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, 2023

Date of reporting period: February 28, 2023

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, 2023

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, 2023

Table of Contents

Shareholders’ Letter	1
Schedules of Investments	3
Statements of Assets and Liabilities	86
Statements of Operations	88
Statements of Changes in Net Assets	91
Financial Highlights	99
Notes to Financial Statements	107
Disclosure of Fund Expenses	143
Liquidity Risk Management Program	145

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, 2023

(Unaudited)

Shareholders’ Letter

Dear Shareholders,

It is again my pleasure to provide you with updates for this semi-annual reporting period, six months ending February 28, 2023. The Symmetry Panoramic team continues to monitor the landscape of managers to ensure that our funds offer exposure to the quantitative premiums that we believe persist over time through a diversified mix of sub-advised sleeves, ETFs, and other mutual funds. Efforts to manage the funds in a tax efficient manner have continued with six funds not distributing any capital gain in 2022. The tax cost ratios of seven of the eight Funds were in line with or below their Morningstar category averages⁽ⁱ⁾. Additionally, the expense ratios of seven Funds have been consistently declining since launch⁽ⁱⁱ⁾.

For this reporting period, the U.S. Equity, Global Equity, and Tax-Managed Global Equity Panoramic Funds, the Panoramic Alternatives Fund, and the Panoramic Municipal Fixed Income Fund outpaced their benchmarks⁽ⁱⁱⁱ⁾. While the calendar year 2022 was characterized by negative absolute returns in global equities but positive relative performance of several factors, 2023 has begun with positive returns in global equities and fewer outperforming factor strategies. The value factor has continued its strong outperformance globally through the six months of this reporting period and was the sole outperforming factor in the international developed geography. In addition, the Small and Quality factors outperformed market capitalization weighted indices in the U.S. and Emerging Markets. The Low Volatility factor outperformed only in Emerging Markets.

Macroeconomic and geopolitical uncertainty persists. The Federal Reserve has continued to hike the federal funds rate in a focused effort to combat inflation. While the rate of increases in the price level has moderated to an extent, strength in the level of employment has complicated the economic picture. Recession remains a possibility. On the global stage, the anniversary of the Russian invasion on Ukraine has passed. While we are monitoring these economic and geopolitical developments for any impact on the Funds, we believe that most of these events should not deter investors from focusing on the appropriate long-term investing strategy.

Sincerely,

Philip McDonald

President, Symmetry Panoramic Trust

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.

1

SYMMETRY PANORAMIC TRUST

FEBRUARY 28, 2023

(Unaudited)

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 2023. 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. The Panoramic U.S. Equity, International Equity, Global Equity, Tax-Managed Global Equity, U.S. Fixed Income, Global Fixed Income, and Municipal Fixed Income Funds had 1-year and 3-year Morningstar tax cost ratios in line with or below their Morningstar peer group median as of March 31, 2023.

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

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

2

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

 SECTOR WEIGHTINGS^†

^† Percentages are based on total investments. Total investments do not include futures and swaps.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 64.4%
	Shares		Value
PANAMA — 0.0%
Copa Holdings, Cl A *		1,233	$	113,868
PERU — 0.0%
Southern Copper		787		57,994
SWITZERLAND — 0.0%
TE Connectivity		1,704		216,953
UNITED KINGDOM — 0.2%
Linde		2,187		761,885
UNITED STATES — 64.2%
COMMUNICATION SERVICES — 3.1%
Activision Blizzard		3,284		250,405
Alphabet, Cl A *		28,620		2,577,517
Alphabet, Cl C *		27,480		2,481,444
AT&T		85,110		1,609,430
Charter Communications, Cl A *		136		49,995
Comcast, Cl A		33,215		1,234,602
DISH Network, Cl A *		2,940		33,545
Electronic Arts		1,941		215,334
Fox, Cl A		3,472		121,589

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

3

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
COMMUNICATION SERVICES — continued
Fox, Cl B		2,648	$	85,398
Interpublic Group		4,420		157,087
Liberty Broadband, Cl C *		1,573		136,332
Liberty Media -Liberty Formula One, Cl C *		2,990		202,931
Liberty Media -Liberty SiriusXM, Cl A *		1,491		48,294
Liberty Media -Liberty SiriusXM, Cl B *		2,176		70,111
Live Nation Entertainment *		1,417		102,109
Lumen Technologies *		25,003		85,010
Meta Platforms, Cl A *		11,268		1,971,224
Netflix *		1,016		327,284
News, Cl A		5,717		98,047
News, Cl B		2,934		50,641
Omnicom Group		3,901		353,314
Paramount Global, Cl B		4,906		105,087
ROBLOX, Cl A *		977		35,797
Sirius XM Holdings		11,567		50,779
Take-Two Interactive Software *		966		105,825
T-Mobile US *		4,969		706,492
Trade Desk, Cl A *		810		45,328
Verizon Communications		45,696		1,773,462
Walt Disney *		6,849		682,229
Warner Bros Discovery *		15,823		247,155
				16,013,797
CONSUMER DISCRETIONARY — 6.1%
ADT		3,951		29,791
Advance Auto Parts		894		129,594
Amazon.com *		39,436		3,716,054
Aptiv *		1,406		163,490
Aramark		3,598		132,406
AutoNation *		7,727		1,054,813
AutoZone *		372		924,993
Bath & Body Works		3,762		153,753
Best Buy		5,622		467,244
Booking Holdings *		164		413,936
BorgWarner		3,607		181,360
Caesars Entertainment *		1,927		97,815
Capri Holdings *		209		10,360
CarMax *		2,063		142,430
Carnival *		5,725		60,800

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

4

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER DISCRETIONARY — continued
Chipotle Mexican Grill, Cl A *		180	$	268,394
Choice Hotels International		751		88,888
Darden Restaurants		1,419		202,903
Deckers Outdoor *		227		94,511
Dick's Sporting Goods		6,194		796,734
Dollar General		5,285		1,143,146
Dollar Tree *		3,120		453,274
Domino's Pizza		573		168,468
DoorDash, Cl A *		805		44,001
DR Horton		9,765		903,067
eBay		6,332		290,639
Etsy *		692		84,016
Expedia Group *		668		72,792
Five Below *		508		103,784
Floor & Decor Holdings, Cl A *		1,404		128,901
Ford Motor		32,143		387,966
Garmin		2,036		199,793
General Motors		10,175		394,180
Gentex		7,380		210,699
Genuine Parts		1,331		235,401
Grand Canyon Education *		2,591		293,534
H&R Block		3,631		133,621
Hasbro		2,120		116,621
Hilton Worldwide Holdings		1,877		271,245
Home Depot		5,159		1,529,850
Hyatt Hotels, Cl A *		425		49,402
Las Vegas Sands *		3,090		177,582
Lear		618		86,304
Lennar, Cl A		4,547		439,877
Lennar, Cl B		300		24,498
LKQ		12,623		723,172
Lowe's		5,107		1,050,765
Lululemon Athletica *		1,350		417,420
Marriott International, Cl A		1,649		279,077
McDonald's		3,961		1,045,348
NIKE, Cl B		6,590		782,826
NVR *		44		227,639
O'Reilly Automotive *		739		613,444
Penske Automotive Group		7,201		1,038,024
Polaris		719		81,786
Pool		1,364		486,757

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

5

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER DISCRETIONARY — continued
PulteGroup		11,215	$	613,124
Ross Stores		2,424		267,949
Service International		2,804		189,354
Starbucks		5,137		524,436
Tapestry		3,019		131,357
Target		9,869		1,662,927
Tesla *		8,147		1,675,919
TJX		8,117		621,762
Tractor Supply		3,585		836,237
Ulta Beauty *		706		366,273
Vail Resorts		505		117,912
Whirlpool		1,387		191,378
Williams-Sonoma		5,409		675,692
Wynn Resorts *		834		90,381
Yum! Brands		2,040		259,406
				32,043,295
CONSUMER STAPLES — 5.4%
Albertsons, Cl A		2,408		47,871
Altria Group		54,541		2,532,339
Archer-Daniels-Midland		3,138		249,785
BJ's Wholesale Club Holdings *		2,157		154,873
Brown-Forman, Cl A		359		23,306
Brown-Forman, Cl B		1,246		80,828
Bunge		1,742		166,361
Campbell Soup		47,078		2,472,537
Casey's General Stores		1,292		268,671
Celsius Holdings *		347		31,508
Church & Dwight		2,027		169,822
Clorox		280		43,523
Coca-Cola		18,080		1,075,941
Colgate-Palmolive		4,095		300,163
Conagra Brands		20,712		754,124
Constellation Brands, Cl A		769		172,025
Costco Wholesale		2,201		1,065,680
Coty, Cl A *		5,045		57,009
Darling Ingredients *		2,067		130,779
Estee Lauder, Cl A		2,132		518,183
Flowers Foods		33,235		926,592
General Mills		19,873		1,580,102

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

6

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares			Value
UNITED STATES — continued
CONSUMER STAPLES — continued
Hershey		969		$	230,932
Hormel Foods		3,234			143,525
J M Smucker		8,570			1,267,417
Kellogg		19,628			1,294,270
Keurig Dr Pepper		3,589			124,000
Kimberly-Clark		637			79,657
Kraft Heinz		32,149			1,251,882
Kroger		16,235			700,378
Lamb Weston Holdings		2,341			235,598
McCormick		1,686			125,469
Molson Coors Beverage, Cl B		737			39,201
Mondelez International, Cl A		11,963			779,748
Monster Beverage *		1,412			143,685
PepsiCo		10,086			1,750,224
Performance Food Group *		1,180			66,776
Philip Morris International		10,888			1,059,402
Post Holdings *		16,769			1,508,539
Procter & Gamble		11,235			1,545,487
Sysco		3,290			245,335
Tyson Foods, Cl A		3,016			178,668
US Foods Holding *		1,428			53,593
Walgreens Boots Alliance		8,151			289,605
Walmart		16,334			2,321,551
					28,256,964
ENERGY — 6.4%
Antero Resources *		11,633	��		304,785
APA		12,477			478,867
Baker Hughes, Cl A		9,283			284,060
Cheniere Energy		1,815			285,572
Chesapeake Energy		5,124			414,071
Chevron		30,370			4,882,585
ConocoPhillips		25,809			2,667,360
Coterra Energy		32,791			818,791
Devon Energy		31,694			1,708,940
Diamondback Energy		5,824			818,738
EOG Resources		10,721			1,211,687
EQT		5,317			176,418
Exxon Mobil		64,614			7,101,725
Halliburton		11,488			416,210

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

7

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
ENERGY — continued
Hess		5,209	$	701,652
HF Sinclair		10,786		536,280
Kinder Morgan		12,238		208,780
Marathon Oil		74,635		1,877,070
Marathon Petroleum		12,457		1,539,685
Matador Resources		643		34,587
NOV		1,776		38,859
Occidental Petroleum		19,488		1,141,217
ONEOK		6,358		416,131
Ovintiv		3,729		159,489
Phillips 66		7,378		756,688
Pioneer Natural Resources		3,694		740,315
Schlumberger		32,599		1,734,593
Targa Resources		3,556		263,500
Texas Pacific Land		64		113,932
Valero Energy		9,101		1,198,875
Vitesse Energy		142		2,468
Williams		6,566		197,637
				33,231,567
FINANCIALS — 8.4%
Aflac		7,042		479,912
Allstate		5,696		733,531
Ally Financial		5,697		171,195
American Express		4,955		862,120
American Financial Group		1,501		201,299
American International Group		5,266		321,805
Ameriprise Financial		4,343		1,489,084
Aon, Cl A		2,189		665,565
Apollo Global Management		2,331		165,268
Arch Capital Group *		7,301		511,070
Ares Management, Cl A		1,108		89,338
Arthur J Gallagher		1,311		245,616
Assurant		1,928		245,608
Assured Guaranty		9,721		606,688
Bank of America		34,239		1,174,398
Bank of New York Mellon		6,027		306,654
Bank OZK		3,480		160,184
Berkshire Hathaway, Cl B *		8,577		2,617,529
BlackRock, Cl A		553		381,255

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

8

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Blackstone, Cl A		3,114	$	282,751
Brown & Brown		4,375		245,306
Capital One Financial		3,001		327,349
Carlyle Group		2,843		97,799
Cboe Global Markets		1,155		145,726
Charles Schwab		6,282		489,493
Chubb		6,350		1,339,977
Cincinnati Financial		1,700		205,190
Citigroup		9,203		466,500
Citizens Financial Group		4,500		187,920
CME Group, Cl A		1,526		282,859
CNA Financial		896		39,227
Comerica		1,667		116,857
Commerce Bancshares		2,653		175,496
Cullen		300		39,546
Discover Financial Services		4,201		470,512
East West Bancorp		16,434		1,252,435
Equitable Holdings		8,532		268,075
Erie Indemnity, Cl A		557		131,112
Everest Re Group		3,165		1,215,265
F&G Annuities & Life		412		8,392
FactSet Research Systems		625		259,094
Fidelity National Financial		10,150		404,579
Fifth Third Bancorp		6,198		224,987
First American Financial		1,494		84,829
First Citizens BancShares, Cl A		239		175,369
First Horizon		2,717		67,300
First Republic Bank		1,491		183,408
Franklin Resources		3,098		91,298
Globe Life		1,266		154,060
Goldman Sachs Group		1,605		564,398
Hanover Insurance Group		746		104,052
Hartford Financial Services Group		3,671		287,366
Huntington Bancshares		13,524		207,188
Interactive Brokers Group, Cl A		500		43,055
Intercontinental Exchange		1,852		188,534
Invesco		2,348		41,466
Jefferies Financial Group		3,109		117,489
JPMorgan Chase		15,027		2,154,120
KeyCorp		10,707		195,831
KKR		2,812		158,456

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

9

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FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Loews		2,777	$	169,647
LPL Financial Holdings		893		222,857
M&T Bank		1,264		196,287
Markel *		120		159,583
MarketAxess Holdings		273		93,216
Marsh & McLennan		2,942		477,016
MetLife		8,424		604,254
Moody's		923		267,808
Morgan Stanley		22,346		2,156,389
Morningstar		512		106,153
MSCI, Cl A		498		260,031
Nasdaq		8,031		450,218
Northern Trust		2,133		203,211
Old Republic International		1,826		48,152
PNC Financial Services Group		1,806		285,204
Principal Financial Group		2,833		253,723
Progressive		5,413		776,874
Prudential Financial		3,417		341,700
Raymond James Financial		2,739		297,072
Regions Financial		54,159		1,262,988
Reinsurance Group of America, Cl A		2,941		424,886
RenaissanceRe Holdings		2,571		552,508
Robinhood Markets, Cl A *		7,751		78,053
S&P Global		1,257		428,888
SEI Investments		2,552		153,758
Signature Bank NY		430		49,472
State Street		3,066		271,893
SVB Financial Group *		556		160,189
Synchrony Financial		5,791		206,797
T Rowe Price Group		2,853		320,335
Tradeweb Markets, Cl A		940		66,637
Travelers		7,645		1,415,242
Truist Financial		5,733		269,164
Unum Group		46,109		2,054,156
US Bancorp		7,900		377,067
Webster Financial		2,566		136,306
Wells Fargo		19,284		901,913
Western Alliance Bancorp		9,059		672,540
Willis Towers Watson		967		226,626
WR Berkley		18,005		1,191,751

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

10

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FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Zions Bancorp		2,333	$	118,097
				43,631,446
HEALTH CARE — 10.5%
Abbott Laboratories		6,781		689,763
AbbVie		25,652		3,947,843
Agilent Technologies		2,087		296,291
agilon health *		2,031		43,078
Alnylam Pharmaceuticals *		673		128,846
AmerisourceBergen, Cl A		9,184		1,428,663
Amgen		7,400		1,714,284
Avantor *		4,274		104,157
Baxter International		892		35,635
Becton Dickinson		973		228,217
Biogen *		2,203		594,502
BioMarin Pharmaceutical *		1,333		132,753
Bio-Rad Laboratories, Cl A *		376		179,668
Bio-Techne		1,597		116,006
Boston Scientific *		4,427		206,829
Bristol-Myers Squibb		47,537		3,278,152
Bruker		1,269		87,460
Cardinal Health		23,574		1,784,788
Catalent *		1,113		75,929
Centene *		3,902		266,897
Charles River Laboratories International *		645		141,474
Chemed		93		48,507
Cigna Group		3,600		1,051,560
Cooper		384		125,557
CVS Health		9,497		793,379
Danaher		5,558		1,375,772
DaVita *		2,294		188,704
DexCom *		1,310		145,423
Edwards Lifesciences *		1,683		135,381
Elevance Health		2,821		1,324,939
Eli Lilly		11,084		3,449,562
Exact Sciences *		561		34,967
GE HealthCare Technologies *		1,355		103,005
Gilead Sciences		23,040		1,855,411
HCA Healthcare		4,997		1,216,520
Henry Schein *		2,209		172,987

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

11

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
HEALTH CARE — continued
Hologic *		3,662	$	291,642
Horizon Therapeutics *		1,876		205,403
Humana		4,320		2,138,486
IDEXX Laboratories *		883		417,871
Incyte *		1,459		112,314
Insulet *		201		55,548
Intuitive Surgical *		816		187,182
IQVIA Holdings *		1,590		331,467
Jazz Pharmaceuticals *		876		122,990
Johnson & Johnson		13,587		2,082,344
Laboratory Corp of America Holdings		1,179		282,205
McKesson		5,170		1,808,518
Medtronic		4,986		412,841
Merck		50,847		5,401,985
Mettler-Toledo International *		275		394,270
Moderna *		4,091		567,872
Molina Healthcare *		2,627		723,292
Neogen *		2,430		42,987
Neurocrine Biosciences *		980		101,038
Novocure *		472		36,330
Organon		1,389		34,017
PerkinElmer		1,253		156,086
Pfizer		29,343		1,190,445
Quest Diagnostics		3,134		433,620
Regeneron Pharmaceuticals *		627		476,783
Repligen *		508		88,580
ResMed		1,703		362,739
Royalty Pharma, Cl A		2,289		82,061
Seagen *		699		125,603
Shockwave Medical *		137		26,063
STERIS		725		136,322
Stryker		1,096		288,116
Teleflex		95		22,632
Thermo Fisher Scientific		2,241		1,214,084
United Therapeutics *		5,075		1,248,653
UnitedHealth Group		8,305		3,952,682
Universal Health Services, Cl B		1,352		180,587
Veeva Systems, Cl A *		939		155,555
Vertex Pharmaceuticals *		1,412		409,889
Waters *		629		195,550
West Pharmaceutical Services		357		113,180

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

12

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
HEALTH CARE — continued
Zimmer Biomet Holdings		1,802	$	223,214
Zoetis, Cl A		4,192		700,064
				55,036,019
INDUSTRIALS — 8.3%
3M		3,784		407,688
A O Smith		2,094		137,429
Advanced Drainage Systems		211		18,722
AECOM		3,086		266,507
AGCO		3,452		486,076
Air Lease, Cl A		1,766		76,432
Allegion		1,516		170,868
American Airlines Group *		10,957		175,093
AMETEK		2,718		384,760
Avis Budget Group *		252		55,354
Axon Enterprise *		153		30,647
Boeing *		2,431		489,968
Booz Allen Hamilton Holding, Cl A		5,840		553,223
Builders FirstSource *		12,576		1,066,193
Carlisle		1,424		367,705
Carrier Global		8,783		395,498
Caterpillar		2,913		697,809
CH Robinson Worldwide		546		54,578
Cintas		1,601		701,990
Copart *		8,618		607,224
CoStar Group *		2,280		161,105
CSX		18,285		557,510
Cummins		4,666		1,134,211
Deere		2,423		1,015,819
Delta Air Lines *		6,402		245,453
Dover		5,664		849,034
Eaton		7,093		1,240,779
Emerson Electric		4,893		404,700
Equifax		822		166,480
Expeditors International of Washington		3,414		356,968
Fastenal		13,458		693,894
FedEx		1,424		289,385
Fortive		2,477		165,117
Fortune Brands Innovations		644		39,896
FTI Consulting *		854		156,888

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

13

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
Generac Holdings *		122	$	14,641
General Dynamics		1,226		279,418
General Electric		4,066		344,403
Graco		2,579		179,344
HEICO		933		154,477
HEICO, Cl A		711		92,537
Honeywell International		2,962		567,164
Howmet Aerospace		8,692		366,629
Hubbell, Cl B		2,808		706,324
Huntington Ingalls Industries		3,494		751,909
IDEX		1,364		306,873
Illinois Tool Works		1,870		436,009
Ingersoll Rand		8,696		504,977
ITT		3,419	��	310,753
Jacobs Solutions		4,060		485,170
JB Hunt Transport Services		2,083		376,586
Johnson Controls International		6,565		411,757
Knight-Swift Transportation Holdings, Cl A		943		53,600
L3Harris Technologies		984		207,811
Landstar System		1,983		358,507
Leidos Holdings		1,976		191,810
Lennox International		518		132,002
Lincoln Electric Holdings		194		32,578
Lockheed Martin		5,547		2,630,720
Masco		2,793		146,437
Masterbrand *		644		6,273
Middleby *		240		37,318
Nordson		1,091		239,627
Norfolk Southern		2,433		546,987
Northrop Grumman		2,750		1,276,303
Old Dominion Freight Line		3,488		1,183,339
Otis Worldwide		2,931		248,021
Owens Corning		3,971		388,324
PACCAR		5,781		417,388
Parker-Hannifin		3,277		1,153,012
Pentair		2,567		143,598
Plug Power *		2,429		36,119
Quanta Services		6,611		1,067,015
Raytheon Technologies		6,888		675,644
Regal Beloit		3,694		582,322
Republic Services, Cl A		2,432		313,558

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

14

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
Robert Half International		1,003	$	80,862
Rockwell Automation		1,009		297,584
Rollins		3,031		106,691
Snap-on		1,903		473,238
Southwest Airlines		6,046		203,025
Stanley Black & Decker		1,173		100,421
Tetra Tech		304		41,615
Textron		2,354		170,736
Timken		1,532		130,909
Toro		1,660		183,330
Trane Technologies		5,971		1,104,456
TransDigm Group *		367		273,000
TransUnion		1,838		120,260
Uber Technologies *		1,759		58,504
U-Haul Holding *		274		17,594
U-Haul Holding, Cl B		2,466		137,184
Union Pacific		5,383		1,115,788
United Airlines Holdings *		3,592		186,640
United Parcel Service, Cl B		5,283		964,095
United Rentals		4,229		1,981,413
Verisk Analytics, Cl A		2,096		358,647
Waste Management		2,177		326,028
Watsco		933		284,294
Westinghouse Air Brake Technologies		1,985		207,095
WillScot Mobile Mini Holdings *		2,899		149,009
WW Grainger		1,402		937,139
XPO Logistics *		2,390		79,730
Xylem		3,101		318,318
				43,385,892
INFORMATION TECHNOLOGY — 12.1%
Accenture, Cl A		6,813		1,809,192
Adobe *		1,450		469,727
Advanced Micro Devices *		6,860		539,059
Akamai Technologies *		2,595		188,397
Amdocs		9,339		855,546
Amphenol, Cl A		5,271		408,608
Analog Devices		1,887		346,208
ANSYS *		498		151,198
Apple		89,782		13,234,765

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

15

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
Applied Materials		6,008	$	697,829
Arista Networks *		2,471		342,728
Arrow Electronics *		2,061		243,177
Aspen Technology *		407		86,288
Atlassian, Cl A *		245		40,261
Autodesk *		948		188,358
Automatic Data Processing		2,924		642,754
BILL Holdings *		387		32,752
Black Knight *		530		31,588
Block, Cl A *		1,401		107,499
Broadcom		3,217		1,911,831
Broadridge Financial Solutions		2,422		340,969
Cadence Design Systems *		3,228		622,810
CDW		4,332		876,883
Ceridian HCM Holding *		1,677		122,304
Ciena *		429		20,686
Cisco Systems		21,543		1,043,112
Cognizant Technology Solutions, Cl A		4,719		295,551
Corning		6,629		225,055
Crowdstrike Holdings, Cl A *		183		22,086
Datadog, Cl A *		214		16,375
Dell Technologies, Cl C		1,924		78,191
Dropbox, Cl A *		4,271		87,128
Dynatrace *		2,582		109,812
Enphase Energy *		893		188,003
Entegris		1,557		132,703
EPAM Systems *		1,035		318,418
F5 *		554		79,211
Fair Isaac *		607		411,176
Fidelity National Information Services		2,170		137,513
First Solar *		1,335		225,802
Fiserv *		2,422		278,748
FleetCor Technologies *		1,056		226,818
Flex *		3,296		75,017
Fortinet *		8,271		491,628
Gartner *		1,190		390,094
Gen Digital		10,521		205,265
Genpact		1,489		71,070
Global Payments		768		86,170
Globant *		400		66,032
GoDaddy, Cl A *		974		73,742

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

16

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
Hewlett Packard Enterprise		13,622	$	212,640
HP		9,296		274,418
HubSpot *		117		45,263
Intel		8,102		201,983
International Business Machines		8,150		1,053,795
Intuit		750		305,385
Jabil		2,317		192,381
Jack Henry & Associates		664		109,055
Juniper Networks		1,789		55,065
Keysight Technologies *		5,333		853,067
KLA		3,019		1,145,348
Lam Research		2,639		1,282,580
Manhattan Associates *		800		115,000
Marvell Technology		4,925		222,364
Mastercard, Cl A		4,779		1,697,931
Microchip Technology		4,354		352,805
Micron Technology		7,726		446,717
Microsoft		46,891		11,695,553
MongoDB, Cl A *		114		23,885
Monolithic Power Systems		232		112,355
Motorola Solutions		1,813		476,474
NetApp		1,536		99,149
NVIDIA		5,854		1,359,065
NXP Semiconductors		1,309		233,630
Okta, Cl A *		302		21,530
ON Semiconductor *		6,356		492,018
Oracle		7,002		611,975
Palantir Technologies, Cl A *		6,790		53,234
Palo Alto Networks *		558		105,110
Paychex		1,698		187,459
Paycom Software *		453		130,944
Paylocity Holding *		364		70,110
PayPal Holdings *		1,821		134,026
PTC *		1,123		140,746
Qorvo *		566		57,104
QUALCOMM		9,810		1,211,829
Roper Technologies		445		191,439
Salesforce *		2,215		362,396
Seagate Technology Holdings		4,495		290,197
ServiceNow *		215		92,917
Snowflake, Cl A *		322		49,710

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

17

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
SolarEdge Technologies *		411	$	130,665
SS&C Technologies Holdings		2,241		131,547
Synopsys *		2,033		739,524
TD SYNNEX		3,864		372,953
Teledyne Technologies *		1,397		600,808
Teradyne		4,998		505,498
Texas Instruments		7,238		1,240,955
Trimble *		2,367		123,226
Tyler Technologies *		233		74,851
Ubiquiti		1,157		310,423
VeriSign *		777		152,937
Visa, Cl A		7,633		1,678,802
VMware, Cl A *		814		89,646
Western Digital *		3,634		139,836
Wolfspeed *		1,341		99,207
Zebra Technologies, Cl A *		712		213,778
Zscaler *		223		29,246
				63,048,691
MATERIALS — 2.5%
Air Products & Chemicals		312		89,226
Albemarle		3,508		892,120
Alcoa		2,159		105,661
Amcor		13,649		152,050
AptarGroup		607		70,849
Avery Dennison		1,415		257,799
Ball		300		16,863
Berry Global Group		600		37,260
Celanese, Cl A		1,553		180,505
CF Industries Holdings		3,123		268,234
Chemours		10,730		366,751
Cleveland-Cliffs *		12,368		263,809
Corteva		4,158		259,002
Crown Holdings		3,489		301,833
Dow		10,340		591,448
DuPont de Nemours		3,291		240,342
Eastman Chemical		2,034		173,297
Ecolab		1,007		160,486
Element Solutions		4,689		96,312
FMC		1,130		145,940

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

18

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
MATERIALS — continued
Freeport-McMoRan		16,365	$	670,474
Graphic Packaging Holding		5,617		133,685
International Flavors & Fragrances		2,108		196,466
International Paper		5,853		212,991
LyondellBasell Industries, Cl A		6,571		630,750
Martin Marietta Materials		531		191,091
Mosaic		7,976		424,243
Newmont		3,289		143,433
Nucor		7,329		1,227,168
Olin		9,158		528,875
Packaging Corp of America		3,028		413,988
PPG Industries		2,282		301,361
Reliance Steel & Aluminum		3,598		891,728
RPM International		3,968		351,684
Sealed Air		854		41,521
Sherwin-Williams		1,439		318,523
Steel Dynamics		8,184		1,032,084
Vulcan Materials		1,187		214,740
Westlake		1,500		178,710
Westrock		4,381		137,563
				12,910,865
REAL ESTATE — 0.1%
CBRE Group, Cl A *		6,825		581,080
Jones Lang LaSalle *		313		54,606
Zillow Group, Cl C *		1,300		54,600
				690,286
UTILITIES — 1.3%
AES		5,821		143,662
Alliant Energy		1,852		94,952
Ameren		1,670		138,126
American Electric Power		2,485		218,606
American Water Works		1,226		172,106
Atmos Energy		3,484		393,030
Avangrid		659		25,721
CenterPoint Energy		5,209		144,914
CMS Energy		1,938		114,284
Consolidated Edison		2,264		202,288
Constellation Energy		2,197		164,533

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

19

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
UTILITIES — continued
Dominion Energy		3,249	$	180,709
DTE Energy		1,300		142,623
Duke Energy		2,844		268,076
Edison International		1,730		114,543
Entergy		1,355		139,389
Essential Utilities		3,319		141,987
Evergy		1,983		116,620
Eversource Energy		2,319		174,760
Exelon		7,674		309,953
FirstEnergy		3,669		145,072
NextEra Energy		10,148		720,812
NiSource		5,185		142,225
NRG Energy		5,389		176,705
PG&E *		11,383		177,803
Pinnacle West Capital		2,395		176,464
PPL		5,203		140,845
Public Service Enterprise Group		3,423		206,852
Sempra Energy		1,958		293,622
Southern		4,088		257,789
UGI		1,967		73,231
Vistra		9,173		201,714
WEC Energy Group		1,273		112,864
Xcel Energy		6,159		397,687
				6,624,567
				334,873,389
Total Common Stock
(Cost $257,802,403)				336,024,089
REGISTERED INVESTMENT COMPANIES — 34.2%
EQUITY FUNDS — 34.2%
AQR Large Cap Defensive Style Fund, Cl R6		572,312		14,147,565
DFA Real Estate Securities Portfolio, Cl I		845,096		32,088,295
DFA US Small Cap Portfolio, Cl I		518,206		21,666,184
DFA US Small Cap Value Portfolio, Cl I		255,003		10,781,540
DFA US Targeted Value Portfolio, Cl I		1,231,213		36,443,890
iShares MSCI USA Min Vol Factor ETF		454,184		32,083,558
Vanguard Small Cap Value ETF		57,295		9,700,043
Vanguard U.S. Quality Factor ETF		68,307		7,520,601

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

20

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
Vanguard U.S. Value Factor ETF		135,502	$	14,246,680
Total Registered Investment Companies
(Cost $131,855,949)				178,678,356
RIGHTS — 0.0%
		Number of Rights
ABIOMED* (1)		362		—
(Cost $–)				—
SHORT-TERM INVESTMENT — 1.3%
	Shares
DWS Government Money Market Series, Institutional Shares, 4.610% (A)
(Cost $7,038,234)		7,038,234		7,038,234
Total Investments — 99.9%
(Cost $396,696,586)			$	521,740,679

A list of open total return swap agreements held by the Fund at February 28, 2023, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized (Depreciation)

ReFlow

SPUSX NAV

SOFR +25 BPS

SPUSX

Annually

03/10/2023

USD

$

5,704,297

$

(307,494

)

$

(307,494

)

A list of open futures contracts held by the Fund at February 28, 2023, is as follows:

Type of Contract	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized (Depreciation)
Long Contracts
S&P 500 Index E-MINI		5	Mar-2023	$	999,446	$	993,875	$	(5,571	)

Percentages are based on Net Assets of $522,054,815.

*	Non-income producing security.
(1)	Level 3 security in accordance with fair value hierarchy.

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

21

SYMMETRY PANORAMIC US EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

(A) The rate reported is the 7-day effective yield as of February 28, 2023.

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, 2023 (UNAUDITED)

The following is a summary of the level of inputs used as of February 28, 2023, 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	$	336,024,089		$	–		$	–	$	336,024,089
Registered Investment Companies		178,678,356			–			–		178,678,356
Short-Term Investment		7,038,234			–			–		7,038,234
Total Investments in Securities	$	521,740,679		$	–		$	–	$	521,740,679
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contract^
Unrealized Depreciation	$	(5,571	)	$	–		$	–	$	(5,571	)
Total Return Swap^
Unrealized Depreciation		–			(307,494	)		–		(307,494	)
Total Other Financial Instruments	$	(5,571	)	$	(307,494	)	$	–	$	(313,065	)

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

Amounts designated as “—” are $0.

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, 2023 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments. Total investments do not include futures and swaps.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 66.5%
	Shares		Value
EQUITY FUNDS — 66.5%
AQR International Defensive Style Fund, Cl R6		678,066	$	8,855,536
Avantis Emerging Markets Equity ETF		284,000		14,606,120
Avantis International Equity ETF		91,878		5,165,381
Avantis International Small Cap Value ETF		114,505		6,705,413
DFA Emerging Markets Portfolio, Cl I		865,645		22,255,724
DFA Emerging Markets Small Cap Portfolio, Cl I		595,883		12,394,375
DFA Emerging Markets Targeted Value Portfolio, Cl I		243,392		2,448,526
DFA International High Relative Profitability Portfolio, Cl I		1,223,676		14,170,169
DFA International Real Estate Securities, Cl I		2,317,281		8,828,842
DFA International Small Cap Growth Portfolio, Cl I		141,917		2,023,740
DFA International Small Cap Value Portfolio, Cl I		746,592		14,939,308
DFA International Value Portfolio, Cl I		798,683		15,174,969
DFA Large Cap International Portfolio, Cl I		1,135,625		27,652,462
Dimensional Emerging Markets High Profitability		218,679		5,018,683
iShares MSCI EAFE Min Vol Factor ETF		147,848		9,571,680
iShares MSCI Emerging Markets Min Vol Factor ETF		199,745		10,542,541

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

24

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
Schwab International Small Cap Equity ETF		74,825	$	2,494,666
Total Registered Investment Companies
(Cost $161,041,160)				182,848,135
COMMON STOCK — 29.9%
AUSTRALIA — 1.7%
AngloGold Ashanti ADR		16,978		282,854
BHP Group		25,984		786,410
BlueScope Steel		2,357		30,157
Brambles		5,144		44,448
Coles Group		30,388		371,148
Commonwealth Bank of Australia		16,854		1,138,641
Fortescue Metals Group		31,010		444,372
Glencore		54,740		326,352
Mineral Resources		767		42,360
REA Group		1,089		89,674
Rio Tinto		2,891		198,393
Sonic Healthcare		956		20,681
Wesfarmers		1,889		61,151
Westpac Banking		948		14,335
Woodside Energy Group		26,795		649,245
Woolworths Group		4,135		102,554
				4,602,775
BRAZIL — 1.1%
Banco do Brasil		52,000		400,967
BB Seguridade Participacoes		70,400		459,880
Centrais Eletricas Brasileiras		22,500		146,850
Cia de Saneamento Basico do Estado de Sao Paulo ADR *		20,217		201,159
CPFL Energia		28,000		161,086
Hypera *		12,100		96,168
Itau Unibanco Holding ADR *		112,327		540,293
Petro Rio *		16,300		106,385
Sendas Distribuidora		49,400		171,163
TIM *		25,000		58,734
Ultrapar Participacoes		5,900		14,909
Vale ADR, Cl B		34,332		560,985
WEG		8,000		59,578
Wheaton Precious Metals		1,709		71,203

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

25

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Yara International		1,419	$	67,458
				3,116,818
CANADA — 2.5%
Agnico Eagle Mines		400		18,416
Alimentation Couche-Tard		3,543		166,205
BCE		527		23,316
Canadian Natural Resources		18,148		1,025,571
Canadian Pacific Railway		5,030		382,015
Canadian Tire, Cl A		1,258		156,814
Cenovus Energy		32,912		606,864
CGI, Cl A *		295		26,449
Constellation Software		28		48,144
Dollarama		803		46,385
Empire		1,696		44,982
Franco-Nevada		115		14,679
George Weston		3,333		417,572
Hydro One		1,413		36,669
Imperial Oil		9,081		449,159
Intact Financial		1,959		281,410
Loblaw		5,280		451,228
Lumine Group * (1)		84		860
Magna International		471		26,251
Manulife Financial		803		15,878
Metro, Cl A		4,031		209,364
National Bank of Canada		6,172		453,322
Nutrien		1,632		127,163
Ritchie Bros Auctioneers		1,530		93,605
Royal Bank of Canada		6,849		695,391
Saputo		1,402		37,544
Sun Life Financial		5,631		272,120
Suncor Energy		1,076		36,164
Teck Resources, Cl B		5,685		226,942
Tourmaline Oil		6,979		305,859
WSP Global		1,891		237,549
				6,933,890
CHILE — 0.1%
Antofagasta		7,299		137,687

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

26

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — 3.9%
3SBio		89,000	$	88,256
Agricultural Bank of China, Cl A		35,800		15,114
Agricultural Bank of China, Cl H		1,071,000		371,313
Airtac International Group		1,046		36,513
Alibaba Group Holding *		10,200		112,113
Anhui Conch Cement, Cl A		4,300		19,014
Bank of Beijing, Cl A		31,100		19,404
Bank of China, Cl A		32,800		15,268
Bank of China, Cl H		2,432,000		891,941
Bank of Communications, Cl A		25,400		17,935
Bank of Communications, Cl H		42,000		24,833
Bank of Ningbo, Cl A		6,868		29,190
Bank of Shanghai, Cl A		15,700		13,529
Baoshan Iron & Steel, Cl A		58,500		55,463
Beijing Enterprises Holdings		6,000		19,654
BOE Technology Group, Cl A		110,400		66,257
Budweiser Brewing APAC		21,300		63,870
BYD, Cl A		1,200		44,964
BYD, Cl H		2,500		67,211
BYD Electronic International		14,000		40,823
C&D International Investment Group		30,000		96,906
China CITIC Bank, Cl H		381,000		176,273
China Coal Energy, Cl H		304,000		235,247
China Construction Bank, Cl H		946,000		578,269
China Everbright Bank, Cl A		35,600		15,287
China Galaxy Securities, Cl H		98,000		48,847
China Hongqiao Group		125,000		133,700
China Longyuan Power Group, Cl H		127,000		155,789
China Merchants Bank, Cl A		7,100		38,193
China Merchants Bank, Cl H		12,500		67,831
China Merchants Port Holdings		14,000		19,625
China Merchants Securities, Cl A		9,800		19,744
China Merchants Shekou Industrial Zone Holdings, Cl A		16,600		35,429
China Minsheng Banking, Cl A		28,800		14,151
China Oilfield Services, Cl H		94,000		100,307
China Overseas Land & Investment		61,000		151,432
China Pacific Insurance Group, Cl A		7,600		30,261
China Petroleum & Chemical, Cl A		93,900		63,000
China Petroleum & Chemical, Cl H		814,000		415,284
China Railway Group, Cl H		38,000		19,805
China Resources Beer Holdings		2,000		14,796

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

27

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
China Resources Land		36,000	$	159,958
China Resources Pharmaceutical Group		206,500		169,841
China Resources Power Holdings		16,000		32,671
China Shenhua Energy, Cl H		191,500		576,009
China State Construction Engineering, Cl A		42,200		34,189
China State Construction International Holdings		52,000		59,221
China Tourism Group Duty Free, Cl A		1,900		54,126
China Traditional Chinese Medicine Holdings		72,000		37,358
China Vanke, Cl A		7,800		19,239
China Yangtze Power, Cl A		31,100		94,867
CITIC		133,000		146,747
CITIC Securities, Cl A		16,650		49,536
COSCO SHIPPING Holdings, Cl H		44,200		45,845
Dongyue Group		59,000		66,817
ENN Energy Holdings		1,600		22,777
Far East Horizon		117,000		103,495
Foshan Haitian Flavouring & Food, Cl A		3,260		38,630
Great Wall Motor, Cl H		82,500		109,482
Greentown China Holdings		15,000		20,510
Guotai Junan Securities, Cl A		17,100		35,203
Haier Smart Home, Cl A		10,242		38,849
Haier Smart Home, Cl H		31,800		112,543
Haitong Securities, Cl A		21,000		27,681
Hengan International Group		13,000		59,791
Huatai Securities, Cl A		13,000		23,601
Huaxia Bank, Cl A		24,900		18,730
Industrial & Commercial Bank of China, Cl A		19,500		12,082
Industrial & Commercial Bank of China, Cl H		1,503,000		749,940
Industrial Bank, Cl A		7,500		18,272
Inner Mongolia Yili Industrial Group, Cl A		7,400		32,496
Jiangsu Hengrui Pharmaceuticals, Cl A		6,404		40,144
Jiangsu Yanghe Brewery Joint-Stock, Cl A		1,300		31,791
Kweichow Moutai, Cl A		500		130,808
Li Ning		55,500		473,565
Luxshare Precision Industry, Cl A		12,169		52,378
Luzhou Laojiao, Cl A		1,900		68,323
Midea Group, Cl A		2,800		21,138
NARI Technology, Cl A		10,224		38,683
New China Life Insurance, Cl A		3,200		14,373
People's Insurance Group of China, Cl H		394,000		124,571
PetroChina, Cl A		60,600		45,586
PetroChina, Cl H		998,000		509,118

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

28

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
PICC Property & Casualty, Cl H		318,000	$	279,316
Ping An Bank, Cl A		9,600		19,032
Ping An Insurance Group of China, Cl A		4,400		30,584
Poly Developments and Holdings Group, Cl A		15,100		32,844
Postal Savings Bank of China, Cl H		414,000		248,732
SAIC Motor, Cl A		9,100		19,706
Sany Heavy Industry, Cl A		16,600		44,807
Shandong Weigao Group Medical Polymer, Cl H		65,600		105,889
Shanghai Pudong Development Bank, Cl A		12,100		12,519
Shenwan Hongyuan Group, Cl A		35,300		21,446
Sinopharm Group, Cl H		37,600		100,705
Tingyi Cayman Islands Holding		12,000		19,387
Tongcheng Travel Holdings *		11,200		22,232
TravelSky Technology, Cl H		6,000		11,843
Tsingtao Brewery, Cl H		10,000		98,698
Uni-President China Holdings		48,000		42,085
Wuliangye Yibin, Cl A		2,200		64,658
Yankuang Energy Group, Cl H		98,000		295,601
Yuexiu Property		80,000		117,820
Zhongsheng Group Holdings		29,000		144,862
				10,696,591
DENMARK — 0.7%
AP Moller - Maersk, Cl B		91		211,971
Danske Bank *		7,431		172,572
DSV Panalpina		1,311		238,217
Novo Nordisk, Cl B		9,419		1,330,483
Vestas Wind Systems *		2,465		70,339
				2,023,582
FINLAND — 0.3%
Elisa		1,640		93,132
Neste		972		46,881
Nordea Bank Abp		40,019		507,130
Sampo, Cl A		540		26,287
Stora Enso, Cl R		1,971		27,866
UPM-Kymmene		1,778		64,428
				765,724

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

29

SYMMETRY PANORAMIC INTERNATIONAL EQUITY

FUND FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
FRANCE — 0.7%
Air Liquide		1,166	$	185,249
Capgemini		162		30,381
Dassault Aviation		360		61,888
Dassault Systemes		1,885		72,742
EssilorLuxottica		971		168,326
Hermes International		135		244,368
L'Oreal		162		64,034
LVMH Moet Hennessy Louis Vuitton		119		98,928
Sartorius Stedim Biotech		542		176,527
Teleperformance		127		32,967
Thales		1,345		188,036
TotalEnergies		10,400		641,722
				1,965,168
GERMANY — 0.8%
Bayerische Motoren Werke		577		59,526
Brenntag		1,896		142,813
Commerzbank		7,098		86,493
Deutsche Boerse		438		76,376
Deutsche Telekom		38,392		861,632
GEA Group		2,509		110,295
Hannover Rueck		1,046		203,131
Mercedes-Benz Group		1,420		108,832
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		969		333,798
Siemens		835		127,247
Siemens Energy *		2,099		42,060
				2,152,203
HONG KONG — 0.1%
Orient Overseas International		6,500		104,411
Techtronic Industries		6,000		59,756
Vinda International Holdings		25,000		68,858
Wharf Real Estate Investment		5,000		27,414
				260,439
HUNGARY — 0.1%
MOL Hungarian Oil & Gas		15,175		115,234

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

30

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
INDONESIA — 0.9%
Adaro Energy Indonesia		1,585,900	$	310,714
Astra International		146,300		58,521
Bank Central Asia		706,900		405,435
Bank Mandiri Persero		585,500		383,824
Bank Negara Indonesia Persero		468,700		269,562
Bank Rakyat Indonesia Persero		1,324,000		405,231
Indah Kiat Pulp & Paper		79,300		41,194
Indofood Sukses Makmur		209,300		88,860
Semen Indonesia Persero		90,400		42,819
Sumber Alfaria Trijaya		1,232,700		234,425
Telkom Indonesia Persero		134,300		34,211
United Tractors		114,800		209,975
Vale Indonesia *		173,400		77,565
				2,562,336
ITALY — 0.1%
Ferrari		455		118,469
Prysmian		4,988		191,763
UniCredit		976		19,967
				330,199
JAPAN — 6.1%
Advantest		3,200		253,660
Ajinomoto		10,100		298,022
Astellas Pharma		1,100		15,447
Bandai Namco Holdings		2,700		166,836
Bridgestone		2,700		103,296
Chiba Bank		60,100		440,048
Chugai Pharmaceutical		5,700		141,802
Daiichi Sankyo		8,600		270,869
Daikin Industries		1,200		205,194
Daito Trust Construction		500		47,099
Denso		1,500		79,753
Disco		300		94,069
ENEOS Holdings		144,200		495,742
Fuji Electric		600		23,166
FUJIFILM Holdings		3,700		172,612
Fujitsu		1,800		231,171
Hamamatsu Photonics		700		34,349
Hitachi		1,800		91,112
Hoya		3,800		376,210

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

31

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Idemitsu Kosan		1,100	$	24,345
Inpex		13,900		145,733
Isuzu Motors		10,400		124,368
ITOCHU		12,100		361,677
Japan Post Bank		51,300		443,167
Japan Post Holdings		26,300		233,786
Japan Post Insurance		2,600		45,142
Japan Tobacco		28,300		575,492
JSR		3,000		68,159
KDDI		2,700		78,996
Kurita Water Industries		1,600		72,288
Marubeni		14,700	��	187,661
Mitsubishi		500		16,986
Mitsubishi HC Capital		106,300		554,945
Mitsubishi UFJ Financial Group		44,800		317,609
Mitsui		6,100		171,202
Mizuho Financial Group		67,700		1,055,261
NGK Insulators		3,400		45,131
Nintendo		3,000		112,311
NIPPON EXPRESS HOLDINGS INC		700		39,050
Nippon Sanso Holdings		2,500		44,570
Nippon Steel		21,900		489,416
Nippon Telegraph & Telephone		25,600		741,807
Nippon Yusen		25,800		670,619
Nissin Foods Holdings		2,400		199,873
Nitto Denko		800		48,164
Nomura Real Estate Holdings		14,600		325,499
Nomura Research Institute		3,800		84,899
Obayashi		17,900		132,407
Olympus		1,700		28,638
Oriental Land		200		31,937
ORIX		15,600		279,599
Osaka Gas		9,300		151,063
Otsuka Holdings		2,900		87,858
Pan Pacific International Holdings		2,200		40,213
Panasonic Holdings		7,900		68,983
Renesas Electronics *		9,400		121,424
Resona Holdings		30,600		168,541
Rohm		300		23,104
Sekisui Chemical		1,200		16,087
Sekisui House		3,300		62,480
Seven & i Holdings		5,400		241,417

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

32

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
SG Holdings		1,400	$	20,186
Shimadzu		600		17,327
Shin-Etsu Chemical		1,900		263,399
Shizuoka Financial Group		6,500		51,938
Sompo Holdings		1,100		47,224
Sony		4,500		376,274
Sumitomo Electric Industries		20,000		246,119
Sumitomo Mitsui Financial Group		6,100		266,411
Sumitomo Mitsui Trust Holdings		15,000		555,750
Taisei		7,100		231,483
Takeda Pharmaceutical		17,200		530,178
TDK		3,300		110,489
Tokio Marine Holdings		16,800		356,675
Tokyo Electric Power Holdings *		28,800		95,423
Tokyo Electron		1,300		446,033
Tokyo Gas		14,600		281,597
Toyota Motor		10,000		136,296
Unicharm		600		22,207
Yakult Honsha		4,300		293,114
				16,620,487
MALAYSIA — 0.3%
AMMB Holdings		30,200		26,979
CIMB Group Holdings		218,600		273,279
IHH Healthcare		48,100		62,055
Malayan Banking		88,100		172,756
Petronas Chemicals Group		6,000		9,571
Petronas Gas		19,000		70,528
RHB Bank		43,500		55,057
Sime Darby Plantation		12,600		11,881
Telekom Malaysia		93,100		104,354
				786,460
MEXICO — 0.9%
America Movil ADR, Cl L		8,887		182,895
Arca Continental		40,700		344,726
Banco del Bajio		3,700		14,138
Coca-Cola Femsa ADR		1,429		102,902
Fibra Uno Administracion ‡		81,700		116,545
Grupo Aeroportuario del Pacifico, Cl B		4,600		87,263
Grupo Aeroportuario del Sureste ADR		1,606		459,605

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

33

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
MEXICO — continued
Grupo Bimbo, Ser A		61,400	$	292,729
Grupo Carso		24,400		116,969
Grupo Financiero Banorte, Cl O		12,100		102,426
Grupo Financiero Inbursa, Cl O *		94,500		197,507
Grupo Mexico		24,500		110,191
Promotora y Operadora de Infraestructura		11,580		112,949
Wal-Mart de Mexico		41,600		163,931
				2,404,776
NETHERLANDS — 1.4%
ASML Holding		1,776		1,094,647
JDE Peet's		3,947		116,188
Koninklijke Ahold Delhaize		24,891		790,335
NN Group		2,945		119,203
Shell		52,806		1,599,406
Wolters Kluwer		1,641		189,974
				3,909,753
NORWAY — 0.2%
Aker BP		605		16,239
DNB Bank		14,365		286,657
Equinor		790		24,184
Norsk Hydro		45,417		330,580
				657,660
PERU — 0.2%
Credicorp		972		123,852
Southern Copper		4,169		307,214
				431,066
PHILIPPINES — 0.0%
Globe Telecom		263		8,427
Metropolitan Bank & Trust		17,500		18,383
				26,810
POLAND — 0.0%
Dino Polska *		283		23,626

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

34

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
PORTUGAL — 0.0%
Jeronimo Martins SGPS		830	$	17,036
RUSSIA — 0.0%
Evraz * (1)		29,556		—
SINGAPORE — 0.3%
City Developments		2,600		14,873
DBS Group Holdings		14,100		357,733
Keppel		19,400		78,780
Sembcorp Marine *		370,540		34,871
Singapore Telecommunications		33,500		58,855
STMicroelectronics		2,589		124,017
United Overseas Bank		8,400		186,191
Venture		1,400		17,829
				873,149
SOUTH AFRICA — 0.6%
Absa Group		27,154		293,171
Anglo American		9,271		320,357
Anglo American Platinum		2,419		133,762
Aspen Pharmacare Holdings		1,529		11,807
Clicks Group		1,125		16,389
Exxaro Resources		8,521		93,265
FirstRand		6,672		23,797
Impala Platinum Holdings		5,160		48,178
Kumba Iron Ore		409		10,666
MTN Group		5,820		45,859
Sasol		3,053		44,768
Shoprite Holdings		2,080		25,187
Sibanye Stillwater		68,981		139,277
Standard Bank Group		28,562		285,306
Vodacom Group		10,733		73,968
Woolworths Holdings		40,542		169,995
				1,735,752
SOUTH KOREA — 0.8%
BGF retail		167		22,841
DB Insurance		1,519		88,397
GS Holdings		4,344		133,514
Hana Financial Group		2,743		94,078

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

35

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
HD Hyundai		2,404	$	107,967
Industrial Bank of Korea		34,605		271,359
Kakao		620		29,185
KB Financial Group		4,476		173,351
Kia		5,045		286,708
Korea Zinc		321		141,736
KT&G		6,069		407,254
Kumho Petrochemical		747		88,823
LG Innotek		754		157,552
Samsung Electronics		819		37,473
Samsung Engineering *		1,742		34,539
Samsung Securities		1,142		28,901
Shinhan Financial Group		1,771		52,006
Woori Financial Group		9,860		90,899
				2,246,583
SPAIN — 0.6%
CaixaBank		110,550		474,686
Iberdrola		24,820		284,522
Red Electrica		10,007		166,002
Repsol		52,271		826,656
				1,751,866
SWEDEN — 0.5%
Alfa Laval		4,917		161,734
Atlas Copco, Cl A		32,712		388,364
Epiroc, Cl A		4,036		77,563
Investor, Cl B		11,172		215,803
Nibe Industrier, Cl B		25,240		260,975
Skandinaviska Enskilda Banken, Cl A		15,848		198,282
Svenska Handelsbanken, Cl A		7,366		78,131
Swedish Orphan Biovitrum *		1,029		23,705
				1,404,557
SWITZERLAND — 1.0%
Chocoladefabriken Lindt & Spruengli		7		76,690
Cie Financiere Richemont, Cl A		233		35,206
Holcim Ltd		261		16,110
Kuehne + Nagel International		1,107		283,433
Lonza Group		195		116,150

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

36

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SWITZERLAND — continued
Novartis		10,594	$	891,592
Partners Group Holding		42		39,771
Sika		797		223,499
Sonova Holding		199		48,941
Straumann Holding		190		25,189
Swiss Life Holding		127		76,423
UBS Group		4,043		87,876
Zurich Insurance Group		1,503		712,953
				2,633,833
TAIWAN — 1.4%
Accton Technology		15,000		137,373
Acer		39,000		32,340
Advantech		4,898		56,817
ASE Technology Holding		20,000		68,869
Asia Cement		58,000		85,036
Chailease Holding		26,496		194,208
Compal Electronics		18,000		14,236
CTBC Financial Holding		75,000		55,683
Delta Electronics		8,000		74,846
E.Sun Financial Holding		250,953		204,810
Eva Airways		13,000		12,040
Evergreen Marine Taiwan		14,600		74,609
Fubon Financial Holding		60,041		117,405
Hon Hai Precision Industry		81,000		267,948
Inventec		15,000		13,031
Lite-On Technology		70,000		159,287
Mega Financial Holding		55,350		60,382
Micro-Star International		29,000		129,371
Novatek Microelectronics		25,000		330,390
Quanta Computer		4,000		10,470
Realtek Semiconductor		21,000		258,887
SinoPac Financial Holdings		51,200		28,663
Synnex Technology International		54,000		110,182
Taishin Financial Holding		199,813		107,310
Taiwan Cooperative Financial Holding		147,225		128,070
Taiwan Semiconductor Manufacturing ADR		2,828		246,234
United Microelectronics		310,000		504,899
Yuanta Financial Holding		183,175		136,200

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

37

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Zhen Ding Technology Holding		36,000	$	131,785
				3,751,381
THAILAND — 0.6%
Advanced Info Service NVDR		20,700		118,286
Bangkok Dusit Medical Services NVDR		183,900		145,666
Bumrungrad Hospital NVDR		23,400		139,675
Central Pattana NVDR		32,200		63,975
Central Retail NVDR		25,000		31,633
Delta Electronics Thailand NVDR		6,900		177,896
Kasikornbank NVDR		38,900		150,757
Krung Thai Bank NVDR		496,900		243,211
Land & Houses NVDR		477,700		132,452
PTT Exploration & Production NVDR		99,400		420,705
Thai Oil NVDR		6,200		8,842
				1,633,098
TURKEY — 0.4%
Akbank		104,500		96,629
BIM Birlesik Magazalar		9,135		65,884
Ford Otomotiv Sanayi		3,372		98,363
Haci Omer Sabanci Holding		171,711		396,186
KOC Holding		5,944		24,347
Turk Hava Yollari AO *		20,289		154,159
Turkiye Is Bankasi, Cl C		223,514		134,139
Turkiye Petrol Rafinerileri		5,560		174,350
Turkiye Sise ve Cam Fabrikalari		12,731		31,853
				1,175,910
UNITED KINGDOM — 1.1%
Ashtead Group		6,149		406,875
AstraZeneca		170		22,147
Auto Trader Group		3,155		22,565
BAE Systems		17,152		185,245
BP		142,906		939,110
Croda International		450		35,488
Experian		5,803		195,643
HSBC Holdings		76,185		583,580
Imperial Brands		5,212		125,564
JD Sports Fashion		74,755		162,754

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

38

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Legal & General Group		75,485	$	232,350
Next		430		35,372
Pearson		7,453		82,442
Spirax-Sarco Engineering		369		51,823
SSE		1,149		24,047
United Utilities Group		2,190		26,741
				3,131,746
UNITED STATES — 0.4%
CONSUMER STAPLES — 0.0%
JBS		15,200		55,482
ENERGY — 0.1%
Tenaris		11,856		195,056
HEALTH CARE — 0.0%
CSL		288		57,303
INDUSTRIALS — 0.3%
Schneider Electric		4,005		642,629
				950,470
ZAMBIA — 0.1%
First Quantum Minerals		7,784		170,056
Total Common Stock
(Cost $62,669,872)				81,998,721
PREFERRED STOCK — 0.4%
BRAZIL — 0.4%
Cia Energetica de Minas Gerais(2)		78,349		156,984
Gerdau(2)		15,700		85,735
Itausa SA*(2)		40,600		63,822
Petroleo Brasileiro(2)		163,600		798,712
Total Preferred Stock
(Cost $1,072,867)				1,105,253

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

39

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

RIGHTS — 0.0%
		Number of Rights	Value
SinoPac Financial Holdings		2,696	$	194
(Cost $–)				194
SHORT-TERM INVESTMENT — 2.9%
	Shares
DWS Government Money Market Series, Institutional Shares, 4.610% (A)
(Cost $8,060,203)		8,060,203		8,060,203
Total Investments — 99.7%
(Cost $232,844,102)			$	274,012,506

A list of open futures contracts held by the Fund at February 28, 2023, is as follows:

Type of Contract	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE Index		9	Mar-2023	$	907,892	$	919,800	$	11,908
MSCI Emerging Markets		4	Mar-2023		202,850		192,560		(10,290	)
SGX Nifty 50		138	Mar-2023		4,981,365		4,802,124		(179,241	)
				$	6,092,107	$	5,914,484	$	(177,623	)

A list of open total return swap agreements held by the Fund at February 28, 2023, 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

03/10/2023

USD

$

3,003,713

$

(328,218

)

$

(328,218

)

Percentages are based on Net Assets of $274,818,208.

*	Non-income producing security.
‡	Real Estate Investment Trust

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

40

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

(1)	Level 3 security in accordance with fair value hierarchy.
(2)	No Interest Rate Available

(A) The rate reported is the 7-day effective yield as of February 28, 2023.

ADR — American Depositary Receipt

BPS— Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

Ltd. — Limited

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

SPLIX — Symmetry Panoramic International Equity Fund

USD — U.S. Dollar

VOL — Volatility

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

41

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

The following is a summary of the level of inputs used as of February 28, 2023, 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	$	182,848,135	$	–	$	–		$	182,848,135
Common Stock
Australia		282,854		4,319,921		–			4,602,775
Brazil		3,049,360		67,458		–			3,116,818
Canada		6,933,030		–		860			6,933,890
Chile		–		137,687		–			137,687
China		–		10,696,591		–			10,696,591
Denmark		–		2,023,582		–			2,023,582
Finland		–		765,724		–			765,724
France		–		1,965,168		–			1,965,168
Germany		–		2,152,203		–			2,152,203
Hong Kong		–		260,439		–			260,439
Hungary		–		115,234		–			115,234
Indonesia		–		2,562,336		–			2,562,336
Italy		118,469		211,730		–			330,199
Japan		–		16,620,487		–			16,620,487
Malaysia		–		786,460		–			786,460
Mexico		2,404,776		–		–			2,404,776
Netherlands		–		3,909,753		–			3,909,753
Norway		–		657,660		–			657,660
Peru		431,066		–		–			431,066
Philippines		–		26,810		–			26,810
Poland		–		23,626		–			23,626
Portugal		–		17,036		–			17,036
Russia		–		–		–	(1)		–	(1)
Singapore		–		873,149		–			873,149
South Africa		–		1,735,752		–			1,735,752
South Korea		–		2,246,583		–			2,246,583
Spain		–		1,751,866		–			1,751,866
Sweden		–		1,404,557		–			1,404,557
Switzerland		–		2,633,833		–			2,633,833
Taiwan		246,234		3,505,147		–			3,751,381
Thailand		–		1,633,098		–			1,633,098
Turkey		–		1,175,910		–			1,175,910
United Kingdom		–		3,131,746		–			3,131,746
United States		55,482		894,988		–			950,470
Zambia		170,056		–		–			170,056
Total Common Stock		13,691,327		68,306,534		860			81,998,721
Preferred Stock
Brazil		1,105,253		–		–			1,105,253
Rights		194		–		–			194
Short-Term Investment		8,060,203		–		–			8,060,203
Total Investments in Securities	$	205,705,112	$	68,306,534	$	860		$	274,012,506

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

42

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^
Unrealized Appreciation	$	11,908		$	–		$	–	$	11,908
Unrealized Depreciation		(189,531	)		–			–		(189,531	)
Total Return Swap^
Unrealized Depreciation		–			(328,218	)		–		(328,218	)
Total Other Financial Instruments	$	(177,623	)	$	(328,218	)	$	–	$	(505,841	)

(1) Includes securities valued at zero.

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

Amounts designated as “—” are $0.

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. 

43

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments. Total investments do not include futures and swaps.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 49.6%
	Shares		Value
AUSTRALIA — 0.7%
AngloGold Ashanti ADR		12,583	$	209,633
BHP Group		18,795		568,834
BlueScope Steel		1,841		23,555
Brambles		6,239		53,909
Coles Group		19,623		239,668
Commonwealth Bank of Australia		9,764		659,647
Fortescue Metals Group		24,315		348,433
Glencore		52,559		313,349
Mineral Resources		370		20,435
REA Group		734		60,441
Rio Tinto		1,623		111,378
Sonic Healthcare		729		15,771
Wesfarmers		1,077		34,865
Woodside Energy Group		20,807		504,155
Woolworths Group		2,634		65,327
				3,229,400
AUSTRIA — 0.0%
Verbund		222		19,199
BRAZIL — 0.5%
Banco do Brasil		40,700		313,833
BB Seguridade Participacoes		52,000		339,684
Centrais Eletricas Brasileiras		16,400		107,037

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

44

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Cia de Saneamento Basico do Estado de Sao Paulo		13,300	$	132,455
CPFL Energia		17,800		102,405
Hypera		6,000		47,686
Itau Unibanco Holding ADR		91,976		442,405
Petro Rio *		11,700		76,362
Raia Drogasil		1,700		7,335
Sendas Distribuidora		34,700		120,230
TIM		22,700		53,331
Ultrapar Participacoes		5,700		14,404
Vale ADR, Cl B		25,864		422,618
Wheaton Precious Metals		1,224		50,996
Yara International		1,579		75,064
				2,305,845
CANADA — 1.0%
Agnico Eagle Mines		287		13,213
Alimentation Couche-Tard		4,584		215,040
BCE		1,146		50,703
Canadian National Railway		574		65,376
Canadian Natural Resources		14,535		821,395
Canadian Pacific Railway		4,030		306,067
Canadian Tire, Cl A		931		116,053
Cenovus Energy		25,154		463,814
CGI, Cl A *		253		22,684
Constellation Software		22		37,827
Dollarama		718		41,475
Empire		1,438		38,139
George Weston		512		64,145
Hydro One		1,426		37,006
Imperial Oil		6,953		343,905
Intact Financial		1,601		229,983
Loblaw		1,251		106,910
Lumine Group *(1)		66		676
Magna International		271		15,104
Metro, Cl A		3,777		196,172
National Bank of Canada		4,302		315,974
Nutrien		1,821		141,890
Ritchie Bros Auctioneers		1,078		65,952
Royal Bank of Canada		5,780		586,853
Saputo		1,673		44,801

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

45

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CANADA — continued
Sun Life Financial		4,065	$	196,443
Suncor Energy		444		14,923
Teck Resources, Cl B		5,069		202,351
Tourmaline Oil		6,099		267,292
WSP Global		1,366		171,599
				5,193,765
CHILE — 0.0%
Antofagasta		5,161		97,356
CHINA — 1.6%
3SBio		66,000		65,448
Agricultural Bank of China, Cl A		44,800		18,914
Agricultural Bank of China, Cl H		831,000		288,106
Airtac International Group		1,046		36,514
Alibaba Group Holding *		8,900		97,824
Anhui Conch Cement, Cl A		3,288		14,539
Bank of Beijing, Cl A		26,800		16,721
Bank of China, Cl A		31,200		14,523
Bank of China, Cl H		1,794,000		657,953
Bank of Communications, Cl A		23,300		16,452
Bank of Communications, Cl H		80,000		47,301
Bank of Ningbo, Cl A		4,440		18,870
Bank of Shanghai, Cl A		12,297		10,597
Baoshan Iron & Steel, Cl A		43,800		41,526
Beijing Enterprises Holdings		4,000		13,103
BOE Technology Group, Cl A		72,900		43,752
Budweiser Brewing APAC		5,200		15,593
BYD, Cl A		900		33,723
BYD, Cl H		1,000		26,884
BYD Electronic International		11,000		32,075
C&D International Investment Group		23,000		74,294
China CITIC Bank, Cl H		275,000		127,231
China Coal Energy, Cl H		215,000		166,375
China Communications Services, Cl H		22,000		8,553
China Construction Bank, Cl H		707,000		432,173
China Everbright Bank, Cl A		30,400		13,054
China Galaxy Securities, Cl H		70,500		35,140
China Hongqiao Group		98,000		104,821
China Longyuan Power Group, Cl H		87,000		106,722
China Merchants Bank, Cl A		5,100		27,434

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

46

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
China Merchants Bank, Cl H		3,000	$	16,279
China Merchants Port Holdings		10,000		14,018
China Merchants Securities, Cl A		5,500		11,081
China Merchants Shekou Industrial Zone Holdings, Cl A		15,700		33,508
China Minsheng Banking, Cl A		24,100		11,842
China Oilfield Services, Cl H		64,000		68,294
China Overseas Land & Investment		47,000		116,677
China Pacific Insurance Group, Cl A		3,700		14,732
China Petroleum & Chemical, Cl A		89,300		59,914
China Petroleum & Chemical, Cl H		618,000		315,290
China Railway Group, Cl H		26,000		13,551
China Resources Beer Holdings		2,000		14,796
China Resources Land		28,000		124,412
China Resources Pharmaceutical Group		147,000		120,904
China Resources Power Holdings		12,000		24,503
China Shenhua Energy, Cl H		151,000		454,190
China State Construction Engineering, Cl A		21,200		17,175
China State Construction International Holdings		52,000		59,221
China Tourism Group Duty Free, Cl A		1,400		39,882
China Traditional Chinese Medicine Holdings		54,000		28,018
China Vanke, Cl A		6,100		15,046
China Yangtze Power, Cl A		34,600		105,543
Chow Tai Fook Jewellery Group		6,800		13,179
CITIC		88,000		97,096
CITIC Securities, Cl A		9,535		28,368
COSCO SHIPPING Holdings, Cl H		55,250		57,307
Dongyue Group		46,000		52,094
ENN Energy Holdings		800		11,389
Far East Horizon		90,000		79,611
Foshan Haitian Flavouring & Food, Cl A		2,574		30,501
Great Wall Motor, Cl H		60,500		80,287
Greentown China Holdings		13,500		18,459
Guotai Junan Securities, Cl A		7,677		15,804
Haier Smart Home, Cl A		7,541		28,604
Haier Smart Home, Cl H		21,400		75,736
Haitong Securities, Cl A		11,400		15,027
Hengan International Group		9,000		41,394
Huatai Securities, Cl A		8,200		14,887
Huaxia Bank, Cl A		20,800		15,646
Industrial & Commercial Bank of China, Cl A		16,300		10,099
Industrial & Commercial Bank of China, Cl H		1,163,000		580,293

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

47

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Industrial Bank, Cl A		5,400	$	13,156
Inner Mongolia Yili Industrial Group, Cl A		4,100		18,005
Jiangsu Hengrui Pharmaceuticals, Cl A		4,320		27,080
Jiangsu Yanghe Brewery Joint-Stock, Cl A		900		22,009
Kweichow Moutai, Cl A		400		104,647
Li Ning		41,500		354,107
Luxshare Precision Industry, Cl A		9,015		38,803
Luzhou Laojiao, Cl A		1,700		61,132
Midea Group, Cl A		2,100		15,853
NARI Technology, Cl A		8,736		33,053
New China Life Insurance, Cl A		2,100		9,433
New China Life Insurance, Cl H		20,900		50,652
People's Insurance Group of China, Cl H		229,000		72,403
PetroChina, Cl A		39,500		29,714
PetroChina, Cl H		748,000		381,583
PICC Property & Casualty, Cl H		222,000		194,994
Ping An Bank, Cl A		7,000		13,878
Ping An Insurance Group of China, Cl A		3,200		22,243
Poly Developments and Holdings Group, Cl A		9,900		21,533
SAIC Motor, Cl A		6,000		12,993
Sany Heavy Industry, Cl A		12,400		33,470
Shandong Weigao Group Medical Polymer, Cl H		49,600		80,063
Shanghai Pudong Development Bank, Cl A		10,000		10,346
Shenwan Hongyuan Group, Cl A		19,600		11,907
Shenwan Hongyuan Group, Cl A		200		122
Sinopharm Group, Cl H		24,000		64,280
Tingyi Cayman Islands Holding		12,000		19,387
Tongcheng Travel Holdings *		8,400		16,674
Tsingtao Brewery, Cl H		8,000		78,958
Uni-President China Holdings		36,000		31,564
Wuliangye Yibin, Cl A		1,300		38,207
Yankuang Energy Group, Cl H		70,000		211,144
Yonghui Superstores, Cl A		19,700		9,737
Yuexiu Property		62,000		91,310
Zhongsheng Group Holdings		22,500		112,393
				7,857,705
DENMARK — 0.3%
AP Moller - Maersk, Cl B		78		181,689
Danske Bank		7,177		166,674

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

48

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
DENMARK — continued
DSV Panalpina		936	$	170,077
Novo Nordisk, Cl B		6,157		869,709
Orsted		235		20,455
Vestas Wind Systems		1,900		54,216
				1,462,820
FINLAND — 0.1%
Elisa		989		56,163
Neste		639		30,820
Nordea Bank Abp		31,042		393,372
Sampo, Cl A		250		12,170
Stora Enso, Cl R		1,272		17,983
UPM-Kymmene		1,783		64,609
				575,117
FRANCE — 0.3%
Air Liquide		812		129,007
Dassault Aviation		220		37,820
Dassault Systemes		1,220		47,080
EssilorLuxottica		589		102,105
Hermes International		98		177,393
L'Oreal		155		61,267
LVMH Moet Hennessy Louis Vuitton		89		73,988
Sartorius Stedim Biotech		458		149,169
Teleperformance		96		24,920
Thales		937		130,996
TotalEnergies		5,150		317,776
				1,251,521
GERMANY — 0.3%
Bayerische Motoren Werke		257		26,513
Brenntag		1,520		114,491
Commerzbank		7,090		86,395
Deutsche Boerse		248		43,245
Deutsche Telekom		23,962		537,780
GEA Group		1,917		84,271
Hannover Rueck		1,175		228,183
Mercedes-Benz Group		457		35,026
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		678		233,555

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

49

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED) 

COMMON STOCK — continued
	Shares		Value
GERMANY — continued
RWE		433	$	18,379
Siemens		630		96,007
Siemens Energy		582		11,662
				1,515,507
HONG KONG — 0.0%
Orient Overseas International		5,000		80,316
Techtronic Industries		3,500		34,857
Vinda International Holdings		20,000		55,087
				170,260
HUNGARY — 0.0%
MOL Hungarian Oil & Gas		10,774		81,814
INDONESIA — 0.4%
Adaro Energy Indonesia		1,134,000		222,176
Bank Central Asia		562,500		322,616
Bank Mandiri Persero		465,300		305,028
Bank Negara Indonesia Persero		356,900		205,263
Bank Rakyat Indonesia Persero		1,009,000		308,820
Indah Kiat Pulp & Paper		54,200		28,155
Indofood Sukses Makmur		187,600		79,647
Semen Indonesia Persero		71,500		33,867
Sumber Alfaria Trijaya		910,500		173,152
Telkom Indonesia Persero		115,800		29,498
United Tractors		74,800		136,813
Vale Indonesia *		160,600		71,839
				1,916,874
ITALY — 0.0%
Ferrari		239		62,228
Prysmian		4,171		160,354
				222,582
JAPAN — 2.5%
Advantest		2,500		198,172
Ajinomoto		7,700		227,205
Bandai Namco Holdings		1,900		117,403
Bridgestone		2,900		110,948

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

50

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED) 

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Chiba Bank		52,300	$	382,937
Chugai Pharmaceutical		3,600		89,559
Daiichi Sankyo		6,000		188,978
Daikin Industries		900		153,895
Daito Trust Construction		200		18,840
Denso		1,300		69,119
Disco		200		62,712
ENEOS Holdings		85,500		293,939
Fuji Electric		500		19,305
FUJIFILM Holdings		2,600		121,295
Fujitsu		1,400		179,800
Hamamatsu Photonics		500		24,535
Hitachi		500		25,309
Hoya		2,900		287,108
Inpex		11,500		120,570
Isuzu Motors		9,600		114,801
ITOCHU		9,400		280,973
Japan Post Bank		35,700		308,402
Japan Post Holdings		48,500		431,126
Japan Tobacco		22,500		457,547
JSR		2,300		52,255
KDDI		1,200		35,109
Kikkoman		300		14,026
Kurita Water Industries		1,400		63,252
Marubeni		12,500		159,576
Mitsubishi HC Capital		82,700		431,740
Mitsubishi UFJ Financial Group		28,900		204,886
Mitsui		9,100		255,399
Mitsui OSK Lines		5,000		130,601
Mizuho Financial Group		54,800		854,184
NGK Insulators		2,700		35,840
Nintendo		3,000		112,311
NIPPON EXPRESS HOLDINGS INC		500		27,893
Nippon Sanso Holdings		1,800		32,090
Nippon Steel		14,000		312,869
Nippon Telegraph & Telephone		21,800		631,695
Nippon Yusen		21,000		545,853
Nissin Foods Holdings		1,800		149,905
Nitto Denko		600		36,123
Nomura Real Estate Holdings		11,200		249,697
Nomura Research Institute		2,400		53,620
NTT Data		1,100		15,262

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

51

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Obayashi		8,900	$	65,833
Obic		100		14,651
Olympus		1,900		32,007
Oriental Land		200		31,937
ORIX		7,500		134,423
Osaka Gas		5,700		92,587
Otsuka Holdings		900		27,266
Pan Pacific International Holdings		1,700		31,074
Panasonic Holdings		8,000		69,856
Renesas Electronics *		6,900		89,131
Resona Holdings		32,300		177,905
Rohm		300		23,104
Sekisui Chemical		900		12,066
Sekisui House		7,800		147,679
Seven & i Holdings		2,700		120,708
SG Holdings		1,200		17,302
Shimadzu		700		20,215
Shin-Etsu Chemical		1,800		249,536
Sompo Holdings		1,000		42,931
Sony		3,700		309,381
Sumitomo Electric Industries		13,400		164,900
Sumitomo Mitsui Financial Group		3,100		135,389
Sumitomo Mitsui Trust Holdings		11,500		426,075
Taisei		4,300		140,194
Takeda Pharmaceutical		7,800		240,430
TDK		1,800		60,267
Tokio Marine Holdings		5,100		108,276
Tokyo Electric Power Holdings *		38,500		127,563
Tokyo Electron		900		308,792
Tokyo Gas		10,100		194,803
Toyota Motor		5,000		68,148
Yakult Honsha		2,900		197,682
				12,570,775
MALAYSIA — 0.1%
AMMB Holdings		30,600		27,337
CIMB Group Holdings		111,900		139,890
IHH Healthcare		30,400		39,220
Malayan Banking		74,000		145,107
Petronas Chemicals Group		16,600		26,480
RHB Bank		61,600		77,966

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

52

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
MALAYSIA — continued
Telekom Malaysia		63,400	$	71,063
				527,063
MEXICO — 0.4%
America Movil ADR, Cl L		4,455		91,684
Arca Continental		27,900		236,311
Coca-Cola Femsa ADR		4,480		322,605
Fibra Uno Administracion ‡		43,500		62,053
Grupo Aeroportuario del Pacifico, Cl B		2,700		51,220
Grupo Aeroportuario del Sureste ADR		1,052		301,061
Grupo Bimbo, Ser A		50,900		242,670
Grupo Carso		17,100		81,974
Grupo Financiero Banorte, Cl O		6,600		55,869
Grupo Financiero Inbursa, Cl O *		67,800		141,703
Grupo Mexico		14,300		64,315
Promotora y Operadora de Infraestructura		10,290		100,367
Wal-Mart de Mexico		43,700		172,206
				1,924,038
NETHERLANDS — 0.6%
ASML Holding		1,245		767,362
JDE Peet's		2,132		62,760
Koninklijke Ahold Delhaize		19,787		628,273
NN Group		2,632		106,534
Shell		37,165		1,125,666
Wolters Kluwer		1,037		120,051
				2,810,646
NORWAY — 0.1%
DNB Bank		12,196		243,374
Equinor		870		26,633
Norsk Hydro		33,238		241,932
				511,939
PANAMA — 0.0%
Copa Holdings, Cl A *		848		78,313
PERU — 0.1%
Credicorp		573		73,012

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

53

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
PERU — continued
Southern Copper		3,615	$	266,389
				339,401
PHILIPPINES — 0.0%
Aboitiz Equity Ventures		33,250		32,433
Globe Telecom		196		6,280
Metropolitan Bank & Trust		35,300		37,081
				75,794
POLAND — 0.0%
Dino Polska *		183		15,278
PORTUGAL — 0.0%
Jeronimo Martins SGPS		565		11,597
RUSSIA — 0.0%
Evraz * (1)		16,851		—
SINGAPORE — 0.1%
DBS Group Holdings		11,900		301,917
Keppel		12,800		51,978
Sembcorp Marine *		244,480		23,008
Singapore Telecommunications		24,000		42,165
STMicroelectronics		553		26,489
United Overseas Bank		6,500		144,077
Venture		1,400		17,828
				607,462
SOUTH AFRICA — 0.3%
Absa Group		19,658		212,240
African Rainbow Minerals		1,668		23,087
Anglo American		6,932		239,533
Anglo American Platinum		1,835		101,469
Aspen Pharmacare Holdings		1,196		9,235
Exxaro Resources		7,289		79,780
FirstRand		5,526		19,710
Impala Platinum Holdings		3,012		28,123
MTN Group		3,206		25,261
Sasol		1,960		28,740

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

54

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SOUTH AFRICA — continued
Shoprite Holdings		2,772	$	33,567
Sibanye Stillwater		53,377		107,772
Standard Bank Group		23,848		238,218
Vodacom Group		8,154		56,195
Woolworths Holdings		29,149		122,223
				1,325,153
SOUTH KOREA — 0.4%
BGF retail		51		6,975
DB Insurance		1,142		66,458
GS Holdings		2,690		82,678
Hana Financial Group		2,158		74,014
HD Hyundai		1,238		55,600
Industrial Bank of Korea		25,636		201,028
Kakao		370		17,417
KB Financial Group		2,990		115,800
Kia		3,952		224,593
Korea Zinc		257		113,477
KT&G		5,845		392,223
Kumho Petrochemical *		346		41,141
LG Electronics		297		24,911
LG Innotek		574		119,940
Samsung Electronics		539		24,662
Samsung Engineering *		748		14,831
Samsung Securities		930		23,536
Shinhan Financial Group		2,581		75,791
Woori Financial Group		8,376		77,218
				1,752,293
SPAIN — 0.2%
CaixaBank		86,144		369,890
Iberdrola		18,507		212,153
Repsol		36,466		576,703
				1,158,746
SWEDEN — 0.2%
Alfa Laval		4,339		142,722
Atlas Copco, Cl A		25,804		306,351
Boliden		397		16,252
Epiroc, Cl A		3,719		71,471

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

55

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
SWEDEN — continued
Investor, Cl B		10,944	$	211,398
Nibe Industrier, Cl B		21,544		222,759
Skandinaviska Enskilda Banken, Cl A		15,002		187,698
Svenska Handelsbanken, Cl A		2,498		26,496
				1,185,147
SWITZERLAND — 0.6%
Chocoladefabriken Lindt & Spruengli		6		65,734
Cie Financiere Richemont, Cl A		157		23,722
Kuehne + Nagel International		809		207,134
Novartis		18,361		1,545,264
Partners Group Holding		76		71,967
Sika		379		106,281
Sonova Holding		131		32,218
Straumann Holding		350		46,402
Swiss Life Holding		60		36,105
TE Connectivity		1,365		173,792
UBS Group		3,323		72,226
Zurich Insurance Group		1,137		539,340
				2,920,185
TAIWAN — 0.5%
Accton Technology		11,000		100,740
Acer		42,000		34,828
Advantech		4,599		53,349
ASE Technology Holding		33,000		113,635
Asia Cement		40,000		58,646
Asustek Computer		2,000		18,115
Chailease Holding		20,488		150,171
Compal Electronics		17,000		13,445
Delta Electronics		9,000		84,201
E.Sun Financial Holding		199,782		163,048
Eclat Textile		1,000		15,720
Evergreen Marine Taiwan		16,800		85,852
Fubon Financial Holding		18,069		35,332
Hon Hai Precision Industry		59,000		195,172
Hua Nan Financial Holdings		18,713		13,985
Lite-On Technology		10,000		22,755
Mega Financial Holding		28,700		31,309
Micro-Star International		18,000		80,299
Novatek Microelectronics		17,000		224,665

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

56

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Realtek Semiconductor		15,000	$	184,920
SinoPac Financial Holdings		24,520		13,727
Synnex Technology International		32,000		65,293
Taishin Financial Holding		142,564		76,565
Taiwan Cooperative Financial Holding		134,863		117,316
Taiwan Semiconductor Manufacturing ADR		2,399		208,881
United Microelectronics		202,000		328,998
Yuanta Financial Holding		159,608		118,677
Zhen Ding Technology Holding		26,000		95,178
				2,704,822
THAILAND — 0.2%
Bangkok Dusit Medical Services NVDR		114,600		90,774
Bumrungrad Hospital NVDR		21,000		125,349
Central Pattana NVDR		25,600		50,862
Central Retail NVDR		10,300		13,033
Delta Electronics Thailand NVDR		5,200		134,067
Kasikornbank NVDR		23,200		89,911
Krung Thai Bank NVDR		399,900		195,734
Land & Houses NVDR		356,900		98,958
PTT Exploration & Production NVDR		68,500		289,923
				1,088,611
TURKEY — 0.2%
Akbank		79,089		73,132
BIM Birlesik Magazalar		6,511		46,959
Ford Otomotiv Sanayi		2,485		72,489
Haci Omer Sabanci Holding		132,610		305,969
KOC Holding		5,527		22,639
Turk Hava Yollari AO *		14,224		108,076
Turkiye Is Bankasi, Cl C		154,559		92,757
Turkiye Petrol Rafinerileri		4,129		129,476
Turkiye Sise ve Cam Fabrikalari		9,242		23,124
				874,621
UNITED KINGDOM — 0.5%
Ashtead Group		4,475		296,107
AstraZeneca		1,371		178,611
BAE Systems		12,198		131,741
BP		101,273		665,518

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

57

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Croda International		333	$	26,261
Experian		4,503		151,815
HSBC Holdings		54,653		418,644
JD Sports Fashion		39,370		85,715
Legal & General Group		52,042		160,190
Linde		799		278,348
Next		390		32,082
Pearson		6,218		68,781
Spirax-Sarco Engineering		264		37,077
SSE		784		16,408
				2,547,298
UNITED STATES — 37.4%
COMMUNICATION SERVICES — 1.6%
Activision Blizzard		3,193		243,466
Alphabet, Cl A *		12,922		1,163,755
Alphabet, Cl C *		12,400		1,119,720
AT&T		34,854		659,089
Charter Communications, Cl A *		453		166,528
Comcast, Cl A		18,894		702,290
Electronic Arts		1,103		122,367
Fox, Cl A		3,250		113,815
Fox, Cl B		2,469		79,625
Interpublic Group		1,298		46,131
Liberty Broadband, Cl A *		267		23,157
Liberty Broadband, Cl C *		570		49,402
Liberty Media -Liberty Formula One, Cl A *		600		36,456
Liberty Media -Liberty Formula One, Cl C *		946		64,205
Liberty Media -Liberty SiriusXM, Cl B *		2,196		70,755
Live Nation Entertainment *		922		66,439
Lumen Technologies		10,532		35,809
Meta Platforms, Cl A *		5,522		966,019
Netflix *		524		168,796
News, Cl B		1,712		29,549
Omnicom Group		2,187		198,076
Paramount Global, Cl A		193		4,744
Paramount Global, Cl B		3,853		82,531
Pinterest, Cl A *		1,730		43,440
ROBLOX, Cl A *		808		29,605
Sirius XM Holdings		6,100		26,779
Spotify Technology *		591		68,733

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

58

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
COMMUNICATION SERVICES — continued
Take-Two Interactive Software *		921	$	100,896
T-Mobile US *		3,158		449,005
Trade Desk, Cl A *		830		46,447
Verizon Communications		19,291		748,684
Walt Disney *		3,382		336,881
Warner Bros Discovery *		10,089		157,590
Warner Music Group, Cl A		700		22,092
ZoomInfo Technologies, Cl A *		1,586		38,334
				8,281,210
CONSUMER DISCRETIONARY — 3.2%
Advance Auto Parts		188		27,253
Amazon.com *		15,269		1,438,798
Aptiv *		1,032		120,001
AutoNation *		4,486		612,384
AutoZone *		158		392,873
Best Buy		1,744		144,944
Booking Holdings *		120		302,880
Burlington Stores *		269		57,633
Caesars Entertainment *		615		31,217
CarMax *		1,199		82,779
Carnival *		6,565		69,720
Chipotle Mexican Grill, Cl A *		107		159,546
Choice Hotels International		455		53,854
Darden Restaurants		1,179		168,585
Dick's Sporting Goods		2,654		341,384
Dollar General		4,094		885,532
Dollar Tree *		1,229		178,549
Domino's Pizza		448		131,717
DoorDash, Cl A *		1,118		61,110
DR Horton		5,390		498,467
eBay		4,160		190,944
Etsy *		503		61,069
Expedia Group *		193		21,031
Ford Motor		19,589		236,439
Garmin		1,013		99,406
General Motors		5,935		229,922
Gentex		1,373		39,199
Genuine Parts		797		140,957
Grand Canyon Education *		1,448		164,044

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

59

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER DISCRETIONARY — continued
H&R Block		2,654	$	97,667
Hilton Worldwide Holdings		1,360		196,534
Home Depot		3,264		967,907
Las Vegas Sands *		1,152		66,205
Lennar, Cl A		1,992		192,706
Lennar, Cl B		491		40,095
LKQ		5,913		338,756
Lowe's		2,454		504,911
Lululemon Athletica *		912		281,990
Marriott International, Cl A		1,358		229,828
McDonald's		1,732		457,092
MGM Resorts International		1,594		68,558
NIKE, Cl B		2,660		315,981
NVR *		47		243,160
O'Reilly Automotive *		489		405,919
Penske Automotive Group		3,074		443,117
Polaris		766		87,133
Pool		769		274,425
PulteGroup		3,466		189,486
Ross Stores		1,244		137,512
Royal Caribbean Cruises *		1,445		102,075
Service International		800		54,024
Starbucks		2,710		276,664
Target		5,818		980,333
Tesla *		2,730		561,588
TJX		4,984		381,774
Tractor Supply		1,656		386,279
Ulta Beauty *		320		166,016
Vail Resorts		154		35,958
VF		1,483		36,808
Williams-Sonoma		2,208		275,823
Yum! Brands		1,479		188,070
				15,926,631
CONSUMER STAPLES — 3.3%
Albertsons, Cl A		1,463		29,084
Altria Group		26,349		1,223,384
Archer-Daniels-Midland		2,684		213,647
Brown-Forman, Cl A		439		28,500
Brown-Forman, Cl B		866		56,177

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

60

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
CONSUMER STAPLES — continued
Bunge		500	$	47,750
Campbell Soup		29,812		1,565,726
Casey's General Stores		833		173,222
Church & Dwight		1,050		87,969
Clorox		278		43,212
Coca-Cola		27,834		1,656,401
Colgate-Palmolive		3,606		264,320
Conagra Brands		10,704		389,733
Constellation Brands, Cl A		601		134,444
Costco Wholesale		1,074		520,009
Darling Ingredients *		310		19,614
Estee Lauder, Cl A		451		109,616
Flowers Foods		16,697		465,512
General Mills		12,785		1,016,535
Hershey		2,150		512,388
Hormel Foods		1,262		56,008
J M Smucker		4,958		733,239
JBS		9,800		35,771
Kellogg		6,948		458,151
Keurig Dr Pepper		3,013		104,099
Kimberly-Clark		701		87,660
Kraft Heinz		16,996		661,824
Kroger		11,890		512,935
Lamb Weston Holdings		523		52,635
McCormick		1,530		114,133
Molson Coors Beverage, Cl B		716		38,084
Mondelez International, Cl A		3,285		214,116
Monster Beverage *		873		88,837
PepsiCo		5,066		879,103
Philip Morris International		6,827		664,267
Post Holdings *		7,886		709,425
Procter & Gamble		5,721		786,981
Sysco		2,262		168,677
Tyson Foods, Cl A		2,089		123,752
Walgreens Boots Alliance		4,405		156,510
Walmart		7,913		1,124,675
				16,328,125
ENERGY — 4.0%
Antero Resources *		4,884		127,961

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

61

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
ENERGY — continued
APA		1,175	$	45,097
Baker Hughes, Cl A		4,219		129,101
Cheniere Energy		1,146		180,312
Chesapeake Energy		6,059		489,628
Chevron		17,214		2,767,495
ConocoPhillips		9,001		930,253
Coterra Energy		17,901		446,988
Devon Energy		38,443		2,072,846
Diamondback Energy		3,632		510,587
EOG Resources		3,802		429,702
EQT		2,177		72,233
Exxon Mobil		39,444		4,335,290
Halliburton		4,879		176,766
Hess		1,646		221,716
HF Sinclair		5,510		273,957
Kinder Morgan		11,398		194,450
Marathon Oil		40,287		1,013,218
Marathon Petroleum		8,049		994,856
Occidental Petroleum		11,074		648,493
ONEOK		3,454		226,064
Ovintiv		1,213		51,880
Phillips 66		4,117		422,240
Pioneer Natural Resources		1,846		369,957
Schlumberger		21,926		1,166,682
Targa Resources		6,427		476,241
Tenaris		10,560		173,734
Texas Pacific Land		14		24,923
Valero Energy		5,619		740,191
Vitesse Energy		1		11
Williams		5,634		169,583
				19,882,455
FINANCIALS — 4.6%
Aflac		3,181		216,785
Allstate		3,084		397,158
American Express		1,862		323,969
American Financial Group		1,065		142,827
American International Group		4,716		288,195
Ameriprise Financial		2,062		706,998
Aon, Cl A		1,552		471,886

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

62

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Apollo Global Management		786	$	55,727
Arch Capital Group *		5,966		417,620
Ares Management, Cl A		500		40,315
Arthur J Gallagher		956		179,107
Assurant		1,057		134,651
Assured Guaranty		948		59,165
Axis Capital Holdings		2,709		164,490
Bank of America		16,133		553,362
Bank of New York Mellon		3,754		191,004
Bank OZK		2,910		133,947
Berkshire Hathaway, Cl B *		4,115		1,255,816
BlackRock, Cl A		261		179,941
Blackstone, Cl A		2,157		195,856
Brown & Brown		1,940		108,776
Capital One Financial		2,483		270,846
Carlyle Group		1,244		42,794
Cboe Global Markets		418		52,739
Charles Schwab		3,684		287,057
Chubb		2,864		604,361
Cincinnati Financial		1,521		183,585
Citigroup		4,689		237,685
Citizens Financial Group		4,036		168,543
CME Group, Cl A		1,094		202,784
CNA Financial		2,764		121,008
Commerce Bancshares		473		31,289
Discover Financial Services		2,139		239,568
East West Bancorp		9,222		702,809
Equitable Holdings		1,214		38,144
Erie Indemnity, Cl A		189		44,489
Everest Re Group		1,564		600,529
F&G Annuities & Life		40		815
FactSet Research Systems		295		122,292
Fidelity National Financial		3,034		120,935
Fifth Third Bancorp		3,609		131,007
First American Financial		1,333		75,688
First Citizens BancShares, Cl A		181		132,811
First Republic Bank		949		116,736
Franklin Resources		1,281		37,751
Globe Life		426		51,840
Goldman Sachs Group		1,243		437,101
Hanover Insurance Group		2,702		376,875

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

63

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Hartford Financial Services Group		2,770	$	216,836
Huntington Bancshares		7,704		118,025
Interactive Brokers Group, Cl A		618		53,216
Intercontinental Exchange		2,316		235,769
Jefferies Financial Group		1,798		67,946
JPMorgan Chase		6,883		986,678
KeyCorp		9,229		168,798
KKR		2,096		118,110
Loews		807		49,300
LPL Financial Holdings		431		107,560
M&T Bank		1,213		188,367
Markel *		130		172,882
Marsh & McLennan		1,563		253,425
MetLife		6,802		487,907
Moody's		820		237,923
Morgan Stanley		8,918		860,587
Morningstar		165		34,209
MSCI, Cl A		350		182,752
Nasdaq		4,851		271,947
Northern Trust		1,093		104,130
Old Republic International		3,817		100,654
PNC Financial Services Group		1,285		202,927
Principal Financial Group		2,249		201,420
Progressive		3,763		540,066
Prudential Financial		2,161		216,100
Raymond James Financial		865		93,818
Regions Financial		32,427		756,198
Reinsurance Group of America, Cl A		1,850		267,269
RenaissanceRe Holdings		1,201		258,095
S&P Global		546		186,295
State Street		2,158		191,371
SVB Financial Group *		489		140,886
Synchrony Financial		5,736		204,833
T Rowe Price Group		1,288		144,617
Tradeweb Markets, Cl A		588		41,683
Travelers		3,372		624,225
Truist Financial		4,534		212,871
Unum Group		24,585		1,095,262
US Bancorp		4,207		200,800
Wells Fargo		9,264		433,277
Willis Towers Watson		667		156,318

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

64

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
FINANCIALS — continued
Wintrust Financial		2,786	$	256,674
WR Berkley		2,502		165,607
				23,257,309
HEALTH CARE — 6.3%
Abbott Laboratories		3,996		406,473
AbbVie		12,768		1,964,995
Agilent Technologies		1,063		150,914
Align Technology *		248		76,756
Alnylam Pharmaceuticals *		658		125,974
AmerisourceBergen, Cl A		5,001		777,956
Amgen		3,908		905,327
Avantor *		3,193		77,813
Baxter International		2,872		114,736
Becton Dickinson		1,061		248,858
Biogen *		1,133		305,751
BioMarin Pharmaceutical *		1,415		140,920
Bio-Rad Laboratories, Cl A *		108		51,607
Bio-Techne		492		35,739
Boston Scientific *		5,919		276,536
Bristol-Myers Squibb		25,720		1,773,651
Cardinal Health		12,814		970,148
Centene *		3,137		214,571
Charles River Laboratories International *		264		57,906
Chemed		99		51,636
Cigna Group		2,090		610,489
Cooper		416		136,019
CSL		245		48,747
CVS Health		5,945		496,645
Danaher		2,975		736,402
DexCom *		572		63,498
Edwards Lifesciences *		2,352		189,195
Elevance Health		1,370		643,448
Eli Lilly		5,153		1,603,717
Exact Sciences *		581		36,214
GE HealthCare Technologies *		996		75,696
Gilead Sciences		12,837		1,033,764
HCA Healthcare		3,550		864,248
Hologic *		3,000		238,920
Horizon Therapeutics *		915		100,183

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

65

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
HEALTH CARE — continued
Humana		2,542	$	1,258,341
IDEXX Laboratories *		630		298,141
Illumina *		350		69,720
Incyte *		539		41,492
Insulet *		150		41,454
Intuitive Surgical *		516		118,365
IQVIA Holdings *		654		136,339
Johnson & Johnson		7,238		1,109,296
Laboratory Corp of America Holdings		1,096		262,339
McKesson		3,054		1,068,320
Medtronic		3,147		260,572
Merck		23,930		2,542,323
Mettler-Toledo International *		197		282,441
Moderna *		2,623		364,099
Molina Healthcare *		1,602		441,079
Neogen *		1,340		23,705
Neurocrine Biosciences *		450		46,395
PerkinElmer		1,084		135,034
Pfizer		24,120		978,548
Quest Diagnostics		2,640		365,271
Regeneron Pharmaceuticals *		772		587,044
ResMed		1,060		225,780
Royalty Pharma, Cl A		1,078		38,646
Seagen *		452		81,220
STERIS		377		70,887
Stryker		644		169,295
Teleflex		363		86,477
Thermo Fisher Scientific		1,283		695,078
United Therapeutics *		2,505		616,330
UnitedHealth Group		4,211		2,004,183
Veeva Systems, Cl A *		496		82,167
Vertex Pharmaceuticals *		726		210,750
Viatris, Cl W		3,810		43,434
Waters *		385		119,693
West Pharmaceutical Services		364		115,399
Zimmer Biomet Holdings		1,168		144,680
Zoetis, Cl A		3,324		555,108
				31,294,897

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

66

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — 5.0%
3M		3,841	$	413,829
AECOM		1,348		116,413
AGCO		1,515		213,327
Air Lease, Cl A		1,150		49,772
Allegion		314		35,391
American Airlines Group *		2,284		36,498
AMETEK		1,729		244,757
Axon Enterprise *		200		40,062
Boeing *		1,331		268,263
Booz Allen Hamilton Holding, Cl A		3,566		337,807
Builders FirstSource *		3,210		272,144
Carlisle		693		178,947
Carrier Global		3,583		161,343
Caterpillar		1,427		341,838
CH Robinson Worldwide		926		92,563
Cintas		1,065		466,971
Copart *		4,086		287,900
CoStar Group *		1,630		115,176
CSX		11,600		353,684
Cummins		2,393		581,690
Deere		1,154		483,803
Delta Air Lines *		5,204		199,521
Dover		2,936		440,106
Eaton		4,586		802,229
Emerson Electric		3,927		324,802
Equifax		903		182,885
Expeditors International of Washington		3,134		327,691
Fastenal		7,487		386,030
FedEx		1,415		287,556
Fortive		2,121		141,386
FTI Consulting *		154		28,291
General Dynamics		1,556		354,628
General Electric		2,990		253,283
Graco		300		20,862
HEICO		516		85,434
HEICO, Cl A		651		84,728
Honeywell International		1,177		225,372
Howmet Aerospace		4,905		206,893
Hubbell, Cl B		1,296		325,996
Huntington Ingalls Industries		100		21,520
IDEX		1,243		279,650

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

67

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
Illinois Tool Works		1,375	$	320,595
Ingersoll Rand		6,872		399,057
ITT		1,371		124,610
Jacobs Solutions		2,804		335,078
JB Hunt Transport Services		1,738		314,213
Johnson Controls International		3,316		207,980
L3Harris Technologies		935		197,463
Landstar System		1,364		246,598
Leidos Holdings		1,634		158,612
Lockheed Martin		3,848		1,824,953
Masco		2,179		114,245
Nordson		890		195,480
Norfolk Southern		1,198		269,334
Northrop Grumman		1,519		704,983
nVent Electric		1,352		61,976
Old Dominion Freight Line		1,981		672,074
Otis Worldwide		1,961		165,940
Owens Corning		1,141		111,578
PACCAR		4,011		289,594
Parker-Hannifin		1,702		598,849
Quanta Services		3,315		535,041
Raytheon Technologies		3,523		345,571
Regal Beloit		1,662		261,998
Republic Services, Cl A		1,669		215,184
Rockwell Automation		581		171,354
Rollins		2,592		91,238
Schneider Electric		3,162		507,364
Snap-on		744		185,018
Southwest Airlines		2,253		75,656
Stanley Black & Decker		966		82,699
Textron		596		43,228
Timken		1,565		133,729
Toro		245		27,058
Trane Technologies		3,992		738,400
TransDigm Group		266		197,870
TransUnion		1,528		99,977
Uber Technologies *		1,520		50,555
U-Haul Holding		93		5,972
U-Haul Holding, Cl B		837		46,562
Union Pacific		2,930		607,330
United Airlines Holdings *		933		48,479

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

68

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INDUSTRIALS — continued
United Parcel Service, Cl B		2,420	$	441,626
United Rentals		2,289		1,072,465
Verisk Analytics, Cl A		1,230		210,465
Waste Management		2,420		362,419
Watsco		340		103,601
Westinghouse Air Brake Technologies		1,800		187,794
WW Grainger		784		524,049
XPO Logistics *		1,012		33,760
Xylem		849		87,150
				24,877,865
INFORMATION TECHNOLOGY — 6.9%
Accenture, Cl A		4,097		1,087,958
Adobe *		886		287,020
Advanced Micro Devices *		3,281		257,821
Akamai Technologies *		2,398		174,095
Amdocs		6,339		580,716
Amphenol, Cl A		3,386		262,483
Analog Devices		1,276		234,108
ANSYS *		362		109,907
Apple		47,526		7,005,808
Applied Materials		3,034		352,399
Arista Networks *		1,647		228,439
Arrow Electronics *		1,279		150,909
Atlassian, Cl A *		212		34,838
Autodesk *		1,076		213,790
Automatic Data Processing		1,188		261,146
Avnet		1,588		70,999
Bentley Systems, Cl B		1,002		40,541
BILL Holdings *		300		25,389
Block, Cl A *		1,113		85,400
Broadcom		1,416		841,515
Broadridge Financial Solutions		1,884		265,230
Cadence Design Systems *		2,020		389,739
CDW		2,462		498,358
Cisco Systems		11,747		568,790
Cloudflare, Cl A *		528		31,685
Cognizant Technology Solutions, Cl A		3,019		189,080
Corning		4,142		140,621
Crowdstrike Holdings, Cl A *		236		28,483

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

69

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
Datadog, Cl A *		325	$	24,869
Dell Technologies, Cl C		1,214		49,337
DocuSign, Cl A *		653		40,062
Dynatrace *		932		39,638
Enphase Energy *		452		95,160
Entegris		400		34,092
EPAM Systems *		688		211,663
F5 *		233		33,314
Fair Isaac *		436		295,342
Fidelity National Information Services		2,179		138,083
First Solar *		317		53,617
Fiserv *		2,223		255,845
FleetCor Technologies *		691		148,420
Fortinet *		5,815		345,644
Gartner *		621		203,570
Gen Digital		6,433		125,508
Global Payments		459		51,500
GoDaddy, Cl A *		1,390		105,237
Hewlett Packard Enterprise		11,343		177,064
HP		4,159		122,774
HubSpot *		73		28,241
Intel		10,231		255,059
International Business Machines		2,606		336,956
Intuit		289		117,675
Jabil		817		67,835
Jack Henry & Associates		343		56,334
Juniper Networks		1,278		39,337
Keysight Technologies *		2,743		438,770
KLA		1,907		723,478
Lam Research		1,154		560,856
Manhattan Associates *		333		47,869
Marvell Technology		3,339		150,756
Mastercard, Cl A		2,333		828,892
Microchip Technology		2,316		187,665
Micron Technology		4,893		282,913
Microsoft		23,404		5,837,426
MongoDB, Cl A *		27		5,657
Monolithic Power Systems		140		67,801
Motorola Solutions		1,249		328,250
NetApp		1,110		71,650
NVIDIA		3,099		719,464

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

70

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
INFORMATION TECHNOLOGY — continued
NXP Semiconductors		1,311	$	233,987
ON Semiconductor *		1,706		132,061
Oracle		3,908		341,559
Palantir Technologies, Cl A *		5,170		40,533
Palo Alto Networks *		528		99,459
Paychex		1,916		211,526
Paycom Software *		173		50,007
Paylocity Holding *		162		31,203
PayPal Holdings *		354		26,054
PTC *		879		110,165
Qorvo *		1,222		123,288
QUALCOMM		3,991		493,008
Roper Technologies		433		186,277
Salesforce *		1,595		260,958
Seagate Technology Holdings		2,266		146,293
ServiceNow *		117		50,564
Skyworks Solutions		1,111		123,954
Snowflake, Cl A *		440		67,927
SolarEdge Technologies *		274		87,110
Splunk *		600		61,500
SS&C Technologies Holdings		2,984		175,161
Synopsys *		1,374		499,806
TD SYNNEX		1,634		157,714
Teledyne Technologies *		930		399,965
Teradyne		2,561		259,020
Texas Instruments		2,972		509,549
Trimble *		1,952		101,621
Tyler Technologies *		104		33,410
Ubiquiti		823		220,811
VeriSign *		563		110,815
Visa, Cl A		3,092		680,054
VMware, Cl A *		1,115		122,795
Western Digital *		2,861		110,091
Workday, Cl A *		241		44,698
Zebra Technologies, Cl A *		408		122,502
Zoom Video Communications, Cl A *		352		26,256
Zscaler *		219		28,722
				34,601,313

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

71

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
MATERIALS — 1.5%
Air Products & Chemicals		1,326	$	379,209
Albemarle		2,263		575,503
Amcor		15,203		169,361
Avery Dennison		562		102,391
Ball		1,853		104,157
Celanese, Cl A		897		104,258
CF Industries Holdings		1,969		169,117
Chemours		3,310		113,136
Corteva		8,616		536,691
Crown Holdings		819		70,852
Dow		4,763		272,444
DuPont de Nemours		1,894		138,319
Eagle Materials		274		38,448
Eastman Chemical		425		36,210
Ecolab		912		145,345
Element Solutions		2,957		60,737
FMC		1,031		133,154
Freeport-McMoRan		12,316		504,586
Graphic Packaging Holding		1,659		39,484
International Flavors & Fragrances		1,296		120,787
International Paper		4,561		165,975
LyondellBasell Industries, Cl A		2,752		264,164
Martin Marietta Materials		627		225,638
Mosaic		4,747		252,493
Newmont		1,835		80,024
Nucor		4,540		760,178
Olin		3,385		195,484
Packaging Corp of America		1,155		157,912
PPG Industries		1,244		164,283
Reliance Steel & Aluminum		1,626		402,988
RPM International		1,535		136,047
Sherwin-Williams		748		165,570
Silgan Holdings		925		49,395
Steel Dynamics		3,905		492,459
Vulcan Materials		514		92,988
Westlake		200		23,828
Westrock		844		26,502
				7,470,117

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

72

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED) 

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
REAL ESTATE — 0.1%
CBRE Group, Cl A *		3,991	$	339,794
UTILITIES — 0.9%
AES		5,543		136,801
Alliant Energy		2,080		106,642
Ameren		2,056		170,052
American Electric Power		2,434		214,119
American Water Works		889		124,798
Atmos Energy		1,028		115,969
Avangrid		928		36,220
CenterPoint Energy		2,026		56,363
CMS Energy		2,386		140,702
Consolidated Edison		1,882		168,157
Constellation Energy		1,592		119,225
Dominion Energy		2,310		128,482
DTE Energy		954		104,663
Duke Energy		1,937		182,582
Edison International		2,205		145,993
Entergy		1,668		171,587
Essential Utilities		800		34,224
Evergy		1,889		111,092
Eversource Energy		1,681		126,680
Exelon		4,778		192,983
FirstEnergy		4,518		178,642
NextEra Energy		5,268		374,186
NiSource		547		15,004
PG&E *		8,810		137,612
Pinnacle West Capital		6,603		486,509
PPL		6,407		173,438
Public Service Enterprise Group		2,481		149,927
Sempra Energy		1,419		212,793
Southern		2,768		174,550
WEC Energy Group		243		21,544

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

73

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED) 

COMMON STOCK — continued
	Shares		Value
UNITED STATES — continued
UTILITIES — continued
Xcel Energy		931	$	60,115
				4,571,654
				186,831,370
ZAMBIA — 0.0%
First Quantum Minerals		6,725		146,920
Total Common Stock
(Cost $192,812,748)				247,907,237
REGISTERED INVESTMENT COMPANIES — 48.1%
EQUITY FUNDS — 48.1%
AQR International Defensive Style Fund, Cl R6		491,744		6,422,172
AQR Large Cap Defensive Style Fund, Cl R6		346,877		8,574,796
Avantis Emerging Markets Equity ETF		229,154		11,785,390
Avantis International Equity ETF		68,174		3,832,742
Avantis International Small Cap Value ETF		87,677		5,134,365
DFA Emerging Markets Portfolio, Cl I		628,165		16,150,114
DFA Emerging Markets Small Cap Portfolio, Cl I		474,616		9,872,009
DFA Emerging Markets Targeted Value Portfolio, Cl I		186,911		1,880,322
DFA International High Relative Profitability Portfolio, Cl I		946,793		10,963,858
DFA International Real Estate Securities, Cl I		1,811,986		6,903,667
DFA International Small Cap Growth Portfolio, Cl I		113,213		1,614,423
DFA International Small Cap Value Portfolio, Cl I		520,087		10,406,941
DFA International Value Portfolio, Cl I		594,105		11,287,999
DFA Large Cap International Portfolio, Cl I		766,676		18,668,551
DFA Real Estate Securities Portfolio, Cl I		446,535		16,954,930
DFA US Small Cap Portfolio, Cl I		239,062		9,995,179
DFA US Small Cap Value Portfolio, Cl I		161,679		6,835,784
DFA US Targeted Value Portfolio, Cl I		739,955		21,902,658
Dimensional Emerging Markets High Profitability		249,078		5,716,340
iShares MSCI Global Min Vol Factor ETF		365,328		33,971,851
Schwab International Small Cap Equity ETF		70,162		2,339,201

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

74

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
Vanguard Small Cap Value ETF		36,894	$	6,246,154
Vanguard U.S. Quality Factor ETF		39,529		4,352,143
Vanguard U.S. Value Factor ETF		84,522		8,886,643
Total Registered Investment Companies
(Cost $196,649,330)				240,698,232
PREFERRED STOCK — 0.2%
BRAZIL — 0.2%
Cia Energetica de Minas Gerais(2)		48,779		97,736
Gerdau(2)		11,300		61,708
Itausa SA(2)		28,600		44,958
Petroleo Brasileiro(2)		119,700		584,387
Total Preferred Stock
(Cost $764,474)				788,789
RIGHTS — 0.0%
		Number of Rights
ABIOMED*		241		—
SinoPac Financial Holdings*		1,291		93
Total Rights
(Cost $–)				93
SHORT-TERM INVESTMENT — 2.0%
	Shares
DWS Government Money Market Series, Institutional Shares, 4.610% (A)
(Cost $9,837,906)		9,837,906		9,837,906
Total Investments — 99.9%
(Cost $400,064,458)			$	499,232,257

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

75

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

A list of open total return swap agreements held by the Fund at February 28, 2023, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized Appreciation (Depreciation)

ReFlow

SPGEX NAV

SOFR + 35 BPS

SPGEX

Annually

03/10/2023

USD

$

5,400,673

$

(621,176

)

$

(621,176

)

A list of open futures contracts held by the Fund at February 28, 2023, is as follows:

Type of Contract	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
MSCI EAFE Index		10	Mar-2023	$	990,796	$	1,022,000	$	31,204
MSCI Emerging Markets		19	Mar-2023		949,893		914,660		(35,233	)
SGX Nifty 50		101	Mar-2023		3,644,940		3,514,598		(130,342	)
				$	5,585,629	$	5,451,258	$	(134,371	)

Percentages are based on Net Assets of $499,899,811.

*	Non-income producing security.
‡	Real Estate Investment Trust
(1)	Level 3 security in accordance with fair value hierarchy.
(2)	No Interest Rate Available
(A)	The rate reported is the 7-day effective yield as of February 28, 2023.

ADR — American Depositary Receipt

BPS— Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

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

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

76

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

The following table summarizes the inputs used as of February 28, 2023, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3			Total
Common Stock
Australia	$	209,633	$	3,019,767	$	–		$	3,229,400
Austria		–		19,199		–			19,199
Brazil		2,230,781		75,064		–			2,305,845
Canada		5,193,089		–		676			5,193,765
Chile		–		97,356		–			97,356
China		–		7,857,705		–			7,857,705
Denmark		–		1,462,820		–			1,462,820
Finland		–		575,117		–			575,117
France		–		1,251,521		–			1,251,521
Germany		–		1,515,507		–			1,515,507
Hong Kong		–		170,260		–			170,260
Hungary		–		81,814		–			81,814
Indonesia		–		1,916,874		–			1,916,874
Italy		62,228		160,354		–			222,582
Japan		–		12,570,775		–			12,570,775
Malaysia		–		527,063		–			527,063
Mexico		1,924,038		–		–			1,924,038
Netherlands		–		2,810,646		–			2,810,646
Norway		–		511,939		–			511,939
Panama		78,313		–		–			78,313
Peru		339,401		–		–			339,401
Philippines		–		75,794		–			75,794
Poland		–		15,278		–			15,278
Portugal		–		11,597		–			11,597
Russia		–		–		–	(1)		–	(1)
Singapore		–		607,462		–			607,462
South Africa		–		1,325,153		–			1,325,153
South Korea		–		1,752,293		–			1,752,293
Spain		–		1,158,746		–			1,158,746
Sweden		–		1,185,147		–			1,185,147
Switzerland		173,792		2,746,393		–			2,920,185
Taiwan		208,881		2,495,941		–			2,704,822
Thailand		–		1,088,611		–			1,088,611
Turkey		–		874,621		–			874,621
United Kingdom		278,348		2,268,950		–			2,547,298
United States		186,101,525		729,845		–			186,831,370
Zambia		146,920		–		–			146,920
Total Common Stock		196,946,949		50,959,612		676			247,907,237
Registered Investment Companies		240,698,232		–		–			240,698,232
Preferred Stock
Brazil		788,789		–		–			788,789
Rights		93		–		–			93
Short-Term Investment		9,837,906		–		–			9,837,906
Total Investments in Securities	$	448,271,969	$	50,959,612	$	676		$	499,232,257

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

77

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^
Unrealized Appreciation	$	31,204		$	–		$	–	$	31,204
Unrealized Depreciation		(165,575	)		–			–		(165,575	)
Total Return Swap^
Unrealized Depreciation		–			(621,176	)		–		(621,176	)
Total Other Financial Instruments	$	(134,371	)	$	(621,176	)	$	–	$	(755,547	)

(1) Includes security valued at zero.

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

Amounts designated as “—” are $0.

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. 

78

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments. Total investments do not include swaps.  

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.4%
	Shares		Value
EQUITY FUNDS — 98.4%
AQR Emerging Multi-Style II Fund, Cl R6		769,725	$	7,004,498
AQR International Defensive Style Fund, Cl R6		121,743		1,589,969
AQR International Multi-Style Fund, Cl R6		1,020,433		12,102,337
AQR Large Cap Defensive Style Fund, Cl R6		91,126		2,252,639
AQR Large Capital Multi-Style Fund, Cl R6		1,133,207		18,176,633
Avantis Emerging Markets Equity ETF		63,104		3,245,439
Avantis International Equity ETF		61,414		3,452,695
Avantis International Small Cap Value ETF		23,085		1,351,858
DFA Emerging Markets Portfolio, Cl I		151,617		3,898,069
DFA Emerging Markets Small Cap Portfolio, Cl I		106,096		2,206,787
DFA Emerging Markets Targeted Value Portfolio, Cl I		49,988		502,877
DFA International High Relative Profitability Portfolio, Cl I		257,140		2,977,682
DFA International Small Cap Growth Portfolio, Cl I		30,149		429,926
DFA International Small Cap Value Portfolio, Cl I		141,715		2,835,717
DFA Large Cap International Portfolio, Cl I		231,796		5,644,226
DFA Real Estate Securities Portfolio, Cl I		58,929		2,237,522
DFA US High Relative Profitability Portfolio, Cl I		389,873		6,822,773
Dimensional Emerging Markets High Profitability		68,000		1,560,600
Dimensional International Value ETF		99,094		3,228,483
Dimensional US Core Equity 2 ETF		184,656		4,692,109
Dimensional US Equity ETF		311,583		13,482,196
Dimensional US Marketwide Value ETF		198,615		6,818,453
Dimensional US Small Capital ETF		47,996		2,665,218
Dimensional US Targeted Value ETF		166,572		7,958,810
iShares MSCI Global Min Vol Factor ETF		84,478		7,855,609
Schwab International Small Cap Equity ETF		21,798		726,745
Vanguard Small Cap Value ETF		8,931		1,512,018

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

79

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

REGISTERED INVESTMENT COMPANIES — continued
	Shares		Value
EQUITY FUNDS — continued
Vanguard U.S. Quality Factor ETF		8,804	$	969,320
Vanguard U.S. Value Factor ETF		17,776		1,868,969
Total Registered Investment Companies
(Cost $112,438,761)				130,070,177
SHORT-TERM INVESTMENT — 1.7%
DWS Government Money Market Series, Institutional Shares, 4.610% (A)
(Cost $2,209,829)		2,209,829		2,209,829
Total Investments — 100.1%
(Cost $114,648,590)			$	132,280,006

A list of open total return swap agreements held by the Fund at February 28, 2023, is as follows:

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Net Unrealized (Depreciation)

ReFlow

SPGTX NAV

SOFR + 35 BPS

SPGTX

Annually

03/10/2023

USD

$

2,243,679

$

(381,849

)

$

(381,849

)

Percentages are based on Net Assets of $132,065,507.

(A) The rate reported is the 7-day effective yield as of February 28, 2023.

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. 

80

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND

FEBRUARY 28, 2023 (UNAUDITED)

The following is a summary of the level of inputs used as of February 28, 2023, 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	$	130,070,177	$	–		$	–	$	130,070,177
Short-Term Investment		2,209,829		–			–		2,209,829
Total Investments in Securities	$	132,280,006	$	–		$	–	$	132,280,006
Other Financial Instruments		Level 1		Level 2			Level 3		Total
Total Return Swap^
Unrealized Depreciation	$	–	$	(381,849	)	$	–	$	(381,849	)
Total Other Financial Instruments	$	–	$	(381,849	)	$	–	$	(381,849	)

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

Amounts designated as “—” are $0.

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

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

81

SYMMETRY PANORAMIC US FIXED INCOME FUND

FEBRUARY 28, 2023 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments. 

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 99.2%
	Shares		Value
FIXED INCOME FUNDS — 99.2%
iShares Core 1-5 Year USD Bond ETF, Cl 5		659,812	$	30,661,464
JPMorgan BetaBuilders US Agg		581,693		26,711,342
Vanguard Short-Term Bond Index Fund, Cl Institutional Plus (A)		9,619,893		94,659,743
Vanguard Total Bond Market Index Fund, Cl Institutional Plus (A)		8,151,242		77,355,289
Total Registered Investment Companies
(Cost $246,279,979)				229,387,838
SHORT-TERM INVESTMENT — 0.8%
DWS Government Money Market Series, Institutional Shares, 4.610% (B)
(Cost $1,884,234)		1,884,234		1,884,234
Total Investments — 100.0%
(Cost $248,164,213)			$	231,272,072

Percentages are based on Net Assets of $231,367,676.

(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, 2023.

Cl — Class

ETF — Exchange-Traded Fund

USD — U.S. Dollar

As of February 28, 2023, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

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

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

82

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND

FEBRUARY 28, 2023 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.6%
	Shares		Value
MUNICIPAL BOND FUNDS — 98.6%
DFA Intermediate-Term Municipal Bond Portfolio, Cl I (A)		1,036,543	$	10,209,949
DFA Short-Term Municipal Bond Portfolio, Cl I (A)		1,955,443		19,671,761
iShares National Muni Bond ETF		19,284		2,033,498
iShares Short-Term National Muni Bond ETF		41,265		4,272,165
Vanguard Tax-Exempt Bond Index ETF		81,900		4,058,145
Total Registered Investment Companies
(Cost $41,583,817)				40,245,518
SHORT-TERM INVESTMENT — 1.5%
DWS Government Money Market Series, Institutional Shares, 4.610% (B)
(Cost $617,886)		617,886		617,886
Total Investments — 100.1%
(Cost $42,201,703)			$	40,863,404

Percentages are based on Net Assets of $40,824,088.

(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, 2023.

Cl — Class

ETF — Exchange-Traded Fund

As of February 28, 2023, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

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

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

83

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND

FEBRUARY 28, 2023 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 99.1%
	Shares		Value
FIXED INCOME FUNDS — 99.1%
DFA Five-Year Global Fixed Income Portfolio, Cl I		2,633,041	$	26,014,442
JPMorgan BetaBuilders US Agg		953,300		43,775,536
Vanguard Total Bond Market Index Fund, Cl Institutional Plus (A)		13,780,200		130,774,103
Vanguard Total International Bond Index Fund, Cl Institutional (A)		5,518,400		158,322,887
Total Registered Investment Companies
(Cost $401,696,752)				358,886,968
SHORT-TERM INVESTMENT — 0.9%
DWS Government Money Market Series, Institutional Shares, 4.610% (B)
(Cost $3,128,521)		3,128,521		3,128,521
Total Investments — 100.0%
(Cost $404,825,273)			$	362,015,489

Percentages are based on Net Assets of $362,171,806.

(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, 2023.

Cl — Class

As of February 28, 2023, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

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

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

84

SYMMETRY PANORAMIC ALTERNATIVES FUND

FEBRUARY 28, 2023 (UNAUDITED)

SECTOR WEIGHTINGS^†

^† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 99.0%
	Shares		Value
EQUITY FUNDS — 99.0%
AQR Alternative Risk Premia Fund, Cl R6		117,490	$	1,173,724
AQR Diversified Arbitrage Fund, Cl R6 (A)		1,591,738		18,798,430
AQR Managed Futures Strategy Fund, Cl R6 (A)		1,112,832		9,848,564
AQR Style Premia Alternative Fund, Cl R6		1,000,591		8,074,768
Total Registered Investment Companies
(Cost $38,365,127)				37,895,486
SHORT-TERM INVESTMENT — 1.0%
DWS Government Money Market Series, Institutional Shares, 4.610% (B)
(Cost $375,318)		375,318		375,318
Total Investments — 100.0%
(Cost $38,740,445)			$	38,270,804

Percentages are based on Net Assets of $38,287,408.

(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, 2023.

Cl — Class

As of February 28, 2023, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

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

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

85

SYMMETRY PANORAMIC TRUST

FEBRUARY 28, 2023 (UNAUDITED)

Statements of Assets and Liabilities

	US Equity Fund		International Equity Fund		Global Equity Fund		Tax-Managed Global Equity Fund
Assets:
Investments, at Value †	$	521,740,679	$	274,012,506	$	499,232,257	$	132,280,006
Foreign Currency, at Value ††		36		286,724		317,577		–
Dividends and Interest Receivable		609,660		285,436		565,894		110
Cash Collateral on Swap Contracts		495,000		375,000		540,000		312,000
Receivable for Capital Shares Sold		224,377		162,235		236,572		48,179
Cash Collateral on Futures Contracts		58,815		449,750		367,660		–
Reclaim Receivable		698		211,595		164,643		–
Receivable for Investment Securities Sold		25		–		23		–
Unrealized Appreciation on Futures Contracts		–		11,908		31,204		–
Prepaid Expenses		16,093		14,579		15,863		15,965
Total Assets		523,145,383		275,809,733		501,471,693		132,656,260
Liabilities:
Payable for Capital Shares Redeemed		432,898		280,660		411,768		147,547
Unrealized Depreciation on Swap Contracts		307,494		328,218		621,176		381,849
Payable Due to Adviser		141,454		84,593		131,941		17,655
Shareholder Servicing Fees Payable		104,444		51,478		98,713		23,746
Payable for Investment Securities Purchased		67,251		–		69,995		–
Payable Due to Administrator		11,119		5,827		10,632		2,812
Audit Fees Payable		7,061		7,061		7,061		7,061
Unrealized Depreciation on Futures Contracts		5,571		189,531		165,575		–
Trustees Fees Payable		5,409		5,409		5,409		5,409
Transfer Agent Fees Payable		4,064		4,156		4,555		3,823
Chief Compliance Officer Fees Payable		3,430		1,811		3,346		851
Other Accrued Expenses		373		32,781		41,711		–
Total Liabilities		1,090,568		991,525		1,571,882		590,753
Net Assets	$	522,054,815	$	274,818,208	$	499,899,811	$	132,065,507
† Cost of Investments	$	396,696,586	$	232,844,102	$	400,064,458	$	114,648,590
†† Cost of Foreign Currency		–		279,351		314,049		–
Net Assets Consist of:
Paid-in Capital	$	379,924,591	$	250,031,703	$	395,897,480	$	113,833,895
Total Distributable Earnings		142,130,224		24,786,505		104,002,331		18,231,612
Net Assets	$	522,054,815	$	274,818,208	$	499,899,811	$	132,065,507
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		41,528,134		25,541,110		42,289,974		10,381,523
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	12.57	$	10.76	$	11.82	$	12.72

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

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

86

SYMMETRY PANORAMIC TRUST

FEBRUARY 28, 2023 (UNAUDITED)

Statements of Assets and Liabilities

	US Fixed Income Fund			Municipal Fixed Income Fund			Global Fixed Income Fund			Alternatives Fund
Assets:
Investments, at Value †	$	231,272,072		$	40,863,404		$	362,015,489		$	38,270,804
Dividends and Interest Receivable		328,643			33			496,503			15
Receivable for Capital Shares Sold		96,646			4,646			219,371			19,779
Receivable Due from Adviser		–			311			–			–
Prepaid Expenses		20,306			16,124			21,120			24,667
Total Assets		231,717,667			40,884,518			362,752,483			38,315,265
Liabilities:
Payable for Capital Shares Redeemed		244,437			34,419			421,134			8,286
Shareholder Servicing Fees Payable		49,632			8,041			70,942			1,648
Payable Due to Adviser		32,854			–			61,784			854
Audit Fees Payable		7,061			7,061			7,061			7,061
Trustees Fees Payable		5,409			5,409			5,409			5,409
Payable Due to Administrator		4,851			858			7,574			779
Transfer Agent Fees Payable		4,150			3,681			4,334			3,585
Chief Compliance Officer Fees Payable		1,597			270			2,439			233
Other Accrued Expenses		–			691			–			2
Total Liabilities		349,991			60,430			580,677			27,857
Net Assets	$	231,367,676		$	40,824,088		$	362,171,806		$	38,287,408
† Cost of Investments	$	248,164,213		$	42,201,703		$	404,825,273		$	38,740,445
Net Assets Consist of:
Paid-in Capital	$	250,883,867		$	42,377,246		$	406,494,152		$	38,585,524
Total Accumulated Loss		(19,516,191	)		(1,553,158	)		(44,322,346	)		(298,116	)
Net Assets	$	231,367,676		$	40,824,088		$	362,171,806		$	38,287,408
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		24,517,875			4,145,737			40,100,021			3,402,383
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	9.44		$	9.85		$	9.03		$	11.25

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

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

87

SYMMETRY PANORAMIC TRUST

SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)

Statements of Operations

	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Investment Income:
Dividend Income	$	5,431,542		$	4,278,297		$	6,453,409		$	1,956,321
Less: Foreign Taxes Withheld		–			(135,312	)		(106,635	)		–
Total Investment Income		5,431,542			4,142,985			6,346,774			1,956,321
Expenses:
Investment Advisory Fees		1,416,180			918,987			1,543,462			401,028
Shareholder Servicing Fees		305,998			153,036			289,783			69,310
Administration Fees		87,236			44,311			82,918			20,789
Trustees' Fees		10,867			10,867			10,867			10,867
Chief Compliance Officer Fees		10,590			5,400			10,129			2,526
Legal Fees		32,295			16,178			30,731			7,534
Custodian Fees		32,150			69,628			86,429			4,216
Printing Fees		20,480			11,905			20,636			4,632
Registration Fees		14,199			13,136			14,071			12,151
Transfer Agent Fees		13,886			12,958			14,238			12,032
Audit Fees		8,342			8,342			8,342			8,342
Insurance and Other Expenses		20,141			17,915			25,657			8,767
Total Expenses		1,972,364			1,282,663			2,137,263			562,194
Less:
Waiver of Investment Advisory Fees		(516,983	)		(429,897	)		(660,856	)		(240,616	)
Reimbursement by Investment Adviser		(43,059	)		(1,737	)		(108,170	)		(63,155	)
Net Expenses		1,412,322			851,029			1,368,237			258,423
Net Investment Income		4,019,220			3,291,956			4,978,537			1,697,898

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

88

SYMMETRY PANORAMIC TRUST

SIX MONTHS ENDED FEBRUARY 28, 2023 (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 (Loss) on Investments Sold	$	12,251,749		$	(3,151,185	)	$	2,113,625		$	(618,646	)
Net Realized Loss on Futures Contracts		(122,573	)		(65,921	)		(225,057	)		–
Net Realized Loss on Foreign Currency Transactions		–			(51,848	)		(41,326	)		–
Net Realized Gain Received on Distributions from Registered Investment Companies		4,603,476			342,385			2,974,833			1,711,238
Net Realized Loss on Swap Contracts		(129,374	)		–			(100,576	)		–
Net Change in Unrealized Appreciation (Depreciation) on Investments		(3,781,628	)		14,845,817			10,002,045			3,465,736
Net Change in Unrealized Appreciation (Depreciation) on Futures Contracts		61,851			(126,487	)		(13,339	)		–
Net Change in Unrealized Appreciation (Depreciation) on Swap Contracts		26,185			73,974			(143,007	)		2,816
Net Change in Unrealized Appreciation on Foreign Currency Transactions and     Translation of other Assets and Liabilities Denominated in Foreign Currencies		–			20,267			14,227			–
Net Realized and Unrealized Gain 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		12,909,686			11,887,002			14,581,425			4,561,144
Net Increase in Net Assets Resulting from Operations	$	16,928,906		$	15,178,958		$	19,559,962		$	6,259,042

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

SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)

Statements of Operations

	US Fixed Income Fund			Municipal Fixed Income Fund			Global Fixed Income Fund			Alternatives Fund
Investment Income:
Dividend Income	$	2,794,260		$	316,234		$	4,501,018		$	2,307,369
Total Investment Income		2,794,260			316,234			4,501,018			2,307,369
Expenses:
Investment Advisory Fees		536,601			94,493			936,473			218,427
Shareholder Servicing Fees		140,081			22,813			213,086			14,192
Administration Fees		40,560			6,818			61,110			5,693
Trustees' Fees		10,867			10,867			10,867			10,867
Chief Compliance Officer Fees		4,992			834			7,488			688
Legal Fees		15,559			2,568			23,086			1,965
Registration Fees		14,428			11,069			13,554			17,342
Transfer Agent Fees		12,925			11,591			13,526			11,455
Printing Fees		9,303			1,779			13,787			1,781
Custodian Fees		8,748			1,511			12,916			923
Audit Fees		8,342			8,342			8,342			8,342
Insurance and Other Expenses		10,811			7,276			12,972			6,848
Total Expenses		813,217			179,961			1,327,207			298,523
Less:
Waiver of Investment Advisory Fees		(238,491	)		(44,231	)		(486,247	)		(123,315	)
Reimbursement by Investment Adviser		(87,163	)		(53,481	)		(68,689	)		(90,656	)
Net Expenses		487,563			82,249			772,271			84,552
Net Investment Income		2,306,697			233,985			3,728,747			2,222,817

Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments Sold		(1,642,031	)		(165,806	)		(826,665	)		240,474
Net Change in Unrealized Appreciation (Depreciation) on Investments		(4,251,062	)		88,963			(10,142,873	)		(1,075,849	)
Net Realized and Unrealized Loss on Investments and Distributions from     Registered Investment Companies		(5,893,093	)		(76,843	)		(10,969,538	)		(835,375	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,586,396	)	$	157,142		$	(7,240,791	)	$	1,387,442

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

90

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	US Equity Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net Investment Income	$	4,019,220		$	5,915,143
Net Realized Gain on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		16,603,278			15,858,401
Net Change in Unrealized Depreciation on Investments, Futures Contracts, Swap Contracts, and Foreign Currency Transactions and     Translation of other Assets and Liabilities Denominated in Foreign Currencies		(3,693,592	)		(73,618,963	)
Net Increase (Decrease) in Net Assets Resulting from Operations		16,928,906			(51,845,419	)
Distributions		(19,231,435	)		(41,595,804	)
Capital Share Transactions:
Class I Shares:
Issued		36,636,023			73,723,250
Reinvestment of Distributions		19,231,434			41,595,388
Redeemed		(55,532,947	)		(134,098,423	)
Net Class I Share Transactions		334,510			(18,779,785	)
Net Increase (Decrease) in Net Assets from Share Transactions		334,510			(18,779,785	)
Total Decrease in Net Assets		(1,968,019	)		(112,221,008	)
Net Assets:
Beginning of Period/Year		524,022,834			636,243,842
End of Period/Year	$	522,054,815		$	524,022,834
Share Transactions:
Class I Shares:
Issued		2,921,182			5,374,229
Reinvestment of Distributions		1,572,441			2,916,337
Redeemed		(4,404,853	)		(9,520,501	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		88,770			(1,229,935	)

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

91

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	International Equity Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net Investment Income	$	3,291,956		$	8,857,956
Net Realized Loss on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		(2,926,569	)		(1,667,450	)
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		14,813,571			(65,868,761	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,178,958			(58,678,255	)
Distributions		(6,397,783	)		(7,382,351	)
Capital Share Transactions:
Class I Shares:
Issued		20,152,114			41,173,972
Reinvestment of Distributions		6,397,783			7,381,696
Redeemed		(25,297,524	)		(43,393,393	)
Net Class I Share Transactions		1,252,373			5,162,275
Net Increase in Net Assets from Share Transactions		1,252,373			5,162,275
Total Increase (Decrease) in Net Assets		10,033,548			(60,898,331	)
Net Assets:
Beginning of Period/Year		264,784,660			325,682,991
End of Period/Year	$	274,818,208		$	264,784,660
Share Transactions:
Class I Shares:
Issued		1,917,698			3,495,297
Reinvestment of Distributions		613,991			585,849
Redeemed		(2,419,457	)		(3,634,729	)
Net Increase in Shares Outstanding from Share Transactions		112,232			446,417

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

92

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Global Equity Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net Investment Income	$	4,978,537		$	10,456,185
Net Realized Gain on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		4,721,499			9,529,589
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		9,859,926			(92,401,067	)
Net Increase (Decrease) in Net Assets Resulting from Operations		19,559,962			(72,415,293	)
Distributions		(17,429,029	)		(28,308,288	)
Capital Share Transactions:
Class I Shares:
Issued		32,181,053			64,422,074
Reinvestment of Distributions		17,429,029			28,307,555
Redeemed		(50,244,148	)		(100,343,997	)
Net Class I Share Transactions		(634,066	)		(7,614,368	)
Net Decrease in Net Assets from Share Transactions		(634,066	)		(7,614,368	)
Total Increase (Decrease) in Net Assets		1,496,867			(108,337,949	)
Net Assets:
Beginning of Period/Year		498,402,944			606,740,893
End of Period/Year	$	499,899,811		$	498,402,944
Share Transactions:
Class I Shares:
Issued		2,736,309			4,967,378
Reinvestment of Distributions		1,510,249			2,066,454
Redeemed		(4,273,124	)		(7,591,026	)
Net Decrease in Shares Outstanding from Share Transactions		(26,566	)		(557,194	)

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

93

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Tax-Managed Global Equity Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net Investment Income	$	1,697,898		$	2,614,418
Net Realized Gain on Investments, Futures, Foreign Currency Transactions and Swap Contracts		1,092,592			887,097
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		3,468,552			(21,367,749	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,259,042			(17,866,234	)
Distributions		(2,151,138	)		(2,015,323	)
Capital Share Transactions:
Class I Shares:
Issued		20,651,246			34,373,790
Reinvestment of Distributions		2,151,137			2,015,323
Redeemed		(16,426,836	)		(18,595,749	)
Net Class I Share Transactions		6,375,547			17,793,364
Net Increase in Net Assets from Share Transactions		6,375,547			17,793,364
Total Increase (Decrease) in Net Assets		10,483,451			(2,088,193	)
Net Assets:
Beginning of Period/Year		121,582,056			123,670,249
End of Period/Year	$	132,065,507		$	121,582,056
Share Transactions:
Class I Shares:
Issued		1,664,111			2,533,794
Reinvestment of Distributions		175,746			138,988
Redeemed		(1,318,749	)		(1,376,491	)
Net Increase in Shares Outstanding from Share Transactions		521,108			1,296,291

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

94

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	US Fixed Income Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net Investment Income	$	2,306,697		$	3,160,704
Net Realized Loss on Investments		(1,642,031	)		(981,306	)
Net Change in Unrealized Depreciation on Investments		(4,251,062	)		(26,496,076	)
Net Decrease in Net Assets Resulting from Operations		(3,586,396	)		(24,316,678	)
Distributions		(2,306,711	)		(3,310,752	)
Capital Share Transactions:
Class I Shares:
Issued		27,247,077			82,933,629
Reinvestment of Distributions		2,306,710			3,309,761
Redeemed		(45,008,096	)		(64,828,411	)
Net Class I Share Transactions		(15,454,309	)		21,414,979
Net Increase (Decrease) in Net Assets from Share Transactions		(15,454,309	)		21,414,979
Total Decrease in Net Assets		(21,347,416	)		(6,212,451	)
Net Assets:
Beginning of Period/Year		252,715,092			258,927,543
End of Period/Year	$	231,367,676		$	252,715,092
Share Transactions:
Class I Shares:
Issued		2,868,320			8,160,493
Reinvestment of Distributions		244,375			326,392
Redeemed		(4,738,890	)		(6,416,600	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,626,195	)		2,070,285

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

95

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Municipal Fixed Income Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net Investment Income	$	233,985		$	148,309
Net Realized Loss on Investments		(165,806	)		(38,627	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		88,963			(1,591,198	)
Net Increase (Decrease) in Net Assets Resulting from Operations		157,142			(1,481,516	)
Distributions		(233,840	)		(148,461	)
Capital Share Transactions:
Class I Shares:
Issued		9,091,556			12,892,923
Reinvestment of Distributions		233,841			148,445
Redeemed		(8,976,664	)		(9,224,313	)
Net Class I Share Transactions		348,733			3,817,055
Net Increase in Net Assets from Share Transactions		348,733			3,817,055
Total Increase in Net Assets		272,035			2,187,078
Net Assets:
Beginning of Period/Year		40,552,053			38,364,975
End of Period/Year	$	40,824,088		$	40,552,053
Share Transactions:
Class I Shares:
Issued		923,155			1,280,769
Reinvestment of Distributions		23,745			14,849
Redeemed		(911,159	)		(922,564	)
Net Increase in Shares Outstanding from Share Transactions		35,741			373,054

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

96

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Global Fixed Income Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net Investment Income	$	3,728,747		$	7,897,009
Net Realized Loss on Investments		(826,665	)		(610,539	)
Net Change in Unrealized Depreciation on Investments		(10,142,873	)		(56,171,336	)
Net Decrease in Net Assets Resulting from Operations		(7,240,791	)		(48,884,866	)
Distributions		(3,730,661	)		(8,794,995	)
Capital Share Transactions:
Class I Shares:
Issued		31,882,264			82,888,271
Reinvestment of Distributions		3,730,661			8,794,378
Redeemed		(36,442,087	)		(63,065,011	)
Net Class I Share Transactions		(829,162	)		28,617,638
Net Increase (Decrease) in Net Assets from Share Transactions		(829,162	)		28,617,638
Total Decrease in Net Assets		(11,800,614	)		(29,062,223	)
Net Assets:
Beginning of Period/Year		373,972,420			403,034,643
End of Period/Year	$	362,171,806		$	373,972,420
Share Transactions:
Class I Shares:
Issued		3,495,222			8,191,913
Reinvestment of Distributions		413,206			860,003
Redeemed		(4,005,073	)		(6,322,378	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(96,645	)		2,729,538

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

97

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets

	Alternatives Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net Investment Income	$	2,222,817		$	9,466
Net Realized Gain (Loss) on Investments		240,474			(11,050	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(1,075,849	)		493,056
Net Increase in Net Assets Resulting from Operations		1,387,442			491,472
Distributions		(2,255,407	)		(30,464	)
Capital Share Transactions:
Class I Shares:
Issued		20,000,064			22,015,358
Reinvestment of Distributions		2,255,407			30,464
Redeemed		(6,214,118	)		(880,754	)
Net Class I Share Transactions		16,041,353			21,165,068
Net Increase in Net Assets from Share Transactions		16,041,353			21,165,068
Total Increase in Net Assets		15,173,388			21,626,076
Net Assets:
Beginning of Period/Year		23,114,020			1,487,944
End of Period/Year	$	38,287,408		$	23,114,020
Share Transactions:
Class I Shares:
Issued		1,728,294			1,952,182
Reinvestment of Distributions		205,223			2,943
Redeemed		(550,244	)		(78,390	)
Net Increase in Shares Outstanding from Share Transactions		1,383,273			1,876,735

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

98

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, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	12.65		$	14.91		$	11.07		$	10.58		$	10.00
Income from Operations:
Net Investment Income(1)		0.10			0.14			0.12			0.12			0.11
Net Realized and Unrealized Gain (Loss)		0.29			(1.38	)		3.86			0.59			0.51
Total from Operations		0.39			(1.24	)		3.98			0.71			0.62
Dividends and Distributions:
Net Investment Income		(0.15	)		(0.11	)		(0.14	)		(0.12	)		(0.04	)
Net Realized Gain		(0.32	)		(0.91	)		—			(0.10	)		—
Total Dividends and Distributions		(0.47	)		(1.02	)		(0.14	)		(0.22	)		(0.04	)
Net Asset Value, End of Year/Period	$	12.57		$	12.65		$	14.91		$	11.07		$	10.58
Total Return†		3.25	%		(9.04	)%		36.19	%		6.73	%		6.26	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	522,055		$	524,023		$	636,244		$	556,161		$	506,766
Ratio of Expenses to Average Net Assets(2)		0.55	%**		0.55	%		0.54	%‡		0.48	%		0.48	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.77	%**		0.77	%		0.77	%		0.76	%		0.82	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.56	%**		1.02	%		0.96	%		1.15	%		1.32	%**
Portfolio Turnover Rate		16	%***		26	%		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. 

99

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, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	10.41		$	13.04		$	10.33		$	10.19		$	10.00
Income from Operations:
Net Investment Income(1)		0.13			0.35			0.16			0.25			0.23
Net Realized and Unrealized Gain (Loss)		0.48			(2.68	)		2.69			0.22			0.06
Total from Operations		0.61			(2.33	)		2.85			0.47			0.29
Dividends and Distributions:
Net Investment Income		(0.26	)		(0.30	)		(0.14	)		(0.33	)		(0.10	)
Total Dividends and Distributions		(0.26	)		(0.30	)		(0.14	)		(0.33	)		(0.10	)
Net Asset Value, End of Year/Period	$	10.76		$	10.41		$	13.04		$	10.33		$	10.19
Total Return†		5.89	%		(18.28	)%		27.78	%		4.38	%		2.93	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	274,818		$	264,785		$	325,683		$	291,001		$	264,900
Ratio of Expenses to Average Net Assets(2)		0.65	%**		0.65	%		0.65	%‡		0.65	%		0.65	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.98	%**		0.97	%		0.96	%		1.00	%		1.04	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		2.51	%**		2.96	%		1.31	%		2.51	%		2.72	%**
Portfolio Turnover Rate		21	%***		35	%		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. 

100

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, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	11.78		$	14.15		$	10.80		$	10.43		$	10.00
Income from Operations:
Net Investment Income(1)		0.12			0.25			0.14			0.17			0.16
Net Realized and Unrealized Gain (Loss)		0.33			(1.95	)		3.35			0.46			0.33
Total from Operations		0.45			(1.70	)		3.49			0.63			0.49
Dividends and Distributions:
Net Investment Income		(0.20	)		(0.20	)		(0.14	)		(0.21	)		(0.06	)
Net Realized Gain		(0.21	)		(0.47	)		—			(0.05	)		—
Total Dividends and Distributions		(0.41	)		(0.67	)		(0.14	)		(0.26	)		(0.06	)
Net Asset Value, End of Year/Period	$	11.82		$	11.78		$	14.15		$	10.80		$	10.43
Total Return†		4.02	%		(12.63	)%		32.59	%		5.97	%		4.99	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	499,900		$	498,403		$	606,741		$	543,288		$	507,434
Ratio of Expenses to Average Net Assets(2)		0.56	%**		0.56	%		0.56	%‡		0.52	%		0.52	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.87	%**		0.87	%		0.87	%		0.88	%		0.93	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		2.03	%**		1.88	%		1.13	%		1.70	%		1.92	%**
Portfolio Turnover Rate		17	%***		32	%		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. 

101

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, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	12.33		$	14.44		$	11.05		$	10.49		$	10.00
Income from Operations:
Net Investment Income(1)		0.17			0.28			0.16			0.13			0.08
Net Realized and Unrealized Gain (Loss)		0.44			(2.16	)		3.38			0.57			0.44
Total from Operations		0.61			(1.88	)		3.54			0.70			0.52
Dividends and Distributions:
Net Investment Income		(0.22	)		(0.23	)		(0.15	)		(0.14	)		(0.03	)
Total Dividends and Distributions		(0.22	)		(0.23	)		(0.15	)		(0.14	)		(0.03	)
Net Asset Value, End of Year/Period	$	12.72		$	12.33		$	14.44		$	11.05		$	10.49
Total Return†		4.98	%		(13.28	)%		32.28	%		6.64	%		5.20	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	132,066		$	121,582		$	123,670		$	84,458		$	27,235
Ratio of Expenses to Average Net Assets(2)		0.42	%**		0.42	%		0.42	%		0.42	%		0.42	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.91	%**		0.91	%		0.92	%		0.99	%		1.72	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		2.75	%**		2.08	%		1.21	%		1.26	%		0.98	%**
Portfolio Turnover Rate		7	%***		7	%		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. 

102

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, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	9.67		$	10.76		$	10.93		$	10.61		$	10.00
Income from Operations:
Net Investment Income(1)		0.09			0.13			0.14			0.20			0.18
Net Realized and Unrealized Gain (Loss)		(0.23	)		(1.09	)		(0.15	)		0.33			0.59
Total from Operations		(0.14	)		(0.96	)		(0.01	)		0.53			0.77
Dividends and Distributions:
Net Investment Income		(0.09	)		(0.12	)		(0.14	)		(0.20	)		(0.16	)
Net Realized Gain		—			(0.01	)		(0.02	)		(0.01	)		—
Total Dividends and Distributions		(0.09	)		(0.13	)		(0.16	)		(0.21	)		(0.16	)
Net Asset Value, End of Year/Period	$	9.44		$	9.67		$	10.76		$	10.93		$	10.61
Total Return†		(1.43	)%		(8.97	)%		(0.13	)%		5.02	%		7.75	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	231,368		$	252,715		$	258,928		$	257,446		$	201,574
Ratio of Expenses to Average Net Assets(2)		0.41	%**		0.41	%		0.41	%		0.41	%		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.68	%**		0.68	%		0.69	%		0.68	%		0.75	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.93	%**		1.23	%		1.27	%		1.84	%		2.15	%**
Portfolio Turnover Rate		2	%***		56	%		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. 

103

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, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	9.87		$	10.27		$	10.30		$	10.23		$	10.00
Income from Operations:
Net Investment Income(1)		0.06			0.04			0.04			0.08			0.09
Net Realized and Unrealized Gain (Loss)		(0.02	)		(0.40	)		(0.03	)		0.07			0.22
Total from Operations		0.04			(0.36	)		0.01			0.15			0.31
Dividends and Distributions:
Net Investment Income		(0.06	)		(0.04	)		(0.04	)		(0.08	)		(0.08	)
Total Dividends and Distributions		(0.06	)		(0.04	)		(0.04	)		(0.08	)		(0.08	)
Net Asset Value, End of Year/Period	$	9.85		$	9.87		$	10.27		$	10.30		$	10.23
Total Return†		0.37	%		(3.54	)%		0.10	%		1.51	%		3.10	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	40,824		$	40,552		$	38,365		$	26,837		$	8,643
Ratio of Expenses to Average Net Assets(2)		0.41	%**		0.41	%		0.41	%		0.41	%		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.90	%**		0.88	%		0.94	%		1.06	%		3.23	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		1.16	%**		0.37	%		0.39	%		0.82	%		1.10	%**
Portfolio Turnover Rate		10	%***		5	%		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.

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

104

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Year or Period

Class I Shares	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	9.30		$	10.76		$	10.88		$	10.82		$	10.00
Income from Operations:
Net Investment Income(1)		0.09			0.20			0.10			0.24			0.23
Net Realized and Unrealized Gain (Loss)		(0.27	)		(1.44	)		(0.09	)		0.09			0.81
Total from Operations		(0.18	)		(1.24	)		0.01			0.33			1.04
Dividends and Distributions:
Net Investment Income		(0.09	)		(0.20	)		(0.10	)		(0.25	)		(0.22	)
Net Realized Gain		—			(0.02	)		(0.03	)		(0.02	)		—
Total Dividends and Distributions		(0.09	)		(0.22	)		(0.13	)		(0.27	)		(0.22	)
Net Asset Value, End of Year/Period	$	9.03		$	9.30		$	10.76		$	10.88		$	10.82
Total Return†		(1.89	)%		(11.66	)%		0.06	%		3.16	%		10.58	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	362,172		$	373,972		$	403,035		$	402,557		$	368,586
Ratio of Expenses to Average Net Assets(2)		0.43	%**		0.43	%		0.43	%		0.43	%		0.43	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		0.74	%**		0.74	%		0.74	%		0.74	%		0.79	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		2.07	%**		2.00	%		0.93	%		2.26	%		2.75	%**
Portfolio Turnover Rate		2	%***		9	%		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. 

105

SYMMETRY PANORAMIC ALTERNATIVES FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Year or Period

Class I Shares	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019*
Net Asset Value, Beginning of Year/Period	$	11.45		$	10.45		$	9.41		$	10.00		$	10.00
Income from Operations:
Net Investment Income(1)		0.74			0.01			0.20			0.16			0.03
Net Realized and Unrealized Gain (Loss)		(0.26	)		1.20			0.84			(0.57	)		0.20
Total from Operations		0.48			1.21			1.04			(0.41	)		0.23
Dividends and Distributions:
Net Investment Income		(0.68	)		(0.21	)		—			(0.17	)		(0.23	)
Return of Capital		—			—			—			(0.01	)		—
Total Dividends and Distributions		(0.68	)		(0.21	)		—			(0.18	)		(0.23	)
Net Asset Value, End of Year/Period	$	11.25		$	11.45		$	10.45		$	9.41		$	10.00
Total Return†		4.36	%		11.84	%		11.05	%		(4.14	)%		2.39	%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	38,287		$	23,114		$	1,488		$	929		$	935
Ratio of Expenses to Average Net Assets(2)		0.50	%**		0.50	%		0.50	%		0.50	%		0.50	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)(2)		1.76	%**		2.72	%		7.71	%		9.46	%		31.15	%**
Ratio of Net Investment Income to Average Net Assets(2) (3)		13.13	%**		0.13	%		1.94	%		1.67	%		0.33	%**
Portfolio Turnover Rate		19	%***		5	%		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. 

106

SYMMETRY PANORAMIC TRUST

FEBRUARY 28, 2023 (UNAUDITED)

Notes to Financial Statements

1.    Organization:

The Symmetry Panoramic Trust (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust, dated April 3, 2018. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), 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 at least one 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 Financial Services-Investment Companies, 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 increases and decreases in net assets resulting from operations 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 fair 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

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prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees (the “Board”) designated the Adviser as the Board’s valuation designee (the “Valuation Designee”) to perform fair-value determinations for the Funds through a Valuation Committee (the “Committee”) established by the Adviser and approved a new Adviser and Trust Valuation and Error Correction Policy for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Valuation and Error Correction Policy established by the Trust’s Board and were implemented through a Valuation 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. Generally, when fair valuing a security held by a Fund, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation.

Futures contracts that are traded on an exchange are valued at the end of day settlement value reported from the exchange or board of trade on which the contract is primarily traded.

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Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the valuation procedures established by the Valuation Designee.

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, among others, a single issuer or to an entire market sector. If the Valuation Designee 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, the security will be valued at its fair market value by the Valuation Designee, subject to Board oversight.

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC. (“ICE”) as a third party fair valuation vendor. ICE provides a fair value factor which is applied to the local market close price for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Valuation Designee. The Valuation Designee 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 Valuation Designee is exceeded on a specific day, the Funds value the non-U.S. securities that exceed the applicable “confidence interval” based upon the fair value factors provided by ICE. 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 ICE are not reliable, the Valuation Designee and Committee holds a meeting to consider the matter and coordinates with SEI Investments Global Funds Services (the “Administrator”).

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 factors provided by ICE 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

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

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

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

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

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

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

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

The Adviser has analyzed the Funds' tax positions taken on U.S. federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for U.S. federal income tax is required in the Funds' financial statements. The Funds' U.S. federal and state income and U.S. federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. Furthermore, the Adviser of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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As of and during the period ended February 28, 2023, 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, 2023, the Funds did not incur any significant interest or penalties.

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

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

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement 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, 2023. 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

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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, 2023.

For the period ended February 28, 2023, the average monthly notional amount of futures contracts held were as follows:

	Symmetry Panoramic US Equity Fund	Symmetry Panoramic International Equity Fund	Symmetry Panoramic Global Equity Fund
Average Monthly Notional Balance Long	$1,298,983	$5,443,968	$5,728,676

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.

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Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is

referred to as notional. Total return swaps are marked-to-market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

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

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds’ ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds’ ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, it will not be able to implement its investment strategy. As of February 28, 2023, 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

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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, 2023, the monthly average balances of swap contracts held by the Funds was as follows:

	Symmetry Panoramic US Equity Fund	Symmetry Panoramic International Equity Fund	Symmetry Panoramic Global Equity Fund	Symmetry Panoramic Tax- Managed Global Equity Fund
Average Monthly Notional Balance Long	$4,449,996	$2,375,348	$4,468,873	$2,094,960

For the period ended February 28, 2023, 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

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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 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.

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 evenly and/or based on 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

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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 U.S. GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; and temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.

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

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 six months ending February 28, 2023, the Symmetry Alternatives Fund borrowed $125,000 at a rate of 5.33% on September 7, 2022 and borrowed $775,000 at a rate of 6.83% on November 8, 2022 from the Symmetry US Fixed Income Fund. For the six months ending February 28,

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2023, the Symmetry Municipal Fixed Income Fund borrowed $300,000 at a rate of 6.83% on November 16, 2022 from the Symmetry Global Fixed Income Fund.

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 Shareholder Services LLC. The services include regulatory oversight of the Trust’s Adviser and other service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

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

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended February 28, 2023, the Funds were charged as follows for these services:

Fund	Administration Fee
Symmetry Panoramic US Equity Fund	$	87,236
Symmetry Panoramic International Equity Fund		44,311
Symmetry Panoramic Global Equity Fund		82,918
Symmetry Panoramic Tax-Managed Global Equity Fund		20,789
Symmetry Panoramic US Fixed Income Fund		40,560
Symmetry Panoramic Municipal Fixed Income Fund		6,818
Symmetry Panoramic Global Fixed Income Fund		61,110
Symmetry Panoramic Alternatives Fund		5,693

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

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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 and Subadvisory Agreements:

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, the Adviser manages and supervises the investment operations and business affairs of the Funds. The Adviser may select, contract with and compensate one or more sub-advisers to manage all or a portion of a Fund’s portfolio assets, subject to oversight by the Adviser. In this role, the Adviser has supervisory responsibility for managing the investment and reinvestment of each Fund’s portfolio assets through proactive oversight and monitoring of each sub-adviser and the Fund, as described in further detail below. The Adviser is responsible for developing overall investment strategies for the Funds and overseeing and implementing each Fund’s continuous investment programs and provides a variety of advisory oversight and investment research services. The Adviser also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or sub-adviser changes) and coordinates and oversees services provided under other agreements. The Adviser has ultimate responsibility to oversee a sub-adviser and recommend to the Board 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. 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, 2023 (the “Expense Limitation”). For purposes of the Expense Limitation, the term “Operating Expenses” with respect to the

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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)).

	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, 2023 (“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

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time of such fee reductions or expense reimbursements. The Expense Limitation and Fee Waiver agreements may be terminated by the Board without penalty on 60 days’ written notice to the Adviser. The Expense Limitation and Fee Waiver agreements shall terminate automatically in the event of assignment of the investment advisory agreement.

As of February 28, 2023, 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	$85,437	$108,126	$84,298
Symmetry Panoramic International Equity Fund	57,752	22,628	12,718
Symmetry Panoramic Global Equity Fund	199,137	247,654	211,415
Symmetry Panoramic Tax-Managed Global Equity Fund	44,372	113,110	120,274
Symmetry Panoramic US Fixed Income Fund	73,388	201,285	177,037
Symmetry Panoramic Municipal Fixed Income Fund	29,689	97,750	94,908
Symmetry Panoramic Global Fixed Income Fund	45,768	152,426	141,657
Symmetry Panoramic Alternatives Fund	25,455	85,801	82,758

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, 2023, were as follows:

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	Purchases		Sales and Maturities
Symmetry Panoramic US Equity Fund	$	82,560,512	$	93,588,975
Symmetry Panoramic International Equity Fund		54,716,766		56,807,009
Symmetry Panoramic Global Equity Fund		84,502,503		93,734,553
Symmetry Panoramic Tax-Managed Global Equity Fund		12,597,789		8,556,374
Symmetry Panoramic US Fixed Income Fund		4,303,818		18,703,068
Symmetry Panoramic Municipal Fixed Income Fund		4,576,742		3,975,840
Symmetry Panoramic Global Fixed Income Fund		6,276,379		15,998,600
Symmetry Panoramic Alternatives Fund		22,892,812		6,393,847

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 and equalization. The following permanent differences were credited or charged to Paid-in Capital or Distributable Earnings as of August 31, 2022:

	Distributable Earnings			Paid in Capital
Symmetry Panoramic US Equity Fund	$	(6,171,007	)	$	6,171,007
Symmetry Panoramic Global Equity Fund		(1,261,530	)		1,261,530
Symmetry Panoramic Municipal Fixed Income Fund		3			(3	)
Symmetry Panoramic Alternatives Fund		1,230			(1,230	)

The tax character of dividends and distributions declared during the fiscal years ended August 31, 2022 and 2021 were as follows:

		Ordinary Income		Long-Term Capital Gain		Tax Exempt Income		Total
Symmetry Panoramic US Equity Fund
	2022	$	29,786,484	$	11,809,320	$	—	$	41,595,804
	2021		6,274,118		—		—		6,274,118
Symmetry Panoramic International Equity Fund
	2022		7,382,351		—		—		7,382,351
	2021		3,768,487		—		—		3,768,487

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		Ordinary Income		Long-Term Capital Gain		Tax Exempt Income	Total
Symmetry Panoramic Global Equity Fund
	2022		25,758,968		2,549,320	—	28,308,288
	2021		6,625,431		—	—	6,625,431
Symmetry Panoramic Tax-Managed Global Equity Fund
	2022		2,015,323		—	—	2,015,323
	2021		1,170,435		—	—	1,170,435
Symmetry Panoramic US Fixed Income Fund
	2022		3,147,380		163,372	—	3,310,752
	2021		3,535,314		58,488	—	3,593,802
Symmetry Panoramic Municipal Fixed Income Fund
	2022		—		—	148,461	148,461
	2021		—		—	123,054	123,054
Symmetry Panoramic Global Fixed Income Fund
	2022		7,996,330		798,665	—	8,794,995
	2021		4,540,290		—	—	4,540,290
Symmetry Panoramic Alternatives Fund
	2022		30,464		—	—	30,464
	2021		—		—	—	—

As of August 31, 2022, 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	$	16,624,300		$	3,601,039		$	12,991,344		$	913,379
Undistributed Long-Term Capital Gain		–			–			710,387			–
Undistributed Tax-Exempt Income		–			–			–			–
Post-October Losses		–			(1,533,531	)		–			–
Late-Year Loss Deferral		–			–			–			–
Capital Loss Carryforwards		–			(11,598,140	)		–			(533,003	)
Unrealized Appreciation		127,808,454			25,535,964			88,169,671			13,743,334
Other Temporary Differences		(1	)		(2	)		(4	)		(2	)
Total Distributable Earnings	$	144,432,753		$	16,005,330		$	101,871,398		$	14,123,708

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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	$	13,551		$	–		$	18,431		$	4,836
Undistributed Tax-Exempt Income		–			319			–			–
Post-October Losses		(616,378	)		(36,607	)		(548,258	)		(1,668	)
Late-Year Loss Deferral		–			–			–			–
Capital Loss Carryforwards		(32,407	)		(7,439	)		–			(28,634	)
Unrealized Appreciation/​(Depreciation)		(12,987,849	)		(1,432,736	)		(32,821,067	)		595,315
Other Temporary Differences		(1	)		3			–			–
Total Distributable Earnings (Accumulated Losses)	$	(13,623,084	)	$	(1,476,460	)	$	(33,350,894	)	$	569,849

Post-October losses represent losses realized on investment transactions from November 1, 2021 through August 31, 2022, 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, 2022 through August 31, 2022 and specified losses realized on investment transactions from November 1, 2021 through August 31, 2022.

The Symmetry Panoramic International 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 had Post-October losses of $1,533,531, $616,378, $36,607, $548,258 and $1,668, 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	$	5,705,729	$	5,892,411	$	11,598,140
Symmetry Panoramic Tax-Managed Global Equity Fund		533,003		—		533,003
Symmetry Panoramic US Fixed Income Fund		32,407		—		32,407
Symmetry Panoramic Municipal Fixed Income Fund		7,439		—		7,439
Symmetry Panoramic Alternatives Fund		22,807		5,827		28,634

For federal income tax purposes, the cost of securities owned at August 31, 2022, and the net realized gains or losses on securities sold for the period, were different from amounts reported for financial reporting purposes primarily due to wash sales and Passive Foreign Investment Company adjustments, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

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The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at February 28, 2023, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Symmetry Panoramic US Equity Fund	$	396,696,586	$	133,734,197	$	(8,690,104	)	$	125,044,093
Symmetry Panoramic International Equity Fund		232,844,102		44,532,946		(3,364,542	)		41,168,404
Symmetry Panoramic Global Equity Fund		400,064,458		106,681,749		(7,513,950	)		99,167,799
Symmetry Panoramic Tax-Managed Global Equity Fund		114,648,590		18,085,174		(453,758	)		17,631,416
Symmetry Panoramic US Fixed Income Fund		248,164,213		—		(16,892,141	)		(16,892,141	)
Symmetry Panoramic Municipal Fixed Income Fund		42,201,703		—		(1,338,299	)		(1,338,299	)
Symmetry Panoramic Global Fixed Income Fund		404,825,273		—		(42,809,784	)		(42,809,784	)
Symmetry Panoramic Alternatives Fund		38,740,445		518,942		(988,583	)		(469,641	)

8.    Concentration of Risks:

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

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

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

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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 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

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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 its 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 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

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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 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

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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 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.

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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 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

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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 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

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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 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.

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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, 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

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

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

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

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

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natural disasters or epidemics (such as COVID-19), or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. Governments and central banks may take steps to support financial markets, including by keeping interest rates at historically low levels. This and other governmental intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Governments and central banks also may reduce market support activities. Such reduction, including interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Governmental policy and legislative changes also may contribute to decreased liquidity and increased volatility in the financial markets.

The COVID-19 pandemic and efforts to contain its spread have resulted, and may continue to result, in significant disruptions to business operations, supply chains and customer activity, widespread business closures and layoffs, travel restrictions, international, national and local border closings, extended quarantines and stay-at-home orders, event cancellations, service cancellations, reductions and other changes, labor shortages, and significant challenges in healthcare service preparation and delivery, as well as general concern, uncertainty, and social unrest. Global financial markets have experienced, and may continue to experience, significant volatility and severe losses, and the pandemic has resulted in an economic slowdown, which may continue for an extended period of time. The pandemic has accelerated trends toward working remotely and shopping on-line, which may negatively affect the value of office and commercial real estate and the value of investments in other companies and industries that historically have relied on higher concentrations of people working in traditional office and commercial environments. The travel, hospitality, and public transit industries, among others, may suffer long-term negative effects from the pandemic and resulting changes to public behavior. In addition, companies and industries may lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. Although promising COVID-19 vaccines have been released and many global economies have begun to re-open, some countries, including countries with limited access to vaccines, have struggled to control the spread of the virus and re-open their economies. The prevalence of new COVID-19 variants, a failure to achieve herd immunity, or other unforeseen circumstances may result in the continued spread of the virus throughout unvaccinated populations or a resurgence in infections among vaccinated individuals.

Public health crises caused by pandemics, such as the COVID-19 pandemic, may exacerbate other pre-existing political, social, economic, and financial risks. 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. Other outbreaks of infectious diseases or other public health issues that may arise in the future may have similar or worse effects. The impact of infectious diseases may be greater in countries that do not

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move effectively to control them or that have limited access to vaccines, which may occur because of a lack of health care or economic resources or for political or other reasons.

Governments, including the U.S. federal government, and central banks around the world have taken extraordinary and unprecedented actions to support local and global economies and the financial markets and may continue to do so, but the ultimate impact of these efforts is uncertain, and they may not be successful. Governments’ efforts to limit potential negative economic effects of the COVID-19 pandemic may be altered, delayed, or eliminated at inopportune times for political, policy or other reasons. Central banks may increase their short-term policy rates or begin phasing out, or “tapering,” accommodative monetary policy facilities in the future. The timing, coordination, magnitude and effect of such policy changes on various markets are uncertain, and such changes in monetary policy may adversely affect the value of a Fund’s investments.

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, 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 were implemented or considered in response to the COVID-19 pandemic. 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.

Global economies and financial markets are highly interconnected, which increases the possibility 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, including the current contentious domestic political environment and changes

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in the U.S. presidential administration and Congress, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The United States has developed increasingly strained relations with a number of foreign countries. If relations with certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. Financial markets in the United States and China have been sensitive to the outlook for resolving ongoing U.S.-China trade disputes.

On January 31, 2020, the United Kingdom (“UK”) officially withdrew from the EU, commonly referred to as “Brexit.” Following a transition period, the UK’s post-Brexit trade agreement with the EU went into effect on January 1, 2021. The full impact of Brexit and the nature of the future relationship between the UK and the EU remains uncertain. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of a Fund’s investments.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty, and there has been a significant increase in the amount of debt due to the economic effects of COVID-19 pandemic and ensuing economic relief and public health measures Economic, political and other developments may result in a further increase in the amount of public debt, including in the United States. The long-term consequences of high public debt are not known.

Interest rates have been unusually low in recent years in the United States and abroad, and central banks 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 increase or other significant policy changes. However, over the last year, due to concerns regarding rising inflation in many sectors of the U.S. and global economy, the U.S. and many foreign governments and monetary authorities have raised interest rates and implemented other policy initiatives that are intended to contain the impacts of rising inflation. Rising interest rates may present a particularly greater risk than has historically been the case due to the current period of relatively low rates and the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives, or their alteration or cessation. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. A Fund’s investments may not keep pace with inflation, and the value of an investment in a Fund may be eroded over time by inflation.

Extremely low or negative interest rates may persist or 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

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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 persist or 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.

Funds and their advisers, as well as many of the companies in which they invest, are subject to regulation by the federal government. There is a potential for materially increased regulation in the future, as well as higher taxes or taxes restructured to incentivize different activities. These changes, should they occur, may impose added costs on a Fund and its service providers, and affect the businesses of various portfolio companies, in ways that cannot necessarily be foreseen at the present time.

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 have devastated, and in the future 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. The current U.S. administration may focus regulatory and public works projects around climate change concerns. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. Losses related to climate change could adversely affect corporate borrowers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax revenues and tourist dollars generated by such properties, 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

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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 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

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or the inability to collect revenues for the specific project or specific assets. Municipal bonds are subject to the risk that the Internal Revenue Service (the “IRS”) may determine that an issuer has not complied with applicable tax requirements and that interest from the municipal bond is taxable, which may result in a significant decline in the value of the security.

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

Operational Risk - Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Adviser’s and the Sub-Advisers’ control, including instances at third parties. The Fund, the Adviser and the Sub-Advisers seek to reduce these operational risks through 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

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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 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.

9.    Other:

As of February 28, 2023, the percentage of total shares outstanding held by shareholders of the Funds, which are comprised of individual shareholders and omnibus accounts that are

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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	85%
Symmetry Panoramic International Equity Fund	2	85%
Symmetry Panoramic Global Equity Fund	2	86%
Symmetry Panoramic Tax-Managed Global Equity Fund	3	85%
Symmetry Panoramic US Fixed Income Fund	3	90%
Symmetry Panoramic Municipal Fixed Income Fund	3	81%
Symmetry Panoramic Global Fixed Income Fund	2	85%
Symmetry Panoramic Alternatives Fund	3	85%

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

10.    Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of February 28, 2023.

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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, 2022 to February 28, 2023.

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 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratios			Expenses Paid During Period*
Symmetry Panoramic US Equity Fund
Class I Shares
Actual Fund Return	$	1,000.00	$	1,032.50		0.55	%	$	2.77
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	$	1,058.90		0.65	%	$	3.32
Hypothetical 5% Return	$	1,000.00	$	1,021.57		0.65	%	$	3.26
Symmetry Panoramic Global Equity Fund
Class I Shares
Actual Fund Return	$	1,000.00	$	1,040.20		0.56	%	$	2.83
Hypothetical 5% Return	$	1,000.00	$	1,022.02		0.56	%	$	2.81
Symmetry Panoramic Tax-Managed Global Equity Fund
Class I Shares
Actual Fund Return	$	1,000.00	$	1,049.80		0.42	%	$	2.13
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	$	985.70		0.41	%	$	2.02
Hypothetical 5% Return	$	1,000.00	$	1,022.76		0.41	%	$	2.06
Symmetry Panoramic Municipal Fixed Income Fund
Class I Shares
Actual Fund Return	$	1,000.00	$	1,003.70		0.41	%	$	2.04
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	$	981.00		0.43	%	$	2.11
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	$	1,043.60		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).

144

SYMMETRY PANORAMIC TRUST

FEBRUARY 28, 2023

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 Trust’s Board of Trustees (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, 2021 through August 31, 2022 in order to prepare a written report to the Board for review at its meeting held on January 18, 2023.

The Program Administrator’s written report for the reporting period stated that: (i) the Funds are well-positioned to meet any liquidity demands during normal and reasonably foreseeable stressed conditions after taking into account applicable factors under the Liquidity Rule; (ii) there were no events that triggered any of the Funds’ liquidity classification determinations regarding the Funds’ portfolio investments to fall outside expected parameters for the Program; (iii) no Fund exceeded the regulatory percentage limitation (15% of net assets) on holdings of illiquid investments during the review period; (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 functioned effectively during the reporting period and remains adequate for managing the liquidity risk of the Funds under the Liquidity Rule. No significant liquidity events impacting the Funds or proposed changes to the Program were noted in the report.

145

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-001-0300

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 8, 2023

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 8, 2023

By	/s/ Andrew Metzger
	Andrew Metzger
	Treasurer & Principal Financial Officer
Date: May 8, 2023