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)

Timothy Richards

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, 2022

Date of reporting period: February 28, 2022

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, 2022

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, 2022

Table of Contents

Shareholders’ Letter	1
Schedules of Investments	3
Statements of Assets and Liabilities	89
Statements of Operations	91
Statements of Changes in Net Assets	94
Financial Highlights	102
Notes to Financial Statements	110
Disclosure of Fund Expenses	147
Liquidity Risk Management Program	149

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 reports 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.

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, 2022
(Unaudited)

Shareholders’ Letter

Dear Shareholders,

It is my pleasure to provide you with updates for this semi-annual reporting period, six months ending February 28, 2022. We recently celebrated our third anniversary since launching the Funds in November 2018. Since launch, the Symmetry Panoramic team has increased the underlying holdings of the Funds, expense ratios for most Funds have declined, and work on efficient tax management has continued. The expense ratios for seven Funds have been consistently declining since launch (i). The tax cost ratio of four Funds remains superior to their Morningstar category medians (ii).

We may have emerged from the depths of the COVID-19 pandemic. But it is difficult to predict where we may go from here, whether additional variants of the virus may lead to new outbreaks and lockdowns. For now, the general progress toward normalization of everyday activities has been welcome.

For this reporting period, all four of the Panoramic equity Funds as well as the Panoramic alternatives Fund outperformed their benchmarks (iii). In addition to its robust performance relative to its benchmark, the alternatives Fund also demonstrated its low correlation to traditional asset classes during a period when equity and fixed income strategies were down. The value factor has been a large contributor, having been the only factor to out-perform in calendar year 2021 as well as for this reporting period. The quality factor (calendar year 2021) and the low volatility factor (this reporting period) also contributed to out-performance over time. I have referred in previous letters of the historic dislocation in valuation spreads between growth and value stocks, which has begun to come down from record levels reached during the pandemic. While value has benefitted from recent out-performance, this gap remains at near-historic highs, potentially indicating additional future progress for the relative performance of value stocks.

The beginning of 2022 has seen volatility and negative returns. Uncertainty regarding relatively high inflation has weighed heavily on markets in the U.S., with both Treasury yields and Option-Adjusted credit spreads up during the reporting period, contributing directly to negative returns in fixed income strategies (iv). The extent of monetary policy tightening required to bring inflation under control is the subject of discussion among Fed-watchers, leading also to speculation on the probability of a recession. In addition, the invasion of Ukraine by Russia continues. While we are hopeful that a peaceful solution brings the human suffering to an end as soon as possible, we are monitoring these geopolitical developments for any impact on the Funds. We have seen unprecedented challenges in the last two years; navigating a recovery from these market disruptions continues. Symmetry will remain focused on the investment strategies that we believe remain relevant for long-term, strategic investing goals.

Sincerely,

Philip McDonald

President, Symmetry Panoramic Trust

1

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2022
(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 exempt from registration requirements. Registration with the SEC or any state securities authority does not imply a certain level of skill or training. 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. Due to various factors, including changing market conditions and/or applicable laws, the content may not be reflective of current opinions or positions. 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.

Symmetry Partners’ investment approach seeks enhanced returns by overweighting assets that exhibit characteristics that tend to be in accordance with one or more “factors” identified in academic research as historically associated with higher returns. Please be advised that adding these factors may not ensure increased return over a market weighted investment and may lead to underperformance relative to the benchmark over the investor’s time horizon.

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

© Morningstar 2022. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction.

(i) Source: Morningstar and Panoramic Funds’ prospectuses. All Funds have lower expense ratios except for the Symmetry Panoramic Alternative Fund.

(ii) Source: Morningstar. The Panoramic U.S. Equity, International Equity, Tax-Managed Global Equity, and Municipal Fixed Income Funds had 1-year and 3-year Morningstar tax cost ratios below their Morningstar peer group median as of December 31, 2021. The Morningstar Tax Cost Ratio measures how much a fund’s annualized return is reduced by the taxes investors pay on distributions. Mutual funds regularly distribute stock dividends, bond dividends and capital gains to their shareholders. Investors then must pay taxes on those distributions during the year they were received.

(iii) Source: Morningstar. Out-performance can refer to less-negative performance than a fund’s benchmark.

(iv) Source: St. Louis Fed FRED database.

2

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 63.3%
	Shares		Value
CANADA — 0.0%
Brookfield Asset Management, Cl A		230	$	12,569
PERU — 0.0%
Southern Copper		1,684		116,853
PUERTO RICO — 0.2%
Popular		11,099		1,019,443
UNITED KINGDOM — 0.1%
Linde		2,187		641,316
UNITED STATES — 63.0%
COMMUNICATION SERVICES — 5.1%
Activision Blizzard		3,284		267,646
Alphabet, Cl A *		4,359		11,774,269
Alphabet, Cl C *		1,394		3,760,761
AT&T		34,613		819,982
Cable One		345		494,333
Charter Communications, Cl A *		906		545,213
Comcast, Cl A		35,056		1,639,219
Discovery *		2,385		66,899
Discovery, Cl C *		5,065		141,668

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

3

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
COMMUNICATION SERVICES — continued
DISH Network, Cl A *		2,940	$	93,962
Electronic Arts		2,268		295,044
Fox, Cl A		4,688		196,099
Fox, Cl B		2,648		101,312
Interpublic Group		4,420		162,656
Liberty Broadband, Cl A *		231		33,451
Liberty Broadband, Cl C *		1,573		230,759
Liberty Media -Liberty Formula One, Cl C *		2,990		181,583
Liberty Media -Liberty SiriusXM, Cl A *		1,491		75,087
Liberty Media -Liberty SiriusXM, Cl B *		2,176		109,496
Live Nation Entertainment *		1,417		171,202
Lumen Technologies		25,003		259,031
Match Group *		3,252		362,566
Meta Platforms, Cl A *		12,106		2,554,729
Netflix *		1,365		538,520
News, Cl A		5,717		127,603
News, Cl B		2,934		65,810
Omnicom Group		3,901		327,255
Paramount Global, Cl A		107		3,643
Paramount Global, Cl B		4,906		150,173
Pinterest, Cl A *		1,408		37,664
Roku, Cl A *		205		28,604
Sirius XM Holdings		11,567		71,253
Snap, Cl A *		2,198		87,788
Spotify Technology *		195		30,457
Take-Two Interactive Software *		774		125,388
T-Mobile US *		3,776		465,241
Twitter *		4,036		143,480
Verizon Communications		37,931		2,035,757
Walt Disney *		6,497		964,545
Warner Music Group, Cl A		1,106		40,059
Zillow Group, Cl C *		473		27,207
				29,607,414
CONSUMER DISCRETIONARY — 7.1%
Advance Auto Parts		894		182,805
Amazon.com *		2,232		6,855,052
Aptiv *		1,946		251,890
Aramark		533		19,700
Autoliv		489		43,037

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

4

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER DISCRETIONARY — continued
AutoNation *		7,727	$	885,978
AutoZone *		436		812,438
Bath & Body Works		3,762		200,778
Best Buy		6,230		602,067
Booking Holdings *		131		284,565
BorgWarner		3,607		147,923
Bright Horizons Family Solutions *		818		106,864
Brunswick		5,479		523,354
Burlington Stores *		1,361		307,436
Caesars Entertainment *		1,927		162,234
Capri Holdings *		4,642		314,449
CarMax *		2,533		276,933
Carnival *		10,204		207,447
Carvana, Cl A *		134		20,163
Chewy, Cl A *		621		29,274
Chipotle Mexican Grill, Cl A *		180		274,203
Choice Hotels International		751		108,407
Darden Restaurants		1,419		206,067
Deckers Outdoor *		241		69,562
Dick's Sporting Goods		7,479		785,295
Dollar General		5,285		1,048,227
Dollar Tree *		3,120		443,290
Domino's Pizza		371		160,350
DR Horton		11,616		992,006
eBay		7,827		427,276
Etsy *		692		107,184
Expedia Group *		668		131,001
Five Below *		392		64,135
Floor & Decor Holdings, Cl A *		2,416		231,018
Ford Motor		100,184		1,759,231
Garmin		5,896		651,154
General Motors *		13,201		616,751
Gentex		10,657		322,588
Genuine Parts		1,331		162,595
Hasbro		2,120		205,746
Hilton Worldwide Holdings *		1,877		279,410
Home Depot		5,159		1,629,367
Lear		951		149,630
Lennar, Cl A		8,010		719,939
Lennar, Cl B		300		22,650
Lithia Motors, Cl A		125		42,602

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

5

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER DISCRETIONARY — continued
LKQ		12,623	$	592,650
Lowe's		6,806		1,504,534
Lululemon Athletica *		1,350		431,919
Marriott International, Cl A *		1,649		280,561
McDonald's		3,125		764,906
MGM Resorts International		1,300		57,577
Mohawk Industries *		1,542		217,083
Newell Brands		9,043		214,771
NIKE, Cl B		11,632		1,588,350
NVR *		89		441,301
O'Reilly Automotive *		878		570,033
Penske Automotive Group		6,182		607,629
Polaris		1,172		142,410
Pool		1,487		681,908
PulteGroup		11,231		557,731
RH *		154		61,888
Ross Stores		2,042		186,618
Royal Caribbean Cruises *		1,868		150,785
Service International		2,373		144,397
Skechers USA, Cl A *		2,595		119,318
Starbucks		5,137		471,525
Tapestry		2,045		83,641
Target		9,761		1,949,955
Tempur Sealy International		13,872		457,915
Tesla *		1,406		1,223,825
TJX		5,599		370,094
Toll Brothers		1,483		80,468
Tractor Supply		3,585		730,587
Ulta Beauty *		980		367,010
Under Armour, Cl C *		2,186		34,167
Vail Resorts		335		87,284
VF		3,767		218,561
Victoria's Secret *		1,254		67,252
Wayfair, Cl A *		163		22,962
Whirlpool		1,736		349,405
Williams-Sonoma		5,915		856,847
Wynn Resorts *		834		72,158
Yum! Brands		2,040		250,063
				40,854,159

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

6

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER STAPLES — 3.7%
Albertsons, Cl A		11,720	$	341,638
Altria Group		9,338		478,946
Archer-Daniels-Midland		6,195		485,998
Brown-Forman, Cl A		359		21,913
Brown-Forman, Cl B		606		39,529
Bunge		2,448		255,938
Campbell Soup		1,049		47,174
Casey's General Stores		559		105,137
Church & Dwight		319		31,214
Clorox		280		40,821
Coca-Cola		22,641		1,409,176
Colgate-Palmolive		4,095		315,110
Conagra Brands		1,135		39,691
Constellation Brands, Cl A		769		165,812
Costco Wholesale		2,708		1,406,129
Darling Ingredients *		2,067		149,816
Estee Lauder, Cl A		2,398		710,599
General Mills		7,684		518,132
Hershey		1,710		345,865
Hormel Foods		927		44,162
J M Smucker		1,221		164,530
Kellogg		4,310		275,581
Keurig Dr Pepper		3,589		138,787
Kimberly-Clark		637		82,906
Kraft Heinz		6,306		247,321
Kroger		14,468		677,103
Lamb Weston Holdings		873		57,993
McCormick		1,162		110,542
Mondelez International, Cl A		4,741		310,441
Monster Beverage *		2,083		175,805
PepsiCo		19,258		3,153,305
Philip Morris International		8,593		868,494
Procter & Gamble		28,255		4,404,672
Sysco		3,290		286,559
Tyson Foods, Cl A		11,696		1,083,751
Walgreens Boots Alliance		8,151		375,680
Walmart		13,631		1,842,366
				21,208,636

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

7

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
ENERGY — 3.9%
APA		9,400	$	334,922
Baker Hughes, Cl A		5,711		167,789
Cheniere Energy		2,027		269,388
Chevron		23,825		3,430,800
ConocoPhillips		22,826		2,165,274
Continental Resources		13,224		733,006
Devon Energy		30,392		1,809,843
Diamondback Energy		5,226		721,711
DT Midstream		650		34,515
EOG Resources		10,721		1,232,057
Exxon Mobil		46,790		3,669,272
Halliburton		11,488		385,193
Hess		4,410		445,675
Kinder Morgan		19,697		342,728
Marathon Oil		74,635		1,683,766
Marathon Petroleum		8,069		628,333
Occidental Petroleum		26,848		1,174,063
ONEOK		6,358		415,177
Phillips 66		3,800		320,112
Pioneer Natural Resources		3,510		840,996
Schlumberger		16,548		649,344
Targa Resources		3,556		232,456
Valero Energy		4,179		348,988
Williams		10,560		330,317
				22,365,725
FINANCIALS — 8.9%
Aflac		6,002		366,662
Alleghany *		71		46,996
Allstate		6,413		784,695
Ally Financial		16,432		819,957
American Express		4,488		873,096
American Financial Group		1,986		268,885
American International Group		20,072		1,229,209
Ameriprise Financial		4,646		1,392,824
Aon, Cl A		2,737		799,587
Apollo Global Management		2,331		152,121
Arch Capital Group *		4,148		195,412
Ares Management, Cl A		1,108		89,848
Arthur J Gallagher		1,666		263,545

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

8

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Assurant		1,630	$	276,627
Assured Guaranty		9,721		602,410
Bank of America		44,313		1,958,635
Bank of New York Mellon		4,518		240,132
Bank OZK		3,480		163,630
Berkshire Hathaway, Cl B *		8,577		2,757,077
BlackRock, Cl A		1,330		989,374
Blackstone, Cl A		3,114		396,942
Brown & Brown		4,375		295,794
Capital One Financial		3,274		501,806
Cboe Global Markets		1,155		135,470
Charles Schwab		5,724		483,449
Chubb		2,337		475,907
Cincinnati Financial		1,700		208,743
Citigroup		9,203		545,094
Citizens Financial Group		11,370		596,015
CME Group, Cl A		1,526		360,945
CNA Financial		896		40,947
Comerica		10,446		997,489
Commerce Bancshares		1,581		113,484
Credit Acceptance *		566		311,368
Discover Financial Services		4,937		609,423
East West Bancorp		15,210		1,331,788
Equitable Holdings		6,605		215,719
Everest Re Group		587		175,055
FactSet Research Systems		625		253,806
Fidelity National Financial		9,168		436,763
Fifth Third Bancorp		12,278		587,379
First American Financial		1,494		100,158
First Citizens BancShares, Cl A		180		141,921
First Horizon		2,717		63,795
First Republic Bank		1,491		258,331
Franklin Resources		3,098		92,104
Globe Life		1,266		127,815
Goldman Sachs Group		1,888		644,356
Hartford Financial Services Group		5,618		390,339
Huntington Bancshares		13,524		209,892
Interactive Brokers Group, Cl A		500		33,090
Intercontinental Exchange		1,464		187,568
Invesco		3,519		74,744
Jefferies Financial Group		20,045		712,399

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

9

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
JPMorgan Chase		22,753	$	3,226,375
KeyCorp		73,454		1,841,492
KKR		2,812		169,057
Lincoln National		4,991		336,493
Loews		2,777		170,341
LPL Financial Holdings		893		161,588
M&T Bank		1,264		230,339
Markel *		120		149,149
Marsh & McLennan		4,310		669,817
MetLife		9,397		634,767
Moody's		923		297,234
Morgan Stanley		22,346		2,027,676
Morningstar		322		90,369
MSCI, Cl A		394		197,666
Nasdaq		2,677		458,169
Northern Trust		2,133		242,949
PacWest Bancorp		3,198		158,045
PNC Financial Services Group		1,806		359,845
Principal Financial Group		2,833		200,123
Progressive		6,618		701,045
Prosperity Bancshares		554		41,251
Prudential Financial		4,195		468,414
Raymond James Financial		2,739		300,331
Regions Financial		54,159		1,310,106
S&P Global		2,132		800,827
SEI Investments		2,552		149,496
Signature Bank NY		1,662		573,207
SLM		22,544		444,117
State Street		8,242		703,290
SVB Financial Group *		1,699		1,029,594
Synchrony Financial		5,791		247,739
T Rowe Price Group		5,208		752,868
Tradeweb Markets, Cl A		940		79,411
Travelers		3,002		515,834
Truist Financial		5,733		356,707
US Bancorp		5,768		326,123
Virtu Financial, Cl A		4,274		149,932
Wells Fargo		37,439		1,998,119
Western Alliance Bancorp		14,578		1,366,542
Willis Towers Watson		638		141,827
WR Berkley		3,302		298,171

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

10

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Zions Bancorp		4,718	$	334,459
				51,091,524
HEALTH CARE — 7.8%
Abbott Laboratories		7,399		892,467
AbbVie		23,157		3,421,910
ABIOMED *		362		112,488
Agilent Technologies		2,087		272,061
Align Technology *		472		241,409
Alnylam Pharmaceuticals *		673		106,233
AmerisourceBergen, Cl A		2,566		365,732
Amgen		3,004		680,346
Anthem		3,422		1,546,231
Avantor *		2,766		95,953
Baxter International		669		56,845
Becton Dickinson		973		263,955
Biogen *		404		85,248
BioMarin Pharmaceutical *		1,333		104,134
Bio-Rad Laboratories, Cl A *		711		445,058
Bio-Techne		521		218,513
Boston Scientific *		4,427		195,541
Bristol-Myers Squibb		9,589		658,477
Bruker		3,769		265,224
Cardinal Health		4,539		245,151
Catalent *		1,113		113,570
Centene *		3,902		322,383
Cerner		3,839		357,987
Charles River Laboratories International *		1,038		302,224
Cigna		2,708		643,908
Cooper		384		157,064
CVS Health		22,414		2,323,211
Danaher		5,415		1,485,930
DaVita *		4,442		500,924
DENTSPLY SIRONA		3,211		173,844
DexCom *		525		217,303
Edwards Lifesciences *		3,582		402,509
Elanco Animal Health *		4,020		114,208
Eli Lilly		7,823		1,955,359
Exact Sciences *		282		22,013
Gilead Sciences		10,332		624,053

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

11

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
HEALTH CARE — continued
HCA Healthcare		4,997	$	1,250,799
Henry Schein *		2,209		190,813
Hologic *		2,504		178,210
Horizon Therapeutics *		9,608		875,961
Humana		1,491		647,571
IDEXX Laboratories *		883		470,065
Illumina *		509		166,239
Insulet *		201		53,203
Intuitive Surgical *		1,158		336,202
IQVIA Holdings *		1,118		257,274
Jazz Pharmaceuticals *		876		120,380
Johnson & Johnson		14,833		2,441,067
Laboratory Corp of America Holdings *		1,179		319,816
Masimo *		1,488		234,286
McKesson		2,730		750,641
Medtronic		5,926		622,171
Merck		7,146		547,241
Mettler-Toledo International *		275		387,403
Moderna *		5,438		835,277
Molina Healthcare *		2,862		878,262
Organon		286		10,676
PerkinElmer		1,253		225,051
Pfizer		36,840		1,729,269
Quest Diagnostics		3,134		411,400
Regeneron Pharmaceuticals *		1,202		743,269
Repligen *		508		99,924
ResMed		2,170		535,447
Royalty Pharma, Cl A		2,289		89,866
STERIS		934		224,160
Stryker		1,096		288,632
Syneos Health, Cl A *		400		31,680
Teleflex		405		136,206
Thermo Fisher Scientific		2,307		1,255,008
United Therapeutics *		1,788		297,166
UnitedHealth Group		9,593		4,565,021
Universal Health Services, Cl B		1,352		194,593
Veeva Systems, Cl A *		753		172,475
Vertex Pharmaceuticals *		236		54,285
Viatris, Cl W *		1,800		19,818
Waters *		629		199,223
West Pharmaceutical Services		1,832		709,131

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

12

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
HEALTH CARE — continued
Zimmer Biomet Holdings		1,802	$	229,196
Zoetis, Cl A		4,865		942,107
				44,715,950
INDUSTRIALS — 7.4%
3M		6,120		909,738
A O Smith		4,804		329,458
AECOM		1,913		138,999
AGCO		3,452		414,792
Air Lease, Cl A		1,766		73,748
Allegion		1,516		173,612
AMERCO		274		158,265
American Airlines Group *		1,910		32,947
AMETEK		2,718		352,769
Armstrong World Industries		1,486		131,362
Axon Enterprise *		691		96,913
Boeing *		2,431		499,182
Booz Allen Hamilton Holding, Cl A		6,481		522,952
Builders FirstSource *		13,782		1,025,656
Canadian Pacific Railway		2,619		184,040
Carlisle		1,424		338,058
Carrier Global		7,605		341,312
Caterpillar		4,468		838,107
CH Robinson Worldwide		546		52,787
Cintas		1,824		684,584
Colfax *		2,686		108,004
Copart *		4,309		529,490
CoStar Group *		2,280		139,103
CSX		18,285		620,044
Cummins		4,666		952,424
Deere		2,423		872,328
Delta Air Lines *		2,696		107,624
Dover		5,664		888,455
Eaton		7,093		1,094,379
Emerson Electric		9,100		845,572
Equifax		822		179,475
Expeditors International of Washington		3,414		352,871
Fastenal		14,853		764,335
FedEx		1,232		273,837
Fortive		2,477		160,386

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

13

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
Fortune Brands Home & Security		5,325	$	462,742
Generac Holdings *		1,967		620,529
General Dynamics		1,499		351,441
General Electric		5,339		509,928
Graco		2,579		185,920
GXO Logistics *		1,865		156,529
HEICO		933		137,627
HEICO, Cl A		711		87,396
Honeywell International		3,508		665,643
Howmet Aerospace		8,692		312,217
Hubbell, Cl B		2,808		500,526
IDEX		1,364		261,752
Illinois Tool Works		1,870		404,556
Ingersoll Rand		8,696		439,322
ITT		3,419		300,428
Jacobs Engineering Group		4,060		499,380
JB Hunt Transport Services		2,083		422,703
Johnson Controls International		5,483		356,176
L3Harris Technologies		1,881		474,595
Landstar System		1,983		306,195
Lennox International		518		138,270
Lockheed Martin		1,729		750,040
ManpowerGroup		517		54,947
Masco		7,969		446,583
Middleby *		1,748		310,480
Nordson		1,091		247,101
Norfolk Southern		2,433		624,113
Northrop Grumman		951		420,475
Old Dominion Freight Line		3,488		1,095,337
Oshkosh		2,565		284,818
Otis Worldwide		2,931		229,585
Owens Corning		4,700		437,993
PACCAR		2,973		272,951
Parker-Hannifin		3,277		971,270
Pentair		3,451		199,847
Plug Power *		200		5,058
Quanta Services		6,611		720,202
Raytheon Technologies		6,888		707,398
Regal Beloit		2,843		455,875
Republic Services, Cl A		4,641		558,219
Robert Half International		3,102		373,140

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

14

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
Rockwell Automation		1,009	$	268,979
Rollins		3,031		98,902
Roper Technologies		445		199,458
Sensata Technologies Holding *		1,634		94,625
Snap-on		1,903		399,972
Southwest Airlines *		6,046		264,815
Stanley Black & Decker		1,173		190,847
Teledyne Technologies *		1,397		599,844
Textron		2,354		172,148
Timken		1,532		100,438
Toro		3,393		318,297
Trane Technologies		5,971		919,116
TransDigm Group *		367		244,639
TransUnion		3,277		297,421
Trex *		1,679		154,199
Union Pacific		5,383		1,323,949
United Airlines Holdings *		3,592		159,485
United Parcel Service, Cl B		4,807		1,011,489
United Rentals *		4,229		1,360,131
Verisk Analytics, Cl A		2,096		371,705
Wabtec		1,985		184,248
Waste Management		2,552		368,509
Watsco		933		254,765
WW Grainger		1,402		668,838
XPO Logistics *		2,760		200,597
Xylem		3,101		275,834
				42,450,165
INFORMATION TECHNOLOGY — 15.1%
Accenture, Cl A		7,391		2,335,704
Adobe *		2,874		1,344,112
Advanced Micro Devices *		8,985		1,108,169
Akamai Technologies *		2,159		233,733
Amdocs		2,590		203,833
Amphenol, Cl A		5,770		438,578
Analog Devices		2,288		366,744
ANSYS *		1,182		383,193
Apple		92,602		15,290,442
Applied Materials		16,149		2,167,196
Arista Networks *		3,087		378,868

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

15

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
Arrow Electronics *		2,264	$	275,936
Aspen Technology *		971		147,990
Atlassian, Cl A *		545		166,617
Autodesk *		1,205		265,377
Automatic Data Processing		4,526		925,295
Avalara *		325		33,771
Bill.com Holdings *		154		36,634
Black Knight *		530		29,781
Block, Cl A *		287		36,593
Broadcom		3,217		1,889,794
Broadridge Financial Solutions		2,917		426,495
Cadence Design Systems *		3,559		538,939
CDW		4,332		747,097
Ceridian HCM Holding *		1,051		76,628
Ciena *		2,493		170,571
Cisco Systems		24,635		1,373,894
Cloudflare, Cl A *		505		58,792
Cognex		1,673		113,028
Cognizant Technology Solutions, Cl A		4,719		406,447
Concentrix		2,205		440,757
Corning		6,629		267,812
Datadog, Cl A *		214		34,478
Dell Technologies, Cl C		10,864		553,629
DocuSign, Cl A *		849		100,547
Dropbox, Cl A *		4,271		96,909
Dynatrace *		1,554		69,029
Elastic *		434		37,606
Enphase Energy *		893		148,863
Entegris		7,693		1,003,783
EPAM Systems *		1,035		215,021
F5 *		554		111,271
Fair Isaac *		607		286,012
Fidelity National Information Services		195		18,570
First Solar *		1,335		100,512
Fiserv *		2,422		236,557
Five9 *		253		27,830
FleetCor Technologies *		1,056		247,315
Flex *		3,296		54,351
Fortinet *		2,350		809,622
Gartner *		1,799		504,476
Genpact		1,489		62,300

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

16

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
Global Payments		460	$	61,355
Globant *		400		109,600
GoDaddy, Cl A *		269		22,437
Guidewire Software *		1,211		106,750
Hewlett Packard Enterprise		13,622		216,862
HP		15,450		530,862
HubSpot *		492		258,300
Intel		33,013		1,574,720
International Business Machines		10,937		1,339,892
Intuit		1,689		801,211
IPG Photonics *		772		100,630
Jabil		244		14,106
Jack Henry & Associates		1,186		209,685
Juniper Networks		614		20,747
Keysight Technologies *		5,333		839,254
KLA		3,832		1,335,452
Kyndryl Holdings *		2,263		35,891
Lam Research		3,249		1,823,826
Leidos Holdings		1,976		201,236
Manhattan Associates *		1,125		150,390
Marvell Technology		4,925		336,525
Mastercard, Cl A		5,274		1,902,965
McAfee, Cl A		18,031		468,626
Microchip Technology		3,340		234,902
Micron Technology		9,241		821,155
Microsoft		54,915		16,408,053
MongoDB, Cl A *		114		43,547
Monolithic Power Systems		476		218,341
Motorola Solutions		1,813		399,640
NetApp		1,536		120,392
NortonLifeLock		10,521		304,898
Nuance Communications *		2,730		151,570
NVIDIA		15,338		3,740,171
NXP Semiconductors		354		67,302
Okta, Cl A *		503		91,969
ON Semiconductor *		6,356		397,949
Oracle		7,636		580,107
Palo Alto Networks *		186		110,530
Paychex		3,882		462,191
Paycom Software *		690		234,055
Paylocity Holding *		364		77,328

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

17

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
PayPal Holdings *		3,598	$	402,724
PTC *		1,123		124,967
Qorvo *		994		135,959
QUALCOMM		10,563		1,816,730
salesforce.com *		2,692		566,747
Seagate Technology Holdings		4,961		511,777
ServiceNow *		478		277,202
Skyworks Solutions		1,586		219,138
SolarEdge Technologies *		411		131,282
SS&C Technologies Holdings		2,241		168,008
Synopsys *		2,506		782,849
TD SYNNEX		2,601		264,860
TE Connectivity		1,704		242,701
Teradata *		5,502		275,045
Teradyne		8,658		1,020,951
Texas Instruments		7,238		1,230,388
Trade Desk, Cl A *		810		69,109
Trimble *		4,563		318,269
Twilio, Cl A *		307		53,664
Tyler Technologies *		233		99,785
Ubiquiti		1,362		345,798
VeriSign *		777		166,060
Visa, Cl A		9,141		1,975,553
VMware, Cl A		2,951		346,211
Western Digital *		3,634		185,116
Wolfspeed *		1,341		137,748
Workday, Cl A *		304		69,631
Zebra Technologies, Cl A *		1,254		518,328
Zendesk *		911		106,286
Zscaler *		722		172,666
				87,058,475
MATERIALS — 2.6%
Air Products & Chemicals		140		33,082
Albemarle		4,132		809,418
Alcoa		11,629		876,129
Amcor		13,649		158,738
AptarGroup		607		73,981
Avery Dennison		1,415		249,323
Ball		5,182		465,033

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

18

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
MATERIALS — continued
Berry Global Group *		4,369	$	264,980
Celanese, Cl A		2,139		297,920
CF Industries Holdings		2,479		201,270
Chemours		10,730		296,148
Cleveland-Cliffs *		1,593		35,619
Corteva		6,938		360,984
Crown Holdings		7,956		975,963
Dow		10,340		609,646
DuPont de Nemours		1,482		114,662
Eastman Chemical		5,770		683,572
Ecolab		1,007		177,494
Element Solutions		4,689		115,256
Freeport-McMoRan		22,186		1,041,633
Graphic Packaging Holding		5,617		115,598
International Flavors & Fragrances		2,108		280,364
International Paper		5,853		254,781
Louisiana-Pacific		1,701		122,387
LyondellBasell Industries, Cl A		6,571		638,898
Martin Marietta Materials		531		201,461
Mosaic		6,865		359,932
Newmont		713		47,201
Nucor		6,085		800,908
Olin		9,816		505,622
Packaging Corp of America		3,028		445,691
PPG Industries		3,223		430,109
Reliance Steel & Aluminum		3,380		645,141
RPM International		3,968		335,574
Scotts Miracle-Gro		290		40,617
Sherwin-Williams		2,387		628,091
Steel Dynamics		7,579		534,926
Valvoline		3,495		112,993
Vulcan Materials		1,187		215,381
Westlake		1,500		165,465
Westrock		4,381		198,328
				14,920,319
REAL ESTATE — 0.4%
Camden Property Trust ‡		684		112,935
CBRE Group, Cl A *		6,825		661,001
Jones Lang LaSalle *		313		77,067

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

19

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
REAL ESTATE — continued
Life Storage ‡		589	$	74,562
Medical Properties Trust ‡		5,586		113,619
Prologis ‡		10,038		1,464,042
Simon Property Group ‡		289		39,755
				2,542,981
UTILITIES — 1.0%
AES		5,821		123,580
Alliant Energy		1,852		108,157
Ameren		1,670		143,536
American Electric Power		2,485		225,265
American Water Works		1,226		185,236
Atmos Energy		1,670		183,383
Avangrid		659		29,569
CenterPoint Energy		5,209		142,466
CMS Energy		1,938		124,051
Consolidated Edison		5,233		448,834
Constellation Energy		2,197		101,018
Dominion Energy		3,249		258,393
DTE Energy		1,300		158,067
Duke Energy		2,844		285,566
Edison International		717		45,472
Entergy		1,355		142,560
Essential Utilities		3,319		156,358
Evergy		1,983		123,759
Eversource Energy		2,319		189,694
Exelon		6,592		280,556
FirstEnergy		3,669		153,548
NextEra Energy		10,148		794,284
NiSource		5,185		150,002
NRG Energy		3,781		143,073
PG&E *		11,383		129,425
PPL		5,203		136,163
Public Service Enterprise Group		3,423		221,913
Sempra Energy		1,958		282,383
Southern		4,088		264,780
Vistra		6,053		138,129
WEC Energy Group		452		41,078

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

20

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
UTILITIES — continued
Xcel Energy		1,398	$	94,127
				6,004,425
Total Common Stock
(Cost $260,229,607)				364,609,954
REGISTERED INVESTMENT COMPANIES — 34.4%
EQUITY FUNDS — 34.4%
AQR Large Cap Defensive Style Fund, Cl R6		597,213		17,169,886
DFA Real Estate Securities Portfolio, Cl I		672,564		30,769,785
DFA US Small Cap Portfolio, Cl I		554,120		24,481,041
DFA US Small Cap Value Portfolio, Cl I		311,638		13,422,240
DFA US Targeted Value Portfolio, Cl I		1,376,021		41,253,098
iShares MSCI USA Min Vol Factor ETF		531,376		39,178,352
Vanguard Small Cap Value ETF		25,295		4,394,753
Vanguard U.S. Quality Factor ETF		68,307		7,884,295
Vanguard U.S. Value Factor ETF		183,402		19,303,061
Total Registered Investment Companies
(Cost $134,542,707)				197,856,511
PREFERRED STOCK — 0.0%
UNITED STATES — 0.0%
FINANCIALS — 0.0%
Brookfield Property Preferred, 6.250%		165		3,929
(Cost $4,076)				3,929
SHORT-TERM INVESTMENT — 4.2%
DWS Government Money Market Series, Institutional Shares, 0.040% (A)
(Cost $23,915,090)		23,915,090		23,915,090
Total Investments — 101.9%
(Cost $418,691,480)			$	586,385,484

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

21

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

A list of open total return swap agreements held by the Fund at February 28, 2022, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Appreciation

ReFlow

SPUSX NAV

SOFR + 25 BPS

SPUSX

Annually

03/02/2022

USD

10,951,450

$

587,859

$

587,859

A list of open futures contracts held by the Fund at February 28, 2022, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500 Index E-MINI		5		Mar-2022	$	1,175,819	$	1,092,000	$	(83,819	)

Percentages are based on Net Assets of $575,294,448.

*	Non-income producing security.
‡	Real Estate Investment Trust
(A)	The rate reported is the 7-day effective yield as of February 28, 2022.

BPS— Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NASDAQ – National Association of Securities Dealers and Automated Quotations

NAV — Net Asset Value

S&P— Standard & Poor's

SOFR — Secured Overnight Financing Rate

SPUSX — Symmetry Panoramic US Equity Fund

USD — U.S. Dollar

VOL — Volatility

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

22

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

The following table summarizes the inputs used as of February 28, 2022, 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	$	364,609,954	$	–	$	–	$	364,609,954
Registered Investment Companies		197,856,511		–		–		197,856,511
Preferred Stock		–		3,929		–		3,929
Short-Term Investment		23,915,090		–		–		23,915,090
Total Investments in Securities	$	586,381,555	$	3,929	$	–	$	586,385,484

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contract^
Unrealized Depreciation	$	(83,819	)	$	–	$	–	$	(83,819	)
Total Return Swap^
Unrealized Appreciation	$	–		$	587,859	$	–	$	587,859
Total Other Financial Instruments	$	(83,819	)	$	587,859	$	–	$	504,040

^ 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, 2022, 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.

23

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 67.6%
	Shares		Value
EQUITY FUNDS — 67.6%
AQR International Defensive Style Fund, Cl R6		678,066	$	9,601,408
Avantis Emerging Markets Equity ETF		278,500		16,899,380
Avantis International Equity ETF		91,878		5,512,680
Avantis International Small Cap Value ETF		114,505		7,132,516
DFA Emerging Markets Portfolio, Cl I		1,105,654		34,186,822
DFA Emerging Markets Small Cap Portfolio, Cl I		601,759		14,351,956
DFA Emerging Markets Targeted Value Portfolio, Cl I		269,560		3,132,292
DFA International High Relative Profitability Portfolio, Cl I		1,265,484		16,058,994
DFA International Real Estate Securities, Cl I		2,239,939		9,945,331
DFA International Small Cap Growth Portfolio, Cl I		112,315		1,865,552
DFA International Small Cap Value Portfolio, Cl I		746,592		15,648,570
DFA International Value Portfolio, Cl I		843,851		16,404,471
DFA Large Cap International Portfolio, Cl I		1,194,391		30,958,608
iShares MSCI EAFE Min Vol Factor ETF		141,476		10,174,954
iShares MSCI Emerging Markets Min Vol Factor ETF		194,945		12,160,669

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

24

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
Schwab International Small Cap Equity ETF		74,825	$	2,814,917
Total Registered Investment Companies
(Cost $165,385,354)				206,849,120
COMMON STOCK — 29.3%
AUSTRALIA — 0.6%
BlueScope Steel		2,357		35,362
CSL		288		54,941
Dexus ‡		4,206		33,459
Fortescue Metals Group		30,993		415,992
Glencore		54,740		323,688
REA Group		1,089		105,392
Rio Tinto		1,396		108,950
Sonic Healthcare		4,916		126,764
South32		30,601		109,045
Telstra		68,190		197,418
Wesfarmers		1,889		66,381
WiseTech Global		532		17,027
Woolworths Group		4,135		106,951
				1,701,370
AUSTRIA — 0.1%
Erste Group Bank		2,877		103,292
OMV		2,186		103,973
				207,265
BRAZIL — 0.5%
Cia Siderurgica Nacional		7,100		34,592
Telefonica Brasil		13,200		128,549
Vale ADR, Cl B		58,794		1,087,101
WEG		23,600		134,682
Wheaton Precious Metals		1,709		74,886
Yara International		2,903		147,356
				1,607,166
CANADA — 3.0%
Agnico Eagle Mines		400		20,207
Bank of Montreal		5,263		600,958
Bank of Nova Scotia		7,581		549,361
BCE		527		27,678
Canadian Imperial Bank of Commerce		3,888		492,112

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

25

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CANADA — continued
Canadian Natural Resources		16,979	$	948,547
Canadian Pacific Railway		5,030		354,183
Canadian Tire, Cl A		1,592		234,712
Cenovus Energy		32,912		517,504
CGI, Cl A *		292		23,940
Constellation Software		28		47,189
Dollarama		803		41,496
Empire		1,696		52,532
Fairfax Financial Holdings		451		218,633
George Weston		887		96,181
Gildan Activewear		2,589		101,640
Hydro One		1,413		34,893
iA Financial		1,076		63,932
IGM Financial		1,024		36,379
Imperial Oil		9,043		405,883
Intact Financial		1,902		272,793
Kinross Gold		9,850		49,114
Loblaw		3,610		281,594
Magna International		471		34,993
National Bank of Canada		6,172		494,880
Nutrien		1,319		113,439
Onex		1,073		72,058
Open Text		420		18,278
Ritchie Bros Auctioneers		1,530		80,188
Royal Bank of Canada		7,548		834,955
Sun Life Financial		5,631		296,144
Suncor Energy		3,334		101,953
Teck Resources, Cl B		5,682		204,597
TFI International		711		74,112
Toromont Industries		430		36,449
Toronto-Dominion Bank		7,281		587,535
Tourmaline Oil		6,979		275,306
West Fraser Timber		3,909		390,191
WSP Global		1,891		232,007
				9,318,546
CHILE — 0.0%
Antofagasta		7,299		148,977
CHINA — 2.8%
Agricultural Bank of China, Cl A		35,800		16,925

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

26

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Airtac International Group		1,046	$	34,859
Anhui Conch Cement, Cl A		4,300		27,560
ANTA Sports Products		5,000		76,386
Bank of Beijing, Cl A		31,100		22,255
Bank of China, Cl A		32,800		16,124
Bank of Communications, Cl A		25,400		19,256
Bank of Communications, Cl H		109,000		74,758
Bank of Ningbo, Cl A		5,068		30,652
Bank of Shanghai, Cl A		15,700		17,412
Baoshan Iron & Steel, Cl A		58,500		67,047
BOE Technology Group, Cl A		66,100		49,319
Bosideng International Holdings		82,000		46,780
BYD, Cl A		1,100		43,935
BYD, Cl H		5,000		152,980
BYD Electronic International		14,000		39,375
China Coal Energy, Cl H		304,000		191,100
China Everbright Bank, Cl A		35,600		18,872
China Hongqiao Group		119,000		167,370
China Longyuan Power Group, Cl H		127,000		264,991
China Merchants Bank, Cl A		7,100		56,196
China Merchants Bank, Cl H		138,000		1,166,056
China Merchants Securities, Cl A		9,800		24,687
China Merchants Shekou Industrial Zone Holdings, Cl A		10,900		23,386
China Minsheng Banking, Cl A		28,800		17,864
China National Building Material, Cl H		112,000		143,994
China Overseas Land & Investment		5,500		16,768
China Pacific Insurance Group, Cl A		4,600		19,315
China Petroleum & Chemical, Cl A		82,900		57,152
China Power International Development		157,000		88,947
China Resources Beer Holdings		2,000		15,805
China Resources Power Holdings		94,000		210,044
China Shenhua Energy, Cl H		125,000		345,804
China State Construction International Holdings		94,000		132,259
China Tourism Group Duty Free, Cl A		1,900		61,389
China Vanke, Cl A		7,800		23,749
China Yangtze Power, Cl A		31,100		114,395
Chow Tai Fook Jewellery Group		46,800		97,385
CITIC		135,000		157,797
CITIC Securities, Cl A		12,650		47,008
COSCO SHIPPING Holdings, Cl H *		159,700		324,013
Country Garden Services Holdings		31,000		185,752

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

27

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
CSPC Pharmaceutical Group		12,800	$	15,180
Dongyue Group		61,000		88,991
ENN Energy Holdings		1,600		23,314
Far East Horizon		34,000		28,995
Foshan Haitian Flavouring & Food, Cl A		2,964		46,642
Great Wall Motor, Cl H		82,500		172,262
Guotai Junan Securities, Cl A		17,100		45,388
Haier Smart Home, Cl A		10,242		42,066
Haitian International Holdings		7,000		18,583
Haitong Securities, Cl A		21,000		37,499
Huatai Securities, Cl A		12,200		30,752
Huaxia Bank, Cl A		24,900		22,248
Industrial & Commercial Bank of China, Cl A		19,500		14,402
Industrial Bank, Cl A		7,200		25,260
Inner Mongolia Yili Industrial Group, Cl A		5,500		34,478
Jiangsu Hengrui Medicine, Cl A		5,904		37,477
Jiangsu Yanghe Brewery Joint-Stock, Cl A		1,200		31,397
Kingboard Holdings		29,500		137,867
Kingdee International Software Group		10,000		24,648
Kunlun Energy		84,000		82,699
Kweichow Moutai, Cl A		500		142,023
Li Ning		58,500		584,841
Longfor Group Holdings		41,500		223,382
Luxshare Precision Industry, Cl A		10,769		74,583
Luzhou Laojiao, Cl A		1,900		65,283
Meituan, Cl B *		600		13,263
Midea Group, Cl A		2,800		29,687
NARI Technology, Cl A		8,520		48,034
New China Life Insurance, Cl A		2,700		16,333
PetroChina, Cl A		60,600		56,243
PetroChina, Cl H		674,000		365,733
Ping An Bank, Cl A		9,600		24,008
Ping An Insurance Group of China, Cl A		4,400		35,424
Poly Developments and Holdings Group, Cl A		11,900		29,803
Postal Savings Bank of China, Cl H		95,000		78,122
SAIC Motor, Cl A		9,100		26,236
Sany Heavy Industry, Cl A		13,100		40,780
Shandong Weigao Group Medical Polymer, Cl H		88,000		121,885
Shanghai Pudong Development Bank, Cl A		12,100		16,118
Shenwan Hongyuan Group, Cl A		34,000		24,724
Tingyi Cayman Islands Holding		12,000		26,457

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

28

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Tsingtao Brewery, Cl H		10,000	$	95,993
Uni-President China Holdings		20,000		20,807
Weichai Power, Cl H		72,000		122,042
Wuliangye Yibin, Cl A		900		27,151
Yankuang Energy Group, Cl H		98,000		240,995
Yihai International Holding		4,000		16,681
Zhongsheng Group Holdings		29,000		202,552
				8,437,052
DENMARK — 0.6%
AP Moller - Maersk, Cl B		105		333,129
Carlsberg, Cl B		123		18,038
Danske Bank		7,431		126,387
DSV Panalpina		1,754		324,494
Novo Nordisk, Cl B		6,144		632,850
Orsted		161		20,977
Pandora		2,855		295,681
Vestas Wind Systems		2,465		80,947
				1,832,503
FINLAND — 0.3%
Elisa		1,640		91,059
Kesko, Cl B		5,281		155,831
Neste		972		38,283
Nokia		19,450		104,788
Nordea Bank Abp		35,594		397,020
Stora Enso, Cl R		10,404		200,085
UPM-Kymmene		1,778		61,759
				1,048,825
FRANCE — 1.4%
Air Liquide		1,060		175,740
Arkema		217		28,556
AXA		7,739		209,079
BNP Paribas		10,412		606,370
Capgemini		1,449		302,396
Cie de Saint-Gobain		4,701		290,653
Cie Generale des Etablissements Michelin SCA		747		103,165
Credit Agricole		13,541		173,560
Dassault Systemes		1,885		90,993

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

29

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
FRANCE — continued
EssilorLuxottica		1,325	$	231,404
Gecina ‡		706		89,557
Hermes International		321		441,843
Kering		58		40,715
L'Oreal		162		63,905
LVMH Moet Hennessy Louis Vuitton		119		87,541
Publicis Groupe		2,615		173,843
Sartorius Stedim Biotech		542		208,556
Societe Generale		19,961		570,138
Teleperformance		348		129,064
Veolia Environnement		4,879		170,029
Vivendi		14,338		180,465
				4,367,572
GERMANY — 1.1%
Allianz		345		78,589
Bayerische Motoren Werke		2,094		202,723
Brenntag		3,426		285,687
Carl Zeiss Meditec		1,014		158,571
Deutsche Bank *		5,245		65,405
Deutsche Boerse		408		69,221
Deutsche Post		10,107		508,337
E.ON		19,292		260,686
Evonik Industries		1,045		31,298
GEA Group		2,509		109,224
Hannover Rueck		1,516		278,034
HelloFresh *		316		17,221
Infineon Technologies		3,462		118,386
KION Group		333		26,775
Mercedes-Benz Group		5,491		428,919
Puma		399		36,243
Siemens		1,931		270,493
Siemens Energy		2,099		49,167
Volkswagen		1,004		262,743
				3,257,722
HONG KONG — 0.2%
Huaneng Power International, Cl H		138,000		81,321
Kingboard Laminates Holdings		70,500		117,460
SITC International Holdings		45,000		185,774
Techtronic Industries		11,000		184,918

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

30

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Wharf Holdings		21,000	$	75,806
Wharf Real Estate Investment		5,000		22,454
				667,733
HUNGARY — 0.1%
MOL Hungarian Oil & Gas		16,806		131,062
OTP Bank Nyrt		1,193		46,145
Richter Gedeon Nyrt		479		10,057
				187,264
INDONESIA — 0.2%
Adaro Energy		1,585,900		271,845
Bank Mandiri Persero		81,200		43,518
Charoen Pokphand Indonesia		45,600		18,562
Indofood Sukses Makmur		30,300		12,962
Merdeka Copper Gold *		41,300		11,260
Telkom Indonesia Persero		726,000		219,722
Tower Bersama Infrastructure		129,400		26,561
United Tractors		16,900		29,408
				633,838
ITALY — 0.5%
Enel		23,034		169,329
Eni		50,027		775,395
Ferrari		455		97,966
FinecoBank Banca Fineco		7,772		129,816
Mediobanca Banca di Credito Finanziario		4,596		47,989
Prysmian		4,988		163,775
UniCredit		19,985		248,888
				1,633,158
JAPAN — 4.9%
Advantest		3,200		254,793
Aisin		4,000		146,297
Ajinomoto		6,000		174,760
Bandai Namco Holdings		2,700		197,198
Bridgestone		2,700		111,101
Chiba Bank		27,500		174,572
Chugai Pharmaceutical		5,700		189,031
Dai Nippon Printing		2,400		62,807

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

31

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Dai-ichi Life Holdings		19,400	$	406,632
Daiichi Sankyo		5,700		138,939
Daikin Industries		1,200		223,484
Daito Trust Construction		1,300		144,446
Daiwa Securities Group		24,600		145,826
Denso		2,700		189,810
Disco		300		84,446
Fuji Electric		600		31,026
FUJIFILM Holdings		3,700		234,856
Fujitsu		1,800		260,448
Hamamatsu Photonics		700		35,419
Hino Motors		4,300		40,388
Hitachi		1,800		88,894
Hitachi Metals		3,900		69,516
Honda Motor		1,200		36,837
Hoya		3,800		497,084
Idemitsu Kosan		8,400		226,791
Inpex		21,400		225,364
Isuzu Motors		10,400		142,686
ITOCHU		12,100		395,351
Japan Post Bank		16,200		142,959
Japan Post Holdings		10,200		84,875
JFE Holdings		14,900		224,871
JSR		7,300		229,027
KDDI		1,800		58,925
Kurita Water Industries		1,600		66,176
Marubeni		22,900		240,498
Mazda Motor		2,300		17,078
Minebea Mitsumi		5,400		117,948
Mitsubishi		2,900		98,220
Mitsubishi Gas Chemical		9,100		162,188
Mitsubishi UFJ Financial Group		56,400		349,560
Mitsui		6,000		150,036
MS&AD Insurance Group Holdings		6,900		235,416
Murata Manufacturing		4,600		313,320
NGK Insulators		4,100		63,983
Nintendo		300		151,923
Nippon Sanso Holdings		2,500		48,974
Nippon Steel		7,400		137,625
Nippon Telegraph & Telephone		13,400		384,170
Nippon Yusen		8,600		802,749
Nitto Denko		1,700		124,005

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

32

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Nomura Holdings		40,200	$	184,732
Nomura Real Estate Holdings		3,400		84,770
Nomura Research Institute		7,800		270,621
Oji Holdings		6,700		34,343
Olympus		1,700		34,206
Omron		2,000		135,600
Oriental Land		200		37,003
ORIX		15,600		310,042
Otsuka		500		19,354
Otsuka Holdings		1,200		41,511
Panasonic		12,600		131,065
Recruit Holdings		1,800		75,147
Renesas Electronics *		9,400		110,199
Resona Holdings		65,400		294,499
Rinnai		800		65,831
Rohm		300		23,789
Sekisui Chemical		2,300		37,801
Sekisui House		3,300		67,566
SG Holdings		2,400		50,950
Shimadzu		600		21,669
Shimano		200		46,608
Shin-Etsu Chemical		2,900		448,822
SMC		100		59,731
Sompo Holdings		6,700		292,547
Sony		4,500		463,164
Sumitomo Electric Industries		1,500		19,890
Sumitomo Metal Mining		2,700		136,213
Sumitomo Mitsui Financial Group		9,400		335,861
Sumitomo Mitsui Trust Holdings		10,700		382,428
Suntory Beverage & Food		1,000		39,917
TDK		3,300		132,915
Tokyo Electron		1,300		637,797
Toshiba		3,400		135,656
Tosoh		2,000		31,242
Toyota Industries		2,200		168,116
Toyota Motor		23,100		427,770
Unicharm		600		22,624
Yamaha Motor		4,300		96,885
Z Holdings		12,400		60,390
				15,102,602

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

33

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
LUXEMBOURG — 0.2%
ArcelorMittal		11,504	$	356,606
Eurofins Scientific		1,070		107,650
				464,256
MALAYSIA — 0.1%
CIMB Group Holdings		72,200		98,158
Petronas Chemicals Group		48,000		109,246
Sime Darby		228,700		123,810
Telekom Malaysia		63,100		76,071
				407,285
MEXICO — 0.5%
Alfa, Cl A		214,763		158,967
America Movil ADR, Cl L		22,738		412,012
Arca Continental		32,500		214,223
Coca-Cola Femsa ADR		1,424		78,406
Fomento Economico Mexicano ADR		292		23,477
Grupo Bimbo, Ser A		69,000		213,593
Grupo Financiero Banorte, Cl O		18,800		127,582
Grupo Financiero Inbursa, Cl O *		65,300		106,713
Grupo Mexico		24,500		125,150
Wal-Mart de Mexico		41,600		158,430
				1,618,553
NETHERLANDS — 0.8%
ABN AMRO Bank		7,936		104,779
Adyen *		56		114,966
ASML Holding		1,776		1,186,579
Koninklijke Ahold Delhaize		14,774		453,603
Koninklijke DSM		888		166,123
NN Group		4,708		225,387
Randstad		2,542		171,470
Wolters Kluwer		1,455		147,612
				2,570,519
NORWAY — 0.2%
Equinor		814		25,758
Gjensidige Forsikring		3,248		80,282

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

34

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
NORWAY — continued
Norsk Hydro		45,417	$	429,822
				535,862
PERU — 0.1%
Southern Copper		4,169		289,287
PHILIPPINES — 0.1%
Globe Telecom		195		9,801
International Container Terminal Services		29,350		120,816
Manila Electric		6,450		46,296
Metropolitan Bank & Trust		19,470		21,737
PLDT		5,495		192,994
				391,644
POLAND — 0.2%
Bank Polska Kasa Opieki		9,223		252,943
Dino Polska *		283		19,884
mBank		413		40,352
Orange Polska *		22,072		40,971
Polskie Gornictwo Naftowe i Gazownictwo		43,388		57,369
Powszechny Zaklad Ubezpieczen		1,286		9,659
Santander Bank Polska		609		45,598
				466,776
PORTUGAL — 0.1%
Jeronimo Martins SGPS		9,122		196,515
RUSSIA — 0.0%
Evraz		29,556		58,349
Raspadskaya (A)(B)		12,982		38,467
				96,816
SINGAPORE — 0.1%
DBS Group Holdings		7,200		180,535
Oversea-Chinese Banking		6,800		58,660
STMicroelectronics		2,589		108,777
United Overseas Bank		4,100		90,956

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

35

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SINGAPORE — continued
Venture		1,400	$	18,157
				457,085
SOUTH AFRICA — 1.1%
Absa Group		23,963		275,647
Anglo American		9,271		477,192
Anglo American Platinum		2,463		385,106
Aspen Pharmacare Holdings		2,551		33,368
Capitec Bank Holdings		526		70,970
Clicks Group		1,125		21,926
Exxaro Resources		17,771		230,047
FirstRand		6,672		28,733
Impala Platinum Holdings		10,003		191,741
Kumba Iron Ore		3,779		149,300
MTN Group		40,102		500,324
Sasol *		14,249		328,193
Shoprite Holdings		9,695		144,588
Sibanye Stillwater		68,981		328,085
Vodacom Group		10,733		103,358
				3,268,578
SOUTH KOREA — 1.7%
DB Insurance		2,377		121,964
Doosan Bobcat		529		16,868
Hana Financial Group		7,542		306,001
HMM *		4,268		104,183
Hyundai Glovis		210		30,969
Industrial Bank of Korea		17,206		153,863
Kakao		620		49,096
KB Financial Group		5,671		281,470
Kia		5,045		314,132
Korea Investment Holdings *		498		33,014
Korea Zinc		321		146,961
Kumho Petrochemical *		747		100,782
LG		168		10,578
LG Electronics		947		99,095
LG Innotek		1,132		314,027
Meritz Securities		10,547		51,347
NAVER		1,009		267,143
POSCO Holdings		573		136,363
Samsung Electronics		24,804		1,505,221

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

36

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
Samsung Engineering *		1,742	$	33,812
Samsung Securities		1,240		43,662
Shinhan Financial Group		318		10,331
SK Telecom		3,572		162,391
Woori Financial Group		61,099		730,187
Yuhan		1,937		93,598
				5,117,058
SPAIN — 0.4%
Banco Bilbao Vizcaya Argentaria		61,836		365,153
CaixaBank		110,550		361,174
Iberdrola		24,820		280,888
Industria de Diseno Textil		1,078		28,363
Repsol		11,024		143,382
				1,178,960
SWEDEN — 0.9%
Alfa Laval		4,917		159,627
Assa Abloy, Cl B		2,027		53,715
Atlas Copco, Cl A		10,110		527,217
Epiroc, Cl A		4,719		89,083
EQT		2,484		84,062
Fastighets Balder, Cl B *		832		52,076
Getinge, Cl B		4,911		192,160
Hennes & Mauritz, Cl B		3,709		62,663
Hexagon, Cl B		9,422		127,927
Husqvarna, Cl B		5,418		65,369
Investor, Cl B		12,368		252,514
L E Lundbergforetagen, Cl B		1,472		71,399
Nibe Industrier, Cl B		25,240		226,351
Sagax, Cl B		2,366		64,852
Sandvik		4,173		91,082
Skandinaviska Enskilda Banken, Cl A		15,724		181,675
Skanska, Cl B		2,662		60,477
Svenska Cellulosa SCA, Cl B		2,539		41,653
Svenska Handelsbanken, Cl A		7,147		68,336
Swedbank		5,974		96,610
Swedish Match		11,280		82,471
Volvo, Cl B		1,009		19,509
				2,670,828

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

37

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SWITZERLAND — 0.9%
Chocoladefabriken Lindt & Spruengli		19	$	202,242
Cie Financiere Richemont, Cl A		2,289		311,320
EMS-Chemie Holding		88		87,106
Geberit		52		34,062
Givaudan		28		117,469
Kuehne + Nagel International		1,107		303,240
Logitech International		1,285		95,888
Lonza Group		195		135,285
Partners Group Holding		42		57,008
Sika		797		265,808
Sonova Holding		421		163,630
Straumann Holding		19		30,102
Swiss Life Holding		227		138,277
UBS Group		13,876		252,772
Zurich Insurance Group		1,088		499,883
				2,694,092
TAIWAN — 3.3%
Accton Technology		19,000		171,473
Acer		39,000		40,490
Advantech		9,898		131,289
ASE Technology Holding		46,000		165,926
Asia Cement		92,000		148,776
Asustek Computer		8,000		106,711
AU Optronics		19,000		14,174
Cathay Financial Holding		125,000		280,093
Chailease Holding		25,235		228,325
China Development Financial Holding		245,000		167,936
China Steel		127,000		165,223
Compal Electronics		18,000		16,401
CTBC Financial Holding		75,000		73,251
Delta Electronics		8,000		70,902
E.Sun Financial Holding		235,109		248,158
Eclat Textile		3,000		62,564
Evergreen Marine Taiwan		103,000		544,966
Far EasTone Telecommunications		70,000		173,180
Feng TAY Enterprise		4,680		34,768
Fubon Financial Holding		108,182		291,568
Giant Manufacturing		9,000		93,865
Globalwafers		8,000		200,877
Hon Hai Precision Industry		81,000		300,531
Innolux		94,000		57,112

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

38

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Inventec		15,000	$	13,851
Lite-On Technology		70,000		172,195
MediaTek		22,000		858,849
Mega Financial Holding		54,000		72,629
Micro-Star International		39,000		220,895
momo.com		3,000		107,182
Nan Ya Printed Circuit Board		2,000		38,139
Nien Made Enterprise		2,000		25,991
Novatek Microelectronics		27,000		449,083
Quanta Computer		5,000		16,684
Realtek Semiconductor		22,000		362,532
SinoPac Financial Holdings		94,000		57,778
Synnex Technology International		54,000		140,005
Taishin Financial Holding		190,389		133,585
Taiwan Cement		116,523		197,690
Taiwan Cooperative Financial Holding		142,937		135,613
Taiwan Semiconductor Manufacturing ADR		14,834		1,587,386
Unimicron Technology		9,000		83,736
United Microelectronics		310,000		586,552
Vanguard International Semiconductor		29,000		131,826
Wan Hai Lines		32,500		221,708
Win Semiconductors		2,000		21,970
Wistron		17,000		17,861
Yang Ming Marine Transport *		58,000		244,318
Yuanta Financial Holding		177,840		158,577
Zhen Ding Technology Holding		36,000		119,951
				9,965,145
THAILAND — 0.3%
Advanced Info Service NVDR		37,400		263,073
Indorama Ventures NVDR		85,800		119,165
PTT Exploration & Production NVDR		99,400		419,300
Siam Commercial Bank NVDR		53,900		207,934
Srisawad NVDR		12,900		22,975
				1,032,447
TURKEY — 0.2%
Eregli Demir ve Celik Fabrikalari		75,816		171,195
Ford Otomotiv Sanayi		11,329		222,044

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

39

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
TURKEY — continued
Turkcell Iletisim Hizmetleri		97,761	$	145,274
				538,513
UNITED KINGDOM — 1.4%
Admiral Group		6,148		246,307
Ashtead Group		6,149		397,946
AstraZeneca		170		20,618
Auto Trader Group		4,696		42,111
BAE Systems		12,804		123,507
Barclays		74,769		183,665
Berkeley Group Holdings		1,048		54,807
BHP Group		8,222		283,209
BP		112,727		550,481
BT Group, Cl A		7,433		18,302
Croda International		450		45,688
Diageo		11,099		551,519
Entain		747		16,806
Experian		5,901		232,854
Halma		5,137		166,035
Imperial Brands		859		18,888
JD Sports Fashion		81,970		165,730
Kingfisher		29,480		121,463
Legal & General Group		75,485		279,793
Natwest Group		30,392		92,855
Next		816		74,682
Persimmon		6,805		218,648
RELX		1,651		50,479
Spirax-Sarco Engineering		369		58,754
SSE		1,149		26,075
Tesco		22,752		88,180
United Utilities Group		2,190		31,475
				4,160,877
UNITED STATES — 0.3%
CONSUMER STAPLES — 0.0%
JBS		15,900		110,769
ENERGY — 0.1%
Tenaris		11,856		153,924

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

40

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — 0.2%
Schneider Electric		4,005	$	622,569
				887,262
ZAMBIA — 0.1%
First Quantum Minerals		8,977		263,254
Total Common Stock
(Cost $63,101,938)				89,423,205
PREFERRED STOCK — 0.4%
BRAZIL — 0.4%
Braskem (1)		16,300		151,018
Cia Energetica de Minas Gerais (1)		5,500		13,665
Gerdau (1)		17,000		84,015
Petroleo Brasileiro (1)		133,300		879,749
Total Preferred Stock
(Cost $864,423)				1,128,447
SHORT-TERM INVESTMENT — 3.7%
DWS Government Money Market Series, Institutional Shares, 0.040% (C)
(Cost $11,453,172)		11,453,172		11,453,172
Total Investments — 101.0%
(Cost $240,804,887)			$	308,853,944

A list of open futures contracts held by the Fund at February 28, 2022, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Depreciation
Long Contracts
MSCI EAFE Index		10		Mar-2022	$	1,144,602	$	1,081,500	$	(63,102	)
MSCI Emerging Markets		47		Mar-2022		2,804,912		2,765,245		(39,667	)
SGX Nifty 50		73		Apr-2022		2,504,391		2,449,880		(54,511	)
					$	6,453,905	$	6,296,625	$	(157,280	)

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

41

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

A list of open total return swap agreements held by the Fund at February 28, 2022, 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

2,737,875

$

(38,150

)

$

(38,150

)

Percentages are based on Net Assets of $305,900,366.

‡	Real Estate Investment Trust
*	Non-income producing security.
(1)	No Interest Rate Available
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Securities considered illiquid. The total value of such securities as of February 28, 2022 was $38,467 and represented 0.0% of the Net Assets of the Fund.
(C)	The rate reported is the 7-day effective yield as of February 28, 2022.

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

NAV — Net Asset Value

NVDR — Non-Voting Depositary Receipt

Ser — Series

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPILX — Symmetry Panoramic International Equity Fund

USD — U.S. Dollar

VOL — Volatility

The following table summarizes the inputs used as of February 28, 2022, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Registered Investment Companies	$	206,849,120	$	–	$	–	$	206,849,120
Common Stock
Australia		–		1,701,370		–		1,701,370
Austria		–		207,265		–		207,265
Brazil		1,459,810		147,356		–		1,607,166
Canada		9,318,546		–		–		9,318,546
Chile		–		148,977		–		148,977
China		–		8,437,052		–		8,437,052
Denmark		–		1,832,503		–		1,832,503
Finland		–		1,048,825		–		1,048,825
France		–		4,367,572		–		4,367,572
Germany		–		3,257,722		–		3,257,722
Hong Kong		–		667,733		–		667,733

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

42

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

Investments in Securities	Level 1			Level 2			Level 3(1)		Total
Hungary	$	–		$	187,264		$	–	$	187,264
Indonesia		–			633,838			–		633,838
Italy		97,966			1,535,192			–		1,633,158
Japan		–			15,102,602			–		15,102,602
Luxembourg		–			464,256			–		464,256
Malaysia		–			407,285			–		407,285
Mexico		1,618,553			–			–		1,618,553
Netherlands		–			2,570,519			–		2,570,519
Norway		–			535,862			–		535,862
Peru		289,287			–			–		289,287
Philippines		46,296			345,348			–		391,644
Poland		–			466,776			–		466,776
Portugal		–			196,515			–		196,515
Russia		–			58,349			38,467		96,816
Singapore		–			457,085			–		457,085
South Africa		–			3,268,578			–		3,268,578
South Korea		–			5,117,058			–		5,117,058
Spain		–			1,178,960			–		1,178,960
Sweden		–			2,670,828			–		2,670,828
Switzerland		–			2,694,092			–		2,694,092
Taiwan		1,587,386			8,377,759			–		9,965,145
Thailand		–			1,032,447			–		1,032,447
Turkey		–			538,513			–		538,513
United Kingdom		–			4,160,877			–		4,160,877
United States		110,769			776,493			–		887,262
Zambia		263,254			–			–		263,254
Total Common Stock		14,791,867			74,592,871			38,467		89,423,205
Preferred Stock
Brazil		1,128,447			–			–		1,128,447
Short-Term Investment		11,453,172			–			–		11,453,172
Total Investments in Securities	$	234,222,606		$	74,592,871		$	38,467	$	308,853,944
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^
Unrealized Depreciation	$	(157,280	)	$	–		$	–	$	(157,280	)
Total Return Swap^
Unrealized Depreciation		–			(38,150	)		–		(38,150	)
Total Other Financial Instruments	$	(157,280	)	$	(38,150	)	$	–	$	(195,430	)

(1) A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

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

Amounts designated as “—” are $0.

For the period ended February 28, 2022, there were no transfers in or out of Level 3.

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

43

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

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.

44

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 49.0%
	Shares		Value
EQUITY FUNDS — 49.0%
AQR International Defensive Style Fund, Cl R6		491,744	$	6,963,090
AQR Large Cap Defensive Style Fund, Cl R6		325,056		9,345,367
Avantis Emerging Markets Equity ETF		209,854		12,733,941
Avantis International Equity ETF		68,174		4,090,440
Avantis International Small Cap Value ETF		87,677		5,461,400
DFA Emerging Markets Portfolio, Cl I		831,737		25,717,300
DFA Emerging Markets Small Cap Portfolio, Cl I		474,616		11,319,587
DFA Emerging Markets Targeted Value Portfolio, Cl I		186,911		2,171,903
DFA International High Relative Profitability Portfolio, Cl I		946,793		12,014,797
DFA International Real Estate Securities, Cl I		1,695,005		7,525,822
DFA International Small Cap Growth Portfolio, Cl I		113,213		1,880,475
DFA International Small Cap Value Portfolio, Cl I		581,936		12,197,375
DFA International Value Portfolio, Cl I		594,105		11,549,406
DFA Large Cap International Portfolio, Cl I		904,182		23,436,389
DFA Real Estate Securities Portfolio, Cl I		422,888		19,347,113
DFA US Small Cap Portfolio, Cl I		253,527		11,200,817
DFA US Small Cap Value Portfolio, Cl I		200,981		8,656,243

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

45

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
DFA US Targeted Value Portfolio, Cl I		855,875	$	25,659,140
iShares MSCI Global Min Vol Factor ETF		402,030		40,713,578
Schwab International Small Cap Equity ETF		60,162		2,263,294
Vanguard Small Cap Value ETF		36,894		6,409,964
Vanguard U.S. Quality Factor ETF		39,529		4,562,611
Vanguard U.S. Value Factor ETF		98,922		10,411,540
Total Registered Investment Companies
(Cost $207,979,313)				275,631,592
COMMON STOCK — 48.8%
AUSTRALIA — 0.2%
BlueScope Steel		1,841		27,620
CSL		245		46,738
Dexus ‡		3,310		26,331
Fortescue Metals Group		24,313		326,332
Glencore		52,559		310,792
REA Group		734		71,035
Rio Tinto		1,058		82,571
Sonic Healthcare		2,856		73,645
South32		21,102		75,196
Suncorp Group		2,328		18,337
Telstra		56,581		163,809
Wesfarmers		1,077		37,847
WiseTech Global		409		13,090
Woolworths Group		2,634		68,128
				1,341,471
AUSTRIA — 0.0%
Erste Group Bank		3,918		140,668
OMV		853		40,571
Verbund		222		26,687
				207,926
BRAZIL — 0.2%
Cia Siderurgica Nacional		6,500		31,669
Telefonica Brasil		11,200		109,071
Vale ADR, Cl B		42,712		789,745
WEG		17,600		100,441
Wheaton Precious Metals		1,224		53,634

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

46

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Yara International		1,579	$	80,150
				1,164,710
CANADA — 1.3%
Agnico Eagle Mines		287		14,498
Bank of Montreal		3,975		453,887
Bank of Nova Scotia		5,642		408,850
BCE		1,146		60,189
Canadian Imperial Bank of Commerce		2,950		373,387
Canadian Natural Resources		13,548		756,871
Canadian Pacific Railway		4,030		283,769
Canadian Tire, Cl A		1,305		192,399
Cenovus Energy		25,153		395,502
CGI, Cl A *		253		20,743
Constellation Software		22		37,077
Dollarama		718		37,104
Empire		1,438		44,541
Fairfax Financial Holdings		352		170,640
George Weston		512		55,518
Gildan Activewear		2,399		94,181
Hydro One		1,426		35,214
iA Financial		827		49,137
IGM Financial		797		28,315
Imperial Oil		6,944		311,672
Intact Financial		1,593		228,475
Kinross Gold		7,346		36,629
Loblaw		1,222		95,321
Magna International		271		20,134
National Bank of Canada		4,302		344,941
Nutrien		1,703		146,465
Onex		817		54,866
Ritchie Bros Auctioneers		1,078		56,498
Royal Bank of Canada		5,925		655,419
Sun Life Financial		4,065		213,785
Suncor Energy		2,174		66,481
Teck Resources, Cl B		5,069		182,524
TFI International		370		38,568
Toromont Industries		171		14,495
Toronto-Dominion Bank		5,838		471,093
Tourmaline Oil		6,099		240,592
West Fraser Timber		2,436		243,158

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

47

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CANADA — continued
WSP Global		1,366	$	167,595
				7,100,533
CHILE — 0.0%
Antofagasta		5,161		105,339
CHINA — 1.1%
Agricultural Bank of China, Cl A		44,800		21,179
Airtac International Group		1,046		34,859
Anhui Conch Cement, Cl A		3,288		21,074
ANTA Sports Products		1,000		15,277
Bank of Beijing, Cl A		26,800		19,178
Bank of China, Cl A		31,200		15,338
Bank of Communications, Cl A		23,300		17,664
Bank of Communications, Cl H		69,000		47,324
Bank of Ningbo, Cl A		3,640		22,015
Bank of Shanghai, Cl A		12,297		13,638
Baoshan Iron & Steel, Cl A		43,800		50,199
BOE Technology Group, Cl A		49,300		36,784
Bosideng International Holdings		78,000		44,498
BYD, Cl A		900		35,947
BYD, Cl H		3,500		107,086
BYD Electronic International		11,000		30,938
China Coal Energy, Cl H		215,000		135,153
China Everbright Bank, Cl A		30,400		16,115
China Hongqiao Group		94,000		132,208
China Longyuan Power Group, Cl H		87,000		181,529
China Merchants Bank, Cl A		5,100		40,366
China Merchants Bank, Cl H		101,500		857,643
China Merchants Securities, Cl A		5,500		13,855
China Merchants Shekou Industrial Zone Holdings, Cl A		15,700		33,685
China Minsheng Banking, Cl A		24,100		14,949
China National Building Material, Cl H		88,000		113,138
China Pacific Insurance Group, Cl A		3,400		14,276
China Petroleum & Chemical, Cl A		89,300		61,564
China Power International Development		121,000		68,551
China Resources Beer Holdings		2,000		15,805
China Resources Gas Group		2,000		9,180
China Resources Power Holdings		72,000		160,885
China Shenhua Energy, Cl H		100,500		278,027

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

48

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
China State Construction International Holdings		64,000	$	90,048
China Tourism Group Duty Free, Cl A		1,400		45,234
China Vanke, Cl A		6,100		18,573
China Yangtze Power, Cl A		34,600		127,269
Chow Tai Fook Jewellery Group		39,800		82,819
CITIC		104,000		121,562
CITIC Securities, Cl A		3,335		12,393
COSCO SHIPPING Holdings, Cl H *		142,250		288,609
Country Garden Services Holdings		24,000		143,808
CSPC Pharmaceutical Group		14,640		17,362
Dongyue Group		45,000		65,649
ENN Energy Holdings		800		11,657
Far East Horizon		33,000		28,143
Foshan Haitian Flavouring & Food, Cl A		2,340		36,823
Great Wall Motor, Cl H		60,500		126,326
Guotai Junan Securities, Cl A		7,677		20,377
Haier Smart Home, Cl A		7,541		30,972
Haitian International Holdings		4,000		10,619
Haitong Securities, Cl A		11,400		20,356
Huatai Securities, Cl A		5,700		14,368
Huaxia Bank, Cl A		20,800		18,585
Industrial & Commercial Bank of China, Cl A		16,300		12,038
Industrial Bank, Cl A		5,400		18,945
Inner Mongolia Yili Industrial Group, Cl A		4,100		25,702
Jiangsu Hengrui Medicine, Cl A		4,320		27,422
Jiangsu Yanghe Brewery Joint-Stock, Cl A		900		23,548
Kingboard Holdings		19,500		91,133
Kingdee International Software Group *		8,000		19,718
Kunlun Energy		64,000		63,008
Kweichow Moutai, Cl A		400		113,619
Li Ning		45,000		449,878
Longfor Group Holdings		32,000		172,246
Luxshare Precision Industry, Cl A		5,815		40,273
Luzhou Laojiao, Cl A		1,700		58,411
Midea Group, Cl A		2,100		22,265
NARI Technology, Cl A		7,280		41,043
New China Life Insurance, Cl A		2,100		12,704
PetroChina, Cl A		39,500		36,660
PetroChina, Cl H		600,000		325,578
Ping An Bank, Cl A *		7,000		17,506
Ping An Insurance Group of China, Cl A		3,200		25,763
Poly Developments and Holdings Group, Cl A		9,100		22,790

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

49

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Postal Savings Bank of China, Cl H		15,000	$	12,335
SAIC Motor, Cl A		6,000		17,299
Sany Heavy Industry, Cl A		12,400		38,601
Shandong Weigao Group Medical Polymer, Cl H		60,000		83,103
Shanghai Pudong Development Bank, Cl A		10,000		13,321
Shenwan Hongyuan Group, Cl A		19,500		14,180
Tingyi Cayman Islands Holding		12,000		26,457
Tsingtao Brewery, Cl H		8,000		76,794
Uni-President China Holdings		18,000		18,726
Weichai Power, Cl H		56,000		94,921
Wuliangye Yibin, Cl A		500		15,084
Yankuang Energy Group, Cl H		70,000		172,139
Yihai International Holding		4,000		16,681
Yonghui Superstores, Cl A		19,700		11,407
Zhongsheng Group Holdings		22,500		157,153
				6,399,930
DENMARK — 0.2%
AP Moller - Maersk, Cl B		79		250,641
Carlsberg, Cl B		97		14,225
Coloplast, Cl B		96		14,447
Danske Bank		7,177		122,067
DSV Panalpina		1,211		224,038
Novo Nordisk, Cl B		4,089		421,179
Orsted		235		30,618
Pandora		2,206		228,466
Vestas Wind Systems		1,900		62,393
				1,368,074
FINLAND — 0.2%
Elisa		989		54,913
Kesko, Cl B		3,991		117,766
Neste		639		25,168
Nokia		15,255		82,187
Nordea Bank Abp		29,185		325,532
Stora Enso, Cl R		7,622		146,583
UPM-Kymmene		1,783		61,933
				814,082

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

50

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
FRANCE — 0.6%
Air Liquide		739	$	122,520
Arkema		209		27,503
AXA		2,647		71,512
BNP Paribas		7,193		418,903
Capgemini		1,045		218,084
Cie de Saint-Gobain		3,178		196,489
Cie Generale des Etablissements Michelin SCA		557		76,925
Credit Agricole		6,392		81,929
Dassault Systemes		1,220		58,892
EssilorLuxottica		916		159,974
Gecina ‡		501		63,552
Hermes International		232		319,338
Kering		49		34,397
Legrand		668		63,178
L'Oreal		155		61,144
LVMH Moet Hennessy Louis Vuitton		89		65,472
Publicis Groupe		1,907		126,776
Sartorius Stedim Biotech		458		176,234
Societe Generale		14,131		403,618
Teleperformance		298		110,520
Veolia Environnement		3,801		132,462
Vivendi		11,454		144,166
				3,133,588
GERMANY — 0.5%
Allianz		157		35,764
Bayerische Motoren Werke		1,868		180,843
Brenntag		2,945		245,578
Carl Zeiss Meditec		737		115,253
Deutsche Bank		4,122		51,402
Deutsche Boerse		247		41,906
Deutsche Post		7,541		379,279
E.ON		13,257		179,137
Evonik Industries		701		20,995
GEA Group		1,917		83,452
Hannover Rueck		1,175		215,495
HelloFresh *		256		13,951
Infineon Technologies		2,180		74,547
KION Group		350		28,142
Mercedes-Benz Group		4,452		347,759
Puma		269		24,434
RWE		433		20,059

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

51

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
GERMANY — continued
Siemens		2,616	$	366,447
Siemens Energy		582		13,633
Volkswagen		810		211,974
				2,650,050
HONG KONG — 0.1%
Huaneng Power International, Cl H		98,000		57,749
Kingboard Laminates Holdings		58,000		96,634
SITC International Holdings		37,000		152,748
Techtronic Industries		6,500		109,270
Wharf Holdings		14,000		50,537
				466,938
HUNGARY — 0.0%
MOL Hungarian Oil & Gas		13,917		108,532
OTP Bank Nyrt *		573		22,163
Richter Gedeon Nyrt		582		12,220
				142,915
INDONESIA — 0.1%
Adaro Energy		1,134,000		194,383
Bank Mandiri Persero		111,100		59,542
Charoen Pokphand Indonesia		32,300		13,148
Indofood Sukses Makmur		43,700		18,695
Telkom Indonesia Persero		567,700		171,813
Tower Bersama Infrastructure		152,200		31,241
United Tractors		13,800		24,013
				512,835
ITALY — 0.2%
Enel		18,637		137,006
Eni		38,440		595,802
Ferrari		239		51,459
FinecoBank Banca Fineco		6,173		103,108
Prysmian		4,171		136,950
UniCredit		16,021		199,521
				1,223,846

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

52

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
JAPAN — 2.1%
Advantest		2,500	$	199,057
Aisin		3,200		117,037
Ajinomoto		4,800		139,808
Bandai Namco Holdings		1,900		138,769
Bridgestone		400		16,459
Chiba Bank		22,800		144,736
Chugai Pharmaceutical		3,600		119,388
Dai Nippon Printing		1,600		41,871
Dai-ichi Life Holdings		14,400		301,830
Daiichi Sankyo		4,500		109,689
Daikin Industries		900		167,613
Daito Trust Construction		1,000		111,112
Daiwa Securities Group		16,300		96,625
Denso		2,200		154,660
Disco		200		56,297
Fuji Electric		500		25,855
FUJIFILM Holdings		2,600		165,034
Fujitsu		1,400		202,571
Hamamatsu Photonics		500		25,299
Hino Motors		3,200		30,056
Hitachi		500		24,693
Hitachi Metals *		2,600		46,344
Honda Motor		1,000		30,698
Hoya		2,900		379,354
Idemitsu Kosan		6,400		172,793
Inpex		15,700		165,337
Isuzu Motors		8,100		111,130
ITOCHU		9,400		307,132
Japan Post Bank		14,900		131,487
Japan Post Holdings		7,400		61,576
JFE Holdings		12,300		185,632
JSR		5,700		178,829
KDDI		1,800		58,925
Kikkoman		300		22,385
Kurita Water Industries		1,400		57,904
Marubeni		19,000		199,540
Minebea Mitsumi		4,100		89,553
Mitsubishi		2,000		67,738
Mitsubishi Gas Chemical		7,200		128,325
Mitsubishi UFJ Financial Group		52,400		324,768
Mitsui		4,700		117,528
MS&AD Insurance Group Holdings		4,800		163,768

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

53

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Murata Manufacturing		3,600	$	245,207
NGK Insulators		3,400		53,059
Nintendo		300		151,923
Nippon Sanso Holdings		1,800		35,261
Nippon Steel		6,500		120,887
Nippon Telegraph & Telephone		8,800		252,291
Nippon Yusen		7,000		653,401
Nitto Denko		1,300		94,827
Nomura Holdings		33,400		153,484
Nomura Real Estate Holdings		2,400		59,837
Nomura Research Institute		5,700		197,761
NTT Data		1,100		21,009
Obic		100		15,990
Olympus		1,900		38,230
Omron		1,600		108,480
Oriental Land		200		37,003
ORIX		7,500		149,059
Otsuka		400		15,483
Otsuka Holdings		900		31,133
Panasonic		10,400		108,180
Recruit Holdings		1,300		54,273
Renesas Electronics *		6,900		80,891
Resona Holdings		53,200		239,562
Rinnai		600		49,373
Rohm		300		23,789
Sekisui Chemical		2,200		36,158
Sekisui House		3,300		67,566
SG Holdings		1,600		33,966
Shimadzu		700		25,281
Shimano		200		46,608
Shin-Etsu Chemical		2,400		371,439
SMC		200		119,462
Sompo Holdings		4,900		213,953
Sony		3,700		380,824
Sumitomo Electric Industries		1,000		13,260
Sumitomo Metal Mining		2,100		105,944
Sumitomo Mitsui Financial Group		6,700		239,390
Sumitomo Mitsui Trust Holdings		8,400		300,224
Suntory Beverage & Food		900		35,925
TDK		1,800		72,499
Tokyo Electron		900		441,552
Toshiba		2,700		107,727

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

54

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Tosoh		1,500	$	23,432
Toyota Industries		1,800		137,550
Toyota Motor		18,500		342,586
Yamaha Motor		3,500		78,860
Z Holdings		10,000		48,702
				11,622,506
LUXEMBOURG — 0.1%
ArcelorMittal		8,154		252,761
Eurofins Scientific		690		69,419
				322,180
MALAYSIA — 0.1%
CIMB Group Holdings		42,200		57,372
Petronas Chemicals Group		50,300		114,481
Press Metal Aluminium Holdings		11,200		18,251
RHB Bank		7,400		10,403
Sime Darby		178,900		96,850
Telekom Malaysia		43,200		52,080
				349,437
MEXICO — 0.2%
Alfa, Cl A		159,888		118,349
America Movil ADR, Cl L		16,505		299,071
Arca Continental		23,800		156,877
Coca-Cola Femsa ADR		1,093		60,181
Grupo Bimbo, Ser A		55,400		171,493
Grupo Carso		2,700		8,181
Grupo Financiero Banorte, Cl O		15,100		102,473
Grupo Financiero Inbursa, Cl O *		42,500		69,453
Grupo Mexico		18,400		93,990
Wal-Mart de Mexico		43,700		166,428
				1,246,496
NETHERLANDS — 0.3%
ABN AMRO Bank		4,810		63,507
Adyen *		43		88,277
Aegon		10,104		49,643
ASML Holding		1,245		831,808
Koninklijke Ahold Delhaize		11,396		349,889

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

55

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
NETHERLANDS — continued
Koninklijke DSM		639	$	119,541
NN Group		3,799		181,870
Randstad		2,271		153,189
Wolters Kluwer		998		101,249
				1,938,973
NORWAY — 0.1%
Gjensidige Forsikring		2,260		55,861
Norsk Hydro		33,238		314,561
				370,422
PERU — 0.0%
Southern Copper		3,615		250,845
PHILIPPINES — 0.1%
International Container Terminal Services		23,930		98,505
Manila Electric		4,870		34,955
PLDT		4,090		143,648
				277,108
POLAND — 0.1%
Bank Polska Kasa Opieki		5,966		163,619
Dino Polska *		183		12,858
mBank *		216		21,104
Orange Polska		5,457		10,129
Polskie Gornictwo Naftowe i Gazownictwo		44,256		58,517
Santander Bank Polska		1,360		101,829
				368,056
PORTUGAL — 0.0%
Jeronimo Martins SGPS		6,797		146,427
PUERTO RICO — 0.1%
Popular		8,471		778,061
RUSSIA — 0.0%
Evraz		16,851		33,267

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

56

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
RUSSIA — continued
Raspadskaya (A)(B)		7,402	$	21,931
				55,198
SINGAPORE — 0.1%
DBS Group Holdings		5,700		142,924
Mapletree Commercial Trust ‡		10,400		13,931
Oversea-Chinese Banking		7,300		62,974
STMicroelectronics		553		23,234
United Overseas Bank		3,700		82,082
Venture		1,400		18,157
				343,302
SOUTH AFRICA — 0.4%
Absa Group		17,140		197,162
Anglo American		6,932		356,800
Anglo American Platinum		1,835		286,914
Aspen Pharmacare Holdings		1,196		15,644
Capitec Bank Holdings		688		92,828
Exxaro Resources		12,833		166,124
FirstRand		5,526		23,797
Impala Platinum Holdings		7,529		144,319
Kumba Iron Ore		3,115		123,067
MTN Group *		30,096		375,486
Sasol *		10,906		251,195
Shoprite Holdings		6,387		95,254
Sibanye Stillwater		53,377		253,870
Vodacom Group		8,154		78,522
				2,460,982
SOUTH KOREA — 0.7%
DB Insurance		1,672		85,790
Doosan Bobcat		384		12,244
Hana Financial Group		8,259		335,092
HMM *		3,005		73,353
Hyundai Glovis		61		8,996
Industrial Bank of Korea		6,912		61,810
Kakao		370		29,299
KB Financial Group		5,176		256,902
Kia		3,952		246,075
Korea Investment Holdings		367		24,330

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

57

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
Korea Zinc		257	$	117,660
Kumho Petrochemical		522		70,426
LG Electronics		691		72,307
LG Innotek		574		159,233
Meritz Securities		12,540		61,049
NAVER		780		206,513
POSCO Holdings		316		75,202
Samsung Electronics		19,261		1,168,846
Samsung Engineering *		748		14,519
Samsung Securities		930		32,746
SK Telecom		2,637		119,884
Woori Financial Group		47,393		566,389
Yuhan		1,128		54,506
				3,853,171
SPAIN — 0.2%
Banco Bilbao Vizcaya Argentaria		50,779		299,859
CaixaBank		86,144		281,438
Iberdrola		18,507		209,444
Industria de Diseno Textil		469		12,340
Repsol		11,476		149,260
				952,341
SWEDEN — 0.4%
Alfa Laval		4,339		140,863
Atlas Copco, Cl A		7,734		403,313
Boliden		397		17,743
Epiroc, Cl A		3,719		70,206
EQT		1,484		50,221
Fastighets Balder, Cl B *		587		36,741
Getinge, Cl B		3,530		138,123
Hennes & Mauritz, Cl B		2,705		45,700
Hexagon, Cl B		8,225		111,675
Husqvarna, Cl B		5,085		61,352
Investor, Cl B		11,436		233,486
L E Lundbergforetagen, Cl B		822		39,871
Nibe Industrier, Cl B		21,544		193,205
Sagax, Cl B		1,657		45,419
Sandvik		2,811		61,354
Skandinaviska Enskilda Banken, Cl A		13,458		155,493
Skanska, Cl B		607		13,790

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

58

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SWEDEN — continued
Svenska Cellulosa SCA, Cl B		1,784	$	29,267
Svenska Handelsbanken, Cl A		2,498		23,885
Swedbank		5,226		84,513
Swedish Match		9,830		71,869
				2,028,089
SWITZERLAND — 0.4%
Chocoladefabriken Lindt & Spruengli		14		149,020
Cie Financiere Richemont, Cl A		2,619		356,202
EMS-Chemie Holding		77		76,218
Geberit		81		53,059
Givaudan		24		100,688
Kuehne + Nagel International		809		221,609
Logitech International		886		66,114
Lonza Group		142		98,516
Partners Group Holding		76		103,156
Sika		541		180,429
Sonova Holding		294		114,269
Straumann Holding		35		55,450
Swiss Life Holding		178		108,429
UBS Group		10,963		199,708
Zurich Insurance Group		839		385,480
				2,268,347
TAIWAN — 1.3%
Accton Technology		15,000		135,374
Acer		42,000		43,605
Advantech		6,599		87,530
ASE Technology Holding		33,000		119,034
Asia Cement		71,000		114,817
Asustek Computer		6,000		80,033
AU Optronics		84,000		62,662
Cathay Financial Holding		91,000		203,908
Chailease Holding		19,513		176,553
China Development Financial Holding		91,000		62,376
China Steel		111,000		144,407
Compal Electronics		17,000		15,490
Delta Electronics		9,000		79,765
E.Sun Financial Holding		187,169		197,557
Eclat Textile		2,000		41,709
Evergreen Marine Taiwan		79,000		417,984

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

59

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Far EasTone Telecommunications		19,000	$	47,006
Feng TAY Enterprise		4,080		30,311
Fubon Financial Holding		77,209		208,091
Giant Manufacturing		8,000		83,435
Globalwafers		7,000		175,768
Hon Hai Precision Industry		65,000		241,167
Hua Nan Financial Holdings		18,098		14,345
Innolux		102,000		61,972
Lite-On Technology		10,000		24,599
MediaTek		17,000		663,656
Mega Financial Holding		28,000		37,659
Micro-Star International		24,000		135,935
momo.com		2,000		71,455
Nan Ya Printed Circuit Board		5,000		95,348
Nien Made Enterprise		2,000		25,991
Novatek Microelectronics		21,000		349,287
Quanta Computer		4,000		13,347
Realtek Semiconductor		18,000		296,617
SinoPac Financial Holdings		24,000		14,752
Synnex Technology International		32,000		82,966
Taishin Financial Holding		135,840		95,311
Taiwan Cement		93,388		158,440
Taiwan Cooperative Financial Holding		130,935		124,226
Taiwan Semiconductor Manufacturing ADR		11,834		1,266,356
Unimicron Technology		5,000		46,520
United Microelectronics		202,000		382,205
Vanguard International Semiconductor		23,000		104,551
Wan Hai Lines		24,400		166,452
Win Semiconductors		1,000		10,985
Wistron		16,000		16,811
Yang Ming Marine Transport *		46,000		193,769
Yuanta Financial Holding		154,960		138,176
Zhen Ding Technology Holding		26,000		86,631
				7,446,944
THAILAND — 0.1%
Advanced Info Service NVDR		29,500		207,504
Indorama Ventures NVDR		68,100		94,582
PTT Exploration & Production NVDR		68,500		288,955

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

60

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
THAILAND — continued
Siam Commercial Bank NVDR		48,300	$	186,330
				777,371
TURKEY — 0.1%
Eregli Demir ve Celik Fabrikalari		95,274		215,131
Ford Otomotiv Sanayi		4,308		84,435
Turkcell Iletisim Hizmetleri		73,115		108,650
				408,216
UNITED KINGDOM — 0.6%
Admiral Group		4,382		175,556
Ashtead Group		4,475		289,609
AstraZeneca		1,371		166,277
Auto Trader Group		3,946		35,385
BAE Systems		9,058		87,373
Barclays		45,189		111,004
Berkeley Group Holdings		917		47,956
BHP Group		6,152		211,907
BP		87,195		425,800
BT Group, Cl A		5,667		13,954
CNH Industrial		886		12,716
Croda International		333		33,809
Diageo		7,932		394,148
Experian		4,503		177,689
Halma		3,072		99,291
Imperial Brands		672		14,777
JD Sports Fashion		55,840		112,899
Kingfisher		25,679		105,802
Legal & General Group		52,042		192,899
Linde		1,202		352,475
Mondi		1,019		21,259
Natwest Group		43,363		132,485
Next *		564		51,618
Persimmon		3,867		124,248
RELX		429		13,117
Sage Group		1,476		13,800
Spirax-Sarco Engineering		264		42,036
SSE		784		17,792
Tesco		16,764		64,972
				3,542,653

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

61

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — 36.6%
COMMUNICATION SERVICES — 2.9%
Activision Blizzard		3,193	$	260,229
Alphabet, Cl A *		2,496		6,742,045
Alphabet, Cl C *		619		1,669,951
AT&T		10,308		244,197
Cable One		150		214,927
Charter Communications, Cl A *		453		272,606
Comcast, Cl A		17,933		838,547
Discovery, Cl C *		3,941		110,230
DISH Network, Cl A *		2,713		86,707
Electronic Arts		1,103		143,489
Fox, Cl A		5,495		229,856
Fox, Cl B		2,469		94,464
Interpublic Group		1,298		47,766
Liberty Broadband, Cl A *		267		38,664
Liberty Broadband, Cl C *		570		83,619
Liberty Media -Liberty Formula One, Cl C *		946		57,451
Liberty Media -Liberty SiriusXM, Cl B *		2,196		110,503
Live Nation Entertainment *		922		111,396
Lumen Technologies		10,532		109,112
Match Group *		2,046		228,109
Meta Platforms, Cl A *		7,527		1,588,423
Netflix *		710		280,109
News, Cl B		1,712		38,400
Omnicom Group		2,187		183,467
Paramount Global, Cl A		193		6,572
Paramount Global, Cl B		3,853		117,940
Pinterest, Cl A *		640		17,120
Roku, Cl A *		326		45,487
Sirius XM Holdings		6,100		37,576
Snap, Cl A *		639		25,522
Spotify Technology *		233		36,392
Take-Two Interactive Software *		921		149,202
T-Mobile US *		2,995		369,014
Twitter *		2,913		103,557
Verizon Communications		16,922		908,204
Walt Disney *		3,382		502,092
Zillow Group, Cl C *		978		56,255
				16,159,200

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

62

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER DISCRETIONARY — 4.0%
Advance Auto Parts		188	$	38,442
Amazon.com *		1,064		3,267,820
Aptiv *		1,354		175,262
AutoNation *		4,486		514,365
AutoZone *		192		357,771
Bath & Body Works		777		41,469
Best Buy		2,575		248,848
Booking Holdings *		37		80,373
Brunswick		3,295		314,738
Burlington Stores *		997		225,212
Caesars Entertainment *		615		51,777
Capri Holdings *		2,573		174,295
CarMax *		1,134		123,980
Carnival *		6,565		133,466
Carvana, Cl A *		154		23,172
Chipotle Mexican Grill, Cl A *		107		162,998
Choice Hotels International		455		65,679
Darden Restaurants		1,179		171,214
Dick's Sporting Goods		3,756		394,380
Dollar General		4,306		854,052
Dollar Tree *		2,484		352,927
Domino's Pizza		448		193,630
DR Horton		7,266		620,516
eBay		5,151		281,193
Etsy *		503		77,910
Expedia Group *		193		37,849
Floor & Decor Holdings, Cl A *		949		90,743
Ford Motor		77,658		1,363,675
Garmin		3,528		389,632
General Motors *		5,207		243,271
Gentex		5,203		157,495
Genuine Parts		797		97,362
Hilton Worldwide Holdings *		1,360		202,450
Home Depot		3,565		1,125,934
Lear		201		31,625
Lennar, Cl A		4,202		377,676
Lennar, Cl B		491		37,071
LKQ		5,213		244,750
Lowe's		3,750		828,975
Lululemon Athletica *		912		291,785
Marriott International, Cl A *		1,358		231,050

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

63

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER DISCRETIONARY — continued
McDonald's		1,732	$	423,942
MGM Resorts International		1,594		70,598
Mohawk Industries *		1,533		215,816
Newell Brands		3,089		73,364
NIKE, Cl B		5,458		745,290
NVR *		47		233,047
O'Reilly Automotive *		565		366,821
Peloton Interactive, Cl A *		377		10,956
Penske Automotive Group		3,074		302,143
Polaris		766		93,077
Pool		1,040		476,923
PulteGroup		7,268		360,929
RH *		86		34,561
Ross Stores		1,244		113,689
Royal Caribbean Cruises *		1,445		116,640
Skechers U.S.A., Cl A *		1,724		79,270
Starbucks		2,710		248,751
Target		6,071		1,212,804
Tempur Sealy International		8,016		264,608
Tesla *		875		761,626
TJX		3,817		252,304
Tractor Supply		1,656		337,476
Ulta Beauty *		510		190,995
Vail Resorts		154		40,125
VF		826		47,925
Victoria's Secret *		259		13,890
Wayfair, Cl A *		304		42,824
Whirlpool		1,107		222,806
Williams-Sonoma		3,308		479,197
Yum! Brands		1,479		181,296
				22,710,525
CONSUMER STAPLES — 2.2%
Albertsons, Cl A		6,811		198,541
Altria Group		4,332		222,188
Archer-Daniels-Midland		2,684		210,560
Bunge		500		52,275
Campbell Soup		949		42,677
Casey's General Stores		473		88,962
Church & Dwight		231		22,603

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

64

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER STAPLES — continued
Coca-Cola		9,915	$	617,110
Colgate-Palmolive		3,606		277,482
Conagra Brands		4,619		161,526
Constellation Brands, Cl A		601		129,588
Costco Wholesale		1,456		756,028
Darling Ingredients *		310		22,469
Estee Lauder, Cl A		1,075		318,555
General Mills		3,466		233,712
Hain Celestial Group *		1,599		58,140
Hershey		2,150		434,859
J M Smucker		1,154		155,501
JBS		14,700		102,409
Kellogg		700		44,758
Keurig Dr Pepper		3,013		116,513
Kimberly-Clark		412		53,622
Kraft Heinz		4,127		161,861
Kroger		9,976		466,877
McCormick		360		34,261
Mondelez International, Cl A		3,285		215,102
Monster Beverage *		1,405		118,582
PepsiCo		11,141		1,824,227
Philip Morris International		6,497		656,652
Procter & Gamble		16,981		2,647,168
Sysco		2,262		197,020
Tyson Foods, Cl A		7,565		700,973
Walgreens Boots Alliance		4,405		203,026
Walmart		5,066		684,720
				12,230,547
ENERGY — 2.1%
APA		1,175		41,865
Baker Hughes, Cl A		4,219		123,954
Cheniere Energy		1,146		152,303
Chevron		15,484		2,229,696
ConocoPhillips		3,760		356,674
Continental Resources		10,755		596,150
Devon Energy		38,673		2,302,977
Diamondback Energy		3,132		432,529
DT Midstream		477		25,329
EOG Resources		3,447		396,129

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

65

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
ENERGY — continued
Exxon Mobil		11,847	$	929,042
Halliburton		7,941		266,262
Hess		1,646		166,345
Kinder Morgan		11,398		198,325
Marathon Oil		42,615		961,394
Marathon Petroleum		4,056		315,841
Occidental Petroleum		8,900		389,197
ONEOK		3,454		225,546
Phillips 66		2,374		199,986
Pioneer Natural Resources		1,597		382,641
Schlumberger		9,136		358,497
Targa Resources		6,427		420,133
Tenaris		10,560		137,098
Valero Energy		2,692		224,809
Williams		5,634		176,231
				12,008,953
FINANCIALS — 5.3%
Aflac		3,181		194,327
Allstate		4,849		593,324
Ally Financial		6,860		342,314
American Express		1,862		362,234
American Financial Group		105		14,216
American International Group		9,538		584,107
Ameriprise Financial		2,062		618,167
Aon, Cl A		2,089		610,280
Apollo Global Management		383		24,995
Arch Capital Group *		3,839		180,855
Ares Management, Cl A		500		40,545
Arthur J Gallagher		956		151,230
Assurant		1,057		179,383
Assured Guaranty		510		31,605
Bank of America		23,795		1,051,739
Bank of New York Mellon		3,754		199,525
Bank OZK		2,910		136,828
Berkshire Hathaway, Cl B *		4,281		1,376,127
BlackRock, Cl A		748		556,430
Blackstone, Cl A		2,538		323,519
Brown & Brown		1,337		90,395
Capital One Financial		2,483		380,569

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

66

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Cboe Global Markets		418	$	49,027
Charles Schwab		3,684		311,151
Chubb		1,099		223,800
Cincinnati Financial		1,521		186,764
Citigroup		4,689		277,729
Citizens Financial Group		12,640		662,589
CME Group, Cl A		896		211,931
Comerica		7,130		680,844
Commerce Bancshares		451		32,373
Credit Acceptance *		207		113,875
Discover Financial Services		3,147		388,466
East West Bancorp		9,222		807,478
Equitable Holdings		1,214		39,649
FactSet Research Systems		295		119,797
Fidelity National Financial		3,034		144,540
Fifth Third Bancorp		8,002		382,816
First American Financial		1,333		89,364
First Citizens BancShares, Cl A		71		55,980
First Republic Bank		1,161		201,155
Franklin Resources		1,281		38,084
Goldman Sachs Group		1,243		424,223
Hartford Financial Services Group		3,950		274,446
Huntington Bancshares		7,704		119,566
Intercontinental Exchange		2,316		296,726
Jefferies Financial Group		11,492		408,426
JPMorgan Chase		9,920		1,406,656
KeyCorp		33,331		835,608
KKR		2,096		126,011
Lincoln National		2,489		167,808
Loews		807		49,501
LPL Financial Holdings		431		77,989
M&T Bank		1,213		221,045
Markel *		130		161,578
Marsh & McLennan		2,649		411,681
MetLife		6,802		459,475
Moody's		820		264,065
Morgan Stanley		10,946		993,240
Morningstar		165		46,307
MSCI, Cl A		350		175,591
Nasdaq		1,617		276,750
Northern Trust		1,093		124,493

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

67

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
PacWest Bancorp		2,903	$	143,466
PNC Financial Services Group		1,082		215,589
Principal Financial Group		2,249		158,869
Progressive		5,978		633,250
Prosperity Bancshares		318		23,678
Prudential Financial		1,966		219,524
Raymond James Financial		450		49,342
Regions Financial		32,427		784,409
S&P Global		1,175		441,447
SEI Investments		1,311		76,798
Signature Bank NY		1,570		541,477
SLM		12,048		237,346
State Street		5,258		448,665
SVB Financial Group *		1,315		796,890
Synchrony Financial		5,736		245,386
T Rowe Price Group		2,728		394,360
Travelers		1,759		302,249
Truist Financial		3,399		211,486
US Bancorp		3,586		202,752
Wells Fargo		33,477		1,786,668
Western Alliance Bancorp		2,570		240,912
Willis Towers Watson		476		105,815
Wintrust Financial		4,161		413,437
WR Berkley		1,059		95,628
Zions Bancorp		4,939		350,126
				29,500,880
HEALTH CARE — 4.8%
Abbott Laboratories		4,441		535,673
AbbVie		12,078		1,784,766
ABIOMED *		241		74,888
Agilent Technologies		1,063		138,573
Align Technology *		361		184,637
Alnylam Pharmaceuticals *		658		103,865
AmerisourceBergen, Cl A		1,573		224,200
Amgen		1,106		250,487
Anthem		1,447		653,827
Avantor *		1,685		58,453
Baxter International		2,872		244,034
Becton Dickinson		1,243		337,201

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

68

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
HEALTH CARE — continued
Biogen *		314	$	66,257
BioMarin Pharmaceutical *		1,415		110,540
Bio-Rad Laboratories, Cl A *		404		252,888
Bio-Techne		269		112,821
Boston Scientific *		5,919		261,442
Bristol-Myers Squibb		6,128		420,810
Bruker		1,540		108,370
Cardinal Health		2,324		125,519
Catalent *		1,591		162,346
Centene *		3,137		259,179
Cerner		2,307		215,128
Charles River Laboratories International *		659		191,874
Chemed		99		47,351
Cigna		1,914		455,111
Cooper		416		170,152
CVS Health		12,451		1,290,546
Danaher		3,005		824,602
DENTSPLY SIRONA		229		12,398
DexCom *		359		148,594
Edwards Lifesciences *		3,828		430,152
Elanco Animal Health *		4,462		126,765
Eli Lilly		4,392		1,097,780
Exact Sciences *		1,172		91,486
Gilead Sciences		4,246		256,458
HCA Healthcare		3,777		945,421
Hologic *		3,000		213,510
Horizon Therapeutics *		5,536		504,717
Humana		1,416		614,997
IDEXX Laboratories *		630		335,381
Illumina *		350		114,310
Incyte *		539		36,814
Intuitive Surgical *		516		149,810
IQVIA Holdings *		654		150,499
Johnson & Johnson		8,449		1,390,452
Laboratory Corp of America Holdings *		1,096		297,301
Masimo *		690		108,641
McKesson		797		219,143
Medtronic		4,402		462,166
Merck		5,710		437,272
Mettler-Toledo International *		197		277,522
Moderna *		2,747		421,939

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

69

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
HEALTH CARE — continued
Molina Healthcare *		1,602	$	491,606
PerkinElmer		1,084		194,697
Pfizer		15,152		711,235
Quest Diagnostics		2,640		346,553
Regeneron Pharmaceuticals *		1,139		704,312
ResMed		1,060		261,555
Royalty Pharma, Cl A		1,078		42,322
Seagen *		452		58,249
STERIS		377		90,480
Stryker		644		169,597
Teleflex		363		122,081
Thermo Fisher Scientific		1,758		956,352
United Therapeutics *		1,019		169,358
UnitedHealth Group		5,667		2,696,755
Veeva Systems, Cl A *		496		113,609
Vertex Pharmaceuticals *		265		60,955
Viatris, Cl W *		3,810		41,948
Waters *		385		121,941
West Pharmaceutical Services		1,231		476,496
Zimmer Biomet Holdings		1,168		148,558
Zoetis, Cl A		3,324		643,693
				27,131,420
INDUSTRIALS — 4.4%
3M		2,694		400,463
A O Smith		1,737		119,124
AECOM		663		48,174
AGCO		1,515		182,042
Air Lease, Cl A		1,150		48,024
Allegion		314		35,959
AMERCO *		93		53,718
American Airlines Group *		2,284		39,399
AMETEK		1,729		224,407
Armstrong World Industries		811		71,692
Axon Enterprise *		290		40,673
Boeing *		1,331		273,308
Booz Allen Hamilton Holding, Cl A		3,148		254,012
Builders FirstSource *		8,304		617,984
Canadian Pacific Railway		1,964		138,008
Carlisle		491		116,563

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

70

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
Carrier Global		3,583	$	160,805
Caterpillar		1,427		267,677
CH Robinson Worldwide		926		89,526
Cintas		1,065		399,716
Colfax *		1,521		61,159
Copart *		2,043		251,044
CoStar Group *		1,630		99,446
CSX		7,782		263,888
Cummins		2,393		488,459
Deere		1,410		507,628
Delta Air Lines *		835		33,333
Dover		3,074		482,188
Eaton		4,586		707,574
Emerson Electric		7,832		727,749
Equifax		903		197,161
Expeditors International of Washington		3,134		323,930
Fastenal		7,487		385,281
FedEx		1,415		314,512
Fortive		2,121		137,335
Fortune Brands Home & Security		3,890		338,041
Generac Holdings *		1,009		318,309
General Dynamics		1,556		364,804
General Electric		2,990		285,575
Graco		300		21,627
GXO Logistics *		326		27,361
HEICO		516		76,115
HEICO, Cl A		651		80,021
Honeywell International		1,847		350,468
Howmet Aerospace		3,066		110,131
Hubbell, Cl B		1,115		198,749
IDEX		1,243		238,532
Illinois Tool Works		1,375		297,468
Ingersoll Rand		6,872		347,173
ITT		3,041		267,213
Jacobs Engineering Group		2,804		344,892
JB Hunt Transport Services		1,738		352,692
Johnson Controls International		4,297		279,133
L3Harris Technologies		935		235,910
Landstar System		1,364		210,615
Lockheed Martin		487		211,261
Lyft, Cl A *		883		34,384

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

71

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
Masco		5,046	$	282,778
Middleby *		737		130,906
Nordson		890		201,576
Norfolk Southern		1,198		307,311
Northrop Grumman		1,066		471,321
nVent Electric		1,352		45,873
Old Dominion Freight Line		1,981		622,093
Oshkosh		1,634		181,439
Otis Worldwide		1,961		153,605
Owens Corning		1,141		106,330
PACCAR		2,674		245,500
Parker-Hannifin		1,702		504,456
Pentair		500		28,955
Plug Power *		2,715		68,662
Quanta Services		3,315		361,136
Raytheon Technologies		3,523		361,812
Regal Beloit		1,824		292,478
Republic Services, Cl A		1,669		200,747
Robert Half International		2,027		243,828
Rockwell Automation		581		154,883
Rollins		2,592		84,577
Roper Technologies		433		194,079
Schneider Electric		3,162		491,527
Snap-on		744		156,374
Southwest Airlines *		2,253		98,681
Stanley Black & Decker		1,115		181,411
Teledyne Technologies *		930		399,323
Textron		596		43,586
Timken		1,565		102,601
Toro		1,067		100,095
Trane Technologies		3,992		614,489
TransDigm Group *		266		177,313
TransUnion		2,306		209,293
Uber Technologies *		1,520		54,766
Union Pacific		2,930		720,634
United Parcel Service, Cl B		2,249		473,235
United Rentals *		2,289		736,188
Verisk Analytics, Cl A		1,230		218,128
Wabtec		1,800		167,076
Waste Management		2,698		389,591
Watsco		340		92,840

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

72

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
WW Grainger		784	$	374,015
XPO Logistics *		1,670		121,376
Xylem		1,771		157,530
				24,876,852
INFORMATION TECHNOLOGY — 8.4%
Accenture, Cl A		4,097		1,294,734
Adobe *		937		438,216
Advanced Micro Devices *		4,551		561,265
Akamai Technologies *		2,598		281,260
Amdocs		844		66,423
Amphenol, Cl A		3,386		257,370
Analog Devices		2,132		341,738
ANSYS *		639		207,157
Apple		52,647		8,693,073
Applied Materials		8,545		1,146,739
Arista Networks *		2,548		312,716
Arrow Electronics *		1,279		155,885
Atlassian, Cl A *		417		127,485
Autodesk *		1,076		236,968
Automatic Data Processing		1,872		382,712
Avalara *		100		10,391
Block, Cl A *		286		36,465
Broadcom		1,341		787,757
Broadridge Financial Solutions		1,884		275,460
Cadence Design Systems *		2,020		305,889
CDW		2,462		424,597
Ceridian HCM Holding *		1,151		83,919
Cisco Systems		9,867		550,283
Cloudflare, Cl A *		528		61,470
Cognex		610		41,212
Cognizant Technology Solutions, Cl A		3,019		260,026
Concentrix		803		160,512
Corning		4,142		167,337
Coupa Software *		194		23,476
Crowdstrike Holdings, Cl A *		236		46,070
Datadog, Cl A *		325		52,361
Dell Technologies, Cl C		5,315		270,852
DocuSign, Cl A *		593		70,229
Dynatrace *		932		41,399

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

73

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
Enphase Energy *		452	$	75,348
Entegris		3,829		499,608
EPAM Systems *		691		143,555
F5 *		233		46,798
Fair Isaac *		339		159,733
Fidelity National Information Services		1,685		160,463
Fiserv *		1,427		139,375
FleetCor Technologies *		691		161,832
Fortinet *		1,421		489,563
Gartner *		949		266,119
GoDaddy, Cl A *		1,390		115,940
Hewlett Packard Enterprise		11,343		180,580
HP		10,060		345,662
HubSpot *		406		213,150
Intel		14,788		705,388
International Business Machines		5,259		644,280
Intuit		787		373,329
Jabil		817		47,231
Jack Henry & Associates		343		60,642
Keysight Technologies *		3,125		491,781
KLA		2,049		714,076
Kyndryl Holdings *		1,051		16,669
Lam Research		1,640		920,614
Leidos Holdings		1,634		166,407
Manhattan Associates *		333		44,515
Marvell Technology		3,339		228,154
Mastercard, Cl A		2,609		941,379
McAfee, Cl A		11,479		298,339
Microchip Technology		2,316		162,884
Micron Technology		4,110		365,215
Microsoft		33,400		9,979,586
MongoDB, Cl A *		27		10,314
Monolithic Power Systems		240		110,088
Motorola Solutions		1,249		275,317
NetApp		597		46,793
NortonLifeLock		6,433		186,428
NVIDIA		7,166		1,747,429
NXP Semiconductors		843		160,271
Okta, Cl A *		439		80,267
ON Semiconductor *		1,008		63,111
Oracle		3,908		296,891

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

74

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
Palantir Technologies, Cl A *		1,999	$	23,688
Palo Alto Networks *		176		104,588
Paychex		1,916		228,119
Paycom Software *		250		84,803
PayPal Holdings *		1,987		222,405
PTC *		879		97,815
Qorvo *		1,222		167,145
QUALCOMM		4,579		787,542
RingCentral, Cl A *		165		21,589
salesforce.com *		1,595		335,795
Seagate Technology Holdings		2,266		233,761
ServiceNow *		319		184,994
Skyworks Solutions		1,111		153,507
SolarEdge Technologies *		274		87,521
SS&C Technologies Holdings		2,984		223,710
Synopsys *		1,374		429,224
TD SYNNEX		1,634		166,390
TE Connectivity		1,365		194,417
Teradata *		1,522		76,085
Teradyne		3,026		356,826
Texas Instruments		2,972		505,210
Trade Desk, Cl A *		830		70,816
Trimble *		3,144		219,294
Twilio, Cl A *		353		61,704
Tyler Technologies *		104		44,539
Ubiquiti		823		208,951
VeriSign *		563		120,324
Visa, Cl A		4,041		873,341
VMware, Cl A *		1,814		212,818
Western Digital *		2,861		145,739
Workday, Cl A *		241		55,201
Zebra Technologies, Cl A *		830		343,072
Zscaler *		540		129,141
				47,478,644
MATERIALS — 1.5%
Air Products & Chemicals		1,326		313,334
Albemarle		2,263		443,299
Alcoa		7,453		561,509
Amcor		15,203		176,811

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

75

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
MATERIALS — continued
Avery Dennison		562	$	99,024
Ball		3,075		275,951
Berry Global Group *		2,654		160,965
Celanese, Cl A		1,260		175,493
CF Industries Holdings		1,125		91,339
Chemours		3,310		91,356
Corteva		4,090		212,803
Crown Holdings		3,187		390,949
Dow		4,155		244,979
DuPont de Nemours		1,894		146,539
Eagle Materials		274		37,491
Eastman Chemical		2,839		336,336
Ecolab		912		160,749
Element Solutions		2,957		72,683
FMC		1,031		120,885
Freeport-McMoRan		11,671		547,954
Graphic Packaging Holding		1,659		34,142
International Flavors & Fragrances		1,296		172,368
International Paper		4,561		198,540
LyondellBasell Industries, Cl A		2,752		267,577
Martin Marietta Materials		636		241,298
Mosaic		3,795		198,972
Newmont		869		57,528
Nucor		4,540		597,555
Olin		5,137		264,607
Packaging Corp of America		955		140,566
PPG Industries		1,653		220,593
Reliance Steel & Aluminum		1,453		277,334
RPM International		1,535		129,815
Scotts Miracle-Gro		216		30,253
Sherwin-Williams		974		256,289
Silgan Holdings		925		38,739
Steel Dynamics		3,136		221,339
United States Steel		1,934		52,624
Valvoline		1,746		56,448
Vulcan Materials		514		93,265
				8,210,301
REAL ESTATE — 0.2%
CBRE Group, Cl A *		4,591		444,638

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

76

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
REAL ESTATE — continued
Jones Lang LaSalle *		74	$	18,220
Life Storage ‡		346		43,800
Medical Properties Trust ‡		3,794		77,170
Prologis ‡		5,350		780,298
				1,364,126
UTILITIES — 0.8%
AES		5,543		117,678
Alliant Energy		2,080		121,472
Ameren		2,056		176,713
American Electric Power		2,434		220,642
American Water Works		889		134,319
Atmos Energy		1,028		112,885
CenterPoint Energy		2,026		55,411
CMS Energy		2,386		152,728
Consolidated Edison		3,018		258,854
Constellation Energy		1,592		73,200
Dominion Energy		1,336		106,252
DTE Energy		954		115,997
Duke Energy		1,937		194,494
Edison International		2,205		139,841
Entergy		1,668		175,490
Evergy		1,889		117,893
Eversource Energy		1,681		137,506
Exelon		4,778		203,352
FirstEnergy		4,518		189,078
NextEra Energy		5,268		412,326
PG&E *		8,810		100,170
PPL		6,407		167,671
Public Service Enterprise Group		2,481		160,843
Sempra Energy		1,419		204,648
Southern		4,483		290,364
WEC Energy Group		243		22,084
Xcel Energy		631		42,485
				4,204,396
				205,875,844

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

77

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
ZAMBIA — 0.0%
First Quantum Minerals		6,926	$	203,108
Total Common Stock
(Cost $197,670,308)				274,518,314
PREFERRED STOCK — 0.2%
BRAZIL — 0.2%
Braskem (1)		8,000		74,119
Cia Energetica de Minas Gerais (1)		5,600		13,914
Gerdau (1)		14,400		71,166
Petroleo Brasileiro (1)		102,800		678,456
Total Preferred Stock
(Cost $637,703)				837,655
SHORT-TERM INVESTMENT — 2.1%
DWS Government Money Market Series, Institutional Shares, 0.040% (C)
(Cost $12,049,565)		12,049,565		12,049,565
Total Investments — 100.1%
(Cost $418,336,889)			$	563,037,126

A list of open total return swap agreements held by the Fund at February 28, 2022, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Appreciation

ReFlow

SPGEX NAV

SOFR + 35 BPS

SPGEX

Annually

03/03/2022

USD

4,838,231

$

512,971

$

512,971

A list of open futures contracts held by the Fund at February 28, 2022, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE Index		10		Mar-2022	$	1,145,147	$	1,081,500	$	(63,647	)
MSCI Emerging Markets		30		Mar-2022		1,791,209		1,765,050		(26,159	)
S&P 500 Index E-MINI		2		Mar-2022		434,365		436,800		2,435
SGX Nifty 50		77		Apr-2022		2,641,545		2,584,120		(57,425	)
					$	6,012,266	$	5,867,470	$	(144,796	)

Percentages are based on Net Assets of $562,562,353.

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

78

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

‡	Real Estate Investment Trust
*	Non-income producing security.
(1)	No Interest Rate Available
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Securities considered illiquid. The total value of such securities as of February 28, 2022 was $21,931 and represented 0.0% of the Net Assets of the Fund.
(C)	The rate reported is the 7-day effective yield as of February 28, 2022.

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

NASDAQ – National Association of Securities Dealers and Automated Quotations

NAV — Net Asset Value

NVDR — Non-Voting Depositary Receipt

S&P— Standard & Poor's

Ser — Series

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPGEX — Symmetry Panoramic Global Equity Fund

USD — U.S. Dollar

VOL — Volatility

The following table summarizes the inputs used as of February 28, 2022, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Registered Investment Companies	$	275,631,592	$	–	$	–	$	275,631,592
Common Stock
Australia		–		1,341,471		–		1,341,471
Austria		–		207,926		–		207,926
Brazil		1,084,560		80,150		–		1,164,710
Canada		7,100,533		–		–		7,100,533
Chile		–		105,339		–		105,339
China		–		6,399,930		–		6,399,930
Denmark		–		1,368,074		–		1,368,074
Finland		–		814,082		–		814,082
France		–		3,133,588		–		3,133,588
Germany		–		2,650,050		–		2,650,050
Hong Kong		–		466,938		–		466,938
Hungary		–		142,915		–		142,915
Indonesia		–		512,835		–		512,835
Italy		51,459		1,172,387		–		1,223,846
Japan		–		11,622,506		–		11,622,506
Luxembourg		–		322,180		–		322,180
Malaysia		–		349,437		–		349,437

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

79

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

Investments in Securities	Level 1			Level 2		Level 3(1)		Total
Mexico	$	1,246,496		$	–	$	–	$	1,246,496
Netherlands		–			1,938,973		–		1,938,973
Norway		–			370,422		–		370,422
Peru		250,845			–		–		250,845
Philippines		34,955			242,153		–		277,108
Poland		–			368,056		–		368,056
Portugal		–			146,427		–		146,427
Puerto Rico		778,061			–		–		778,061
Russia		–			33,267		21,931		55,198
Singapore		–			343,302		–		343,302
South Africa		–			2,460,982		–		2,460,982
South Korea		–			3,853,171		–		3,853,171
Spain		–			952,341		–		952,341
Sweden		–			2,028,089		–		2,028,089
Switzerland		–			2,268,347		–		2,268,347
Taiwan		1,266,356			6,180,588		–		7,446,944
Thailand		–			777,371		–		777,371
Turkey		–			408,216		–		408,216
United Kingdom		352,475			3,190,178		–		3,542,653
United States		205,247,219			628,625		–		205,875,844
Zambia		203,108			–		–		203,108
Total Common Stock		217,616,067			56,880,316		21,931		274,518,314
Preferred Stock
Brazil		837,655			–		–		837,655
Short-Term Investment		12,049,565			–		–		12,049,565
Total Investments in Securities	$	506,134,879		$	56,880,316	$	21,931	$	563,037,126
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts^
Unrealized Appreciation	$	2,435		$	–	$	–	$	2,435
Unrealized Depreciation	$	(147,231	)	$	–	$	–	$	(147,231	)
Total Return Swap^
Unrealized Appreciation	$	–		$	512,971	$	–	$	512,971
Total Other Financial Instruments	$	(144,796	)	$	512,971	$	–	$	368,175

(1) A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

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

Amounts designated as “—” are $0.

For the period ended February 28, 2022, there were no transfers in or out of Level 3.

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.

80

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.0%
	Shares		Value
EQUITY FUNDS — 98.0%
AQR Emerging Multi-Style II Fund, Cl R6		600,601	$	6,942,948
AQR International Defensive Style Fund, Cl R6		109,391		1,548,970
AQR International Multi-Style Fund, Cl R6		956,114		11,970,553
AQR Large Cap Defensive Style Fund, Cl R6		82,117		2,360,866
AQR Large Capital Multi-Style Fund, Cl R6		898,901		17,079,126
Avantis Emerging Markets Equity ETF		45,759		2,776,656
Avantis International Equity ETF		14,914		894,840
Avantis International Small Cap Value ETF		18,843		1,173,730
DFA Emerging Markets Portfolio, Cl I		183,765		5,682,017
DFA Emerging Markets Small Cap Portfolio, Cl I		96,488		2,301,231
DFA Emerging Markets Targeted Value Portfolio, Cl I		49,988		580,858
DFA International High Relative Profitability Portfolio, Cl I		234,909		2,981,000
DFA International Small Cap Growth Portfolio, Cl I		24,762		411,299
DFA International Small Cap Value Portfolio, Cl I		131,779		2,762,096
DFA Large Cap International Portfolio, Cl I		207,738		5,384,573
DFA Real Estate Securities Portfolio, Cl I		52,176		2,387,067
DFA Tax-Managed U.S. Marketwide Value Portfolio II		194,894		6,965,506
DFA US High Relative Profitability Portfolio, Cl I		362,252		6,741,510
Dimensional International Value ETF		90,524		3,009,018
Dimensional US Core Equity 2 ETF		184,656		4,998,638
Dimensional US Equity ETF		262,904		12,490,569
Dimensional US Small Capital ETF		47,996		2,698,815
Dimensional US Targeted Value ETF		166,572		7,783,910
iShares MSCI Global Min Vol Factor ETF		83,057		8,411,182
Schwab International Small Cap Equity ETF		14,523		546,355
Vanguard Small Cap Value ETF		8,931		1,551,672
Vanguard U.S. Quality Factor ETF		8,804		1,016,196

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

81

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
Vanguard U.S. Value Factor ETF		17,776	$	1,870,924
Total Registered Investment Companies
(Cost $98,715,478)				125,322,125
SHORT-TERM INVESTMENT — 1.9%
DWS Government Money Market Series, Institutional Shares, 0.040% (A)
(Cost $2,414,080)		2,414,080		2,414,080
Total Investments — 99.9%
(Cost $101,129,558)			$	127,736,205

A list of open total return swap agreements held by the Fund at February 28, 2022, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Appreciation

ReFlow

SPGTX NAV

SOFR + 35 BPS

SPGTX

Annually

03/02/2022

USD

2,525,722

$

145,405

$

145,405

Percentages are based on Net Assets of $127,910,025.

(A) The rate reported is the 7-day effective yield as of February 28, 2022.

BPS— Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NAV — Net Asset Value

SOFR — Secured Overnight Financing Rate

SPGTX — Symmetry Panoramic Tax-Managed Global Equity Fund

USD — U.S. Dollar

VOL — Volatility

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

82

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 28, 2022 (UNAUDITED)

The following table summarizes the inputs used as of February 28, 2022, 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	$	125,322,125	$	–	$	–	$	125,322,125
Short-Term Investment		2,414,080		–		–		2,414,080
Total Investments in Securities	$	127,736,205	$	–	$	–	$	127,736,205

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Total Return Swap^
Unrealized Appreciation	$	–	$	145,405	$	–	$	145,405
Total Other Financial Instruments	$	–	$	145,405	$	–	$	145,405

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

Amounts designated as “—” are $0.

For the period ended February 28, 2022, there were no transfers in or out of Level 3 securities.

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

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

83

SYMMETRY PANORAMIC US FIXED INCOME FUND
FEBRUARY 28, 2022 (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		691,588	$	34,178,279
JPMorgan U.S. Aggregate Bond ETF		533,300		27,806,262
Vanguard Short-Term Bond Index Fund, Cl Institutional Plus (A)		10,104,882		105,292,866
Vanguard Total Bond Market Index Fund, Cl Institutional Plus (A)		8,469,509		91,386,001
Total Registered Investment Companies
(Cost $254,983,207)				258,663,408
SHORT-TERM INVESTMENT — 1.0%
DWS Government Money Market Series, Institutional Shares, 0.040% (B)
(Cost $2,600,008)		2,600,008		2,600,008
Total Investments — 100.0%
(Cost $257,583,215)			$	261,263,416

Percentages are based on Net Assets of $261,332,490.

(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, 2022.

Cl — Class

ETF — Exchange-Traded Fund

USD — United States Dollar

As of February 28, 2022, 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, 2022, there were no transfers in or out of Level 3 securities.

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

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

84

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
FEBRUARY 28, 2022 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 97.8%
	Shares		Value
MUNICIPAL BOND FUNDS — 97.8%
DFA Intermediate-Term Municipal Bond Portfolio, Cl I		997,901	$	10,168,612
DFA Short-Term Municipal Bond Portfolio, Cl I (A)		1,971,489		19,931,755
iShares National Muni Bond ETF		19,370		2,183,386
iShares Short-Term National Muni Bond ETF		41,178		4,356,221
Vanguard Tax-Exempt Bond Index ETF		82,671		4,401,404
Total Registered Investment Companies
(Cost $41,604,249)				41,041,378
SHORT-TERM INVESTMENT — 2.0%
DWS Government Money Market Series, Institutional Shares, 0.040% (B)
(Cost $817,968)		817,968		817,968
Total Investments — 99.8%
(Cost $42,422,217)			$	41,859,346

Percentages are based on Net Assets of $41,933,058.

(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, 2022.

Cl — Class

ETF — Exchange-Traded Fund

As of February 28, 2022, 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, 2022, there were no transfers in or out of Level 3 securities.

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

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

85

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
FEBRUARY 28, 2022 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 99.0%
	Shares		Value
FIXED INCOME FUNDS — 99.0%
DFA Five-Year Global Fixed Income Portfolio, Cl I		2,698,090	$	28,275,981
JPMorgan U.S. Aggregate Bond ETF		604,700		31,529,058
Vanguard Total Bond Market Index Fund, Cl Institutional Plus (A)		15,566,905		167,966,907
Vanguard Total International Bond Index Fund, Cl Institutional (A)		5,446,426		174,993,672
Total Registered Investment Companies
(Cost $402,970,808)				402,765,618
SHORT-TERM INVESTMENT — 0.9%
DWS Government Money Market Series, Institutional Shares, 0.040% (B)
(Cost $3,538,064)		3,538,064		3,538,064
Total Investments — 99.9%
(Cost $406,508,872)			$	406,303,682

Percentages are based on Net Assets of $406,526,010.

(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, 2022.

Cl — Class

ETF — Exchange-Traded Fund

As of February 28, 2022, 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, 2022, there were no transfers in or out of Level 3 securities.

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

86

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
FEBRUARY 28, 2022 (UNAUDITED)

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

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

87

SYMMETRY PANORAMIC ALTERNATIVES FUND
FEBRUARY 28, 2022 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.8%
	Shares		Value
EQUITY FUNDS — 98.8%
AQR Alternative Risk Premia Fund, Cl R6 (A)		49,095	$	396,686
AQR Diversified Arbitrage Fund, Cl R6 (A)		61,196		729,456
AQR Managed Futures Strategy Fund, Cl R6 (A)		51,659		409,660
Total Registered Investment Companies
(Cost $1,398,043)				1,535,802
SHORT-TERM INVESTMENT — 1.1%
DWS Government Money Market Series, Institutional Shares, 0.040% (B)
(Cost $18,239)		18,239		18,239
Total Investments — 99.9%
(Cost $1,416,282)			$	1,554,041

Percentages are based on Net Assets of $1,554,868.

(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, 2022.

Cl — Class

As of February 28, 2022, 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, 2022, there were no transfers in or out of Level 3 securities.

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

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

88

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2022 (UNAUDITED)

Statements of Assets and Liabilities

	US Equity Fund		International Equity Fund		Global Equity Fund		Tax-Managed Global Equity Fund
Assets:
Investments, at Value †	$	586,385,484	$	308,853,944	$	563,037,126	$	127,736,205
Foreign Currency, at Value ††		36		360,158		473,590		–
Receivable for Investment Securities Sold		12,257,706		13,686,838		18,910,036		–
Unrealized Appreciation on Swap Contracts		587,859		–		512,971		145,405
Dividends and Interest Receivable		546,582		206,573		464,000		107
Cash Collateral on Swap Contracts		165,000		–		440,000		176,000
Receivable for Capital Shares Sold		125,447		73,049		118,832		119,321
Reclaim Receivable		3,608		169,930		136,518		–
Cash Collateral on Futures Contracts		–		340,782		–		–
Unrealized Appreciation on Futures Contracts		–		–		2,435		–
Variation Margin Receivable		–		31,104		33,048		–
Prepaid Expenses		15,365		13,979		15,314		11,880
Total Assets		600,087,087		323,736,357		584,143,870		128,188,918
Liabilities:
Payable for Investment Securities Purchased		12,370,261		13,896,147		17,664,690		–
Due to Broker for Futures		11,530,057		3,362,654		2,655,321		–
Payable for Capital Shares Redeemed		338,318		151,713		324,160		48,667
Obligation to Return Cash Collateral on Swap Contract Received from Counterparty		165,000		–		440,000		176,000
Payable Due to Adviser		143,498		89,226		135,965		15,292
Shareholder Servicing Fees Payable		100,860		53,937		99,615		13,368
Unrealized Depreciation on Futures Contracts		83,819		157,280		147,231		–
Payable Due to Administrator		16,299		8,773		16,010		3,621
Audit Fees Payable		6,998		6,998		6,998		6,998
Transfer Agent Fees Payable		4,995		4,622		5,015		4,158
Trustees Fees Payable		4,671		4,672		4,671		4,672
Chief Compliance Officer Fees Payable		2,529		1,315		2,451		543
Unrealized Depreciation on Swap Contracts		–		38,150		–		–
Unrealized Depreciation on Spot Currency Contracts		–		–		384		–
Payable for Variation Margin		–		15,919		16,914		–
Other Accrued Expenses		25,334		44,585		62,092		5,574
Total Liabilities		24,792,639		17,835,991		21,581,517		278,893
Net Assets	$	575,294,448	$	305,900,366	$	562,562,353	$	127,910,025
† Cost of Investments	$	418,691,480	$	240,804,887	$	418,336,889	$	101,129,558
†† Cost of Foreign Currency		–		360,726		472,418		–
Net Assets Consist of:
Paid-in Capital	$	383,073,065	$	247,533,139	$	403,920,463	$	100,363,862
Total Distributable Earnings		192,221,383		58,367,227		158,641,890		27,546,163
Net Assets	$	575,294,448	$	305,900,366	$	562,562,353	$	127,910,025
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		42,145,644		25,297,067		42,975,992		9,312,372
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	13.65	$	12.09	$	13.09	$	13.74

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

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

89

SYMMETRY PANORAMIC TRUST
FEBRUARY 28, 2022 (UNAUDITED)

Statements of Assets and Liabilities

	US Fixed Income Fund		Municipal Fixed Income Fund			Global Fixed Income Fund			Alternatives Fund
Assets:
Investments, at Value †	$	261,263,416	$	41,859,346		$	406,303,682		$	1,554,041
Dividends and Interest Receivable		238,427		36			382,725			1
Receivable for Capital Shares Sold		134,655		89,029			147,276			–
Receivable Due from Adviser		–		271			–			7,210
Prepaid Expenses		13,635		11,184			14,469			10,850
Total Assets		261,650,133		41,959,866			406,848,152			1,572,102
Liabilities:
Payable for Capital Shares Redeemed		209,326		4,159			151,409			–
Shareholder Servicing Fees Payable		39,766		3,359			60,523			–
Payable Due to Adviser		35,876		–			66,557			–
Payable Due to Administrator		7,292		1,165			11,331			44
Audit Fees Payable		6,998		6,998			6,998			6,998
Trustees Fees Payable		4,672		4,671			4,671			4,671
Transfer Agent Fees Payable		4,421		4,023			4,664			3,969
Chief Compliance Officer Fees Payable		1,079		171			1,699			6
Income Distributions Payable		3		–			17			–
Other Accrued Expenses		8,210		2,262			14,273			1,546
Total Liabilities		317,643		26,808			322,142			17,234
Net Assets	$	261,332,490	$	41,933,058		$	406,526,010		$	1,554,868
† Cost of Investments	$	257,583,215	$	42,422,217		$	406,508,872		$	1,416,282
Net Assets Consist of:
Paid-in Capital	$	258,179,144	$	42,506,414		$	406,545,402		$	1,413,637
Total Distributable Earnings (Loss)		3,153,346		(573,356	)		(19,392	)		141,231
Net Assets	$	261,332,490	$	41,933,058		$	406,526,010		$	1,554,868
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		25,336,085		4,157,873			40,112,738			145,586
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	10.31	$	10.09		$	10.13		$	10.68

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

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

90

SYMMETRY PANORAMIC TRUST
Six months ended FEBRUARY 28, 2022 (UNAUDITED)

Statements of Operations

	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Investment Income:
Dividend Income	$	4,514,535		$	6,062,614		$	7,432,047		$	1,878,932
Less: Foreign Taxes Withheld		(1,382	)		(134,774	)		(108,450	)		–
Total Investment Income		4,513,153			5,927,840			7,323,597			1,878,932
Expenses:
Investment Advisory Fees		1,683,554			1,102,326			1,889,535			409,546
Shareholder Servicing Fees		369,930			189,707			354,564			70,937
Administration Fees		111,287			57,255			106,918			22,909
Chief Compliance Officer Fees		12,018			6,139			11,495			2,424
Trustees' Fees		10,077			10,078			10,077			10,078
Legal Fees		40,085			20,414			38,296			8,096
Custodian Fees		35,564			60,357			82,808			4,139
Printing Fees		14,449			7,767			13,748			3,055
Transfer Agent Fees		13,776			12,871			13,937			11,420
Registration Fees		11,346			10,286			11,335			8,736
Audit Fees		7,766			7,766			7,766			7,766
Insurance and Other Expenses		21,662			33,568			41,076			8,319
Total Expenses		2,331,514			1,518,534			2,581,555			567,425
Less:
Waiver of Investment Advisory Fees		(623,642	)		(477,226	)		(831,716	)		(245,727	)
Reimbursement by Investment Adviser		(28,931	)		(20,521	)		(107,515	)		(57,795	)
Net Expenses		1,678,941			1,020,787			1,642,324			263,903
Net Investment Income		2,834,212			4,907,053			5,681,273			1,615,029

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

91

SYMMETRY PANORAMIC TRUST
Six months ended FEBRUARY 28, 2022 (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	$	14,943,617		$	418,558		$	8,306,339		$	–
Net Realized Gain on Futures Contracts		298,697			107,829			296,880			–
Net Realized Loss on Foreign Currency Transactions		–			(57,177	)		(46,034	)		–
Net Realized Gain Received on Distributions from Registered Investment Companies		5,887,791			2,167,972			5,142,390			2,337,904
Net Realized Gain (Loss) on Swap Contracts		(346,573	)		49,323			(408,859	)		–
Net Change in Unrealized Depreciation on Investments		(33,423,396	)		(23,376,844	)		(35,357,788	)		(8,301,424	)
Net Change in Unrealized Depreciation on Futures Contracts		(252,639	)		(286,736	)		(413,215	)		–
Net Change in Unrealized Depreciation on Swap Contracts		(169,540	)		(231,465	)		(97,370	)		(95,288	)
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		36			(14,871	)		(9,947	)		–
Net Realized and Unrealized Loss on Investments, Distributions from Registered Investment Companies, Swap Contracts, Futures Contracts, Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(13,062,007	)		(21,223,411	)		(22,587,604	)		(6,058,808	)
Net Decrease in Net Assets Resulting from Operations	$	(10,227,795	)	$	(16,316,358	)	$	(16,906,331	)	$	(4,443,779	)

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

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

92

SYMMETRY PANORAMIC TRUST
Six months ended FEBRUARY 28, 2022 (UNAUDITED)

Statements of Operations

	US Fixed Income Fund			Municipal Fixed Income Fund			Global Fixed Income Fund			Alternatives Fund
Investment Income:
Dividend Income	$	1,871,145		$	122,674		$	6,584,878		$	45,280
Total Investment Income		1,871,145			122,674			6,584,878			45,280
Expenses:
Investment Advisory Fees		576,893			93,283			1,043,056			9,676
Shareholder Servicing Fees		152,910			21,074			234,291			1,605
Administration Fees		46,611			7,217			72,930			273
Trustees' Fees		10,078			10,077			10,077			10,077
Chief Compliance Officer Fees		4,977			759			7,785			29
Legal Fees		16,581			2,536			25,934			97
Transfer Agent Fees		12,226			10,983			12,946			10,748
Registration Fees		9,735			8,349			10,635			8,121
Custodian Fees		8,669			1,330			13,479			59
Audit Fees		7,766			7,766			7,766			7,766
Printing Fees		6,347			1,121			9,562			146
Insurance and Other Expenses		10,340			7,221			12,334			6,789
Total Expenses		863,133			171,716			1,460,795			55,386
Less:
Waiver of Investment Advisory Fees		(256,399	)		(43,665	)		(541,589	)		(7,426	)
Reimbursement by Investment Adviser		(82,560	)		(46,899	)		(59,039	)		(44,220	)
Net Expenses		524,174			81,152			860,167			3,740
Net Investment Income		1,346,971			41,522			5,724,711			41,540

Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Loss on Investments Sold		(1,018,170	)		–			(1,219,876	)		(2,063	)
Net Realized Gain Received on Distributions from Registered Investment Companies		489,591			–			1,467,400			–
Net Change in Unrealized Appreciation (Depreciation) on Investments		(10,174,796	)		(726,807	)		(23,709,615	)		24,607
Net Realized and Unrealized Gain (Loss) on Investments and Distributions from Registered Investment Companies		(10,703,375	)		(726,807	)		(23,462,091	)		22,544
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(9,356,404	)	$	(685,285	)	$	(17,737,380	)	$	64,084

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

93

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	US Equity Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net Investment Income	$	2,834,212		$	5,608,275
Net Realized Gain on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		20,783,532			53,963,202
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(33,845,539	)		120,743,169
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,227,795	)		180,314,646
Distributions		(41,595,805	)		(6,274,118	)
Capital Share Transactions:
Class I Shares:
Issued		37,006,000			75,353,617
Reinvestment of Distributions		41,595,387			6,264,504
Redeemed		(87,727,181	)		(175,576,028	)
Net Class I Share Transactions		(9,125,794	)		(93,957,907	)
Net Decrease in Net Assets from Share Transactions		(9,125,794	)		(93,957,907	)
Total Increase (Decrease) in Net Assets		(60,949,394	)		80,082,621
Net Assets:
Beginning of Period/Year		636,243,842			556,161,221
End of Period/Year	$	575,294,448		$	636,243,842
Share Transactions:
Class I Shares:
Issued		2,556,330			5,851,594
Reinvestment of Distributions		2,916,337			513,063
Redeemed		(5,996,322	)		(13,942,573	)
Net Decrease in Shares Outstanding from Share Transactions		(523,655	)		(7,577,916	)

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

94

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	International Equity Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net Investment Income	$	4,907,053		$	4,084,019
Net Realized Gain on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		2,686,505			8,859,847
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(23,909,916	)		61,911,001
Net Increase (Decrease) in Net Assets Resulting from Operations		(16,316,358	)		74,854,867
Distributions		(7,382,351	)		(3,768,487	)
Capital Share Transactions:
Class I Shares:
Issued		19,863,397			39,414,019
Reinvestment of Distributions		7,381,696			3,762,883
Redeemed		(23,329,009	)		(79,581,029	)
Net Class I Share Transactions		3,916,084			(36,404,127	)
Net Increase (Decrease) in Net Assets from Share Transactions		3,916,084			(36,404,127	)
Total Increase (Decrease) in Net Assets		(19,782,625	)		34,682,253
Net Assets:
Beginning of Period/Year		325,682,991			291,000,738
End of Period/Year	$	305,900,366		$	325,682,991
Share Transactions:
Class I Shares:
Issued		1,571,922			3,294,255
Reinvestment of Distributions		585,849			319,430
Redeemed		(1,843,165	)		(6,807,957	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		314,606			(3,194,272	)

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

95

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Global Equity Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net Investment Income	$	5,681,273		$	6,434,816
Net Realized Gain on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		13,290,716			42,205,199
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(35,878,320	)		110,494,540
Net Increase (Decrease) in Net Assets Resulting from Operations		(16,906,331	)		159,134,555
Distributions		(28,308,288	)		(6,625,431	)
Capital Share Transactions:
Class I Shares:
Issued		30,015,469			68,254,536
Reinvestment of Distributions		28,307,555			6,615,548
Redeemed		(57,286,945	)		(163,926,572	)
Net Class I Share Transactions		1,036,079			(89,056,488	)
Net Increase (Decrease) in Net Assets from Share Transactions		1,036,079			(89,056,488	)
Total Increase (Decrease) in Net Assets		(44,178,540	)		63,452,636
Net Assets:
Beginning of Period/Year		606,740,893			543,288,257
End of Period/Year	$	562,562,353		$	606,740,893
Share Transactions:
Class I Shares:
Issued		2,171,086			5,470,050
Reinvestment of Distributions		2,066,454			549,008
Redeemed		(4,135,282	)		(13,468,529	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		102,258			(7,449,471	)

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

96

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Tax-Managed Global Equity Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net Investment Income	$	1,615,029		$	1,253,583
Net Realized Gain on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		2,337,904			959,364
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(8,396,712	)		25,978,699
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,443,779	)		28,191,646
Distributions		(2,015,323	)		(1,170,435	)
Capital Share Transactions:
Class I Shares:
Issued		17,392,039			31,934,415
Reinvestment of Distributions		2,015,323			1,167,237
Redeemed		(8,708,484	)		(20,910,387	)
Net Class I Share Transactions		10,698,878			12,191,265
Net Increase in Net Assets from Share Transactions		10,698,878			12,191,265
Total Increase in Net Assets		4,239,776			39,212,476
Net Assets:
Beginning of Period/Year		123,670,249			84,457,773
End of Period/Year	$	127,910,025		$	123,670,249
Share Transactions:
Class I Shares:
Issued		1,220,892			2,452,418
Reinvestment of Distributions		138,988			94,666
Redeemed		(611,632	)		(1,626,612	)
Net Increase in Shares Outstanding from Share Transactions		748,248			920,472

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

97

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	US Fixed Income Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net Investment Income	$	1,346,971		$	3,184,099
Net Realized Gain (Loss) on Investments		(528,579	)		398,682
Net Change in Unrealized Depreciation on Investments		(10,174,796	)		(3,854,678	)
Net Decrease in Net Assets Resulting from Operations		(9,356,404	)		(271,897	)
Distributions		(1,494,596	)		(3,593,802	)
Capital Share Transactions:
Class I Shares:
Issued		36,384,984			63,180,394
Reinvestment of Distributions		1,493,611			3,577,411
Redeemed		(24,622,648	)		(61,410,502	)
Net Class I Share Transactions		13,255,947			5,347,303
Net Increase in Net Assets from Share Transactions		13,255,947			5,347,303
Total Increase in Net Assets		2,404,947			1,481,604
Net Assets:
Beginning of Period/Year		258,927,543			257,445,939
End of Period/Year	$	261,332,490		$	258,927,543
Share Transactions:
Class I Shares:
Issued		3,450,484			5,853,887
Reinvestment of Distributions		141,705			330,931
Redeemed		(2,329,889	)		(5,673,566	)
Net Increase in Shares Outstanding from Share Transactions		1,262,300			511,252

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

98

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Municipal Fixed Income Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net Investment Income	$	41,522		$	123,056
Net Realized Loss on Investments		—			(7,504	)
Net Change in Unrealized Depreciation on Investments		(726,807	)		(95,944	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(685,285	)		19,608
Distributions		(41,585	)		(123,054	)
Capital Share Transactions:
Class I Shares:
Issued		6,855,106			16,390,588
Reinvestment of Distributions		41,569			122,633
Redeemed		(2,601,722	)		(4,882,124	)
Net Class I Share Transactions		4,294,953			11,631,097
Net Increase in Net Assets from Share Transactions		4,294,953			11,631,097
Total Increase in Net Assets		3,568,083			11,527,651
Net Assets:
Beginning of Period/Year		38,364,975			26,837,324
End of Period/Year	$	41,933,058		$	38,364,975
Share Transactions:
Class I Shares:
Issued		672,245			1,594,315
Reinvestment of Distributions		4,088			11,934
Redeemed		(255,402	)		(474,782	)
Net Increase in Shares Outstanding from Share Transactions		420,931			1,131,467

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

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

99

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Global Fixed Income Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net Investment Income	$	5,724,711		$	3,641,568
Net Realized Gain on Investments		247,524			1,253,784
Net Change in Unrealized Depreciation on Investments		(23,709,615	)		(4,286,797	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,737,380	)		608,555
Distributions		(6,610,979	)		(4,540,290	)
Capital Share Transactions:
Class I Shares:
Issued		49,242,062			92,377,046
Reinvestment of Distributions		6,610,395			4,532,069
Redeemed		(28,012,731	)		(92,499,263	)
Net Class I Share Transactions		27,839,726			4,409,852
Net Increase in Net Assets from Share Transactions		27,839,726			4,409,852
Total Increase in Net Assets		3,491,367			478,117
Net Assets:
Beginning of Period/Year		403,034,643			402,556,526
End of Period/Year	$	406,526,010		$	403,034,643
Share Transactions:
Class I Shares:
Issued		4,684,323			8,587,314
Reinvestment of Distributions		630,614			419,466
Redeemed		(2,669,327	)		(8,553,932	)
Net Increase in Shares Outstanding from Share Transactions		2,645,610			452,848

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

100

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Alternatives Fund
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Operations:
Net Investment Income	$	41,540		$	26,707
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		(2,063	)		5,931
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		24,607			111,875
Net Increase in Net Assets Resulting from Operations		64,084			144,513
Distributions		(30,464	)		—
Capital Share Transactions:
Class I Shares:
Issued		10,958			414,148
Reinvestment of Distributions		30,464			—
Redeemed		(8,118	)		—
Net Class I Share Transactions		33,304			414,148
Net Increase in Net Assets from Share Transactions		33,304			414,148
Total Increase in Net Assets		66,924			558,661
Net Assets:
Beginning of Period/Year		1,487,944			929,283
End of Period/Year	$	1,554,868		$	1,487,944
Share Transactions:
Class I Shares:
Issued		1,039			43,637
Reinvestment of Distributions		2,943			—
Redeemed		(771	)		—
Net Increase in Shares Outstanding from Share Transactions		3,211			43,637

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

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

101

SYMMETRY PANORAMIC 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, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	14.91		$	11.07		$	10.58		$	10.00
Income from Operations:
Net Investment Income(1)		0.07			0.12			0.12			0.11
Net Realized and Unrealized Gain (Loss)		(0.31	)		3.86			0.59			0.51
Total from Operations		(0.24	)		3.98			0.71			0.62
Dividends and Distributions:
Net Investment Income		(0.11	)		(0.14	)		(0.12	)		(0.04	)
Net Realized Gain		(0.91	)		—			(0.10	)		—
Total Dividends and Distributions		(1.02	)		(0.14	)		(0.22	)		(0.04	)
Net Asset Value, End of Year/Period	$	13.65		$	14.91		$	11.07		$	10.58
Total Return†		(1.85	)%		36.19	%		6.73	%		6.26	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	575,294		$	636,244		$	556,161		$	506,766
Ratio of Expenses to Average Net Assets(2)		0.55	%**		0.54	%‡		0.48	%		0.48	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Recaptured Fees)(2)		0.76	%**		0.77	%		0.76	%		0.82	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		0.93	%**		0.96	%		1.15	%		1.32	%**
Portfolio Turnover Rate		12	%***		65	%		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.
‡	Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

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

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

102

SYMMETRY PANORAMIC 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, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	13.04		$	10.33		$	10.19		$	10.00
Income from Operations:
Net Investment Income(1)		0.20			0.16			0.25			0.23
Net Realized and Unrealized Gain (Loss)		(0.85	)		2.69			0.22			0.06
Total from Operations		(0.65	)		2.85			0.47			0.29
Dividends and Distributions:
Net Investment Income		(0.30	)		(0.14	)		(0.33	)		(0.10	)
Total Dividends and Distributions		(0.30	)		(0.14	)		(0.33	)		(0.10	)
Net Asset Value, End of Year/Period	$	12.09		$	13.04		$	10.33		$	10.19
Total Return†		(5.09	)%		27.78	%		4.38	%		2.93	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	305,900		$	325,683		$	291,001		$	264,900
Ratio of Expenses to Average Net Assets(2)		0.65	%**		0.65	%‡		0.65	%		0.65	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Recaptured Fees)(2)		0.96	%**		0.96	%		1.00	%		1.04	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		3.12	%**		1.31	%		2.51	%		2.72	%**
Portfolio Turnover Rate		14	%***		28	%		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.
‡	Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

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

103

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, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	14.15		$	10.80		$	10.43		$	10.00
Income from Operations:
Net Investment Income(1)		0.13			0.14			0.17			0.16
Net Realized and Unrealized Gain (Loss)		(0.52	)		3.35			0.46			0.33
Total from Operations		(0.39	)		3.49			0.63			0.49
Dividends and Distributions:
Net Investment Income		(0.20	)		(0.14	)		(0.21	)		(0.06	)
Net Realized Gain		(0.47	)		—			(0.05	)		—
Total Dividends and Distributions		(0.67	)		(0.14	)		(0.26	)		(0.06	)
Net Asset Value, End of Year/Period	$	13.09		$	14.15		$	10.80		$	10.43
Total Return†		(2.91	)%		32.59	%		5.97	%		4.99	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	562,562		$	606,741		$	543,288		$	507,434
Ratio of Expenses to Average Net Assets(2)		0.56	%**		0.56	%‡		0.52	%		0.52	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Recaptured Fees)(2)		0.88	%**		0.87	%		0.88	%		0.93	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.93	%**		1.13	%		1.70	%		1.92	%**
Portfolio Turnover Rate		15	%***		52	%		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.
‡	Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

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

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

104

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, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	14.44		$	11.05		$	10.49		$	10.00
Income from Operations:
Net Investment Income(1)		0.18			0.16			0.13			0.08
Net Realized and Unrealized Gain (Loss)		(0.65	)		3.38			0.57			0.44
Total from Operations		(0.47	)		3.54			0.70			0.52
Dividends and Distributions:
Net Investment Income		(0.23	)		(0.15	)		(0.14	)		(0.03	)
Total Dividends and Distributions		(0.23	)		(0.15	)		(0.14	)		(0.03	)
Net Asset Value, End of Year/Period	$	13.74		$	14.44		$	11.05		$	10.49
Total Return†		(3.37	)%		32.28	%		6.64	%		5.20	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	127,910		$	123,670		$	84,458		$	27,235
Ratio of Expenses to Average Net Assets(2)		0.42	%**		0.42	%		0.42	%		0.42	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.90	%**		0.92	%		0.99	%		1.72	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		2.56	%**		1.21	%		1.26	%		0.98	%**
Portfolio Turnover Rate		5	%***		39	%		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.

105

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, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.76		$	10.93		$	10.61		$	10.00
Income from Operations:
Net Investment Income(1)		0.06			0.14			0.20			0.18
Net Realized and Unrealized Gain (Loss)		(0.45	)		(0.15	)		0.33			0.59
Total from Operations		(0.39	)		(0.01	)		0.53			0.77
Dividends and Distributions:
Net Investment Income		(0.05	)		(0.14	)		(0.20	)		(0.16	)
Net Realized Gain		(0.01	)		(0.02	)		(0.01	)		—
Total Dividends and Distributions		(0.06	)		(0.16	)		(0.21	)		(0.16	)
Net Asset Value, End of Year/Period	$	10.31		$	10.76		$	10.93		$	10.61
Total Return†		(3.63	)%		(0.13	)%		5.02	%		7.75	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	261,332		$	258,928		$	257,446		$	201,574
Ratio of Expenses to Average Net Assets(2)		0.41	%**		0.41	%		0.41	%		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.67	%**		0.69	%		0.68	%		0.75	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.05	%**		1.27	%		1.84	%		2.15	%**
Portfolio Turnover Rate		52	%***		6	%		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.

106

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, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.27		$	10.30		$	10.23		$	10.00
Income from Operations:
Net Investment Income(1)		0.01			0.04			0.08			0.09
Net Realized and Unrealized Gain (Loss)		(0.18	)		(0.03	)		0.07			0.22
Total from Operations		(0.17	)		0.01			0.15			0.31
Dividends and Distributions:
Net Investment Income		(0.01	)		(0.04	)		(0.08	)		(0.08	)
Total Dividends and Distributions		(0.01	)		(0.04	)		(0.08	)		(0.08	)
Net Asset Value, End of Year/Period	$	10.09		$	10.27		$	10.30		$	10.23
Total Return†		(1.65	)%		0.10	%		1.51	%		3.10	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	41,933		$	38,365		$	26,837		$	8,643
Ratio of Expenses to Average Net Assets(2)		0.41	%**		0.41	%		0.41	%		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.87	%**		0.94	%		1.06	%		3.23	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		0.21	%**		0.39	%		0.82	%		1.10	%**
Portfolio Turnover Rate		—	%***		8	%		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.
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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FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios
For a Share Outstanding
Throughout the Year or Period

Class I Shares	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.76		$	10.88		$	10.82		$	10.00
Income from Operations:
Net Investment Income(1)		0.15			0.10			0.24			0.23
Net Realized and Unrealized Gain (Loss)		(0.61	)		(0.09	)		0.09			0.81
Total from Operations		(0.46	)		0.01			0.33			1.04
Dividends and Distributions:
Net Investment Income		(0.15	)		(0.10	)		(0.25	)		(0.22	)
Net Realized Gain		(0.02	)		(0.03	)		(0.02	)		—
Total Dividends and Distributions		(0.17	)		(0.13	)		(0.27	)		(0.22	)
Net Asset Value, End of Year/Period	$	10.13		$	10.76		$	10.88		$	10.82
Total Return†		(4.33	)%		0.06	%		3.16	%		10.58	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	406,526		$	403,035		$	402,557		$	368,586
Ratio of Expenses to Average Net Assets(2)		0.43	%**		0.43	%		0.43	%		0.43	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.73	%**		0.74	%		0.74	%		0.79	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		2.85	%**		0.93	%		2.26	%		2.75	%**
Portfolio Turnover Rate		7	%***		6	%		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.

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FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios
For a Share Outstanding
Throughout the Year or Period

Class I Shares	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.45		$	9.41		$	10.00		$	10.00
Income from Operations:
Net Investment Income(1)		0.29			0.20			0.16			0.03
Net Realized and Unrealized Gain (Loss)		0.15			0.84			(0.57	)		0.20
Total from Operations		0.44			1.04			(0.41	)		0.23
Dividends and Distributions:
Net Investment Income		(0.21	)		—			(0.17	)		(0.23	)
Return of Capital		—			—			(0.01	)		—
Total Dividends and Distributions		(0.21	)		—			(0.18	)		(0.23	)
Net Asset Value, End of Year/Period	$	10.68		$	10.45		$	9.41		$	10.00
Total Return†		4.32	%		11.05	%		(4.14	)%		2.39	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	1,555		$	1,488		$	929		$	935
Ratio of Expenses to Average Net Assets(2)		0.50	%**		0.50	%		0.50	%		0.50	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		7.38	%**		7.71	%		9.46	%		31.15	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		5.54	%**		1.94	%		1.67	%		0.33	%**
Portfolio Turnover Rate		2	%***		7	%		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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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 Funds currently offer Class I Shares. The Funds commenced operations on November 12, 2018. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held.

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2.    Significant Accounting Policies:

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

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

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

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

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

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

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

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

The Funds use Markit Fair Value (“Markit”) as a third party fair valuation vendor. Markit provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations

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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).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value

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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, 2022, 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, 2022, 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, 2022. 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, 2022.

For the period ended February 28, 2022, the average monthly notional amount of futures contracts held were as follows:

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	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund
Average Monthly Notional Balance Long	$	2,070,504	$	5,297,150	$	5,968,264
Ending Monthly Notional Balance Long		1,175,819		6,453,905		6,012,265

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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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, 2022, Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund have swap agreements with one counterparty, ReFlow Fund, LLC (“ReFlow”).

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

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

For the period ended February 28, 2022, the monthly average balances of swap contracts held by the Funds was as follows:

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	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	$	9,836,120	$	3,360,914	$	6,617,726	$	2,795,510
Ending Monthly Notional Balance Long		10,951,450		2,737,875		4,838,231		2,525,722

For the period ended February 28, 2022, 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 Schedules of Investments, Statements of Assets and Liabilities and the Statements 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 $450,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or cash pledged as collateral for futures contracts and swap contracts (cash). The market value of any securities received as collateral is not

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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

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differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.

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

Interfund Lending — The Funds have entered into an interfund lending and borrowing facility, pursuant to which: (i) each Fund could lend money directly to and borrow money directly from other Funds within the Trust for temporary defensive purposes, namely to cover unanticipated cash shortfalls, such as unanticipated redemptions or sales fails; and (ii) the Funds will not borrow under the facility for leverage purposes and the loans’ duration will be no more than 7 days. This interfund lending facility is intended to provide a borrowing Fund with a source of liquidity at a rate lower than the bank borrowing rate at times when the cash position of the Fund is insufficient to meet temporary cash requirements. In addition, Funds making short-term cash loans directly to other Funds would earn interest at a rate higher than these Funds otherwise could obtain from investing the Funds’ cash in repurchase agreements or certain other short term money market instruments. Thus, this interfund lending facility is expected to benefit both borrowing and lending Funds. For the reporting period ending February 28, 2022, the Funds had not engaged in any interfund-lending transactions.

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.

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

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended February 28, 2022, the Funds were charged as follows for these services:

Fund	Administration Fee
Symmetry Panoramic US Equity Fund	$	111,287
Symmetry Panoramic International Equity Fund		57,255
Symmetry Panoramic Global Equity Fund		106,918
Symmetry Panoramic Tax-Managed Global Equity Fund		22,909
Symmetry Panoramic US Fixed Income Fund		46,611
Symmetry Panoramic Municipal Fixed Income Fund		7,217
Symmetry Panoramic Global Fixed Income Fund		72,930
Symmetry Panoramic Alternatives Fund		273

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.

Apex Fund Services 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

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of each Fund’s portfolio assets through proactive oversight and monitoring of each sub-adviser and the Fund, as described in further detail below. The Adviser is responsible for developing overall investment strategies for the Funds and overseeing and implementing each Fund’s continuous investment programs and provides a variety of advisory oversight and investment research services. The Adviser also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or sub-adviser changes) and coordinates and oversees services provided under other agreements. The Adviser has ultimate responsibility to oversee a sub-adviser and recommend to the Board of Trustees its hiring, termination, and replacement. In this capacity, the Adviser, among other things: (i) monitors on a daily basis the compliance of the sub-adviser with the investment objectives and related policies of the Fund; (ii) monitors significant changes that may impact the sub-adviser’s overall business and regularly performs due diligence reviews of the sub-adviser; (iii) reviews the performance of the sub-adviser; and (iv) reports periodically on such performance to the Board of Trustees. The Adviser employs a team of investment professionals who provide these ongoing research and monitoring services.

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

The Adviser has agreed to limit each Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in the below table until at least December 31, 2022 (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 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)).

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	Expense Limitation
Symmetry Panoramic US Equity Fund		0.55	%
Symmetry Panoramic International Equity Fund		0.65	%
Symmetry Panoramic Global Equity Fund		0.56	%
Symmetry Panoramic Tax-Managed Global Equity Fund		0.42	%
Symmetry Panoramic US Fixed Income Fund		0.41	%
Symmetry Panoramic Municipal Fixed Income Fund		0.41	%
Symmetry Panoramic Global Fixed Income Fund		0.43	%
Symmetry Panoramic Alternatives Fund		0.50	%

 
The Adviser also has contractually agreed to waive its advisory fee for each of the Funds until at least December 31, 2022 (“Fee Waiver”) so that the aggregate annual advisory fee retained by the Adviser with respect to each of the Funds after payment of sub-advisory fees does not exceed the amount shown under the “Fee Waiver” column in the following table:

	Advisory Fee Before Fee Waiver			Fee Waiver
Symmetry Panoramic US Equity Fund		0.55	%		0.25	%
Symmetry Panoramic International Equity Fund		0.70	%		0.25	%
Symmetry Panoramic Global Equity Fund		0.63	%		0.25	%
Symmetry Panoramic Tax-Managed Global Equity Fund		0.65	%		0.26	%
Symmetry Panoramic US Fixed Income Fund		0.45	%		0.25	%
Symmetry Panoramic Municipal Fixed Income Fund		0.47	%		0.25	%
Symmetry Panoramic Global Fixed Income Fund		0.52	%		0.25	%
Symmetry Panoramic Alternatives Fund		1.29	%		0.30	%

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

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As of February 28, 2022, the amounts of waivers/reimbursements subject to recoupment are as follows:

	Amount expiring in 2023		Amount expiring in 2024		Amount expiring in 2025
Symmetry Panoramic US Equity Fund	$	249,142	$	108,126	$	23,032
Symmetry Panoramic International Equity Fund		98,744		22,628		-
Symmetry Panoramic Global Equity Fund		412,180		247,654		89,334
Symmetry Panoramic Tax-Managed Global Equity Fund		93,220		113,110		47,289
Symmetry Panoramic US Fixed Income Fund		166,041		201,285		68,097
Symmetry Panoramic Municipal Fixed Income Fund		77,251		97,750		38,602
Symmetry Panoramic Global Fixed Income Fund		142,780		152,426		49,161
Symmetry Panoramic Alternatives Fund		72,901		85,801		36,322

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.

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, 2022, were as follows:

		Purchases		Sales and Maturities
Symmetry Panoramic US Equity Fund	$	69,989,788	$	107,222,978
Symmetry Panoramic International Equity Fund		48,325,830		43,155,243
Symmetry Panoramic Global Equity Fund		85,351,449		99,197,345
Symmetry Panoramic Tax-Managed Global Equity Fund		19,191,445		6,698,982

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		Purchases		Sales and Maturities
Symmetry Panoramic US Fixed Income Fund	$	147,800,033	$	134,399,914
Symmetry Panoramic Municipal Fixed Income Fund		4,116,544		–
Symmetry Panoramic Global Fixed Income Fund		57,279,062		28,027,681
Symmetry Panoramic Alternatives Fund		64,882		26,051

7.    Federal Tax Information

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period that the differences arise. The permanent differences relate to tax adjustments for gains on redemption in-kind. The following permanent differences were credited or charged to Paid-in Capital or Distributable Earnings as of August 31, 2021:

		Distributable Earnings		Paid in Capital
Symmetry Panoramic US Equity Fund	$	(1,204,518	)	$	1,204,518

The tax character of dividends and distributions declared during the fiscal years ended August 31, 2021 and 2020 were as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Tax Exempt Income		Total
Symmetry Panoramic US Equity Fund
2021	$	6,274,118	$	—	$	—	$	—	$	6,274,118
2020		7,116,331		3,423,409		—		—		10,539,740
Symmetry Panoramic International Equity Fund
2021		3,768,487		—		—		—		3,768,487
2020		8,354,916		—		—		—		8,354,916

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	Ordinary Income		Long-Term Capital Gain		Return of Capital		Tax Exempt Income		Total
Symmetry Panoramic Global Equity Fund
2021	$	6,625,431	$	—	$	—	$	—	$	6,625,431
2020		11,416,654		953,696		—		—		12,370,350
Symmetry Panoramic Tax-Managed Global Equity Fund
2021		1,170,435		—		—		—		1,170,435
2020		539,136		—		—		—		539,136
Symmetry Panoramic US Fixed Income Fund
2021		3,535,314		58,488		—		—		3,593,802
2020		4,504,940		—		—		—		4,504,940
Symmetry Panoramic Municipal Fixed Income Fund
2021		—		—		—		123,054		123,054
2020		—		—		—		148,299		148,299
Symmetry Panoramic Global Fixed Income Fund
2021		4,540,290		—		—		—		4,540,290
2020		9,589,255		—		—		—		9,589,255
Symmetry Panoramic Alternatives Fund
2021		—		—		—		—		—
2020		16,020		—		911		—		16,931

As of August 31, 2021, 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	$	29,685,303	$	2,369,575		$	21,525,691		$	314,283
Undistributed Long-Term Capital Gain		13,096,467		–			2,070,613			–
Post-October Losses		–		–			–			(238,066	)
Capital Loss Carryforwards		–		(11,575,459	)		–			(1,182,033	)
Unrealized Appreciation		201,263,213		91,271,822			180,260,208			35,111,083
Other Temporary Differences		–		(2	)		(3	)		(2	)
Total Distributable Earnings	$	244,044,983	$	82,065,936		$	203,856,509		$	34,005,265

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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	$	228		$	–		$	117,752	$	24,604
Undistributed Long-Term Capital Gain		163,372			–			794,985		–
Undistributed Tax-Exempt Income		–			471			–		–
Post-October Losses		(14,250	)		(7,439	)		–		–
Capital Loss Carryforwards		–			–			–		(28,634	)
Unrealized Appreciation		13,854,996			160,482			23,416,230		111,641
Total Distributable Earnings	$	14,004,346		$	153,514		$	24,328,967	$	107,611

Post-October losses represent losses realized on investment transactions from November 1, 2020 through August 31, 2021, 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, 2021 through August 31, 2021 and specified losses realized on investment transactions from November 1, 2020 through August 31, 2021.

The Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund and Symmetry Panoramic Municipal Fixed Income Fund had Post-October losses of $238,066, $14,250, and $7,439, respectively. The funds elect to treat each as having arisen in the following fiscal year.

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 International Equity Fund	$	5,223,304	$	6,352,155	$	11,575,459
Symmetry Panoramic Tax-Managed Global Equity Fund		1,032,794		149,239		1,182,033
Symmetry Panoramic Alternatives Fund		22,807		5,827		28,634

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at February 28, 2022, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Symmetry Panoramic US Equity Fund	$	418,691,480	$	170,647,768	$	(2,953,764	)	$	167,694,004

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	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Symmetry Panoramic International Equity Fund	$	240,804,887	$	68,814,548	$	(765,491	)	$	68,049,057
Symmetry Panoramic Global Equity Fund		418,336,889		147,465,180		(2,764,943	)		144,700,237
Symmetry Panoramic Tax-Managed Global Equity Fund		101,129,558		26,652,277		(45,630	)		26,606,647
Symmetry Panoramic US Fixed Income Fund		257,583,215		4,412,723		(732,522	)		3,680,201
Symmetry Panoramic Municipal Fixed Income Fund		42,422,217		—		(562,871	)		(562,871	)
Symmetry Panoramic Global Fixed Income Fund		406,508,872		6,481,645		(6,686,835	)		(205,190	)
Symmetry Panoramic Alternatives Fund		1,416,282		155,056		(17,297	)		137,759

8.    In-Kind Transfer

During the period ended February 28, 2022, the Symmetry Panoramic US Equity Fund had an investor accept securities in lieu of cash.

	Shares Redeemed		Value of Securities			Cash	Total		Realized Gain
Symmetry Panoramic US Equity Fund		279,260	$	3,692,593	$	122,100	$	3,814693	$	1,890,797

9.    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

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

General Risks of Investing in Underlying Funds — Because each Fund invests in Underlying Funds that invest directly in securities and other instruments, the Fund’s shareholders will be affected by the investment policies of the Underlying Funds in direct proportion to the amount of assets the Fund allocates to those Underlying Funds. Certain of the Funds also may invest in Underlying Funds that in turn invest in foreign issuers and thus are subject to additional risks, including changes in foreign currency exchange rates and country risk. Foreign investments of the Underlying Funds may include securities of issuers located in emerging countries in Asia, Latin America, Eastern Europe and Africa. The Funds also may invest in Underlying Funds that invest in mid-, small-, and micro-capitalization stocks, which may be riskier than investing in larger, more established companies.

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

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

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

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

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

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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.

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

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of the private sector. Accordingly, government actions could have a significant impact on economic conditions. Certain emerging market and frontier market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular sector and/or company, limit the investment by foreign persons to a specific class of securities of an issuer that may have less advantageous rights than a domestically available class, require foreign investors to maintain a trading account with only one licensed securities company in the relevant market and/or impose additional taxes on foreign investors. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment.

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

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

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

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

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

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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.

Special Risks of Foreign Securities — Foreign securities involve special risks and costs, which are considered by the investment adviser in evaluating the creditworthiness of

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issuers and making investment decisions for the Fund. Foreign securities fluctuate in price because of political, financial, social and economic events in foreign countries (including, for example, military confrontations, war and terrorism). A foreign security could also lose value because of more or less stringent foreign securities regulations and less stringent accounting and disclosure standards. In addition, foreign markets may have greater volatility than domestic markets and foreign securities may be less liquid and harder to value than domestic securities.

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

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

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

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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.

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.

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

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

• Momentum Style Risk. Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy may suffer.

• Value Investing Risk is the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by

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the Fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.

• Quantitative Investing Risk 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.

• Profitability Investment Risk is the risk that high relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies.

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.

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

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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.

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,

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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 market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment 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.

Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and more recently in connection with the coronavirus disease 2019 (COVID-19) pandemic. Market conditions such as this are an inevitable part of investing in capital markets and may continue, recur, worsen or spread. Markets may be

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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

Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and more recently in connection with the coronavirus disease 2019 (COVID-19) pandemic. Market conditions such as this are an inevitable part of investing in capital markets and may continue, recur, worsen or spread. Markets may be volatile and values of individual securities and other investments may decline significantly in response to adverse issuer, political, regulatory, market, economic, public health, or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Changes in the financial condition of a single issuer may impact a market as a whole. Changes in value may be temporary or may last for extended periods. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters or epidemics (such as COVID-19), or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. Governments and central banks may take steps to support financial markets, including by keeping interest rates at historically low levels. This and other governmental intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to

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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 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.

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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.

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.

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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 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

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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.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund's ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that a Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund's investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may

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further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund beyond any direct exposure a Fund may have to Russian issuers or issuers in other countries affected by the invasion.

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,

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including instances at third parties. The Fund, the Adviser and the Sub-Advisers seek to reduce these operational risks through control and procedures. However, these measures do not address every possible risk and may be inadequate to address these risk.

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.

Small Fund Risk — Symmetry Panoramic Municipal Fixed Income Fund and Symmetry Panoramic Alternative Fund currently have fewer assets than larger funds. Thus, like other small funds, inflows and outflows may impact its market exposure. In addition, if a 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.

Swap Risk — Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its

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obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated by a Fund or the counterparty in accordance with its terms. If a swap were to terminate, a Fund may be unable to implement its investment strategies and a Fund may not be able to seek to achieve its investment objective.

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

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

10.    Other:

As of February 28, 2022, the percentage of total shares outstanding held by shareholders of the Funds, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders owning 10% or greater of the aggregate total shares outstanding for each fund, were as follows:

	No. of Shareholders		% Ownership
Symmetry Panoramic US Equity Fund		2	86.06%
Symmetry Panoramic International Equity Fund		2	86.66
Symmetry Panoramic Global Equity Fund		1	77.62
Symmetry Panoramic Tax-Managed Global Equity Fund		3	80.78
Symmetry Panoramic US Fixed Income Fund		3	91.97
Symmetry Panoramic Municipal Fixed Income Fund		4	91.66
Symmetry Panoramic Global Fixed Income Fund		2	86.23
Symmetry Panoramic Alternatives Fund		1	80.42

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.

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11.    Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of February 28, 2022.

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Disclosure of Fund Expenses (Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from September 1, 2021 to February 28, 2022.

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.

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.

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Disclosure of Fund Expenses (Unaudited) - continued

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 9/1/21		Ending Account Value 2/28/22		Annualized Expense Ratios			Expenses Paid During Period*
Symmetry Panoramic US Equity Fund
Class I Shares
Actual Fund Return	$	1,000.00	$	981.50		0.55	%	$	2.70
Hypothetical 5% Return	$	1,000.00	$	1,022.07		0.55	%	$	2.76
Symmetry Panoramic International Equity Fund
Class I Shares
Actual Fund Return	$	1,000.00	$	949.10		0.65	%	$	3.14
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	$	970.90		0.56	%	$	2.74
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	$	966.30		0.42	%	$	2.05
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	$	963.70		0.41	%	$	2.00
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	$	983.50		0.41	%	$	2.02
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	$	956.70		0.43	%	$	2.09
Hypothetical 5% Return	$	1,000.00	$	1,022.66		0.43	%	$	2.16
Symmetry Panoramic Alternatives Fund
Class I Shares
Actual Fund Return	$	1,000.00	$	1,043.20		0.50	%	$	2.53
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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Liquidity Risk Management Program (Unaudited)

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 September 1, 2020 through August 31, 2021 in order to prepare a written report to the Board for review at its meeting held on January 19, 2022.

The Program Administrator’s written report stated that: (i) the Funds are able to meet redemptions in normal and reasonably foreseeable stressed conditions; (ii) 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; (iii) the Funds did not approach the internal triggers set forth in the Program or the regulatory percentage limitation (15%) on holdings in illiquid investments; (iv) 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 (v) 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.

149

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 report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

SYM-SA-001-0200

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 9, 2022

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 9, 2022

By	/s/ Andrew Metzger
	Andrew Metzger
	Treasurer & Principal Financial Officer
Date: May 9, 2022