officer

Date: May 6, 2021