# EDGAR Filing Document

**Accession Number:** 0001736078
**File Stem:** 0001398344-25-022992
**Filing Date:** 2025-12
**Character Count:** 1377354
**Document Hash:** 6b171d39173fee1f86d487bfa3dce869
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022992.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001398344-25-022992

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Symmetry Panoramic Trust
- **CENTRAL INDEX KEY:** 0001736078

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23334
- **FILM NUMBER:** 251608033

**BUSINESS ADDRESS:**
- **STREET 1:** 151 NATIONAL DRIVE
- **CITY:** GLASTONBURY
- **STATE:** CT
- **ZIP:** 06033
- **BUSINESS PHONE:** 860-734-2075

**MAIL ADDRESS:**
- **STREET 1:** 151 NATIONAL DRIVE
- **CITY:** GLASTONBURY
- **STATE:** CT
- **ZIP:** 06033
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Symmetry Panoramic Trust
- **CENTRAL INDEX KEY:** 0001736078

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-224164
- **FILM NUMBER:** 251608032

**BUSINESS ADDRESS:**
- **STREET 1:** 151 NATIONAL DRIVE
- **CITY:** GLASTONBURY
- **STATE:** CT
- **ZIP:** 06033
- **BUSINESS PHONE:** 860-734-2075

**MAIL ADDRESS:**
- **STREET 1:** 151 NATIONAL DRIVE
- **CITY:** GLASTONBURY
- **STATE:** CT
- **ZIP:** 06033

## Series and Classes Contracts Data

### Symmetry Panoramic Alternatives Fund (Series ID: S000062173)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000201181 | Symmetry Panoramic Alternatives Fund Class I Shares | SPATX           |

### Symmetry Panoramic Global Equity Fund (Series ID: S000062174)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000201182 | Symmetry Panoramic Global Equity Fund Class I Shares | SPGEX           |

### Symmetry Panoramic Global Systematic Fixed Income Fund (Series ID: S000062175)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000201183 | Symmetry Panoramic Global Systematic Fixed Income Fund Class I Shares | SPGBX           |

### Symmetry Panoramic International Equity Fund (Series ID: S000062176)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000201184 | Symmetry Panoramic International Equity Fund Class I Shares | SPILX           |

### Symmetry Panoramic Municipal Fixed Income Fund (Series ID: S000062177)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000201185 | Symmetry Panoramic Municipal Fixed Income Fund Class I Shares | SPMFX           |

### Symmetry Panoramic Tax Managed Global Equity Fund (Series ID: S000062178)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000201186 | Symmetry Panoramic Tax Managed Global Equity Fund Class I Shares | SPGTX           |

### Symmetry Panoramic US Equity Fund (Series ID: S000062179)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000201187 | Symmetry Panoramic US Equity Fund Class I Shares | SPUSX           |

### Symmetry Panoramic US Systematic Fixed Income Fund (Series ID: S000062180)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000201188 | Symmetry Panoramic US Systematic Fixed Income Fund Class I Shares | SPUBX           |

?xml version='1.0' encoding='ASCII'?

**AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 29, 2025**

File No. 333-224164

File No. 811-23334

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE** |  |
| **SECURITIES ACT OF 1933** |  |
| POST-EFFECTIVE AMENDMENT NO. 13 | /X/ |
| AND |  |
| **REGISTRATION STATEMENT UNDER THE** |  |
| **INVESTMENT COMPANY ACT OF 1940** |  |
| AMENDMENT NO. 14 | /X/ |

---

**SYMMETRY PANORAMIC TRUST**

(Exact Name of Registrant as Specified in Charter)

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Address of Principal Executive Offices, Zip Code)

(800) 932-7781

(Registrant's Telephone Number, including Area Code)

Michael Beattie

c/o SEI Investments

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Name and Address of Agent for Service)

Copies to:

David W. Freese

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

John J. O'Brien, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

It is proposed that this filing become effective (check appropriate box)

---

| | |
|:---|:---|
| / / | Immediately upon filing pursuant to paragraph (b) |
| /X/ | On December 29, 2025 pursuant to paragraph (b) |
| / / | 60 days after filing pursuant to paragraph (a)(1) |
| / / | 75 days after filing pursuant to paragraph (a)(2) |
| / / | On [date] pursuant to paragraph (a)(1) of Rule 485 |

---

![](fp0096564-2_i.jpg)

![](fp0096564-2_ia.jpg)

**December 31, 2025** 

Class I Shares

**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 Systematic Fixed Income Fund (SPUBX) Symmetry Panoramic Municipal Fixed Income Fund (SPMFX) Symmetry Panoramic Global Systematic Fixed Income Fund (SPGBX) Symmetry Panoramic Alternatives Fund (SPATX)** 

This Prospectus provides important information about the Funds that you should know before investing. Please read it carefully and keep it for future reference. <br>These securities have not been approved or disapproved by the SEC nor has the SEC passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. <br>**www.panoramicfunds.com <br> 1-844-Sym-Fund (844-796-3863)**<br>

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| [FUND SUMMARIES](#x044288706299339) | [1](#x044288706299339) |
| &nbsp;&nbsp;&nbsp;[Symmetry Panoramic US Equity Fund](#x073408252264341) | [1](#x073408252264341) |
| &nbsp;&nbsp;&nbsp;[Symmetry Panoramic International Equity Fund](#x092090361445783) | [9](#x092090361445783) |
| &nbsp;&nbsp;&nbsp;[Symmetry Panoramic Global Equity Fund](#x027176699825659) | [16](#x027176699825659) |
| &nbsp;&nbsp;&nbsp;[Symmetry Panoramic Tax-Managed Global Equity Fund](#x035008017103153) | [24](#x035008017103153) |
| &nbsp;&nbsp;&nbsp;[Symmetry Panoramic US Systematic Fixed Income Fund](#x010680875687144) | [31](#x010680875687144) |
| &nbsp;&nbsp;&nbsp;[Symmetry Panoramic Municipal Fixed Income Fund](#x092187871581451) | [37](#x092187871581451) |
| &nbsp;&nbsp;&nbsp;[Symmetry Panoramic Global Systematic Fixed Income Fund](#x001488693688927) | [43](#x001488693688927) |
| &nbsp;&nbsp;&nbsp;[Symmetry Panoramic Alternatives Fund](#x076191829260592) | [50](#x076191829260592) |
| [ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS](#x144218140775703) | [58](#x144218140775703) |
| &nbsp;&nbsp;&nbsp;[Temporary Defensive Position](#x044299435442481) | [59](#x044299435442481) |
| &nbsp;&nbsp;&nbsp;[Cash Management Strategies](#x001446044082049) | [59](#x001446044082049) |
| &nbsp;&nbsp;&nbsp;[Risk Factors](#x057409249129786) | [59](#x057409249129786) |
| [INVESTING IN UNDERLYING FUNDS](#x120569981000633) | [61](#x120569981000633) |
| [INVESTMENTS OF THE FUNDS AND THE UNDERLYING FUNDS](#x025254107170275) | [62](#x025254107170275) |
| &nbsp;&nbsp;&nbsp;[Portfolio Holdings Disclosure](#x089290041192149) | [76](#x089290041192149) |
| [MANAGEMENT](#x218742921857305) | [77](#x218742921857305) |
| &nbsp;&nbsp;&nbsp;[Investment Adviser](#x025145392409617) | [77](#x025145392409617) |
| &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x092210526315789) | [79](#x092210526315789) |
| &nbsp;&nbsp;&nbsp;[Sub-Adviser](#x371954887218045) | [79](#x371954887218045) |
| [HOW SHARES ARE PRICED](#x456111373289287) | [81](#x456111373289287) |
| [HOW TO PURCHASE SHARES](#x027573610803631) | [83](#x027573610803631) |
| &nbsp;&nbsp;&nbsp;[Share Classes](#x152554455445545) | [83](#x152554455445545) |
| &nbsp;&nbsp;&nbsp;[Class I Shares](#x065921404044258) | [83](#x065921404044258) |
| &nbsp;&nbsp;&nbsp;[Purchasing Shares](#x060046542960377) | [83](#x060046542960377) |
| &nbsp;&nbsp;&nbsp;[Minimum and Additional Investment Amounts](#x233692722371968) | [84](#x233692722371968) |
| &nbsp;&nbsp;&nbsp;[When Order is Processed](#x149349282296651) | [84](#x149349282296651) |
| &nbsp;&nbsp;&nbsp;[Good Order](#x436381013061485) | [84](#x436381013061485) |
| &nbsp;&nbsp;&nbsp;[Retirement Plans](#x131242450388266) | [85](#x131242450388266) |
| [HOW TO REDEEM SHARES](#x069407512049194) | [85](#x069407512049194) |
| &nbsp;&nbsp;&nbsp;[Redeeming Shares](#x690938909389094) | [85](#x690938909389094) |
| &nbsp;&nbsp;&nbsp;[Good Order](#x059044368600683) | [86](#x059044368600683) |
| &nbsp;&nbsp;&nbsp;[When You Need Medallion Signature Guarantees](#x049055886934387) | [86](#x049055886934387) |
| &nbsp;&nbsp;&nbsp;[Retirement Plans](#x130544435548439) | [86](#x130544435548439) |
| &nbsp;&nbsp;&nbsp;[Low Balances](#x081410838631547) | [86](#x081410838631547) |
| [FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES](#x430177759404713) | [87](#x430177759404713) |
| [TAX STATUS, DIVIDENDS AND DISTRIBUTIONS](#x115276360544218) | [87](#x115276360544218) |
| &nbsp;&nbsp;&nbsp;[Dividends and Distributions](#x002804540055431) | [87](#x002804540055431) |
| &nbsp;&nbsp;&nbsp;[Federal Tax Treatment of Distributions](#x303522924537935) | [88](#x303522924537935) |
| &nbsp;&nbsp;&nbsp;[Equity Funds](#x023773834453874) | [88](#x023773834453874) |
| &nbsp;&nbsp;&nbsp;[International Funds](#x273810563072894) | [89](#x273810563072894) |
| &nbsp;&nbsp;&nbsp;[Municipal Fixed Income Fund](#x006254556617167) | [89](#x006254556617167) |
| &nbsp;&nbsp;&nbsp;[Sales and Redemptions](#x052534508305389) | [90](#x052534508305389) |
| &nbsp;&nbsp;&nbsp;[Backup Withholding](#x040851005042481) | [92](#x040851005042481) |
| &nbsp;&nbsp;&nbsp;[State and Local Taxes](#x61759557807462) | [92](#x61759557807462) |
| [DISTRIBUTION OF SHARES](#x152605498721228) | [93](#x152605498721228) |
| &nbsp;&nbsp;&nbsp;[Distributor](#x006654501688861) | [93](#x006654501688861) |
| &nbsp;&nbsp;&nbsp;[Additional Compensation to Financial Intermediaries](#x00050446814644) | [93](#x00050446814644) |
| &nbsp;&nbsp;&nbsp;[Householding](#x730966810966811) | [93](#x730966810966811) |
| [FINANCIAL HIGHLIGHTS](#x660223953261928) | [93](#x660223953261928) |

---

i

**FUND SUMMARIES** 

**Symmetry Panoramic US Equity Fund** 

**Investment Objective:** The Fund seeks long-term capital appreciation.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** | **Class I** |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup> | 0.55% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.22% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.07% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** <sup>(2)</sup> | **0.84%** |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | (0.19)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver and/or Expense Reimbursement**<sup>(2)</sup> | **0.65%** |

---

<sup>(1)</sup> The Fund's investment adviser, Symmetry Partners, LLC ("Symmetry" or the "Adviser"), has contractually agreed to waive its management fee until at least December 31, 2026 so that the aggregate management fee retained by the Adviser with respect to the Fund after payment of sub-advisory fees does not exceed 0.25% of the Fund's average net assets. The Adviser also has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least December 31, 2026 to ensure that total annual Fund operating expenses after fee waiver and expense reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) will not exceed 0.58% of average daily net assets of the Fund. These agreements may be terminated (i) by the Fund's Board of Trustees on 60 days' written notice to the Adviser, or (ii) by the Adviser, upon 60 days' prior written notice to the Trust, effective as of the close of business on December 31, 2026. Amounts waived or reimbursed under the Expense Limitation Agreement are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or expenses reimbursed) only if such repayments do not cause the Fund's expense ratio, after such repayment is taken into account, to exceed both the expense cap in place at the time such amounts were waived and the Fund's current expense cap, if any. Prior to December 31, 2025, the Fund's contractual expense limit was 0.55% of the average daily net assets of the Fund. 

<sup>(2)</sup> The Total Annual Fund Operating Expenses in this fee table, both before and after expense waiver and/or expense reimbursement, do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. 

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund's operating expenses are as shown in the table above and remain the same, and the expense limitation arrangements are not renewed. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $66 | $249 | $447 | $1020 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund is a diversified multi-strategy fund that seeks to achieve its investment objective primarily by implementing factor styles that the Fund's investment adviser, Symmetry, believes have the potential to produce positive returns before fees over time. Under normal circumstances, the Fund will invest, directly or indirectly, at least 80% of its net assets in equity securities of U.S. companies. The Fund may invest in securities and other instruments either directly or by investing in shares of registered, open-end investment companies and exchange-traded funds ("ETFs") (collectively, "Underlying Funds"). The universe of securities in which the Fund may invest generally includes all U.S. companies listed on the New York Stock Exchange ("NYSE"), NYSE MKT LLC, Nasdaq Global Market, Nasdaq Capital Market, or other securities exchanges deemed

appropriate by the Adviser. The Fund does not target a specific market capitalization and may invest across different segments of the equity markets, including large- ("large-cap"), mid- ("mid-cap"), small- ("small-cap") and micro-capitalization ("micro-cap") equity securities that the Adviser believes offer the prospect of long-term capital appreciation. Although the Adviser focuses on the broad market in terms of market capitalization, the Fund's investments may be overweight to mid-cap, small-cap and/or micro-cap securities relative to their market weight. These companies generally are considered by the Adviser to be companies whose market capitalizations are smaller than the 1,000th largest U.S. company. The Fund may also invest in real estate investment trusts ("REITs"). The Underlying Funds also may invest in the financial sector. Certain Underlying Funds also may engage in strategies that require heightened turnover, and the Adviser may not consider portfolio turnover a limiting factor in making decisions for the Fund.

The Fund currently intends to invest its assets primarily in Underlying Funds and directly in the common stocks, preferred stocks or securities convertible into stocks of U.S. companies, as well as equity index futures, ETFs and depositary receipts, either directly by the Adviser or pursuant to investment sub-advisory agreements with investment managers selected by the Adviser ("Sub-Advisers"). The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate Sub-Advisers. The Adviser may add or remove Sub-Advisers at its discretion.

The Adviser seeks to manage a multi-factor fund that provides exposure to different managers that in the Adviser's view are best able to deliver certain factor exposures as identified by the Adviser. The Adviser will generally access these investment managers either through Underlying Funds or through a direct sub-advisory relationship with an investment manager. The Adviser will make a determination for each investment manager as to which type of access it believes is most advantageous to the Fund, and will make changes at its discretion. The Adviser looks for Underlying Funds or sub-advisory mandates that will feature characteristics associated with investment style factors that have been identified in certain academic research papers and that, although there is no guarantee of future results, the Adviser has identified as having historically shown the potential to deliver greater returns than the broader equity market over time. Such factors may include market, value, momentum, quality, and size of the equity securities. Liquidity, volatility, and other factors that, in the opinion of the Adviser, are appropriate for achieving the Fund's investment objective may also be considered. There is no limit in the number of Underlying Funds in which the Fund may invest, and the Fund may invest more than 25% of its total assets in one Underlying Fund.

The Adviser sets an overall asset allocation within U.S. equities based on long-term strategic considerations and monitors the portfolio on an ongoing basis. The Adviser will periodically re-balance the portfolio and may change managers and/or exposures over time based on its evolving investment views amid changing market and economic conditions. Periodically, the Adviser will review certain factors in each Underlying Fund and may add or remove Underlying Funds without notice to shareholders. The Adviser may also temporarily over or under-weight certain exposures for the purpose of managing distributions, which may include selling Fund investments to offset gains. To the extent that this activity causes the Fund to deviate from its typical factor exposures, it may not meet its investment objective. The Adviser may also temporarily alter its investments if market, economic or other signals warrant doing so in the view of the Adviser.

With respect to the sub-advised portion of the Fund's assets, the Fund utilizes a "multi-manager" approach whereby the Fund's assets are allocated to one or more Sub-Advisers, in percentages determined at the discretion of the Adviser. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style. However, each Sub-Adviser must operate within the constraints of the Fund's investment objective, strategies and restrictions. At this time, with respect to the sub-advised portion of the Fund's assets, the Adviser has allocated portions of the Fund's assets to the following Sub-Advisers: AQR Capital Management, LLC ("AQR") and Dimensional Fund Advisors LP ("DFA").

AQR generally invests its allocated portion of the Fund in equity securities of large-cap U.S. companies, which for U.S. companies AQR generally considers to be those companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Index at the time of purchase. The Russell 1000<sup>®</sup> Index is designed to measure the performance of large capitalization stocks in the United States. The size of companies in the Russell 1000<sup>®</sup> Index may change with market conditions or due to changes in the composition of the Russell 1000<sup>®</sup> Index. AQR may also invest directly in equity securities of mid-cap companies, equity index futures, ETFs, REITs and depositary receipts. AQR also may invest in the financial sector.

AQR's strategy combines multiple investment styles, including value, momentum and quality, using an integrated approach. In managing its allocated portion of the Fund, AQR seeks to invest in attractively valued companies with positive momentum characteristics and stable business operations and practices. A company may be considered to be a value investment if it appears inexpensive based on multiple fundamental measures, which may include price-to-book or price-to-earnings ratios relative to other securities in its investment universe. In assessing momentum, AQR generally favors securities with positive performance relative to other securities within the investment universe. AQR also generally favors companies exhibiting

consistent business health and stability, and may include those with strong profitability or stable earnings. These characteristics are generally evaluated at time of purchase, and may change throughout the holding period. AQR may add to or modify the economic factors employed in selecting securities.

AQR determines the weight of each security in its allocated portion of the Fund using a combination of the liquidity of the security, AQR's assessment of attractiveness of the security based on factors described above, or using additional criteria that form part of AQR's security selection process. AQR utilizes portfolio optimization techniques, which incorporate anticipated transaction costs, to determine portfolio composition and trading activity.

To achieve the Fund's investment objective, DFA, with respect to its allocated portion of the Fund, implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, DFA's approach emphasizes long-term drivers of expected returns identified by DFA's research, while balancing risk through broad diversification across companies and sectors. DFA's portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.

With respect to DFA's allocated portion, DFA purchases a broad and diverse group of readily marketable equity securities of U.S. companies that DFA determines to be large capitalization companies within the U.S. Universe. A company's market capitalization is the number of its shares outstanding times its price per share. DFA generally defines the U.S. Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the U.S. Universe it represents) of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by DFA. As of the date of this Prospectus, for purposes of its allocated portion of the Fund, DFA considers large cap companies to be companies whose market capitalizations are generally in the highest 90% of total market capitalization within the U.S. Universe or companies whose market capitalizations are larger than or equal to the 1,000th largest U.S. company within the U.S. Universe, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of eligible operating companies within the U.S. Universe. Under DFA's market capitalization guidelines described above, based on market capitalization data as of November 30, 2025, the market capitalization of a large cap company would be $16.676 billion or above. This threshold will change due to market conditions.

In addition, DFA may overweight certain securities, including smaller companies, lower relative price stocks, and/or higher profitability stocks within the large cap segment of the U.S. Universe. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, DFA may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because, in DFA's view, it has high earnings or profits from operations in relation to its book value or assets. The criteria DFA uses for assessing relative price and profitability are subject to change from time to time. DFA may also increase or reduce its allocated portion of the Fund's exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company's price momentum and short-run reversals. In addition, DFA seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.

DFA, with respect to its allocated portion of the Fund, may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from its allocated portion of the Fund.

With respect to the portion of the Fund's assets managed directly by the Adviser and not allocated to another Sub-Adviser (the "Adviser-Managed Sleeve"), the Adviser has engaged Vident Asset Management ("Vident") to serve as a trading sub-adviser. Vident is responsible for trading portfolio securities for the Adviser-Managed Sleeve, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, as well as performing pre- and post-trade compliance and monitoring trading activity for the Adviser-Managed Sleeve, all subject to the oversight of the Adviser and the Board of Trustees.

The Underlying Funds in which the Fund invests and the Fund itself may use a variety of derivative instruments including futures and option contracts, forward contracts for U.S. equity securities and indices, and swaps, including total return swaps.

**Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. The risks described below are in reference to either the Underlying Funds, direct purchases of the Fund, or both unless otherwise noted.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk*. Overall market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and 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, the imposition of tariffs and other restrictions on trade, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters, epidemics or pandemics (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. Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently began to lower interest rates in September 2024, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Volatility Risk.* The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;● *Equity Risk.* Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Capitalization Risk*. Investing primarily in issuers in one market capitalization category (large, medium, small or micro) carries the risk that due to current market conditions that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium, small and micro capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small and micro capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies. Generally, the smaller the company size, the greater the risk.

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Style Risk.* The risk that different investment styles (e.g., "momentum", "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 the Fund using a momentum strategy may suffer.

● *Value Investing Risk.* 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.* The risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

● *Profitability Investment Risk.* 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Underlying Fund Risk.* The risk that the Fund's investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Companies and Exchange-Traded Funds Risk.* When the 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *REIT Risk.* Investments in REITs, which pool investors' capital to purchase or finance real estate investments, involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase). In addition, REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses or competition, overbuilding, zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;● *Management Risk.* The risk that investment strategies employed by the Adviser and the Sub-Advisers in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser or Sub-Advisers may cause unintended results.

&nbsp;&nbsp;&nbsp;&nbsp;● *Cybersecurity Risk.* There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, sub-adviser, custodian, transfer agent, distributor and other service providers and

financial intermediaries to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *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 risks.

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. The use of derivative instruments also exposes the Fund to transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● *Forward and Futures Contract Risk.* The successful use of futures contracts draws upon the Adviser's or Sub-Advisers' 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-Advisers' 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.

**Performance:** The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five-year and since inception periods through December 31, 2024, compared to the returns of a broad-based securities market index. Past performance (before and after taxes) is not an indication of future performance. Performance information is available at no cost by visiting panoramicfunds.com or by calling 1-844-Sym-Fund (844-796-3863).

**Calendar Year Annual Total Returns — Class I** 

**Total Annual Return For Calendar Years Ended December 31**![](fp0096564-2_6.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 20.29% | (26.48)% |
| 6/30/2020 | 3/31/2020 |

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Year-to-date performance as of September 30, 2025: 11.98%

**Average Annual Total Returns For the Periods Ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception <br> (11/12/18)** |
| &nbsp;&nbsp;Symmetry Panoramic US Equity Fund — Class I returns before taxes | 20.57% | 11.51% | 11.96% |
| &nbsp;&nbsp;Symmetry Panoramic US Equity Fund — Class I returns after taxes on distributions | 16.44% | 9.77% | 10.43% |
| &nbsp;&nbsp;Symmetry Panoramic US Equity Fund — Class I returns after taxes on distributions and sale of fund shares | 14.84% | 8.85% | 9.35% |
| &nbsp;&nbsp;MSCI US Broad Market Index (reflects no deduction for fees, expenses, or taxes) | 23.81% | 14.01% | 14.71% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

**Investment Adviser and Sub-Advisers:** Symmetry Partners, LLC serves as investment adviser to the Fund. AQR Capital Management, LLC, Dimensional Fund Advisors LP and Vident Asset Management serve as Sub-Advisers to the Fund.

**Portfolio Managers:** 

<u><u>Symmetry Partners, LLC</u></u>

The Fund is managed by a team that includes John McDermott Ph.D., Portfolio Manager and Chief Investment Strategist; Rebecca Cioban, CFA, Portfolio Manager and Director; and Kevin Scully, CFA, Portfolio Manager and Director. Dr. McDermott and Ms. Cioban have been managers on the Fund since its inception in 2018. Mr. Scully was named a portfolio manager in 2019.

<u><u>AQR Capital Management, LLC</u></u>

The portion of the Fund's portfolio managed by AQR is managed by a team that includes Michele L. Aghassi, Ph.D., Andrea Frazzini, Ph.D., M.S., John J. Huss, and Nathan Sosner, Ph.D., each a Principal of the Sub-Adviser. Dr. Frazzini has managed the Fund since its inception in 2018, Dr. Aghassi has managed the Fund since January 2020, and Mr. Huss and Dr. Sosner have managed the Fund since January 2021.

<u><u>Dimensional Fund Advisors LP</u></u>

The portion of the Fund's portfolio managed by DFA is managed by a team that includes Jed S. Fogdall, Global Head of Portfolio Management, Chairman of the Investment Committee, Vice President and Senior Portfolio Manager; Allen Pu, Deputy Head of Portfolio Management, North America, a member of the Investment Committee, Vice President and Senior Portfolio Manager; and John A. Hertzer, Vice President and Senior Portfolio Manager. Mr. Fogdall has managed the Fund since September 2020. Mr. Hertzer has managed the Fund since January 2022. Mr. Pu has managed the Fund since December 2024.

<u><u>Vident Asset Management</u></u>

Vident serves as a trading sub-adviser for the portion of the Fund's assets managed directly by the Adviser and not allocated to another Sub-Adviser (the "Adviser-Managed Sleeve"). The team responsible for executing portfolio transactions and implementing the Adviser's investment decisions with respect to the Adviser-Managed Sleeve includes Austin Wen, CFA, Senior Portfolio Manager; and Devin Ryder, CFA, Senior Portfolio Manager. Each of the foregoing individuals has provided portfolio management services for the Adviser-Managed Sleeve since December 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading through your broker or other financial intermediary through which you purchased shares. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts. The Fund generally is available for investment only by institutional clients, clients of registered investment advisors, clients of financial institutions and a limited number of certain other investors as approved from time to time by the Adviser. All investments are subject to approval of the Adviser.

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| | | |
|:---|:---|:---|
| | **Minimum Investment** | **Minimum Investment** |
| <br>**Class** | **Initial** | **Subsequent** |
| **I** | $1000 | $100 |

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**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Symmetry Panoramic International Equity Fund** 

**Investment Objective:** The Fund seeks long-term capital appreciation.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** | **Class I** |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup>  | 0.70% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.26% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.22% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses**<sup>(2)</sup>  | **1.18%** |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(1)</sup>  | (0.33)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver and/or Expense Reimbursement**<sup>(2)</sup>  | **0.85%** |

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<sup>(1)</sup> The Fund's investment adviser, Symmetry Partners, LLC ("Symmetry" or the "Adviser"), has contractually agreed to waive its management fee until at least December 31, 2026 so that the aggregate annual management fee retained by the Adviser with respect to the Fund after payment of sub-advisory fees does not exceed 0.25% of the Fund's average net assets. The Adviser also has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least December 31, 2026 to ensure that total annual Fund operating expenses after expense waiver and reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) will not exceed 0.63% of average daily net assets of the Fund. This agreement may be terminated (i) by the Fund's Board of Trustees on 60 days' written notice to the Adviser, or (ii) by the Adviser, upon 60 days' prior written notice to the Trust, effective as of the close of business on December 31, 2026. The fee waiver/expense reimbursement is subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) only if such repayments do not cause the Fund's expense ratio, after such repayment is taken into account, to exceed both the expense cap in place at the time such amounts were waived and the Fund's current expense cap, if any. Prior to December 31, 2025, the Fund's contractual expense limit was 0.65% of the average daily net assets of the Fund. 

<sup>(2)</sup> The Total Annual Fund Operating Expenses in this fee table, both before and after expense waiver and/or expense reimbursement, do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. 

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund's operating expenses are as shown in the table above and remain the same, and the expense limitation arrangements are not renewed. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $87 | $342 | $617 | $1402 |

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**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund is a diversified multi-strategy fund that seeks to achieve its investment objective primarily by implementing factor styles that the Fund's investment adviser, Symmetry, believes have the potential to produce positive returns before fees over time. Under normal circumstances, the Fund will invest, directly or indirectly, at least 80% of its net assets in non-U.S. equity securities. The Fund may invest in securities and other instruments either directly or by investing in shares of registered, open-end investment companies and exchange-traded funds ("ETFs") (collectively, "Underlying Funds"). The Fund will invest in the equity securities of companies that are located in countries outside of the United States, both in developed markets and emerging markets. The Fund generally will invest in the stocks and other equity securities directly or through sponsored or unsponsored depositary receipts. The Fund does not target a specific market capitalization and may invest across different segments of the equity markets, including large ("large-cap "), mid ("mid-cap"), small ("small-cap") and micro-capitalization ("micro-cap") equity securities that the Adviser believes offer the prospect of long-term capital appreciation. The Fund may

also invest in foreign real estate investment trusts ("REITs"). Although the Adviser focuses on the broad market in terms of market capitalization, the Fund's investments may be overweight to mid-cap, small-cap and micro-cap securities relative to their market weight. These companies generally are considered by the Adviser to be those whose market capitalizations are within the lower 25% of the MSCI World ex-USA IMI Index. The Underlying Funds also may invest in the financial sector. Certain Underlying Funds also may engage in strategies that require heightened turnover, and the Adviser may not consider portfolio turnover a limiting factor in making decisions for the Fund.

The Fund currently intends to invest its assets primarily in Underlying Funds and directly in the common stocks, preferred stocks or securities convertible into stocks, of non-U.S. companies in both developed countries and emerging market countries, either directly by the Adviser or pursuant to investment sub-advisory agreements with investment managers selected by the Adviser ("Sub-Advisers"). The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate Sub-Advisers. The Adviser may add or remove Sub-Advisers at its discretion. The Fund generally will purchase the stocks and other equity securities directly or through depositary receipts.

The Adviser seeks to manage a multi-factor fund that provides exposure to different managers that in the Adviser's view are best able to deliver certain factor exposures as identified by the Adviser. The Adviser will generally access these investment managers either through Underlying Funds or through a direct sub-advisory relationship with an investment manager. The Adviser will make a determination for each investment manager as to which type of access it believes is most advantageous to the Fund, and will make changes at its discretion. The Adviser looks for Underlying Funds or sub-advisory mandates that will feature characteristics associated with investment style factors that have been identified in certain academic research papers and that, although there is no guarantee of future results, the Adviser has identified as having historically shown the potential to deliver greater returns over time. Such factors may include market, value, momentum, quality, and size of the equity securities. Liquidity, volatility, and other factors that, in the opinion of the Adviser, are appropriate for achieving the Fund's investment objective may also be considered. The Fund will seek to diversify its investments by investing in Underlying Funds and securities that focus on different factors in the foreign equity markets, including emerging markets.

There is no limit in the number of Underlying Funds in which the Fund may invest, and the Fund may invest more than 25% of its assets in one Underlying Fund.

The Adviser sets an overall asset allocation based on long-term strategic considerations and monitors the portfolio on an ongoing basis. The Adviser will periodically rebalance the portfolio and may change managers and/or exposures over time based on its evolving investment views amid changing market and economic conditions. Periodically, the Adviser will review certain factors in each Underlying Fund and may add or remove Underlying Funds without notice to shareholders. The Adviser may also temporarily over or under-weight certain exposures for the purpose of managing distributions, which may include selling Fund investments to offset gains. To the extent that this activity causes the Fund to deviate from its typical factor exposures, it may not meet its investment objective. The Adviser may also temporarily alter its investments if market, economic or other signals warrant doing so in the view of the Adviser.

With respect to the portion of assets managed directly by a Sub-Adviser, the Fund utilizes a "multi-manager" approach whereby the Fund's assets are allocated to one or more Sub-Advisers, in percentages determined at the discretion of the Adviser. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style. However, each Sub-Adviser must operate within the constraints of the Fund's investment objective, strategies and restrictions. At this time, with respect to the sub-advised portion of the Fund's assets, the Adviser has entered into direct sub-advisory relationships with AQR Capital Management, LLC ("AQR") and Dimensional Fund Advisors LP ("DFA"). AQR currently manages a portion of the Fund's assets that has been allocated to AQR by the Adviser. At this time, the Adviser has not yet allocated any assets of the Fund to DFA.

AQR generally invests its allocated portion of the Fund in equity securities of both non-U.S. developed and emerging market companies. AQR's investments in non-U.S. developed markets will generally be in large-cap companies, which for non-U.S. developed market companies AQR generally considers to be those companies with market capitalizations within the range of the MSCI World ex-U.S. Index at the time of purchase. As of October 31, 2025, the market capitalization of the companies in the MSCI World ex-U.S. Index ranged from $1.7 billion to $417.3 billion. The size of companies in the MSCI World ex-U.S. Index may change with market conditions or due to changes in the composition of the Index. AQR's investments in emerging markets will generally be in equity securities of large-cap and mid-cap companies, which for emerging market companies AQR generally considers to be those companies with market capitalizations within the range of the MSCI Emerging Markets Index at the time of purchase. As of October 31, 2025, the market capitalization of the companies in the MSCI Emerging Markets Index ranged from $186.1 million to $1.2 trillion. The size of companies in the MSCI Emerging Markets Index may change

with market conditions or due to changes in the composition of the MSCI Emerging Markets Index. Although AQR does not limit its investments to any one country, AQR may invest in any one country without limit. AQR may also invest directly in equity index futures, forward foreign currency contracts, foreign currencies, ETFs, REITs and depositary receipts. AQR also may invest in the financial sector.

AQR's strategy combines multiple investment styles, including value, momentum and quality, using an integrated approach. In managing its allocated portion of the Fund, AQR seeks to invest in attractively valued companies with positive momentum characteristics and stable business operations and practices. A company may be considered to be a value investment if it appears inexpensive based on multiple fundamental measures, which may include price-to-book or price-to-earnings ratios relative to other securities in its investment universe. In assessing momentum, AQR generally favors securities with positive performance relative to other securities within the investment universe. AQR also generally favors companies exhibiting consistent business health and stability, and may include those with strong profitability or stable earnings. These characteristics are generally evaluated at time of purchase, and may change throughout the holding period. AQR may add to or modify the economic factors employed in selecting securities.

AQR determines the weight of each security in its allocated portion of the Fund using a combination of the liquidity of the security. AQR's assessment of attractiveness of the security based on factors described above, or using additional criteria that form part of AQR's security selection process. AQR utilizes portfolio optimization techniques, which incorporate anticipated transaction costs, to determine portfolio composition and trading activity.

With respect to the portion of the Fund's assets managed directly by the Adviser and not allocated to another Sub-Adviser (the "Adviser-Managed Sleeve"), the Adviser has engaged Vident Asset Management ("Vident") to serve as a trading sub-adviser. Vident is responsible for trading portfolio securities for the Adviser-Managed Sleeve, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, as well as performing pre- and post-trade compliance and monitoring trading activity for the Adviser-Managed Sleeve, all subject to the oversight of the Adviser and the Board of Trustees.

The Underlying Funds in which the Fund invests and the Fund itself may use a variety of derivative instruments including futures and option contracts, forward contracts for equity securities and indices, forward foreign currency contracts, and swaps, including equity index and total return swaps.

**Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. The risks described below are in reference to either the Underlying Funds, direct purchases of the Fund, or both unless otherwise noted.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and 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, the imposition of tariffs and other restrictions on trade, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters, epidemics or pandemics (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. Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently began to lower interest rates in September 2024, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude

of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Volatility Risk.* The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;● *Equity Risk.* Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;● *Foreign (Non-U.S.) Investment Risk.* Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● *Emerging Markets Risk.* Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Capitalization Risk.* Investing primarily in issuers in one market capitalization category (large, medium, small or micro) carries the risk that due to current market conditions that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium, small and micro capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small and micro capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies. Generally, the smaller the company size, the greater the risk.

&nbsp;&nbsp;&nbsp;&nbsp;● *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 the 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.* The value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

&nbsp;&nbsp;&nbsp;&nbsp;● *Underlying Fund Risk.* The risk that the Fund's investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk.* The risk 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Companies and Exchange-Traded Funds Risk.* When the 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *REIT Risk.* Investments in REITs, which pool investors' capital to purchase or finance real estate investments, involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase). In addition, REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses or competition, overbuilding, zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;● *Management Risk.* The risk that investment strategies employed by the Adviser and the Sub-Advisers in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser or Sub-Advisers may cause unintended results.

&nbsp;&nbsp;&nbsp;&nbsp;● *Cybersecurity Risk.* There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, sub-adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *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 risks.

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. The use of derivative instruments also exposes the Fund to transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● *Forward and Futures Contract Risk.* The successful use of forward and futures contracts draws upon the Adviser's or Sub-Advisers' skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and 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 forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) an Adviser's or Sub-Advisers' 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.

**Performance:** The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five-year and since inception periods through December 31, 2024, compared to the returns of a broad-based securities market index. Past performance (before and after taxes) is not an indication of future performance. Performance information is available at no cost by visiting panoramicfunds.com or by calling 1-844-Sym-Fund (844-796-3863).

**Calendar Year Annual Total Returns — Class I** 

**Total Annual Return For Calendar Years Ended December 31**![](fp0096564-2_14.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 17.03% | (25.89)% |
| 6/30/2020 | 3/31/2020 |

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Year-to-date performance as of September 30, 2025: 27.40%

**Average Annual Total Returns For the Periods Ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception <br> (11/12/18)** |
| &nbsp;&nbsp;Symmetry Panoramic International Equity Fund — Class I returns before taxes | 5.15% | 3.84% | 5.41% |
| &nbsp;&nbsp;Symmetry Panoramic International Equity Fund — Class I returns after taxes on distributions | 4.29% | 3.21% | 4.71% |
| &nbsp;&nbsp;Symmetry Panoramic International Equity Fund — Class I returns after taxes on distributions and sale of fund shares | 3.62% | 2.95% | 4.18% |
| &nbsp;&nbsp;MSCI ACWI ex USA Investable Market Index (net) (IMI) (reflects no deduction for fees, expenses, or taxes) | 5.23% | 4.12% | 5.93% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

**Investment Adviser and Sub-Adviser:** Symmetry Partners, LLC serves as investment adviser to the Fund. AQR Capital Management, LLC and Vident Asset Management serve as Sub-Advisers to a portion of the Fund. Dimensional Fund Advisors LP also has been appointed as Sub-Adviser to the Fund. However, the Adviser has not yet allocated any assets of the Fund to DFA.

**Portfolio Managers:** 

<u><u>Symmetry Partners, LLC</u></u>

The Fund is managed by a team that includes John McDermott Ph.D., Portfolio Manager and Chief Investment Strategist; Rebecca Cioban, CFA, Portfolio Manager and Director; and Kevin Scully, CFA, Portfolio Manager and Director. Dr. McDermott and Ms. Cioban have been managers on the Fund since its inception in 2018. Mr. Scully was named a portfolio manager in 2019.

<u><u>AQR Capital Management, LLC</u></u>

The portion of the Fund's portfolio managed by the Sub-Adviser is managed by a team that includes Michele L. Aghassi, Ph.D., Andrea Frazzini, Ph.D., M.S., John J. Huss, and Nathan Sosner, Ph.D., each a Principal of the Sub-Adviser. Dr. Frazzini has managed the Fund since its inception in 2018, Dr. Aghassi has managed the Fund since January 2020, and Mr. Huss and Dr. Sosner have managed the Fund since January 2021.

<u><u>Vident Asset Management</u></u>

Vident serves as a trading sub-adviser for the portion of the Fund's assets managed directly by the Adviser and not allocated to another Sub-Adviser (the "Adviser-Managed Sleeve"). The team responsible for executing portfolio transactions and implementing the Adviser's investment decisions with respect to the Adviser-Managed Sleeve includes Austin Wen, CFA, Senior Portfolio Manager; and Devin Ryder, CFA, Senior Portfolio Manager. Each of the foregoing individuals has provided portfolio management services for the Adviser-Managed Sleeve since December 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading through your broker or other financial intermediary through which you purchased shares. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts. The Fund generally is available for investment only by institutional clients, clients of registered investment advisors, clients of financial institutions and a limited number of certain other investors as approved from time to time by the Adviser. All investments are subject to approval of the Adviser.

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| | | |
|:---|:---|:---|
| | **Minimum Investment** | **Minimum Investment** |
| <br>**Class** | **Initial** | **Subsequent** |
| **I** | $1000 | $100 |

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**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Symmetry Panoramic Global Equity Fund** 

**Investment Objective:** The Fund seeks long-term capital appreciation.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** | **Class I** |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup>  | 0.63% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.22% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.11% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses**<sup>(2)</sup>  | **0.96%** |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(1)</sup>  | (0.19)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver and/or Expense Reimbursement**<sup>(2)</sup>  | **0.77%** |

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<sup>(1)</sup> The Fund's investment adviser, Symmetry Partners, LLC ("Symmetry" or the "Adviser"), has contractually agreed to waive its management fee until at least December 31, 2026 so that the aggregate management fee retained by the Adviser with respect to the Fund after payment of sub-advisory fees does not exceed 0.25% of the Fund's average net assets (the "Fee Waiver Agreement"). The Adviser also has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least December 31, 2026 to ensure that total annual Fund operating expenses after fee waiver and expense reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) will not exceed 0.66% of average daily net assets of the Fund (the "Expense Limitation Agreement"). These agreements may be terminated (i) by the Fund's Board of Trustees on 60 days' written notice to the Adviser, or (ii) by the Adviser, upon 60 days' prior written notice to the Trust, effective as of the close of business on December 31, 2026. Amounts waived or reimbursed under the Expense Limitation Agreement are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or expenses reimbursed) only if such repayments do not cause the Fund's expense ratio, after such repayment is taken into account, to exceed both the expense cap in place at the time such amounts were waived and the Fund's current expense cap, if any. Prior to December 31, 2025, the Fund's contractual expense limit was 0.56% of the average daily net assets of the Fund. 

<sup>(2)</sup> The Total Annual Fund Operating Expenses in this fee table, both before and after expense waiver and/or expense reimbursement, do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. 

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund's operating expenses are as shown in the table above and remain the same, and the expense limitation arrangements are not renewed. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $79 | $287 | $512 | $1161 |

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**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund is a diversified multi-strategy fund that seeks to achieve its investment objective primarily by implementing factor styles that the Fund's investment adviser, Symmetry, believes have the potential to produce positive returns before fees over time. Under normal circumstances, the Fund will invest, directly or indirectly, at least 80% of its net assets in equity securities of U.S. and foreign companies. The Fund may invest in securities and other instruments either directly or by investing in shares of registered, open-end investment companies and exchange-traded funds ("ETFs") (collectively, "Underlying Funds"). The Fund will invest in the equity securities of U.S. companies, foreign companies in developed markets and/or companies located in emerging markets. In addition to Underlying Funds and securities that are principally invested in companies located in the United States, the Fund also will generally be invested in Underlying Funds who are principally invested in, or directly in securities of, at least three foreign countries. Under normal market conditions, the Fund will allocate its investments

between U.S. and non-U.S. securities and other investments in amounts comparable to the allocation represented in the Fund's benchmark. However, the Fund may overweight or underweight those allocations by up to 10% of net assets and also may depart from those allocations during times when market conditions are not deemed favorable. The Fund generally will invest in stocks and other equity securities directly or through sponsored or unsponsored depositary receipts. The Fund does not target a specific market capitalization and may invest across different segments of the equity markets, including large ("large-cap"), mid ("mid-cap"), small ("small-cap") and micro-capitalization ("micro-cap") equity securities that the Adviser believes offer the prospect of long-term capital appreciation. The Fund may also invest in U.S. and foreign real estate investment trusts ("REITs"). Although the Adviser focuses on the broad market in terms of market capitalization, the Fund's investments may be overweight to mid-cap, small-cap and micro-cap securities relative to their market weight. These companies generally are considered by the Adviser to be those whose market capitalizations are within the lower 25% of market capitalization of the MSCI ACWI IMI Index. The Underlying Funds also may invest in the financial sector. Certain Underlying Funds also may engage in strategies that require heightened turnover, and the Adviser may not consider portfolio turnover a limiting factor in making decisions for the Fund.

The Fund currently intends to invest its assets primarily in Underlying Funds and directly in the common stocks, preferred stocks or securities convertible into stocks of U.S. and foreign companies in both developed countries and emerging market countries, either directly by the Adviser or pursuant to investment sub-advisory agreements with investment managers selected by the Adviser ("Sub-Advisers"). The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate Sub-Advisers. The Adviser may add or remove Sub-Advisers at its discretion. The Fund generally will purchase the stocks and other equity securities directly or through depositary receipts.

The Adviser seeks to manage a multi-factor fund that provides exposure to different managers that in the Adviser's view are best able to deliver certain factor exposures as identified by the Adviser. The Adviser will generally access these investment managers either through Underlying Funds, or through a direct sub-advisory relationship with an investment manager. The Adviser will make a determination for each investment manager as to which type of access it believes is most advantageous to the Fund, and will make changes at its discretion. The Adviser looks for Underlying Funds or sub-advisory mandates that will feature characteristics associated with investment style factors that have been identified in certain academic research papers and that, although there is no guarantee of future results, the Adviser has identified as having historically shown the potential to deliver greater returns over time. Such factors may include market, value, momentum, quality, and size of the equity securities. Liquidity, volatility, and other factors that, in the opinion of the Adviser, are appropriate for achieving the Fund's investment objective may also be considered. The Fund will diversify its investments by investing in Underlying Funds and securities that focus on different factors in the foreign equity markets, including emerging markets, as well as domestic equity markets.

There is no limit in the number of Underlying Funds in which the Fund may invest, and the Fund may invest more than 25% of its assets in one Underlying Fund. The Adviser sets an overall asset allocation based on long-term strategic considerations and monitors the portfolio on an ongoing basis. The Adviser will periodically rebalance the portfolio and may change managers and/or exposures over time based on its evolving investment views amid changing market and economic conditions. Periodically, the Adviser will review certain factors in each Underlying Fund and may add or remove Underlying Funds without notice to shareholders. The Adviser may also temporarily over or under-weight certain exposures for the purpose of managing distributions, which may include selling Fund investments to offset gains. To the extent that this activity causes the Fund to deviate from its typical factor exposures, it may not meet its investment objective. The Adviser may also temporarily alter its investments if market, economic or other signals warrant doing so in the view of the Adviser.

With respect to the sub-advised portion of the Fund's assets, the Fund utilizes a "multi-manager" approach whereby the Fund's assets are allocated to one or more Sub-Advisers, in percentages determined at the discretion of the Adviser. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style. However, each Sub-Adviser must operate within the constraints of the Fund's investment objective, strategies and restrictions. At this time, with respect to the sub-advised portion of the Fund's assets, the Adviser has allocated portions of the Fund's assets to the following Sub-Advisers: AQR Capital Management, LLC ("AQR") and Dimensional Fund Advisors LP ("DFA").

AQR generally invests its allocated portion of the Fund in equity securities of U.S. and non-U.S. companies, including non-U.S. companies in both developed and emerging markets. AQR's investments in U.S. companies will generally be in large-cap companies, which for U.S. companies AQR generally considers to be those companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Index at the time of purchase. The Russell 1000<sup>®</sup> Index is designed to measure the performance of large capitalization stocks in the United States. The size of companies in the Russell 1000 Index may change with market conditions or due to changes in the composition of the Index. AQR's investments in non-U.S. developed markets will generally be in large-cap companies, which for non-U.S. developed market companies AQR generally considers to be

those companies with market capitalizations within the range of the MSCI World ex-U.S. Index at the time of purchase. As of October 31, 2025, the market capitalization of the companies in the MSCI World ex-U.S. Index ranged from $1.7 billion to $417.3 billion. The size of companies in the MSCI World ex-U.S. Index may change with market conditions or due to changes in the composition of the Index. AQR's investments in emerging markets will generally be in equity securities of large-cap and mid-cap companies, which for emerging market companies AQR generally considers to be those companies with market capitalizations within the range of the MSCI Emerging Markets Index at the time of purchase. As of October 31, 2025, the market capitalization of the companies in the MSCI Emerging Markets Index ranged from $186.1 million to $1.2 trillion. The size of companies in the MSCI Emerging Markets Index may change with market conditions or due to changes in the composition of the Index. Although AQR does not limit its investments to any one country, AQR may invest in any one country without limit. AQR may also invest directly in equity index futures, forward foreign currency contracts, foreign currencies, ETFs, REITs and depositary receipts. AQR also may invest in the financial sector.

AQR's strategy combines multiple investment styles, including value, momentum and quality, using an integrated approach. In managing its allocated portion of the Fund, AQR seeks to invest in attractively valued companies with positive momentum characteristics, and stable business operations and practices. A company may be considered to be a value investment if it appears inexpensive based on multiple fundamental measures, which may include price-to-book or price-to-earnings ratios relative to other securities in its investment universe. In assessing momentum, AQR generally favors securities with positive performance relative to other securities within the investment universe. AQR also generally favors companies exhibiting consistent business health and stability, and may include those with strong profitability or stable earnings. These characteristics are generally evaluated at time of purchase, and may change throughout the holding period. AQR may add to or modify the economic factors employed in selecting securities.

AQR determines the weight of each security in its allocated portion of the Fund using a combination of the liquidity of the security, AQR's assessment of attractiveness of the security based on factors described above, or using additional criteria that form part of AQR's security selection process. AQR utilizes portfolio optimization techniques, which incorporate anticipated transaction costs, to determine portfolio composition and trading activity.

To achieve the Fund's investment objective, DFA, with respect to its allocated portion of the Fund, implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, DFA's approach emphasizes long-term drivers of expected returns identified by DFA's research, while balancing risk through broad diversification across companies and sectors. DFA's portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.

With respect to DFA's allocated portion, DFA purchases a broad and diverse group of readily marketable equity securities of U.S. companies that DFA determines to be large capitalization companies within the U.S. Universe. A company's market capitalization is the number of its shares outstanding times its price per share. DFA generally defines the U.S. Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the U.S. Universe it represents) of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by DFA. As of the date of this Prospectus, for purposes of its allocated portion of the Fund, DFA considers large cap companies to be companies whose market capitalizations are generally in the highest 85-90% of total market capitalization within the U.S. Universe. Total market capitalization is based on the market capitalization of eligible operating companies within the U.S. Universe. Under DFA's market capitalization guidelines described above, based on market capitalization data as of November 30, 2025, the market capitalization of a large cap company would be $21.039 billion or above. This threshold will change due to market conditions.

In addition, DFA may overweight certain securities, including smaller companies, lower relative price stocks, and/or higher profitability stocks within the large cap segment of the U.S. Universe. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, DFA may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because, in DFA's view, it has high earnings or profits from operations in relation to its book value or assets. The criteria DFA uses for assessing relative price and profitability are subject to change from time to time. DFA may also increase or reduce its allocated portion of the Fund's exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company's price momentum and short-run reversals. In addition, DFA seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.

DFA, with respect to its allocated portion of the Fund, may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from its allocated portion of the Fund.

With respect to the portion of the Fund's assets managed directly by the Adviser and not allocated to another Sub-Adviser (the "Adviser-Managed Sleeve"), the Adviser has engaged Vident Asset Management ("Vident") to serve as a trading sub-adviser. Vident is responsible for trading portfolio securities for the Adviser-Managed Sleeve, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, as well as performing pre- and post-trade compliance and monitoring trading activity for the Adviser-Managed Sleeve, all subject to the oversight of the Adviser and the Board of Trustees.

The Underlying Funds in which the Fund invests and the Fund itself also may use a variety of derivative instruments including futures and option contracts, forward contracts for equity securities and indices, forward foreign currency contracts, and swaps, including equity index and total return swaps.

**Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. The risks described below are in reference to either the Underlying Funds, direct purchases of the Fund, or both unless otherwise noted.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and 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, the imposition of tariffs and other restrictions on trade, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters, epidemics or pandemics (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. Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently began to lower interest rates in September 2024, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Volatility Risk.* The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;● *Equity Risk.* Stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;● *Foreign (Non-U.S.) Investment Risk.* Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about

U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● *Emerging Markets Risk.* Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Capitalization Risk.* Investing primarily in issuers in one market capitalization category (large, medium, small or micro) carries the risk that due to current market conditions that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium, small and micro capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small and micro capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies. Generally, the smaller the company size, the greater the risk.

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Style Risk.* The risk that different investment styles (e.g., "momentum", "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 the Fund using a momentum strategy may suffer.

● *Value Investing Risk.* 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.* The value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

● *Profitability Investment Risk.* 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Underlying Fund Risk.* The risk that the Fund's investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk.* The risk 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Companies and Exchange-Traded Funds Risk.* When the 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *REIT Risk.* Investments in REITs, which pool investors' capital to purchase or finance real estate investments, involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase). In addition, REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses or competition, overbuilding, zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;● *Management Risk.* The risk that investment strategies employed by the Adviser and the Sub-Advisers in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser or Sub-Advisers may cause unintended results.

&nbsp;&nbsp;&nbsp;&nbsp;● *Cybersecurity Risk.* There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, sub-adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *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 risks.

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. The use of derivative instruments also exposes the Fund to transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● *Forward and Futures Contract Risk.* The successful use of forward and futures contracts draws upon the Adviser's or Sub-Advisers' skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and 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 forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) an Adviser's or Sub-Advisers' 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.

**Performance:** The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five-year and since inception periods through December 31, 2024, compared to the returns of a broad-based securities market index. Past performance (before and after taxes) is not an indication of future performance. Performance information is available at no cost by visiting panoramicfunds.com or by calling 1-844-Sym-Fund (844-796-3863).

**Calendar Year Annual Total Returns — Class I** 

**Total Annual Return For Calendar Years Ended December 31**![](fp0096564-2_22.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 18.92% | (25.96)% |
| 6/30/2020 | 3/31/2020 |

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Year-to-date performance as of September 30, 2025: 17.07%

**Average Annual Total Returns For the Periods Ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception <br> (11/12/18)** |
| &nbsp;&nbsp;Symmetry Panoramic Global Equity Fund — Class I returns before taxes | 14.73% | 8.48% | 9.39% |
| &nbsp;&nbsp;Symmetry Panoramic Global Equity Fund — Class I returns after taxes on distributions | 10.44% | 6.87% | 7.92% |
| &nbsp;&nbsp;Symmetry Panoramic Global Equity Fund — Class I returns after taxes on distributions and sale of fund shares | 11.45% | 6.44% | 7.25% |
| &nbsp;&nbsp;MSCI ACWI Investable Market Index (net) (IMI) (reflects no deduction for fees or expenses) | 16.37% | 9.67% | 10.80% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

**Investment Adviser and Sub-Advisers:** Symmetry Partners, LLC serves as investment adviser to the Fund. AQR Capital Management, LLC, Dimensional Fund Advisors LP and Vident Asset Management serve as Sub-Advisers to the Fund.

**Portfolio Managers:** 

<u><u>Symmetry Partners, LLC</u></u>

The Fund is managed by a team that includes John McDermott Ph.D., Portfolio Manager and Chief Investment Strategist; Rebecca Cioban, CFA, Portfolio Manager and Director; and Kevin Scully, CFA, Portfolio Manager and Director. Dr. McDermott and Ms. Cioban have been managers on the Fund since its inception in 2018. Mr. Scully was named a portfolio manager in 2019.

<u><u>AQR Capital Management, LLC</u></u>

The portion of the Fund's portfolio managed by AQR is managed by a team that includes Michele L. Aghassi, Ph.D., Andrea Frazzini, Ph.D., M.S., John J. Huss, and Nathan Sosner, Ph.D., each a Principal of the Sub-Adviser. Dr. Frazzini has managed the Fund since its inception in 2018, Dr. Aghassi has managed the Fund since January 2020, and Mr. Huss and Dr. Sosner have managed the Fund since January 2021.

<u><u>Dimensional Fund Advisors LP</u></u>

The portion of the Fund's portfolio managed DFA is managed by a team that includes Jed S. Fogdall, Global Head of Portfolio Management, Chairman of the Investment Committee, Vice President and Senior Portfolio Manager; Allen Pu, Deputy Head of Portfolio Management, North America, a member of the Investment Committee, Vice President and Senior Portfolio Manager; and John A. Hertzer, Vice President and Senior Portfolio Manager. Mr. Fogdall has managed the Fund since September 2020. Mr. Hertzer has managed the Fund since January 2022. Mr. Pu has managed the Fund since December 2024.

<u><u>Vident Asset Management</u></u>

Vident serves as the trading sub-adviser for the portion of the Fund's assets managed directly by the Adviser and not allocated to another Sub-Adviser (the "Adviser-Managed Sleeve"). The team responsible for executing portfolio transactions and implementing the Adviser's investment decisions with respect to the Adviser-Managed Sleeve includes Austin Wen, CFA, Senior Portfolio Manager; and Devin Ryder, CFA, Senior Portfolio Manager. Each of the foregoing individuals has provided portfolio management services for the Adviser-Managed Sleeve since December 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading through your broker or other financial intermediary through which you purchased shares. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts. The Fund generally is available for investment only by institutional clients, clients of registered investment advisors, clients of financial institutions and a limited number of certain other investors as approved from time to time by the Adviser. All investments are subject to approval of the Adviser.

---

| | | |
|:---|:---|:---|
| | **Minimum Investment** | **Minimum Investment** |
| <br>**Class** | **Initial** | **Subsequent** |
| **I** | $1000 | $100 |

---

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Symmetry Panoramic Tax-Managed Global Equity Fund** 

**Investment Objective:** The Fund seeks long-term capital appreciation.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** | **Class I** |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup>  | 0.65% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.27% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.28% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses**<sup>(2)</sup>  | **1.20%** |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(1)</sup>  | (0.42)%  |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver and/or Expense Reimbursement**<sup>(2)</sup>  | **0.78%** |

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<sup>(1)</sup> The Fund's investment adviser, Symmetry Partners, LLC ("Symmetry" or the "Adviser"), has contractually agreed to waive its management fee until at least December 31, 2026 so that the aggregate management fee retained by the Adviser with respect to the Fund after payment of sub-advisory fees does not exceed 0.26% of the Fund's average net assets. The Adviser also has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least December 31, 2026 to ensure that total annual Fund operating expenses after expense waiver and reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) will not exceed 0.50% of average daily net assets of the Fund. This agreement may be terminated (i) by the Fund's Board of Trustees on 60 days' written notice to the Adviser, or (ii) by the Adviser, upon 60 days' prior written notice to the Trust, effective as of the close of business on December 31, 2026. This fee waiver/expense reimbursement is subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) only if such repayments do not cause the Fund's expense ratio, after such repayment is taken into account, to exceed both the expense cap in place at the time such amounts were waived and the Fund's current expense cap, if any. Prior to December 31, 2025, the Fund's contractual expense limit was 0.42% of the average daily net assets of the Fund. 

<sup>(2)</sup> The Total Annual Fund Operating Expenses in this fee table, both before and after expense waiver and/or expense reimbursement, do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. 

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund's operating expenses are as shown in the table above and remain the same, and the expense limitation arrangements are not renewed. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $80 | $339 | $619 | $1417 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund is a diversified multi-strategy fund that seeks to achieve its investment objective primarily by implementing factor styles that the Fund's investment adviser, Symmetry, believes have the potential to produce positive returns before fees over time. Under normal circumstances, the Fund will invest, directly or indirectly, at least 80% of its net assets in U.S. and foreign equity securities. The Fund may invest in securities and other instruments either directly or by investing in shares of registered, open-end investment companies and exchange-traded funds ("ETFs") (collectively, "Underlying Funds"). The Fund will invest in the equity securities of U.S. companies, foreign companies in developed markets and/or companies located in emerging markets. In addition to Underlying Funds and securities that are principally invested in companies located in the United States, the Fund also will generally be invested in Underlying Funds who are principally invested in, or directly in securities of, at least three foreign countries. Under normal market conditions, the Fund will allocate its investments between U.S. and non-U.S. securities and other investments in amounts comparable to the allocation represented in the Fund's benchmark. However, the

Fund may overweight or underweight those allocations by up to 10% of net assets and also may depart from those allocations during times when market conditions are not deemed favorable. The Fund does not target a specific market capitalization and may invest across different segments of the equity markets, including large ("large-cap "), mid ("mid-cap"), small ("small-cap") and micro-capitalization ("micro-cap") equity securities that the Adviser believes offer the prospect of long-term capital appreciation. The Fund may also invest in U.S. and foreign real estate investment trusts ("REITs") and REIT-like investments. The Fund will invest, to the extent possible while maintaining the overall investment strategy, in Underlying Funds that utilize tax management strategies to reduce the impact of federal income tax on shareholders' investment returns. The Fund will also invest in Underlying Funds that do not utilize such strategies. Although the Adviser focuses on the broad market in terms of market capitalization, the Fund's investments may be overweight to mid-cap, small-cap and micro-cap securities relative to their market weight. These companies generally are considered by the Adviser to be those whose market capitalizations are within the lower 25% of market capitalization of the MSCI ACWI IMI Index. The Underlying Funds also may invest in the financial sector. Certain Underlying Funds also may engage in strategies that require heightened turnover, and the Adviser may not consider portfolio turnover a limiting factor in making decisions for the Fund.

The Fund currently intends to invest its assets primarily in Underlying Funds and directly in the common stocks, preferred stocks or securities convertible into stocks, of U.S. and foreign companies in both developed countries and emerging market countries, as well as equity index futures, forward foreign currency contracts, foreign currencies, ETFs and depositary receipts, pursuant to investment sub-advisory agreements with investment managers selected by the Adviser ("Sub-Advisers").

The Adviser seeks to manage a multi-factor fund that provides exposure to different managers that in the Adviser's view are best able to deliver certain factor exposures as identified by the Adviser. The Adviser will generally access these investment managers either through Underlying Funds, or through a direct sub-advisory relationship with an investment manager. The Adviser will make a determination for each investment manager as to which type of access it believes is most advantageous to the Fund, and will make changes at its discretion. The Adviser looks for Underlying Funds or sub-advisory mandates that will feature characteristics associated with investment style factors that have been identified in certain academic research papers and that, although there is no guarantee of future results, the Adviser has identified as having historically shown the potential to deliver greater returns over time. Such factors may include market, value, momentum, quality, and size of the equity securities. Liquidity, volatility, and other factors that, in the opinion of the Adviser, are appropriate for achieving the Fund's investment objective may also be considered. The Fund will diversify its investments by investing in Underlying Funds or securities that focus on different factors in the foreign equity markets, including emerging markets, as well as domestic equity markets.

There is no limit in the number of Underlying Funds in which the Fund may invest, and the Fund may invest more than 25% of its assets in one Underlying Fund.

The Adviser sets an overall asset allocation based on long-term strategic considerations and monitors the portfolio on an ongoing basis. The Adviser will periodically rebalance the portfolio and may change managers and/or exposures over time based on its evolving investment views amid changing market and economic conditions. Periodically, the Adviser will review certain factors in each Underlying Fund and may add or remove Underlying Funds without notice to shareholders. The Adviser may also temporarily over or under-weight certain exposures for the purpose of managing distributions, which may include selling Fund investments to offset gains. To the extent that this activity causes the Fund to deviate from its typical factor exposures, it may not meet its investment objective. The Adviser may also temporarily alter its investments if market, economic or other signals warrant doing so in the view of the Adviser.

The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate sub-advisers ("Sub-Advisers"). At this time, there are no sub-advisers to the Fund. The Adviser may add sub-advisers at its discretion. With respect to any portion of assets managed directly by a sub-adviser, the Fund utilizes a "multi-manager" approach whereby the Fund's assets will be allocated to one or more sub-advisers, in percentages determined at the discretion of the Fund's Adviser. Each sub-adviser acts independently from the others and utilizes its own distinct investment style in investing and selecting securities. However, each sub-adviser must operate within the constraints of the Fund's investment objective, strategies and restrictions.

The Fund and some of its Underlying Funds will be invested in a way that takes into account the taxes payable by shareholders in connection with distributions of investment income and net realized gains to the extent possible within the confines of its investment strategy. Such portions of the Fund and Underlying Funds seek to reduce income distributions and distributions of realized short-term gains that are taxed as ordinary income, as well as distributions of realized long-term gains (taxed as long-term capital gains) while maintaining the overall strategy. This tax management strategy is generally designed so investors

receive lower distributions of realized capital gains than funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions by the Fund, however, as the Fund and the Underlying Funds generally will balance investment considerations with tax consequences in making investment decisions.

The Underlying Funds in which the Fund invests and the Fund itself also may use a variety of derivative instruments including futures and option contracts, forward contracts for equity securities and indices, forward foreign currency contracts, and swaps, including total return swaps.

The Adviser has engaged Vident Asset Management ("Vident") to serve as a trading sub-adviser for the Fund. Vident is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, as well as performing pre- and post-trade compliance and monitoring trading activity for the Fund, all subject to the oversight of the Adviser and the Board of Trustees.

**Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. The risks described below are in reference to either the Underlying Funds, direct purchases of the Fund, or both unless otherwise noted.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and 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, the imposition of tariffs and other restrictions on trade, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters, epidemics or pandemics (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. Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently began to lower interest rates in September 2024, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Volatility Risk.* The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;● *Equity Risk.* Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;● *Foreign (Non-U.S.) Investment Risk.* Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● *Emerging Markets Risk*. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Capitalization Risk.* Investing primarily in issuers in one market capitalization category (large, medium, small or micro) carries the risk that due to current market conditions that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of medium, small and micro capitalization companies may be more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about small and micro capitalization companies, and their stocks may have a more limited trading market than stocks of larger companies. Generally, the smaller the company size, the greater the risk.

&nbsp;&nbsp;&nbsp;&nbsp;● *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 the 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.* The value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Underlying Fund Risk.* The risk that the Fund's investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk.* The risk 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Companies and Exchange-Traded Funds Risk.* When the 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Management Risk.* The risk that investment strategies employed by the Adviser or a Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser or a Sub-Adviser may cause unintended results.

&nbsp;&nbsp;&nbsp;&nbsp;● *Cybersecurity Risk.* There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *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 risks.

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. The use of derivative instruments also exposes the Fund to transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● *Forward and Futures Contract Risk.* The successful use of forward and futures contracts draws upon the Adviser's skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and 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 forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) an Adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Performance:** The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five-year and since inception periods through December 31, 2024, compared to the returns of a broad-based securities market index. Past performance (before and after taxes) is not an indication of future performance. Performance information is available at no cost by visiting panoramicfunds.com or by calling 1-844-Sym-Fund (844-796-3863).

**Calendar Year Annual Total Returns — Class I** 

**Total Annual Return For Calendar Years Ended December 31**![](fp0096564-2_29.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 18.43% | (25.91)% |
| 6/30/2020 | 3/31/2020 |

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Year-to-date performance as of September 30, 2025: 18.62%

**Average Annual Total Returns For the Periods Ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception <br> (11/12/18)** |
| &nbsp;&nbsp;Symmetry Panoramic Tax-Managed Global Equity Fund — Class I returns before taxes | 12.91% | 8.24% | 9.39% |
| &nbsp;&nbsp;Symmetry Panoramic Tax-Managed Global Equity Fund — Class I returns after taxes on distributions | 11.95% | 7.72% | 8.89% |
| &nbsp;&nbsp;Symmetry Panoramic Tax-Managed Global Equity Fund — Class I returns after taxes on distributions and sale of fund shares | 8.36% | 6.46% | 7.45% |
| &nbsp;&nbsp;MSCI ACWI Investable Market Index (net) (IMI) (reflects no deduction for fees or expenses) | 16.37% | 9.67% | 10.80% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

**Investment Adviser and Sub-Adviser:** Symmetry Partners, LLC serves as investment adviser to the Fund. Vident Asset Management serves as a Sub-Adviser to the Fund.

**Portfolio Managers:** 

<u><u>Symmetry Partners, LLC</u></u>

The Fund is managed by a team that includes John McDermott Ph.D., Portfolio Manager and Chief Investment Strategist; Rebecca Cioban, CFA, Portfolio Manager and Director; and Kevin Scully, CFA, Portfolio Manager and Director. Dr. McDermott and Ms. Cioban have been managers on the Fund since its inception in 2018. Mr. Scully was named a portfolio manager in 2019.

<u><u>Vident Asset Management</u></u>

Vident serves as a trading sub-adviser for the Fund. The team responsible for executing portfolio transactions and implementing the Adviser's investment decisions with respect to the Fund includes Austin Wen, CFA, Senior Portfolio Manager; and Devin Ryder, CFA, Senior Portfolio Manager. Each of the foregoing individuals has provided portfolio management services for the Fund since December 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading through your broker or other financial intermediary though which you purchased shares. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts. The Fund generally is available for investment only by institutional clients, clients of registered investment advisors, clients of financial institutions and a limited number of certain other investors as approved from time to time by the Adviser. All investments are subject to approval of the Adviser.

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| | | |
|:---|:---|:---|
| | **Minimum Investment** | **Minimum Investment** |
| <br>**Class** | **Initial** | **Subsequent** |
| **I** | $1000 | $100 |

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**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Symmetry Panoramic US Systematic Fixed Income Fund** 

**Investment Objective:** The Fund seeks income and capital appreciation through systematic exposure to US fixed income securities.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a percentage of the value of your investment)<sup>(1)</sup>** | **Class I** |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup>  | 0.45% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.29% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | **0.74%** |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(1)</sup>  | (0.24)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver and/or Expense Reimbursement** | **0.50%** |

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<sup>(1)</sup> The Fund's investment adviser, Symmetry Partners, LLC ("Symmetry" or the "Adviser"), has contractually agreed to waive its management fee until at least December 31, 2026 so that the aggregate annual management fee retained by the Adviser with respect to the Fund after payment of sub-advisory fees does not exceed 0.25% of the Fund's average net assets. The Adviser also has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least December 31, 2026 to ensure total annual Fund operating expenses after expense waiver and reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) will not exceed 0.50% of average daily net assets of the Fund. This agreement may be terminated (i) by the Fund's Board of Trustees on 60 days' written notice to the Adviser, or (ii) by the Adviser, upon 60 days' prior written notice to the Trust, effective as of the close of business on December 31, 2026. This fee waiver/expense reimbursement is subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) only if such repayments do not cause the Fund's expense ratio, after such repayment is taken into account, to exceed both the expense cap in place at the time such amounts were waived and the Fund's current expense cap, if any. Prior to December 31, 2025, the Fund's contractual expense limit was 0.52% of the average daily net assets of the Fund. 

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund's operating expenses are as shown in the table above and remain the same, and the expense limitation arrangements are not renewed. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $51 | $212 | $388 | $896 |

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**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective primarily by implementing a market-based factor approach to fixed income that the Fund's investment adviser, Symmetry, believes has the potential to produce income and capital appreciation before fees over time. Under normal circumstances, the Fund will invest, directly or indirectly, at least 80% of its net assets in U.S. fixed income securities. The Fund may invest up to 20% of its net assets in foreign issuers.

The Fund generally will invest in U.S. treasury obligations, other U.S. government and agency obligations, bank obligations, corporate bonds, asset-backed securities, mortgage-related and mortgage-backed securities, commercial paper, repurchase agreements, and other debt obligations and cash and cash equivalents. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, commercial mortgage-backed securities, mortgage pass-through securities and mortgage TBAs ("to-be-announced"). The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates. The Fund may also invest a portion of its assets in high-yield (lower rated) debt instruments (also known as "below investment grade" or "junk bonds", which are considered speculative). The Fund does not seek to maintain any particular weighted average maturity or duration, and may

invest in fixed income instruments of any maturity or duration. The Fund may also invest in debt obligations, denominated in U.S. dollars, that are issued by a non U.S. corporation or a U.S. affiliate of a non U.S. corporation or a non U.S. government or its agencies and instrumentalities.

The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate sub-advisers ("Sub-Advisers"). At this time, J.P. Morgan Investment Management Inc. ("JPMIM") is the sole sub-adviser to the Fund. The Adviser may add sub-advisers at its discretion. The sub-adviser must operate within the constraints of the Fund's investment objective, strategies and restrictions.

Currently, JPMIM manages the entirety of the assets in the Fund. JPMIM generally invests in fixed income securities of global issuers, which typically includes, but is not limited to, those securities in the Bloomberg US Aggregate Bond Index. The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. JPMIM may also invest in short maturity high-yield fixed income securities rated Ba3 or higher (or the unrated equivalent) at the time of purchase. JPMIM's factor-based strategy in corporate fixed income securities combines multiple investment styles, including value, momentum and quality, using an integrated multi-factor approach. In managing the Fund, JPMIM intends to overweight corporate bonds relative to their market value weight in the Bloomberg U.S. Aggregate Index. JPMIM seeks to invest in attractively valued corporate fixed income securities with positive momentum characteristics and of companies with stable business operations and practices. A fixed income security may be considered to be a value investment if it appears inexpensive based on market based measures of value relative to fundamental measures. In assessing momentum, JPMIM generally favors corporate fixed income securities with positive performance relative to other fixed income securities within its investment universe and also considers the equity momentum of the issuer. JPMIM also generally favors the fixed income securities issued by companies exhibiting consistent business health and stability, and may include those with strong profitability and balance sheet debt ratios. These factor characteristics are generally evaluated at the time of purchase, and may change throughout the holding period. JPMIM may add to or modify the economic factors employed in selecting securities. JPMIM may also implement a credit steepener strategy both using cash bonds (i.e., overweighting shorter maturity bonds while simultaneously underweighting longer maturity bonds) and credit default swaps (i.e., selling protection and buying protection) to pursue perceived opportunities.

JPMIM determines the weight of each security in its allocated portion of the Fund using a combination of the liquidity of the security, JPMIM's assessment of attractiveness of the security based on the factors described above, or using additional criteria that form part of JPMIM's systematic security selection process. JPMIM utilizes portfolio optimization techniques, which incorporate anticipated transaction costs and turnover, to determine portfolio composition and trading activity.

JPMIM may use a variety of derivative instruments including futures and option contracts, forward contracts for currency hedging, interest rate swaps, and credit default swaps. JPMIM may also enter into short positions in derivatives for hedging purposes or to enhance returns. In addition, JPMIM also may invest in derivatives, including but not limited to futures contracts and options on futures contracts, to adjust market exposure based on actual or expected cash inflows to or outflows from the Fund, or to hedge currency risk.

**Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and 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, the imposition of tariffs and other restrictions on trade, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in

world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters, epidemics or pandemics (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. Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently began to lower interest rates in September 2024, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Fixed Income Risk.* When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

&nbsp;&nbsp;&nbsp;&nbsp;● *Foreign (Non-U.S.) Investment Risk.* Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● *Forward and Futures Contract Risk.* The successful use of forward and futures contracts draws upon the skill and experience of the Adviser or Sub-Adviser with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Management Risk.* The risk that investment strategies employed by the Adviser or Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser or a Sub-Adviser may cause unintended results.

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

● *Quantitative Investing Risk.* The value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity Risk.* Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;● *High Yield Risk.* Investment in or exposure to high yield (lower rated or below investment grade) debt instruments may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered higher risk than investment grade debt instruments with respect to the issuer's continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;● *Cybersecurity Risk.* There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, sub-adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *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-Adviser's control, including instances at third parties. The Fund, the Adviser and the Sub-Adviser 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 risks.

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. The use of derivative instruments also exposes the Fund to transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Default Swaps Risk.* A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps involve risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The Fund bears the loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;● *Short Position Risk.* The Fund may take short positions, which introduces more risk than long positions (where the Fund owns the instrument or other asset). Unlike a long position, where the maximum sustainable loss on the instrument or other asset purchased is limited to the amount paid for the instrument or other asset (plus transaction costs), there is no maximum price of the shorted instrument or other asset when purchased in the open market. To the extent the Fund takes a short position in a derivative instrument or other asset, there will be a risk of a potentially unlimited increase in the value of the underlying instrument or other asset.

&nbsp;&nbsp;&nbsp;&nbsp;● *Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.* The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities

with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of either rising or declining interest rate, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.

**Performance:** The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five-year and since inception periods through December 31, 2024, compared to the returns of a broad-based securities market index. Past performance (before and after taxes) is not an indication of future performance. Performance information is available at no cost by visiting panoramicfunds.com or by calling 1-844-Sym-Fund (844-796-3863).

**Calendar Year Annual Total Returns — Class I** 

**Total Annual Return For Calendar Years Ended December 31**![](fp0096564-2_35.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 5.11% | (4.72)% |
| 9/30/2024 | 3/31/2022 |

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Year-to-date performance as of September 30, 2025: 6.16%

**Average Annual Total Returns For the Periods Ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception <br> (11/12/18)** |
| &nbsp;&nbsp;Symmetry Panoramic US Systematic Fixed Income Fund — Class I returns before taxes | 1.57% | 0.03% | 1.22% |
| &nbsp;&nbsp;Symmetry Panoramic US Systematic Fixed Income Fund — Class I returns after taxes on distributions | (0.28)% | (0.91)% | 0.29% |
| &nbsp;&nbsp;Symmetry Panoramic US Systematic Fixed Income Fund — Class I returns after taxes on distributions and sale of fund shares | 0.92% | (0.37)% | 0.55% |
| &nbsp;&nbsp;Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 1.25% | (0.33)% | 1.51% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

**Investment Adviser and Sub-Adviser:** Symmetry Partners, LLC serves as investment adviser to the Fund. J.P. Morgan Investment Management, Inc. serves as a Sub-Adviser to the Fund.

**Portfolio Managers:** 

<u><u>Symmetry Partners, LLC</u></u>

In its role as manager of managers for the Fund, the Adviser provides investment oversight of sub-advisers that provide day-to-day portfolio selection services for the Fund. The portfolio managers providing such oversight are: John McDermott, Ph.D., Portfolio Manager and Chief Investment Strategist; Rebecca Cioban, CFA, Portfolio Manager and Director; and Kevin Scully, CFA, Portfolio Manager and Director. Dr. McDermott and Ms. Cioban have been managers on the Fund since its inception in 2018. Mr. Scully has been a manager since 2019.

<u><u>J.P. Morgan Investment Management, Inc.</u></u>

The Sub-Advised portfolio is managed by a team that includes: Jan Ho, Executive Director, Global Fixed Income, Currency, & Commodities ("GFICC group"), Mark Willauer, CFA, Executive Director, GFICC group, and Santosh Prasad, CFA, Vice President, GFICC group. Mr. Ho has been a manager on the Fund since 2023. Mr. Willauer has been a manager on the Fund since 2024. Mr. Prasad has been a manager on the Fund since December 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading through your broker or other financial intermediary through which you purchased shares. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts. The Fund generally is available for investment only by institutional clients, clients of registered investment advisors, clients of financial institutions and a limited number of certain other investors as approved from time to time by the Adviser. All investments are subject to approval of the Adviser.

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| | | |
|:---|:---|:---|
| | **Minimum Investment** | **Minimum Investment** |
| <br>**Class** | **Initial** | **Subsequent** |
| **I** | $1000 | $100 |

---

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Symmetry Panoramic Municipal Fixed Income Fund** 

**Investment Objective:** The Fund seeks to provide current income that is exempt from federal personal income tax.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** | **Class I** |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup>  | 0.47% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses<sup>(2)</sup>  | 0.52% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.13% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses**<sup>(2)</sup>  | **1.12%** |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(1)</sup>  | (0.60)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver and/or Expense Reimbursement**<sup>(2)</sup>  | **0.52%** |

---

<sup>(1)</sup> The Fund's investment adviser, Symmetry Partners, LLC ("Symmetry" or the "Adviser"), has contractually agreed to waive its management fee until at least December 31, 2026 so that the aggregate annual management fee retained by the Adviser with respect to the Fund after payment of sub-advisory fees does not exceed 0.25% of the Fund's average net assets. The Adviser also has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least December 31, 2026 to ensure that total annual Fund operating expenses after expense waiver and reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) will not exceed 0.39% of average daily net assets of the Fund. This agreement may be terminated (i) by the Fund's Board of Trustees on 60 days' written notice to the Adviser, or (ii) by the Adviser, upon 60 days' prior written notice to the Trust, effective as of the close of business on December 31, 2026. This fee waiver/expense reimbursement is subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) only if such repayments do not cause the Fund's expense ratio, after such repayment is taken into account, to exceed both the expense cap in place at the time such amounts were waived and the Fund's current expense cap, if any. Prior to December 31, 2025, the Fund's contractual expense limit was 0.41% of the average daily net assets of the Fund. 

<sup>(2)</sup> The Total Annual Fund Operating Expenses in this fee table, both before and after expense waiver and/or expense reimbursement, do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. 

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund's operating expenses are as shown in the table above and remain the same, and the expense limitation arrangements are not renewed. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $53 | $296 | $559 | $1309 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 76% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund is a diversified multi-strategy fund that seeks to achieve its investment objective primarily by implementing a market-based factor approach to fixed income that the Fund's investment adviser, Symmetry, believes has the potential to produce positive returns before fees over time. Under normal circumstances, the Fund will, directly or indirectly, invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and may subject the investors to alternative minimum tax. The Fund may invest in securities and other instruments either directly or by investing in shares of registered, open-end investment companies and exchange-traded funds ("ETFs") (collectively, "Underlying Funds"). The Fund will invest in long-term, intermediate and short-term municipal bonds. The Fund may also invest in short-term municipal money market fund securities. The Fund also may invest in obligations of the U.S. government and of U.S. government agencies. The Fund may also invest a portion of its assets in high-yield (lower rated) municipal debt instruments, which may be investment grade or below investment grade (also known as "junk bonds", which are considered

speculative). The Fund does not seek to maintain any particular weighted average maturity or duration, and may invest in fixed income instruments of any maturity or duration. Certain Underlying Funds also may engage in strategies that require heightened turnover, and the Adviser may not consider portfolio turnover a limiting factor in making decisions for the Fund.

The Adviser seeks to manage a multi-factor fund that provides exposure to different managers that in the Adviser's view are best able to deliver certain factor exposures as identified by the Adviser. The Adviser will generally access these investment managers either through Underlying Funds, or through a direct sub-advisory relationship with an investment manager. The Adviser will make a determination for each investment manager as to which type of access it believes is most advantageous to the Fund, and will make changes at its discretion. The Adviser may look for Underlying Funds or sub-advisory mandates that will feature characteristics associated with investment style factors that have been identified in certain academic research papers and that, although there is no guarantee of future results, the Adviser has identified as having historically shown the potential to deliver greater returns over time.

Under normal market conditions, the Adviser expects to invest in the securities of Underlying Funds selected based on having characteristics associated with factors targeted by the Adviser. Such factors may include consideration to credit risk, interest rate risk, and other factors that, in the opinion of the Adviser, are appropriate for achieving the Fund's investment objective. The Fund will diversify its investments by investing in Underlying Funds that focus on different factors in the fixed income securities market. The Adviser manages the allocation with a goal of prudently capturing returns of the municipal markets, which the Adviser expects will have low sensitivity to returns of the U.S. stock market.

There is no limit in the number of Underlying Funds in which the Fund may invest, and the Fund may invest more than 25% of its assets in one Underlying Fund.

The Adviser sets an overall asset allocation within the municipal bond market based on long-term strategic considerations and monitors this allocation on an ongoing basis. The Adviser will periodically rebalance the portfolio and may change managers and/or exposures over time based on its evolving investment views amid changing market and economic conditions. Periodically, the Fund's Adviser will review certain factors in each Underlying Fund and may add or remove Underlying Funds without notice to shareholders. The Adviser may also temporarily over or under-weight certain exposures for tax management purposes, which may include selling Fund investments to offset gains. To the extent that this activity causes the Fund to deviate from its typical exposures, it may not meet its investment objective. The Adviser may also temporarily alter its investments if market, economic or other signals warrant doing so in the view of the Adviser.

The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate sub-advisers ("Sub-Advisers"). At this time, there are no sub-advisers to the Fund. The Adviser may add sub-advisers at its discretion. With respect to any portion of assets managed directly by a sub-adviser, the Fund utilizes a "multi-manager" approach whereby the Fund's assets will be allocated to one or more sub-advisers, in percentages determined at the discretion of the Adviser. Each sub-adviser acts independently from the others and utilizes its own distinct investment style in investing in selecting securities. However, each sub-adviser must operate within the constraints of the Fund's investment objective, strategies and restrictions.

The Underlying Funds in which the Fund invests may also use a variety of derivative instruments, including futures and option contracts and swaps. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, options and swaps to help the ETF track its underlying index. In addition, the Fund also may invest directly in derivatives, including but not limited to futures contracts and options on futures contracts, to adjust market exposure based on actual or expected cash inflows to or outflows from the Fund.

The Adviser has engaged Vident Asset Management ("Vident") to serve as a trading sub-adviser for the Fund. Vident is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, as well as performing pre- and post-trade compliance and monitoring trading activity for the Fund, all subject to the oversight of the Adviser and the Board of Trustees.

**Principal Investment Risks:** 

**As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. The risks described below are in reference to either the Underlying Funds, direct purchases of the Fund, or both unless otherwise noted.** 

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

or adverse investor sentiment affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and 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, the imposition of tariffs and other restrictions on trade, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters, epidemics or pandemics (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. Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently began to lower interest rates in September 2024, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Fixed Income Risk.* When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

&nbsp;&nbsp;&nbsp;&nbsp;● *Municipal Bond Risk.* The Underlying Funds in which the Fund may invest may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax to pay interest or repay principal.

&nbsp;&nbsp;&nbsp;&nbsp;● *Underlying Fund Risk.* The risk that the Fund's investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Taxability Risk.* Some or all of the Funds' income may be subject to the federal alternative minimum tax, which could reduce the Fund's after-tax returns. In addition, there is no guarantee that all of the Fund's income will remain exempt from federal or state or local income taxes. Income from municipal bonds held by the Fund could be declared taxable

because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or non-compliant conduct of a bond issuer. The Fund or an Underlying Fund may sell securities that lose their tax-exempt statuses at inopportune times, which may cause tax consequences or a decrease in the Fund's value.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Companies and Exchange-Traded Funds Risk.* When the 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Management Risk.* The risk that investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser may cause unintended results.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity Risk.* Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;● *High Yield Risk.* Investment in or exposure to high yield (lower rated or below investment grade) debt instruments may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered higher risk than investment grade debt instruments with respect to the issuer's continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;● *Cybersecurity Risk.* There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *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 risks.

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. The use of derivative instruments also exposes the Fund to transaction costs.

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

**Performance:** The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five-year and since inception periods through December 31, 2024, compared to the returns of a broad-based securities market index. Past performance (before and after taxes) is not an indication of future performance. Performance information is available at no cost by visiting panoramicfunds.com or by calling 1-844-Sym-Fund (844-796-3863).

Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.

**Calendar Year Annual Total Returns — Class I** 

**Total Annual Return For Calendar Years Ended December 31**![](fp0096564-2_41.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 3.32% | (2.56)% |
| 12/31/2023 | 3/31/2022 |

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Year-to-date performance as of September 30, 2025: 2.11%

**Average Annual Total Returns For the Periods Ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception <br> (11/12/18)** |
| &nbsp;&nbsp;Symmetry Panoramic Municipal Fixed Income Fund — Class I returns before taxes | 1.71% | 0.64% | 1.04% |
| &nbsp;&nbsp;Symmetry Panoramic Municipal Fixed Income Fund — Class I returns after taxes on distributions | 1.69% | 0.63% | 1.03% |
| &nbsp;&nbsp;Symmetry Panoramic Municipal Fixed Income Fund — Class I returns after taxes on distributions and sale of fund shares | 2.01% | 0.74% | 1.05% |
| &nbsp;&nbsp;Bloomberg US Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) | 1.05% | 0.99% | 2.40% |
| &nbsp;&nbsp;S&P Short-Term National AMT-Free Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) | 2.24% | 1.21% | 1.67% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

**Investment Adviser and Sub-Adviser:** Symmetry Partners, LLC serves as investment adviser to the Fund. Vident Asset Management serves as Sub-Adviser to the Fund.

**Portfolio Managers:** 

<u><u>Symmetry Partners, LLC</u></u>

The Fund is managed by a team that includes John McDermott Ph.D., Portfolio Manager and Chief Investment Strategist; Rebecca Cioban, CFA, Portfolio Manager and Director; and Kevin Scully, CFA, Portfolio Manager and Director. Dr. McDermott and Ms. Cioban have been managers on the Fund since its inception in 2018. Mr. Scully was named a portfolio manager in 2019.

<u><u>Vident Asset Management</u></u>

Vident serves as a trading sub-adviser for the Fund. The team responsible for executing portfolio transactions and implementing the Adviser's investment decisions with respect to the Fund includes Austin Wen, CFA, Senior Portfolio Manager; and Devin Ryder, CFA, Senior Portfolio Manager. Each of the foregoing individuals has provided portfolio management services for the Fund since December 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading through your broker or other financial intermediary through which you purchased shares. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts. The Fund generally is available for investment only by institutional clients, clients of registered investment advisors, clients of financial institutions and a limited number of certain other investors as approved from time to time by the Adviser. All investments are subject to approval of the Adviser.

---

| | | |
|:---|:---|:---|
| | **Minimum Investment** | **Minimum Investment** |
| <br>**Class** | **Initial** | **Subsequent** |
| **I** | $1000 | $100 |

---

**Tax Information:** 

The Fund's distributions may be taxable as ordinary income or capital gains. However, the Fund anticipates that substantially all of its income dividends will be "exempt interest dividends" that are generally exempt from regular federal income tax. In certain instances, dividends paid by the Fund, while exempt from regular federal income tax, may be subject to the federal alternative minimum tax. State and local income taxes may apply to all or a portion of exempt-interest dividends paid by the Fund. Tax-exempt institutions, IRAs and other tax advantaged retirement accounts will not gain an additional benefit through investment in the Fund because such investors are already tax-exempt.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Symmetry Panoramic Global Systematic Fixed Income Fund** 

**Investment Objective:** The Fund seeks income and capital appreciation through systematic exposure to global fixed income securities.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)<sup>(1)</sup>** | **Class I** |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup>  | 0.52% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses | 0.26% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | **0.78%** |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(1)</sup>  | (0.20)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver and/or Expense Reimbursement** | **0.58%** |

---

<sup>(1)</sup> The Fund's investment adviser, Symmetry Partners, LLC ("Symmetry" or the "Adviser"), has contractually agreed to waive its management fee until at least December 31, 2026 so that the aggregate management fee retained by the Adviser with respect to the Fund after payment of sub-advisory fees does not exceed 0.25% of the Fund's average net assets. The Adviser also has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least December 31, 2026 to ensure that total annual Fund operating expenses after expense waiver and reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) will not exceed 0.58% of average daily net assets of the Fund. This agreement may be terminated (i) by the Fund's Board of Trustees on 60 days' written notice to the Adviser, or (ii) by the Adviser, upon 60 days' prior written notice to the Trust, effective as of the close of business on December 31, 2026. This fee waiver/ expense reimbursement is subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) only if such repayments do not cause the Fund's expense ratio, after such repayment is taken into account, to exceed both the expense cap in place at the time such amounts were waived and the Fund's current expense cap, if any. Prior to December 31, 2025, the Fund's contractual expense limit was 0.57% of the average daily net assets of the Fund. 

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund's operating expenses are as shown in the table above and remain the same, and the expense limitation arrangements are not renewed. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $59 | $229 | $414 | $947 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 35% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective primarily by implementing a market-based factor approach to fixed income that the Fund's investment adviser, Symmetry, believes has the potential to produce income and capital appreciation before fees over time. Under normal circumstances, the Fund will invest, directly or indirectly, at least 80% of its net assets in fixed income securities. The Fund will invest in fixed income securities denominated in U.S. dollars and non-U.S. currencies. Under normal market conditions, the Fund will allocate its investments between U.S. and non-U.S. securities (which may include emerging market securities) and other investments in amounts comparable to the allocation represented in the Fund's benchmark. However, the Fund may overweight or underweight those allocations by up to 10% of net assets and also may depart from those allocations during times when market conditions are not deemed favorable.

The Fund generally will invest in obligations of U.S. and Non-U.S. entities, including government and government agency obligations, bank obligations, corporate bonds, asset-backed securities, mortgage-related and mortgage-backed securities, commercial paper, repurchase agreements, and other debt obligations and cash and cash equivalents. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, commercial mortgage-backed securities, mortgage pass-through securities and mortgage TBAs ("to-be-announced"). The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates. The Fund

may also invest a portion of its assets in high-yield (lower rated) debt instruments (also known as "below investment grade" or "junk bonds", which are considered speculative). The Fund does not seek to maintain any particular weighted average maturity or duration, and may invest in fixed income instruments of any maturity or duration. The Fund may also invest in debt obligations that are issued by a non U.S. corporation or a U.S. affiliate of a non U.S. corporation or a non U.S. government or its agencies and instrumentalities. The Fund also may invest in the domestic bond market in China through China's Bond Connect Program ("Bond Connect"), a program that provides foreign investors with access to China's onshore bond market.

The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate sub-advisers ("Sub-Advisers"). At this time, J.P. Morgan Investment Management Inc. ("JPMIM") is the sole sub-adviser to the Fund. The Adviser may add sub-advisers at its discretion. The sub-adviser must operate within the constraints of the Fund's investment objective, strategies and restrictions.

Currently, JPMIM manages the entirety of the assets in the Fund. JPMIM generally invests in fixed income securities of global issuers, which may include, but is not limited to, those securities included in the Bloomberg Global Aggregate Index. The Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from twenty-eight local currency markets. The currency exposure of the fund is hedged to the US dollar. JPMIM may also invest in short maturity high-yield fixed income securities rated Ba3 or higher (or the unrated equivalent) at the time of purchase. JPMIM's factor-based strategy in corporate fixed income combines multiple investment styles, including value, momentum and quality, using an integrated multi-factor approach. In managing the Fund, JPMIM intends to overweight corporate bonds relative to their market value weight in the Bloomberg Global Aggregate Index. JPMIM seeks to invest in attractively valued corporate fixed income securities with positive momentum characteristics and of companies with stable business operations and practices. A fixed income security may be considered to be a value investment if it appears inexpensive based on market based measures of value relative to fundamental measures. In assessing momentum, JPMIM generally favors corporate fixed income securities with positive performance relative to other fixed income securities within its investment universe and also considers the equity momentum of the issuer. JPMIM also generally favors the fixed income securities issued by companies exhibiting consistent business health and stability, and may include those with strong profitability and balance sheet debt ratios. These factor characteristics are generally evaluated at the time of purchase, and may change throughout the holding period. JPMIM may add to or modify the economic factors employed in selecting securities. JPMIM may also implement a credit steepener strategy both using cash bonds (i.e., overweighting shorter maturity bonds while simultaneously underweighting longer maturity bonds) and credit default swaps (i.e., selling protection and buying protection) to pursue perceived opportunities. JPMIM also employs a long-short global rates overlay that employs a combined signal of expected carry return and yields in excess of expected inflation.

JPMIM determines the weight of each security in its allocated portion of the Fund using a combination of the liquidity of the security, JPMIM's assessment of attractiveness of the security based on the factors described above, or using additional criteria that form part of JPMIM's systematic security selection process. JPMIM utilizes portfolio optimization techniques, which incorporate anticipated transaction costs and turnover, to determine portfolio composition and trading activity.

JPMIM may also use a variety of derivative instruments, including futures and option contracts, forward contracts for currency hedging, interest rate swaps, and credit default swaps. In addition, JPMIM also may invest in derivatives, including but not limited to futures contracts and options on futures contracts, to adjust market exposure based on actual or expected cash inflows to or outflows from the Fund, or to hedge currency risk. JPMIM may also enter into short positions in derivatives for hedging purposes or to enhance returns.

**Principal Investment Risks:** 

**As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and 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, the imposition of tariffs and other restrictions on trade, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters, epidemics or pandemics (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. Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently began to lower interest rates in September 2024, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Fixed Income Risk.* When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

&nbsp;&nbsp;&nbsp;&nbsp;● *Foreign (Non-U.S.) Investment Risk.* Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

● *Quantitative Investing Risk.* The value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk.* The risk 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Emerging Markets Risk.* Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Bond Connect Investing Risk.* Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to the Fund. Furthermore, securities purchased via Bond Connect will be held via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit ("CMU") maintained with a China-based custodian (either the China Central Depository & Clearing Co. ("CDCC") or the Shanghai Clearing House ("SCH")). The Fund's ownership interest in Bond Connect securities will not be reflected directly in book entry with CDCC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. Therefore, the Fund's ability to enforce rights as a bondholder may depend on CMU's ability or willingness as record-holder of Bond Connect securities to enforce the Fund's rights as a bondholder. Additionally, the omnibus manner in which the securities are held could expose the Fund to the risk of its Hong Kong sub-custodian. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership. Moreover, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

&nbsp;&nbsp;&nbsp;&nbsp;● *Forward and Futures Contract Risk.* The successful use of forward and futures contracts draws upon the Adviser's or Sub-Advisers skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Management Risk.* The risk that investment strategies employed by the Adviser or Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser or a Sub-Adviser may cause unintended results.

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity Risk.* Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;● *High Yield Risk.* Investment in or exposure to high yield (lower rated or below investment grade) debt instruments may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered higher risk than investment grade debt instruments with respect to the issuer's continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;● *Cybersecurity Risk.* There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, sub-adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *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-Adviser's control, including instances at third parties. The Fund, the Adviser and the Sub-Adviser's 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 risks.

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. The use of derivative instruments also exposes the Fund to transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Default Swaps Risk.* A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps involve risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The Fund bears the loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;● *Short Position Risk.* The Fund may take short positions, which introduces more risk than long positions (where the Fund owns the instrument or other asset). Unlike a long position, where the maximum sustainable loss on the instrument or other asset purchased is limited to the amount paid for the instrument or other asset (plus transaction costs), there is no maximum price of the shorted instrument or other asset when purchased in the open market. To the extent the Fund takes a short position in a derivative instrument or other asset, there will be a risk of a potentially unlimited increase in the value of the underlying instrument or other asset.

&nbsp;&nbsp;&nbsp;&nbsp;● *Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.* The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of either rising or declining interest rate, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.

**Performance:** The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five year and since inception periods through December 31, 2024, compared to the returns of a broad-based securities market index. Past performance (before and after taxes) is not an indication of future performance. Performance information is available at no cost by visiting panoramicfunds.com or by calling 1-844-Sym-Fund (844-796-3863).

**Calendar Year Annual Total Returns — Class I** 

**Total Annual Return For Calendar Years Ended December 31**![](fp0096564-2_48.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 6.27% | (5.58)% |
| 12/31/2023 | 3/31/2022 |

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Year-to-date performance as of September 30, 2025: 3.86%

**Average Annual Total Returns For the Periods Ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception <br> (11/12/18)** |
| &nbsp;&nbsp;Symmetry Panoramic Global Systematic Fixed Income Fund — Class I returns before taxes | 2.62% | (0.34)% | 1.19% |
| &nbsp;&nbsp;Symmetry Panoramic Global Systematic Fixed Income Fund — Class I returns after taxes on distributions | 0.72% | (1.36)% | 0.08% |
| &nbsp;&nbsp;Symmetry Panoramic Global Systematic Fixed Income Fund — Class I returns after taxes on distributions and sale of fund shares | 1.56% | (0.67)% | 0.45% |
| &nbsp;&nbsp;Bloomberg Global Aggregate Hedged USD Index (reflects no deduction for fees, expenses, or taxes) | 3.40% | 0.48% | 2.00% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

**Investment Adviser and Sub-Adviser:** Symmetry Partners, LLC serves as investment adviser to the Fund. J.P. Morgan Investment Management, Inc. serves as a Sub-Adviser to the Fund.

**Portfolio Managers:** 

<u>Symmetry Partners, LLC</u>

In its role as manager of managers for the Fund, the Adviser provides investment oversight of sub-advisers that provide day-to-day portfolio selection services for the Fund. The portfolio managers providing such oversight are: John McDermott, Ph.D., Portfolio Manager and Chief Investment Strategist; Rebecca Cioban, CFA, Portfolio Manager and Director; and Kevin Scully, CFA, Portfolio Manager and Director. Dr. McDermott and Ms. Cioban have been managers on the Fund since its inception in 2018. Mr. Scully has been a manager since 2019.

<u>J.P. Morgan Investment Management, Inc.</u>

The Sub-Advised portfolio is managed by a team that includes: Jan Ho, Executive Director, Global Fixed Income, Currency, & Commodities ("GFICC group"), Mark Willauer, CFA, Executive Director, GFICC group, Santosh Prasad, CFA, Vice President, GFICC group, and Alexander Barcus, Vice President, GFICC group. Mr. Ho has been a manager on the Fund since 2024. Messrs. Willauer, Prasad, and Barcus have been managers on the Fund since December 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading through your broker or other financial intermediary through which you purchased shares. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts. The Fund generally is available for investment only by institutional clients, clients of registered investment advisors, clients of financial institutions and a limited number of certain other investors as approved from time to time by the Adviser. All investments are subject to approval of the Adviser.

---

| | | |
|:---|:---|:---|
| | **Minimum Investment** | **Minimum Investment** |
| <br>**Class** | **Initial** | **Subsequent** |
| **I** | $1000 | $100 |

---

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Symmetry Panoramic Alternatives Fund** 

**Investment Objective:** The Fund seeks 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.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** | **Class I** |
| &nbsp;&nbsp;Management Fees<sup>(1)</sup>  | 1.29% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees |  |
| &nbsp;&nbsp;Other Expenses | 1.91% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(2)</sup> | 2.28% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses**<sup>(3)</sup>  | **5.48%** |
| &nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(1)</sup>  | (2.70)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Expense Waiver and/or Expense Reimbursement**<sup>(3)</sup> | **2.78%** |

---

<sup>(1)</sup> The Fund's investment adviser, Symmetry Partners, LLC ("Symmetry" or the "Adviser"), has contractually agreed to waive its management fee until at least December 31, 2026 so that the aggregate management fee retained by the Adviser with respect to the Fund after payment of sub-advisory fees does not exceed 0.30% of the Fund's average net assets. The Adviser also has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least December 31, 2026 to ensure that total annual Fund operating expenses after expense waiver and reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) will not exceed 0.50% of average daily net assets of the Fund. This agreement may be terminated (i) by the Fund's Board of Trustees on 60 days' written notice to the Adviser, or (ii) by the Adviser, upon 60 days' prior written notice to the Trust, effective as of the close of business on December 31, 2026. This fee waiver/expense reimbursement is subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) only if such repayments do not cause the Fund's expense ratio, after such repayment is taken into account, to exceed both the expense cap in place at the time such amounts were waived and the Fund's current expense cap, if any. 

<sup>(2)</sup> For Class I Shares, Acquired Fund Fees and Expenses include 1.15**%** related to fees and expenses associated with certain underlying funds' dividends on short sales and interest expense.

<sup>(3)</sup> The "Total Annual Fund Operating Expenses" in this fee table, both before and after expense waiver and/or expense reimbursement, do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses after Expense Waiver and/or Expense Reimbursement are 1.63% for Class I Shares if Acquired Fund Fees and Expenses did not reflect fees and expenses associated with certain underlying funds' dividends on short sales and interest expense.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund's operating expenses are as shown in the table above and remain the same, and the expense limitation arrangements are not renewed. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I** | $281 | $1396 | $2500 | $5215 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund is a diversified multi-strategy fund that seeks to achieve its investment objective primarily by implementing alternative factor styles in a manner that the Fund's investment adviser, Symmetry, believes will have relatively low correlation to equity markets as well as the potential to produce positive returns before fees over time. Under normal circumstances, the Fund pursues its investment strategy by investing at least 80% of its net assets in alternative investment strategies that target returns from the investment in relatively illiquid strategies such as event-driven and convergence, or arbitrage, trades, as well as factor returns from long-short strategies across multiple asset classes. The Fund will invest in in shares of registered, open-end investment companies and exchange-traded funds ("ETFs") (collectively, "Underlying Funds") or directly in securities or

other instruments that provide exposure to a wide array of such alternative investment strategies. Certain Underlying Funds also may engage in strategies that require heightened turnover, and the Adviser may not consider portfolio turnover a limiting factor in making decisions for the Fund.

The Adviser seeks to manage a multi-factor fund that provides exposure to different managers that in the Adviser's view are best able to deliver certain factor exposures as identified by the Adviser. The Adviser will generally access these investment managers through open-end mutual funds, exchange-traded funds, or through a direct sub-advisory relationship with an investment manager. The Adviser will make a determination for each investment manager as to which type of access it believes is most advantageous to the Fund, and will make changes at its discretion. The Adviser looks for Underlying Funds or sub-advisory mandates that will feature characteristics associated with investment style factors that have been identified in certain academic research papers and that, although there is no guarantee of future results, the Adviser has identified as having historically shown the potential to deliver greater returns over time. The Underlying Funds in which the Fund invests may invest in a broad range of instruments, including, but not limited to, equities of U.S. companies, foreign companies in developed markets and/or companies located in emerging markets, variety of derivatives including futures, currency and commodity forwards, options, swaps, convertible securities, debt securities, loans, warrants, exchange-traded funds, and exchange-traded notes. An Underlying Fund may also engage in short sales. The Fund does not seek to maintain any particular weighted average maturity, duration, or quality, and may invest in Underlying Funds that hold fixed income instruments of any maturity, duration, or quality, including bonds that are below investment grade (also known as "junk bonds", which are considered speculative). The Underlying Funds may invest in distressed investments, which are issued by companies that are, or might be, involved in reorganizations or financial restructurings, either out of court or in bankruptcy. In addition, Underlying Funds may invest in securities issues in private investment in public equity ("PIPE") transactions, stock, warrants, and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities that pool funds to seek potential acquisition opportunities, restricted securities, initial public offerings ("IPOs") and seasoned (i.e., secondary) equity offerings ("SEOs") of U.S. equity securities, and in restricted securities. The Fund may use both long and short positions within each of the instruments. The Fund may also invest a portion of its assets in the instruments directly.

There is no limit in the number of Underlying Funds in which the Fund may invest, and the Fund may invest more than 25% of its assets in one Underlying Fund.

The Adviser sets an overall asset allocation based on long-term strategic considerations and monitors the portfolio on an ongoing basis. The Adviser will periodically rebalance the portfolio and may change managers and/or exposures over time based on its evolving investment views amid changing market and economic conditions.

Periodically, the Fund's Adviser will review certain factors in each Underlying Fund and may add or remove Underlying Funds without notice to shareholders. The Adviser may also temporarily over or under-weight certain exposures for the purpose of managing distributions, which may include selling Fund investments to offset gains. To the extent that this activity causes the Fund to deviate from its typical factor exposures, it may not meet its investment objective. The Adviser may also temporarily alter its investments if market, economic or other signals warrant in the view of the Adviser.

The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate sub-advisers ("Sub-Advisers"). At this time, there are no sub-advisers to the Fund. The Adviser may add sub-advisers at its discretion. With respect to any portion of assets managed directly by a sub-adviser, the Fund utilizes a "multi-manager" approach whereby the Fund's assets will be allocated to one or more sub-advisers, in percentages determined at the discretion of the Fund's Adviser. Each sub-adviser acts independently from the others and utilizes its own distinct investment style in investing in selecting securities. However, each sub-adviser must operate within the constraints of the Fund's investment objective, strategies and restrictions.

The Underlying Funds in which the Fund invests may also use a variety of derivative instruments, including futures and option contracts and swaps. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, options and swaps to help the ETF track its underlying index. In addition, the Fund also may invest directly in derivatives, including but not limited to futures contracts and options on futures contracts, to adjust market exposure based on actual or expected cash inflows to or outflows from the Fund.

The Adviser has engaged Vident Asset Management ("Vident") to serve as a trading sub-adviser for the Fund. Vident is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, as well as performing pre- and post-trade compliance and monitoring trading activity for the Fund, all subject to the oversight of the Adviser and the Board of Trustee.

**Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. The risks described below are in reference to either the Underlying Funds, direct purchases of the Fund, or both unless otherwise noted.** 

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Financial markets are subject to periods of high volatility, depressed valuations, decreased liquidity and heightened uncertainty, such as what was experienced during the financial crisis that occurred in and around 2008 and 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, the imposition of tariffs and other restrictions on trade, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Similarly, environmental and public health risks, such as natural disasters, epidemics or pandemics (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. Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently began to lower interest rates in September 2024, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Volatility Risk.* The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;● *Underlying Fund Risk.* The risk that the Fund's investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Style Risk.* The risk that different investment styles (e.g., "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 the 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.* The value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity Risk.* Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;● *Arbitrage Risk:* The risk that securities purchased pursuant to an arbitrage strategy that intended to take advantage of the perceived relationship between the value of two securities may not perform as expected.

&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Companies and Exchange-Traded Funds Risk.* When the 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Management Risk.* The risk that investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser may cause unintended results.

&nbsp;&nbsp;&nbsp;&nbsp;● *Fixed Income Risk.* When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

&nbsp;&nbsp;&nbsp;&nbsp;● *High Yield Risk.* Investment in or exposure to high yield (lower rated or below investment grade) debt instruments may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are considered higher risk than investment grade debt instruments with respect to the issuer's continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments.

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

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

commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund may invest may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund's share value to fluctuate.

&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk.* The risk 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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives Risk.* The derivative instruments in which the Fund may invest may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager. The use of derivative instruments also exposes the Fund to transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● *Forward and Futures Contract Risk.* The successful use of forward and futures contracts draws upon an Adviser's skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) an Adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Default Swaps Risk.* A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps involve risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The Fund bears the loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;● *Equity Risk.* Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;● *Foreign (Non-U.S.) Investment Risk.* Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● *Emerging Markets Risk.* Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Cybersecurity Risk.* There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *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 risks.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Tax Risk.* The federal income tax treatment of the complex securities in which the Fund may invest and a Fund's investment use of the ReFlow Liquidity Program may not be clear or may be subject to re-characterization by the Internal Revenue Service ("IRS"). It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the ReFlow Liquidity Program were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies could make it more difficult for the Fund itself to comply with such rules. Furthermore, the ability of the Fund to gain commodity exposure as contemplated may be adversely affected by future legislation, regulatory developments, interpretive guidance or other actions by the IRS or the Treasury Department.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Capitalization Risk.* Investing in larger-sized companies subjects the Fund to the risk that larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and that they may be less capable of responding quickly to competitive challenges and industry changes. Because the Fund may invest in companies of any size, its share price could be more volatile than a fund that invests only in large companies. Small and medium–sized companies typically have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies.

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *Short Sales Risk.* The risk on a short sale is the risk of loss if the value of a security sold short increases prior to the delivery date, since the Fund must pay more for the security than it received from the purchaser in the short sale. Therefore, the risk of loss may be unlimited.

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

**Performance:** The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five-year and since inception periods through December 31, 2024, compared to the returns of a broad-based securities market index. Past performance (before and after taxes) is not an indication of future performance. Performance information is available at no cost by visiting panoramicfunds.com or by calling 1-844-Sym-Fund (844-796-3863).

**Calendar Year Annual Total Returns — Class I** 

**Total Annual Return For Calendar Years Ended December 31**![](fp0096564-2_56.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 7.66% | (6.53)% |
| 3/31/2024 | 3/31/2020 |

---

Year-to-date performance as of September 30, 2025: 8.85%

**Average Annual Total Returns For the Periods Ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception <br> (11/12/18)** |
| &nbsp;&nbsp;Symmetry Panoramic Alternatives Fund — Class I returns before taxes | 8.15% | 7.00% | 5.77% |
| &nbsp;&nbsp;Symmetry Panoramic Alternatives Fund — Class I returns after taxes on distributions | 7.13% | 5.61% | 4.38% |
| &nbsp;&nbsp;Symmetry Panoramic Alternatives Fund — Class I returns after taxes on distributions and sale of fund shares | 4.95% | 4.88% | 3.91% |
| &nbsp;&nbsp;MSCI ACWI Investable Market Index (reflects no deduction for fees, expenses, or taxes) | 16.37% | 9.67% | 10.80% |
| &nbsp;&nbsp;HFRI Fund of Funds Conservative Index (reflects no deduction for fees, expenses, or taxes) | 6.38% | 5.17% | 4.90%<sup>(1)</sup> |

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<sup>(1)</sup> The HRFI Fund of Funds Conservative Index for the "Since Inception" period is as of 10/31/2018 due to calculation being as of month end.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).

**Investment Adviser:** Symmetry Partners, LLC serves as investment adviser to the Fund. Vident Asset Management serves as Sub-Adviser to the Fund.

**Portfolio Managers:** 

<u><u>Symmetry Partners, LLC</u></u>

The Fund is managed by a team that includes John McDermott Ph.D., Portfolio Manager and Chief Investment Strategist; Rebecca Cioban, CFA, Portfolio Manager and Director; and Kevin Scully, CFA, Portfolio Manager and Director. Dr. McDermott and Ms. Cioban have been managers on the Fund since its inception in 2018. Mr. Scully was named a portfolio manager in 2019.

<u><u>Vident Asset Management</u></u>

Vident serves as a trading sub-adviser for the Fund. The team responsible for executing portfolio transactions and implementing the Adviser's investment decisions with respect to the Fund includes Austin Wen, CFA, Senior Portfolio Manager; and Devin Ryder, CFA, Senior Portfolio Manager. Each of the foregoing individuals has provided portfolio management services for the Fund since December 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading through your broker or other financial intermediary through which you purchased shares. Redemptions will be paid by automated clearing house funds ("ACH"), check or wire transfer. The Fund or its Adviser may waive any of the minimum initial and subsequent investment amounts. The Fund generally is available for investment only by institutional clients, clients of registered investment advisors, clients of financial institutions and a limited number of certain other investors as approved from time to time by the Adviser. All investments are subject to approval of the Adviser.

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| | | |
|:---|:---|:---|
| | **Minimum Investment** | **Minimum Investment** |
| <br>**Class** | **Initial** | **Subsequent** |
| **I** | $1000 | $100 |

---

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS** 

This section provides more detailed information about the investment objectives, principal investment strategies and certain risks of investing in 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 Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, and Symmetry Panoramic Alternatives Fund (each a "Fund" and together, the "Funds"). The investment objective of each Fund (except for the Symmetry Panoramic Municipal Fixed Income Fund) is non-fundamental and may be changed without the consent of Fund shareholders. In order to change its investment objective, the Symmetry Panoramic Municipal Fixed Income Fund is required to obtain the affirmative vote from a majority of its shareholders.

This section also provides information regarding the Funds' disclosure of portfolio holdings. The Funds also may make other types of investments to the extent permitted by applicable law. Additional information about the Funds, their investment strategies, and risks can also be found in the Funds' Statement of Additional Information ("SAI").

The Funds have significant flexibility to achieve their respective investment objectives and may invest in a broad range of securities, including, for 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 Municipal Fixed Income Fund, and Symmetry Panoramic Alternatives Fund, the Underlying Funds. The Funds may invest directly in securities or, for 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 Municipal Fixed Income Fund, and Symmetry Panoramic Alternatives Fund, the Underlying Funds, or use a combination of direct and Underlying Fund investments, without limitations other than those stated herein. At any given time, 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 Municipal Fixed Income Fund, and Symmetry Panoramic Alternatives Fund may invest exclusively in Underlying Funds, or in direct investments in a broad range of equity or debt securities consistent with its investment strategies, or a combination thereof and derivative instruments, to achieve a Fund's investment objective and strategies. The allocation of a Fund's investments will vary, and, at any given time, a Fund may not be invested in all the types of securities and other investments described below.

Because 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 Municipal Fixed Income Fund, and Symmetry Panoramic Alternatives Fund invest in Underlying Funds, you should look for information about these Underlying Funds in the applicable Underlying Funds' prospectuses. Investors may be able to realize lower aggregate expenses by investing directly in the retail Underlying Funds instead of the Funds, however, the share class of the Underlying Funds in which the Funds are invested may not be available to you, and you would not have the potential to benefit from the allocation services provided by Symmetry.

*Symmetry Panoramic International Equity Fund, the Symmetry Panoramic Global Equity Fund and the Symmetry Panoramic Tax-Managed Global Equity Fund* 

As of the date of this prospectus, the Adviser considers the following countries to be developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United States and the United Kingdom. "Emerging market" countries are generally considered to be developing by the World Bank, the International Finance Corporation, the United Nations, or the European Bank for Reconstruction and Development. In general, emerging markets tend to have relatively low gross national product per capita compared to the larger traditionally recognized developed markets and the world's major developed economies. As of the date of this prospectus, the Adviser considers the following countries to be emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. This list applies to Symmetry Panoramic International Equity Fund, the Symmetry Panoramic Global Equity Fund and the Symmetry Panoramic Tax-Managed Global Equity Funds and is subject to change from time to time in the discretion of the Adviser.

*Symmetry Panoramic Global Systematic Fixed Income Fund* 

As of the date of this prospectus, the Symmetry Panoramic Global Systematic Fixed Income Fund may invest in the countries included in the Bloomberg Global Aggregate Hedged USD Index, which includes: Australia, Austria, Belgium, Bulgaria, Canada, Chile, China, Columbia, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hong Kong, Hungary, Indonesia, Ireland, Israel, Italy, Japan, Kazakhstan, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, Netherlands,

New Zealand, Norway, Peru, Philippines, Poland, Portugal, Romania, Saudi Arabia, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Supranational Organizations, Sweden, Switzerland, Thailand, United Arab Emirates, United Kingdom, and United States. The list of countries in which the Fund may invest may be updated at any time without notice.

**Temporary Defensive Position** 

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

**Cash Management Strategies** 

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

**Borrowing** 

While the Funds do not anticipate doing so, other than for cash management, each Fund may borrow money to the extent permitted by applicable law, including for investment purposes. Borrowing for investment purposes is one form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk, but also increases investment opportunity, and it is not expected that the Funds will use this technique on a regular basis. Because substantially all of a Fund's assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the NAV per share of the Fund will increase more when the Fund's portfolio assets increase in value and decrease more when the Fund's portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales.

Each Fund also may borrow money to facilitate management of a Fund's portfolio by enabling the Fund to meet redemption requests when the liquidation of portfolio instruments would be inconvenient or disadvantageous, or by enabling a Fund to attain desired exposures during periods of significant anticipated inflows. It is expected that such borrowing will be repaid by the Fund promptly. In addition to the foregoing, the Funds are authorized to borrow money as a temporary measure for extraordinary or emergency purposes in amounts not in excess of 5% of the value of a Fund's total assets.

**Risk Factors** 

*All investments carry some degree of risk that will affect the value of a Fund's investments, its investment performance and the price of its shares. As a result, loss of money is a risk of investing in each Fund.* 

**Because the Funds, other than Symmetry Panoramic US Systematic Fixed Income Fund and Symmetry Panoramic Global Systematic Fixed Income Fund, invest primarily in Underlying Funds, the risks described below for each of these Funds are in reference to the Underlying Funds, and to the extent that a Fund invests directly in securities and other instruments, the risks described below are also directly applicable to the Fund.** 

The table below and the paragraphs that follow show additional information about the principal (marked with a "✓") and certain non-principal (marked with a "●") investment strategies and techniques that a Fund may employ in pursuing its investment objective and related risks.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **US Equity** | **Inter- national Equity** | **Global Equity** | **Tax- Managed Global Equity** | **US Systematic Fixed Income** | **Municipal Fixed Income** | **Global Systematic Fixed Income** | **Alternatives** |
| Investing in Underlying Funds | ✓ | ✓ | ✓ | ✓ | | ✓ | | ✓ |
| Arbitrage Risk | | | | | | | | ✓ |
| Asset Allocation Risk | ✓ | ✓ | ✓ | ✓ | | ✓ | | ✓ |
| Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk | | | | | ✓ | | ✓ | |
| Bond Connect | | | | | | | ✓ | |
| Borrowing Risk | ● | ● | ● | ● | ● | ● | ● | ● |
| Cash Management Strategies | ● | ● | ● | ● | ● | ● | ● | ● |
| China A-Shares and China Stock Connect Risk | | ● | ● | ● | | | | |
| Commodities Risk | | | | | | | | ✓ |
| Convertible Securities Risk | | | | | | | | ✓ |
| Credit Default Swaps Risk | | | | | ✓ | | ✓ | ✓ |
| Currency Risk | | ✓ | ✓ | ✓ | | | ✓ | ✓ |
| Cybersecurity Risk | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Derivatives Risk | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Distressed Investments Risk | | | | ● | ● | | ● | ● |
| Emerging Markets Risk | | ✓ | ✓ | ✓ | | | ✓ | ✓ |
| Equity Risk | ✓ | ✓ | ✓ | ✓ | | | | ✓ |
| Exchange-Traded Notes Risk | | | | | | | | ● |
| Financial Sector Risk | ● | ● | ● | ● | ● | | ● | |
| Fixed Income Securities | | | | | ✓ | ✓ | ✓ | ✓ |
| Foreign (Non-U.S.) Investment Risk | | ✓ | ✓ | ✓ | ✓ | | ✓ | ✓ |
| Forward and Futures Contract Risk | ✓ | ✓ | ✓ | ✓ | ✓ | | ✓ | ✓ |
| Geographic and Sector Risk | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| High Portfolio Turnover Risk | ● | ● | ● | ● | ● | ● | ● | ● |
| High Yield Risk | | | | | ✓ | ✓ | ✓ | ✓ |
| Information Technology Sector Risk | ● | | | | | | | |
| Index Tracking Error Risk | | | | | | ✓ | | |
| Investment Companies and ETFs Risk | ✓ | ✓ | ✓ | ✓ | | ✓ | | ✓ |
| Investment Style Risk | ✓ | ✓ | ✓ | ✓ | ✓ | | ✓ | ✓ |
| IPO and SEO Risk | | | | | | | | ● |
| Leveraging Risk | ● | ● | ● | ● | ● | ● | ● | ● |
| Litigation and Enforcement Risk | | | | | | | | ● |
| Liquidity Risk | ● | ● | ● | ● | ✓ | ✓ | ✓ | ✓ |
| Management Risk | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Market Capitalization Risk | ✓ | ✓ | ✓ | ✓ | | | | ✓ |
| Market Risk | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Money Market Instrument Risk | | | | | ● | ● | ● | |
| Municipal Bond Risk | | | | | | ✓ | | ● |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **US Equity** | **Inter- national Equity** | **Global Equity** | **Tax- Managed Global Equity** | **US Systematic Fixed Income** | **Municipal Fixed Income** | **Global Systematic Fixed Income** | **Alternatives** |
| Operational Risk | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| ReFlow Liquidity Program | ● | ● | ● | ● | ● | ● | ● | ● |
| REIT Risk | ✓ | ✓ | ✓ | ● | | | | |
| Restricted Securities | | | | | | | | ✓ |
| Securities Issued in PIPE Transactions | | | | | | | | ● |
| Short Sales Risk | | | | | | | | ✓ |
| Short Position Risk | | | | | ✓ | | ✓ | |
| Small Fund Risk | | | | | | ✓ | | ✓ |
| SPACs Risk | | | | | | | | ● |
| Subsidiary Risk | | | | | | | | ● |
| Swap Risk | ● | ● | ● | ● | ● | ● | ● | ✓ |
| Taxability Risk | | | | | | ✓ | | |
| Tax Risk | | | | | | | | ✓ |
| Tax-Managed Investing Risk | | | | ✓ | | | | |
| Temporary Defensive Positioning | ● | ● | ● | ● | ● | ● | ● | ● |
| U.S. Government Securities Risk | ● | ● | ● | ● | ✓ | ✓ | ✓ | ✓ |
| Valuation Risk | ● | ● | ● | ● | ● | ● | ● | ● |
| Volatility Risk | ✓ | ✓ | ✓ | ✓ | ● | ● | ● | ✓ |

---

**INVESTING IN UNDERLYING FUNDS**

Each Fund, other than Symmetry Panoramic US Systematic Fixed Income Fund and Symmetry Panoramic Global Systematic Fixed Income Fund, may invest in Underlying Funds as part of its investment strategy, and certain Funds' investments may be primarily concentrated in Underlying Funds. The investment performance of a Fund that invests in Underlying Funds is directly related to the investment performance of the Underlying Funds it holds. The ability of a Fund that invests in Underlying Funds to meet its investment objective is directly related to the ability of the Underlying Funds to meet their objectives as well as the allocation among those Underlying Funds. The value of the Underlying Funds' investments, and the NAVs of the shares of both the Fund and the Underlying Funds, will fluctuate in response to various market and economic factors related to the equity and fixed-income markets, as well as the financial condition and prospects of issuers in which the Underlying Funds invest. There can be no assurance that the investment objectives of the Underlying Funds will be achieved.

Except for Symmetry Panoramic US Systematic Fixed Income Fund and Symmetry Panoramic Global Systematic Fixed Income Fund, each Fund may at times invest more than 25% of its assets in one Underlying Fund. As of the date of this prospectus, the Underlying Funds in which a Fund may so invest are as follows:

<u><u>*Symmetry Panoramic Alternatives Fund*</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;*●* AQR Diversified Arbitrage Fund

&nbsp;&nbsp;&nbsp;&nbsp;● AQR Managed Futures Strategy Fund

**INVESTMENTS OF THE FUNDS AND THE UNDERLYING FUNDS** 

Because each Fund, other than Symmetry Panoramic US Systematic Fixed Income Fund and Symmetry Panoramic Global Systematic Fixed Income Fund, may invest in Underlying Funds that invest directly in securities and other instruments, a Fund's shareholders will be affected by the investment policies of the Underlying Funds in direct proportion to the amount of assets the Fund allocates to those Underlying Funds. Certain of the Funds also may invest in Underlying Funds that in turn invest in foreign issuers and thus are subject to additional risks, including changes in foreign currency exchange rates and country risk. Foreign investments of the Underlying Funds may include securities of issuers located in emerging countries in Asia, Latin America, Eastern Europe and Africa. A Fund 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 the 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). A Fund 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 direct purchases of the Funds, or, except for Symmetry Panoramic US Systematic Fixed Income Fund and Symmetry Panoramic Global Systematic Fixed Income Fund, the Underlying Funds. The risks described below are in alphabetical order and not in order of importance or potential exposure. The principal investment risks of each Fund are in order of importance in the Funds Summaries section of this Prospectus.** 

*Arbitrage Risk.* 

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

*Asset Allocation Risk* 

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

*Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk* 

The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of either rising or declining interest rate, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.

*Bond Connect Investing Risk* 

The Symmetry Panoramic Global Systematic Fixed Income Fund may invest in the domestic bond market in China through Bond Connect. Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to the Fund. Furthermore, securities purchased via Bond Connect will be held via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit ("CMU") maintained with a China-based custodian (either the China Central Depository & Clearing Co. ("CDCC") or the Shanghai Clearing House ("SCH")). The Fund's ownership interest in Bond Connect securities will not be reflected directly in book entry with CDCC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. Therefore, the Fund's ability to enforce rights as a bondholder may depend on CMU's ability or willingness as record-holder of Bond Connect securities to enforce the Fund's rights as a bondholder. Additionally, the omnibus manner in which the securities are held could expose the Fund to the risk of its Hong Kong sub-custodian. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership. Moreover, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

A primary feature of Bond Connect is the application of the home market's laws and rules applicable to investors in Chinese fixed-income instruments. Therefore, the Fund's investments via Bond Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. The Fund will not benefit from access to Hong Kong investor compensation funds, which are set up to protect against defaults of trades, when investing through Bond Connect. Finally, uncertainties in China tax rules governing taxation of income and gains from investments via Bond Connect could result in unexpected tax liabilities for the Fund.

Bond Connect is a relatively new program and may be subject to further interpretation and guidance. There can be no assurance as to Bond Connect's continued existence or whether future developments regarding Bond Connect may restrict or adversely affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Bond Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

*Borrowing Risk* 

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

*China A-Shares and China Stock Connect Risk* 

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

*Commodities Risk* 

Exposure to commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, and agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The energy sector can be significantly affected by changes in the prices and supplies of oil and other energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations, policies of the Organization of Petroleum Exporting Countries ("OPEC") and relationships among OPEC members and between OPEC and oil importing nations. The metals sector can be affected by sharp price volatility over short periods caused by global economic, financial and political factors, resource availability, government regulation, economic cycles, changes in inflation or expectations about inflation in various countries, interest rates, currency fluctuations, metal sales by governments, central banks or international agencies, investment speculation and fluctuations in industrial and commercial supply and demand. The commodity-linked securities in which the Fund may invest may be issued by companies in the financial services sector, including the banking, brokerage and insurance sectors. As a result, events affecting issuers in the financial services sector may cause the Fund's share value to fluctuate.

*Convertible Securities* 

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

*Credit Default Swaps Risk* 

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

*Currency Risk* 

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

*Cybersecurity Risk* 

With the increased use of the Internet and because information technology ("IT") systems and digital data underlie most of the Fund's operations, the Fund and its Adviser, any Sub-Advisers, custodian, transfer agent, distributor and other service providers and the financial intermediaries (collectively "Service Providers") are exposed to the risk that their operations and data may be compromised as a result of internal and external cyber-failures, breaches or attacks ("Cyber Risk"). This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain unauthorized access to or release confidential information, (iii) shut down the Fund or Service Provider website through denial-of-service attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate cyber-attacks.

*Derivatives Risk* 

The Fund may invest in derivatives, which are financial instruments whose value is typically based on the value of a security, commodity or index, in order to better track the Index. These instruments include options, futures contracts, swap agreements, including total return swap agreements, and similar instruments. The Fund's use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested. Under applicable SEC regulations, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. Compliance with these regulations could increase the costs of operating a Fund, limit the derivatives strategies that a Fund may employ, or adversely affect a Fund's performance.

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

Derivatives are subject to a number of other risks, including liquidity risk (the possibility that the derivative may be difficult to purchase or sell and the Adviser may be unable to initiate a transaction or liquidate a position at an advantageous time or price), leverage risk (the possibility that adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the amount invested in the derivative), interest rate risk (some derivatives are more sensitive to interest rate changes and market price fluctuations), and counterparty risk (the risk that a counterparty may be unable to perform according to a contract, and that any deterioration in a counterparty's creditworthiness could adversely affect the instrument). In addition, because derivative products are highly specialized, investment techniques and risk analyses employed with respect to investments in derivatives are different from those associated with stocks and bonds. Finally, the Fund's use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments. Derivative instruments are also subject to the risk that the market value of an instrument will change to the detriment of the Fund. If the Adviser inaccurately forecast the values of securities, interest rates or other economic factors in using derivatives, the Fund might have been in a better position if it had not entered into the transaction at all. Some strategies involving derivative instruments can reduce the risk of loss, but they can also reduce the opportunity for gain or result in losses by offsetting favorable price movements in other investments held by the Fund. The Fund may also have to buy or sell a security at a disadvantageous time or price because regulations require funds to maintain offsetting positions or asset coverage in connection with certain derivatives transactions. The use of derivatives also exposes the Fund to transaction costs.

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

*Distressed Investments Risk* 

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

*Emerging Markets Risk* 

A Fund with international exposure's investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets. These risks include less social, political and economic stability; smaller securities markets with low or non-existent 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 countries may own or control parts of the private sector. Accordingly, government actions could have a significant impact on economic conditions. Certain emerging market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular sector and/or company, limit the investment by foreign persons to a specific class of securities of an issuer that may have less advantageous rights than a domestically available class, require foreign investors to maintain a trading account with only one licensed securities company in the relevant market and/or impose additional taxes on foreign investors. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment.

*Equity Risk* 

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

*Exchange-Traded Notes Risk* 

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

*Financial Sector Risk* 

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

*Fixed Income Securities Risk* 

When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. 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 general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Moreover, regulations applicable to and changing business practices of financial intermediaries may reduce the liquidity and increase the volatility for such fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

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

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

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

*Foreign (Non-U.S.) Investment Risk* 

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

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

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

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

governmental restrictions might adversely affect an investment in foreign securities. Additionally, foreign banks and foreign branches of domestic banks may be subject to less stringent reserve requirements and to different accounting, auditing and recordkeeping requirements.

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

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

A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. Recent and upcoming European elections could, depending on the outcomes, further call into question the future direction of the EU. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. The impact of these actions, especially if they occur in a disorderly fashion, is not clear, but could be significant and far-reaching. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund's investments.

*Forward and Futures Contract Risk.* 

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

*Geographic and Sector Risk* 

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

*High Portfolio Turnover Risk* 

A Fund may engage in active trading, including investments made on a shorter-term basis, which may lead to higher fund expenses and lower total return.

*High Yield Risk* 

Exposure to high yield (lower rated) debt instruments (also known as "junk bonds", which are considered speculative) may involve greater levels of credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a government or company than other fixed income instruments. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered speculative with respect to the issuer's continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish the Fund's ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. If the issuer of a security is in default with respect to interest or principal payments, the issuer's security could lose its entire value. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect the Fund's performance.

*Information Technology Sector Risk* 

The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment and components, and semiconductors and semiconductor equipment. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products could have a material adverse effect on a company's business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright or trademark protections may adversely affect the profitability of these companies. The market prices of information technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices.

*Index Tracking Error Risk* 

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

*Investment Companies and Exchange-Traded Funds Risk* 

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

*Investment Style Risk* 

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

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;● *Quantitative Investing Risk* is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

&nbsp;&nbsp;&nbsp;&nbsp;● *Profitability Investment Risk.* High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a 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 or made available 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.

A Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

A Sub-Adviser, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

*IPO and SEO Risk* 

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

*Leveraging Risk* 

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

*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.

*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.

*Management Risk* 

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

*Market Capitalization Risk.* 

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

Investing in medium, small and micro capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their stocks, as compared with larger companies. In addition, securities of these companies are subject to the risk that, during certain periods, the liquidity of particular issuers or industries will shrink or disappear with little forewarning as a result of adverse economic or market conditions, or adverse investor perceptions, whether or not accurate. Securities of medium, small and micro capitalization issuers may therefore be subject to greater price volatility and may decline more significantly in market downturns than securities of larger companies. Micro, small and medium capitalization issuers may also require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and such issuers may have substantial borrowings or may otherwise have a weak financial condition, and may be susceptible to bankruptcy. Transaction costs for these investments are often higher than those of larger capitalization companies. There is typically less publicly available information about small and micro capitalization companies. Generally, the smaller the company size, the greater the risk.

Some micro, small and medium capitalization companies also may be relatively new issuers, which carries risks in addition to the risks of other medium, small and micro capitalization companies. New issuers may be more speculative because such companies 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* 

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. National economies and global financial markets are substantially interconnected, which creates the possibility that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may be diminishing, which may impact such economies and markets in ways that cannot be foreseen at this time.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the U.S. Federal Reserve ("Fed") and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks recently began to lower interest rates, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Fed or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Aggressive stimulus measures in 2020 and 2021, rising demand for goods and services, tight labor markets, and supply chain disruptions contributed to a surge of inflation in many sectors of the U.S. and global economies. Ongoing inflation pressures could continue to cause an increase in interest rates and/or negatively impact companies.

Also, regulators have expressed concern that changes in interest rates may cause investors to sell fixed income securities faster than the market can absorb them, contributing to price volatility. Over the longer term, the interest rate increases may present a greater risk than has historically been the case due to the prior period of relatively low interest rates and the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives, or their alteration or cessation. Historical patterns of correlation among asset classes may break down in unanticipated ways during times of high volatility, disrupting investment programs and potentially causing losses.

Some countries, including the U.S., have adopted more protectionist trade policies. The rise in protectionist trade policies coupled with slowing global economic growth, changes to some major international trade agreements, risks associated with the trade agreement between the United Kingdom and the European Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. Additionally, the current strength of the U.S. dollar may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.

Legal, political, regulatory and tax changes may cause fluctuations in markets and securities prices. Regulators in the U.S. have proposed and adopted a number of changes to regulations involving the markets and issuers, some of which implicate a Fund. The full effect of various newly adopted regulations is not currently known and it is not currently known whether any of the proposed regulations will be adopted. However, due to the scope of regulations being proposed and adopted, certain of these changes to regulation could limit a Fund's ability to pursue its investment strategies or make certain investments, make it more costly for it to operate, or adversely impact its performance.

A Fund is subject to the risk that geopolitical events may disrupt securities markets and adversely affect global economies. Tensions, war, terrorism, or open conflict between nations, such as between Russia and Ukraine, in the Middle East, or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.

Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy and have material adverse impacts on the Portfolio. The impact of the COVID-19 pandemic caused significant volatility and severe losses in global financial markets.

Public health crises caused by outbreaks of infectious diseases or other public health issues, such as the COVID-19 pandemic, may exacerbate other pre-existing economic, political, and social tensions and risks, disrupt market conditions and operations and economies around the world, and negatively affect market performance and the value of investments in individual companies in significant and unforeseen ways. The impact of infectious diseases may be greater in countries that do not move

effectively to control them or that have limited access to or popular uptake of vaccines, which may occur because of a lack of health care or economic resources or for political or other reasons. The impact of any outbreak may last for an extended period of time.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. Additionally, there is no assurance that the U.S. Congress will act to raise the nation's debt ceiling and a failure to do so could cause market turmoil and substantial investment risks that cannot now be fully predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy.

China's economy, which had been sustained through debt-financed spending on housing and infrastructure, appears to be experiencing a significant slowdown and growing at a lower rate than prior years. Due to the size of China's economy, such a slowdown could impact a number of other countries.

In addition, global climate change may have an adverse effect on property and security values. A rise in sea levels, an increase in powerful storms and/or an increase in flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may never recover their value. Large wildfires 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 operations in affected areas. Regulatory changes and divestment movements in the United States and abroad 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. Because property and security values are driven largely by buyers' perceptions, it is difficult to know the time period over which these effects might unfold.

*Money Market Instrument Risk* 

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

*Municipal Bond Risk* 

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

Because many municipal bonds are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal bonds backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Municipal bonds are subject to the risk that the 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/or Sub-Adviser's control, including instances at third parties. The Funds, the Adviser, and/or Sub-Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

*ReFlow Liquidity Program* 

The Fund may participate in the ReFlow Redemption Service offered by ReFlow Fund, LLC ("ReFlow"). The program is 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.

*REIT Risk* 

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

*Restricted Securities* 

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

*Securities Issued in PIPE Transactions* 

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

*Short Position Risk* 

The Fund may enter into short positions in derivatives. The Fund will incur a loss as a result of a short position if the price of the asset sold short increases between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains. Short positions involve higher transaction costs and imperfect correlation between the actual and desired level of exposure. Theoretically, short positions present a risk of unlimited loss, particularly in cases where the Fund is unable, for whatever reason, to close out its short position, because the Fund may be required to buy the short position instrument at

a time when the instrument has appreciated in value, and there is potentially no limit to the amount of such appreciation. The Fund's long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund's overall potential for loss more than it would be without the use of leverage. Market or other factors may prevent the Fund from closing out a short position at the most desirable time or at a favorable price.

*Short Sales Risk* 

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

*Small Fund Risk* 

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

*SPACs Risk* 

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

*Subsidiary Risk* 

By investing in a Subsidiary, a Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved. A Subsidiary is not registered under the Investment Company Act of 1940 Act (the "1940 Act") and generally is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by the same adviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in its prospectus and statement of additional information and could adversely affect the Fund.

*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.

*Taxability Risk* 

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

*Tax Risk* 

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

*Tax-Managed Investing Risk* 

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

*U.S. Government Securities Risk* 

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

*Valuation Risk* 

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

*Volatility Risk* 

The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.

**Portfolio Holdings Disclosure** 

A description of the Funds' policies regarding the release of portfolio holdings information is available in the Funds' Statement of Additional Information ("SAI"). Shareholders may request portfolio holdings schedules at no charge by calling 1-844-Sym-Fund (844-796-3863).

**MANAGEMENT** 

**Investment Adviser** 

Symmetry Partners, LLC, with principal offices at 151 National Drive, Glastonbury, Connecticut 06033, serves as the investment adviser for the Funds. The Adviser was founded in 1994. In addition to advising the Funds, Symmetry provides discretionary investment advice to certain pension plans, closely held businesses, not-for-profit organizations, high net worth individuals and other investment advisory firms.

The Adviser has entered into an investment advisory agreement with each Fund, whereby the Adviser is entitled to receive an annual fee equal to a percentage of each Fund's average daily net assets as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Advisory Fee** |
| &nbsp;&nbsp;Symmetry Panoramic US Equity Fund | 0.55% |
| &nbsp;&nbsp;Symmetry Panoramic International Equity Fund | 0.70% |
| &nbsp;&nbsp;Symmetry Panoramic Global Equity Fund | 0.63% |
| &nbsp;&nbsp;Symmetry Panoramic Tax-Managed Global Equity Fund | 0.65% |
| &nbsp;&nbsp;Symmetry Panoramic US Systematic Fixed Income Fund | 0.45% |
| &nbsp;&nbsp;Symmetry Panoramic Municipal Fixed Income Fund | 0.47% |
| &nbsp;&nbsp;Symmetry Panoramic Global Systematic Fixed Income Fund | 0.52% |
| &nbsp;&nbsp;Symmetry Panoramic Alternatives Fund | 1.29% |

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

The Trust and the Adviser were granted an exemptive order from the SEC that permits Symmetry, subject to certain conditions, and without the approval of shareholders to: (a) employ a new Sub-Adviser for a Fund pursuant to the terms of a new investment sub-advisory agreement, in each case either as a replacement for an existing Sub-Adviser or as an additional Sub-Adviser; (b) change the terms of any investment sub-advisory agreement in a way that would otherwise require the approval of shareholders; and (c) continue the employment of an existing Sub-Adviser on the same sub-advisory contract terms where a contract has been terminated because of an assignment of the contract, including, potentially, a change in control of the Sub-Adviser. In such circumstances, shareholders would receive notice of such action, including information concerning the new Sub-Adviser. Generally, the Funds' Board of Trustees must approve any new sub-advisory agreements implemented in reliance on the exemptive order.

The Adviser has claimed an exclusion from Commodity Pool Operator ("CPO") registration pursuant to U.S. Commodity Futures Trading Commission ("CFTC") Rule 4.5, with respect to all Funds except Symmetry Panoramic Alternatives Fund. To remain eligible for this exclusion, the Funds must comply with certain limitations, including limits on trading in commodity interests, and restrictions on the manner in which the Fund markets its commodity interests trading activities. The Adviser has claimed relief from CPO registration pursuant to the no-action relief granted by CFTC No-Action Letter No. 12-38, with respect to the Symmetry Panoramic Alternatives Fund.

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 SAIs 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 contractually agreed to reduce each Fund's fees and/or to absorb expenses until at least December 31, 2026 to ensure that total annual Fund operating expenses after expense waiver and reimbursement of each of the Funds (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) do not exceed the following expense ratios:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class I** |
| &nbsp;&nbsp;Symmetry Panoramic US Equity Fund | 0.58% |
| &nbsp;&nbsp;Symmetry Panoramic International Equity Fund | 0.63% |
| &nbsp;&nbsp;Symmetry Panoramic Global Equity Fund | 0.66% |
| &nbsp;&nbsp;Symmetry Panoramic Tax-Managed Global Equity Fund | 0.50% |
| &nbsp;&nbsp;Symmetry Panoramic US Systematic Fixed Income Fund | 0.50% |
| &nbsp;&nbsp;Symmetry Panoramic Municipal Fixed Income Fund | 0.39% |
| &nbsp;&nbsp;Symmetry Panoramic Global Systematic Fixed Income Fund | 0.58% |
| &nbsp;&nbsp;Symmetry Panoramic Alternatives Fund | 0.50% |

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Prior to December 31, 2025, the Adviser had contractually agreed to reduce each Fund's fees and/or to absorb expenses to ensure that total annual Fund operating expenses after expense waiver and reimbursement of each of the Funds (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) did not exceed the following expense ratios:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class I** |
| &nbsp;&nbsp;Symmetry Panoramic US Equity Fund | 0.55% |
| &nbsp;&nbsp;Symmetry Panoramic International Equity Fund | 0.65% |
| &nbsp;&nbsp;Symmetry Panoramic Global Equity Fund | 0.56% |
| &nbsp;&nbsp;Symmetry Panoramic Tax-Managed Global Equity Fund | 0.42% |
| &nbsp;&nbsp;Symmetry Panoramic US Systematic Fixed Income Fund | 0.52% |
| &nbsp;&nbsp;Symmetry Panoramic Municipal Fixed Income Fund | 0.41% |
| &nbsp;&nbsp;Symmetry Panoramic Global Systematic Fixed Income Fund | 0.57% |
| &nbsp;&nbsp;Symmetry Panoramic Alternatives Fund | 0.50% |

---

The expense waiver and reimbursement under the investment advisory agreement is subject to possible recoupment from each Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved without exceeding the foregoing expense limits as well as any expense limitation in effect at the time the reimbursement is made.

The Adviser also has contractually agreed to waive its management fee for each of the Funds until at least December 31, 2026 so that the aggregate management fee retained by the Adviser with respect to each of the Funds after payment of sub-advisory fees does not exceed the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Advisory Fee** |
| &nbsp;&nbsp;Symmetry Panoramic US Equity Fund | 0.25% |
| &nbsp;&nbsp;Symmetry Panoramic International Equity Fund | 0.25% |
| &nbsp;&nbsp;Symmetry Panoramic Global Equity Fund | 0.25% |
| &nbsp;&nbsp;Symmetry Panoramic Tax-Managed Global Equity Fund | 0.26% |
| &nbsp;&nbsp;Symmetry Panoramic US Systematic Fixed Income Fund | 0.25% |
| &nbsp;&nbsp;Symmetry Panoramic Municipal Fixed Income Fund | 0.25% |
| &nbsp;&nbsp;Symmetry Panoramic Global Systematic Fixed Income Fund | 0.25% |
| &nbsp;&nbsp;Symmetry Panoramic Alternatives Fund | 0.30% |

---

**Portfolio Managers** 

*John McDermott, Ph.D., is Portfolio Manager, Chief Investment Strategist at the Adviser, and a member of the Investment Committee.* 

Dr. McDermott began his affiliation with Symmetry Partners in 2005. Dr. McDermott holds a B.S. from the U.S. Coast Guard Academy, an MBA from Columbia University, and a Ph.D. from the University of Connecticut.

*Rebecca Cioban, CFA, is Portfolio Manager and Director at the Adviser.* 

Ms. Cioban joined Symmetry Partners in 2007. Ms. Cioban holds a B.A. from the University of Connecticut. She became a CFA charterholder in 2022.

*Kevin Scully, CFA, is Portfolio Manager and Director at the Adviser* 

Mr. Scully joined Symmetry Partners in 2015. He holds a B.S. in Real Estate and Urban Economics from the University of Connecticut School of Business. He became a CFA charterholder in 2017.

The Funds' SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers' ownership of securities in each of the Funds.

**Sub-Adviser** 

Each of AQR Capital Management, LLC, Dimensional Fund Advisors LP and J.P. Morgan Investment Management Inc. is responsible for trading portfolio securities and other investment instruments with respect to the portion of the Funds that it manages, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and oversight by the Board.

Vident Asset Management is responsible for trading portfolio securities with respect to the portion of the Funds that it serves as a trading sub-adviser to, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, as well as performing pre- and post-trade compliance and monitoring trading activity for the Fund, all subject to the oversight of the Adviser and the Board.

Each Sub-Adviser follows the investment policies set by the Board and the Adviser. The Adviser will pay the sub-advisory fees. The Funds are not responsible for the fees paid to the Sub-Advisers.

AQR Capital Management, LLC, located at One Greenwich Plaza, Suite 130, Greenwich, CT 06830, serves as investment sub-adviser to the Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund. As of September 30, 2025, AQR and its affiliates had assets under management of approximately $166.1 billion. AQR is an investment management firm that employs a disciplined multi-asset, global research process. (AQR stands for Applied Quantitative Research).

Dimensional Fund Advisors LP, located at 6300 Bee Cave Road, Building One, Austin, TX 78746, serves as investment sub-adviser to the Symmetry Panoramic US Equity Fund and Symmetry Panoramic Global Equity Fund. DFA also has been appointed as Sub-Adviser to the Symmetry Panoramic International Equity Fund. However, the Adviser has not yet allocated any assets of the Symmetry Panoramic International Equity Fund to DFA. As of September 30, 2025, DFA and its affiliates had assets under management of approximately $915 billion. DFA is an investment management firm that provides investment outcomes through a transparent, rules-based approach that combines the knowledge gained from rigorous theoretical and empirical research with thoughtful and effective implementation.

J.P. Morgan Investment Management Inc., located at 270 Park Avenue, New York, NY 10017 serves as investment sub-adviser to the Symmetry Panoramic US Systematic Fixed Income Fund and the Symmetry Panoramic Global Systematic Fixed Income Fund. As of September 30, 2025, JPMIM had assets under management of approximately $3.9 trillion. JPMIM is a leading global multi-asset manager.

Vident Asset Management, located at 1125 Sanctuary Pkwy., Suite 515, Alpharetta, Georgia 30009 serves as a trading sub-adviser to 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 Municipal Fixed Income Fund, and Symmetry Panoramic Alternatives Fund. As of September 30, 2025, Vident had approximately $19.6 billion in assets under management.

**Portfolio Managers** 

<u><u>**AQR**</u></u>

*Michele L. Aghassi, Ph.D., is a Principal of AQR.* 

Dr. Aghassi joined AQR in 2005 and serves as a portfolio manager for the firm's equity strategies. Dr. Aghassi earned a B.Sc. in applied mathematics from Brown University and a Ph.D. in operations research from the Massachusetts Institute of Technology.

*Andrea Frazzini, Ph.D., M.S., is a Principal of AQR.* 

Dr. Frazzini joined AQR in 2008 and is Head of its Global Stock Selection team. He earned a B.S. in economics from the University of Rome III, an M.S. in economics from the London School of Economics and a Ph.D. in economics from Yale University.

*John J. Huss is a Principal of AQR.* 

Mr. Huss rejoined AQR in 2013 and is Head of AQR's Integrated Research and Co-Head of AQR's Macro Strategies Group. Mr. Huss earned an S.B. in mathematics from the Massachusetts Institute of Technology.

*Nathan Sosner, Ph.D., is a Principal of AQR* 

Dr. Sosner joined AQR in 2015 and is Head of the Specialized Investments Group, which focuses on situations where laws and regulations have meaningful effects on trading decisions, portfolio design and the choice of investment vehicles. He earned a B.A. and M.A. in economics from Tel Aviv University and a Ph.D. in economics from Harvard University.

<u><u>**DFA**</u></u>

*Jed S. Fogdall* 

Mr. Fogdall joined DFA in 2004 and is the Global Head of Portfolio Management, the Chairman of the Investment Committee, Vice President and Senior Portfolio Manager. Mr. Fogdall serves as a portfolio manager to the Symmetry Panoramic US Equity Fund and Symmetry Panoramic Global Equity Fund. Mr. Fogdall earned a BS from Purdue University and an MBA from the University of California, Los Angeles.

*Allen Pu* 

Mr. Pu joined DFA in 2006 and is the Deputy Head of Portfolio Management, North America, a member of the Investment Committee, Vice President and Senior Portfolio Manager. Mr. Pu serves as a portfolio manager to the Symmetry Panoramic US Equity Fund and Symmetry Panoramic Global Equity Fund. Mr. Pu earned an MBA from the University of California, Los Angeles, an MS and PhD from Caltech, and a BS from Cooper Union for the Advancement of Science and Art.

*John A. Hertzer, CFA* 

Mr. Hertzer joined DFA in 2013 and is a Vice President and Senior Portfolio Manager. Mr. Hertzer serves as a portfolio manager to the Symmetry Panoramic US Equity Fund and Symmetry Panoramic Global Equity Fund. Mr. Hertzer earned a BA from Dartmouth College and an MBA from the University of California, Los Angeles.

<u>**JPMIM**</u> 

*Jan Ho, Executive Director* 

Mr. Ho, Executive Director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, Mr. Ho is a portfolio manager on the U.S. Core Plus Portfolio Management team and is responsible for overseeing core and core plus portfolios for institutional clients. An employee of the firm since 2000, Mr. Ho was previously a member of the Fixed Income Technology team for three years, serving as the planner and programmer for the fixed income portfolio management and trading systems. Prior to this, he worked at TIAA-CREF to develop retirement annuity systems. Mr. Ho obtained a B.S. in electrical engineering from Cooper Union College and an M.S. in computer science from NYU-Poly.

*Mark Willauer, CFA, Executive Director* 

Mr. Willauer, Executive Director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, he is the Global head of the Systematic Fixed Income Portfolio Management and Implementation team. Previously, Mr. Willauer served as a portfolio manager, overseeing Unconstrained and Multi-Sector Fixed Income strategies, and was also a member of both the Commercial Real Estate (CMBS) Investment team and the U.S. Macro Strategy team. Employed since 2009, he formerly worked with the JPMorgan Private Bank Manager Selection Team, where he contributed to

the coverage of High Yield, Bank Loan, Absolute Return, Emerging Market Debt, and Global Liquidity strategies, managing over $70 billion in discretionary assets. Mr. Willauer holds a B.S. magna cum laude in Finance from the Smeal College of Business at Pennsylvania State University and is a CFA charterholder.

*Santosh Prasad, CFA, Vice President* 

Mr. Prasad, Vice President, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, he is a portfolio manager on the Systematic Fixed Income Portfolio Management and Implementation team. He joined from UBS Asset Management, where he spent 5 years as a Fixed Income Portfolio Manager. At UBS, he developed and implemented systematic and data-driven strategies, with a focus on emerging markets debt. His responsibilities included portfolio management, trading, and quantitative research. Prior to UBS, Mr. Prasad was a Quantitative Investment Research Analyst at State Street Global Advisors, where he developed systematic models across global rates, credit, and ESG. Prior to that Mr. Prasad spent several years as a Fixed Income Derivatives Trader at a medium frequency proprietary trading firm, implementing relative value trades primarily in the US Treasury and Short-Term Interest Rate spaces. Mr. Prasad holds an MBA from the University of Chicago Booth School of Business and a BS in Computer Science from the University of Illinois at Urbana-Champaign. He is a CFA charterholder and a recipient of the FRM designation from the Global Association of Risk Professionals.

*Alexander Barcus, Vice President* 

Mr. Barcus, Vice President, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in London, he is part of the Global Aggregate team, which he joined in 2024. Mr. Barcus worked for 4 years at GHCO before joining JPMorgan, where he worked as a quantitative trader, market making fixed income ETFs and fixed income corporate bond futures. Prior to this he worked in Formula 1, having experience in both the Mercedes AMG and McLaren Racing F1 teams, where he was working as a vehicle dynamics engineer focused on mathematical simulation and driver-in-loop simulation analysis. Mr. Barcus holds an MEng with First Class Honors in Mechanical Engineering from Imperial College London and achieved the IMC qualification.

<u><u>**Vident**</u></u>

*Austin Wen, CFA, Senior Portfolio Manager* 

Austin Wen, CFA, has over a decade of investment experience. At Vident, Mr. Wen specializes in portfolio management and trading of equity, derivative, and commodities-based portfolios, as well as risk monitoring and investment analysis. Previously, he was a financial analyst for Vident Financial, LLC beginning in 2014, focusing on the development and review of various investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

*Devin Ryder, CFA, Senior Portfolio Manager* 

Devin Ryder, CFA, is a member of the Portfolio Management team at Vident with over five years of industry experience. Prior to joining Vident, Ms. Ryder was a Senior Software Engineer at Bloomberg, where she designed and built systems to connect ETF market participants and facilitate ETF primary market transactions. Before that, she was a Portfolio Manager at ETF Managers Group beginning in 2018, where she specialized in domestic and international equity thematic strategies. Ms. Ryder holds a Bachelor of Science in Mathematics of Finance and Risk Management from the University of Michigan and holds the Chartered Financial Analyst designation.

The Funds' SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers' ownership of securities in each of the Funds.

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory agreement and investment sub-advisory agreements is available in the Funds' reports filed on Form N-CSR for the fiscal year ended August 31, 2025.

**HOW SHARES ARE PRICED** 

The net asset value ("NAV") and offering price (NAV plus any applicable sales charges) of each class of shares is determined at 4:00 p.m. (Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for business. NAV is computed by determining, on a per class basis, the aggregate market value of all assets of a Fund, less its liabilities, divided by the total number of shares outstanding ((assets - liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of a Fund, including management, administration, and distribution fees, which are accrued daily. The

determination of NAV for a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by a Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, each Fund's securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the most recent quoted bid price on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the- counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not readily available, (including if they are or deemed to be unreliable), securities will be valued at their fair market value as determined in good faith by the Adviser as the Fund's valuation designee ("Valuation Designee") in accordance with procedures established by the Adviser and approved by the Board. For example, such circumstances may arise when: (i) a security has been de-listed or has had its trading halted or suspended; (ii) a security's primary pricing source is unable or unwilling to provide a price; (iii) a security's primary trading market is closed during regular market hours; or (iv) a security's value is materially affected by events occurring after the close of the security's primary trading market. In these cases, a Fund's NAV will reflect certain portfolio securities' fair value rather than their market price. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available.

The Adviser has established a Valuation Committee to carry out its responsibilities as Valuation Designee. The Valuation Committee may enlist a Sub-Adviser, third party consultants such as an audit firm or a financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. 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 including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the security, general and/or specific market conditions and the specific facts giving rise to the need to fair value the security.

The Adviser may use independent pricing services to assist in calculating the fair market value of a Fund's securities. In addition, market prices for foreign securities are not necessarily determined at the same time of day as the NAV for a Fund. Because a Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of some of the Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares.

The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Each Fund that invests, or has the ability to invest, primarily in equity securities that are traded primarily on non-U.S. exchanges or markets shall use a third party fair valuation vendor. The vendor shall provide a fair value factor which will be applied to the local market close price for foreign securities in the foregoing 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 the vendor in the event that there is a movement in the U.S. market that exceeds a specific threshold or confidence interval that shall be established by the Valuation Committee of the Adviser. In the event that the Adviser or any Sub-Adviser to a Fund believes that the fair values provided by the vendor are not reliable, the Adviser or Sub-Adviser shall contact the Administrator and request that a meeting of the Committee be held.

If events materially affecting the value of a security in a Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, the Adviser may need to price the security using the Fund's fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies

will prevent dilution of the Fund's NAV by short term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value, or from the price that may be realized upon the actual sale of the security. Because foreign securities may trade on days when Fund shares are not priced, the value of securities held by the Fund can change on days when Fund shares cannot be redeemed or purchased.

With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, the Fund's NAV is calculated based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**HOW TO PURCHASE SHARES** 

**Share Classes:** This Prospectus describes Class I shares of the Fund. Class I shares of each Fund represent an interest in the same portfolio of investments within each Fund. There is no investment minimum on reinvested distributions, and each Fund may change investment minimums at any time. Each Fund and the Adviser may each waive investment minimums at their individual discretion. Shares may not be available for purchase in all states.

**Class I Shares** 

Class I shares of each Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees. This means that 100% of your initial investment is placed into shares of a Fund. Class I shares require a minimum initial investment of $1,000 and the minimum subsequent investment is $100.

Class I shares are available to certain institutional investors, and directly to certain individual investors as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;● Institutional Investors may include, but are not limited to, corporations, retirement plans, foundations/endowments and investors who purchase through a wrap account offered through a selling group member that enters into a wrap fee program agreement with SEI Investments Distribution Co. (the "Distributor").

&nbsp;&nbsp;&nbsp;&nbsp;● Individual Investors include trustees, officers and employees of the Trust and its affiliates, and immediate family members of all such persons.

&nbsp;&nbsp;&nbsp;&nbsp;● Clients of the Adviser or purchases referred through the Adviser.

For accounts sold through financial intermediaries, it is the primary responsibility of the financial intermediary to ensure compliance with eligibility requirements such as investor type and investment minimums.

**Purchasing Shares:** 

Shares of the Funds are currently only available via third party intermediary programs and platforms that have entered into contracts with the Adviser and to other investors at the Fund's discretion. Shares representing interests in the Fund are offered continuously for sale by the Distributor.

You may purchase shares of a Fund by sending a completed application form (the "Application") to the following address:

***Regular/Express/Overnight Mail*** **Regular Mail** Symmetry Funds

P.O. Box 588

Portland, ME 04112

**Express Mail** Symmetry Funds

c/o Apex Fund Services

Three Canal Plaza, Ground Floor

Portland, ME 04101

The USA PATRIOT Act requires financial institutions, including the Funds, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. As requested on the Application, you should supply your full name, date of birth, social security number and permanent street address. Mailing

addresses containing a P.O. Box will not be accepted. This information will assist a Fund in verifying your identity. Until such verification is made, a Fund may temporarily limit additional share purchases. In addition, a Fund may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, each Fund may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

**Purchase through Brokers:** You may invest in any Fund through brokers or agents who have entered into selling agreements with the Distributor. The brokers and agents are authorized to receive purchase and redemption orders on behalf of a Fund. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized broker or its designee receives the order. The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of a Fund. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from those applicable to investors purchasing shares directly from a Fund. You should carefully read the program materials provided to you by your servicing agent.

**Purchase by Wire:** If you wish to wire money to make an investment in a Fund, please call the Funds at 1-844-Sym-Fund (844-796-3863) for wiring instructions and to notify the respective Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. Each Fund will normally accept wired funds for investment on the day received if they are received by the respective Fund's designated bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds.

**Non-U.S. Persons** The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

**Minimum and Additional Investment Amounts:** The minimum initial investment for Class I shares is $1,000 and the minimum additional investment is $100. There is no minimum investment requirement when you are buying shares by reinvesting dividends and distributions from any Fund. Each Fund reserves the right to waive or change any investment minimum requirement. These minimum investment requirements do not apply to investors who purchase shares through certain advisory programs offered by financial intermediaries. Investors purchasing shares through these programs should consult their financial intermediary for information about any minimum investment requirements.

Each Fund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by a check drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased. After you open an account, you may purchase additional shares by sending a check together with written instructions stating the name(s) on the account and the account number, to the above address. Make all checks payable to the applicable Fund. The Funds will not accept payment in cash, including cashier's checks or money orders. Also, to prevent check fraud, the Funds will not accept third party checks, U.S. Treasury checks, credit card checks or starter checks for the purchase of shares.

*Note:* Apex Fund Services, the Funds' transfer agent, will charge a $25 fee against a shareholder's account, in addition to any loss sustained by a Fund, for any check returned to the transfer agent for insufficient funds.

**When Order is Processed**: All shares will be purchased at the NAV per share (plus applicable sales charges, if any) next determined after the respective Fund receives your application or request in good order. All requests received in good order by each Fund before 4:00 p.m. (Eastern time) will be processed on that same day. Requests received after 4:00 p.m. (Eastern time) will be processed on the next business day.

**Good Order:** When making a purchase request, make sure your request is in good order.

"Good order" means your purchase request includes:

&nbsp;&nbsp;&nbsp;&nbsp;● the name of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;● the dollar amount of shares to be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;● a completed Application or investment stub; and

&nbsp;&nbsp;&nbsp;&nbsp;● check payable to the applicable Fund.

**Retirement Plans:** You may purchase shares of a Fund for your individual retirement plans. Please call the Funds at 1-844-Sym-Fund (844-796-3863) for the most current listing and appropriate disclosure documentation on how to open a retirement account.

**HOW TO REDEEM SHARES** 

**Redeeming Shares**: If you hold shares directly through an account with a Fund, you may redeem all or any portion of the shares credited to your account by submitting a written request for redemption to:

***Regular/Express/Overnight Mail*** **Regular Mail** Symmetry Funds

P.O. Box 588

Portland, ME 04112

**Express Mail** Symmetry Funds

c/o Apex Fund Services

Three Canal Plaza, Ground Floor

Portland, ME 04101

*Redemptions by Telephone:* The telephone redemption privilege is automatically available to all new accounts except retirement accounts. If you do not want the telephone redemption privilege, you must indicate this in the appropriate area on your Application or you must write to the applicable Fund and instruct it to remove this privilege from your account. The proceeds, which are equal to number of shares times NAV less any applicable deferred sales charges or redemption fees, will be sent by mail to the address designated on your account or sent electronically, via ACH or wire, directly to your existing account in a bank or brokerage firm in the United States as designated on your application. To redeem by telephone, call the Funds at 1-844-Sym-Fund (844-796-3863). The redemption proceeds normally will be sent by mail or electronically within three business days after receipt of your telephone instructions. IRA accounts are not redeemable by telephone.

Each Fund reserves the right to suspend the telephone redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 days. Neither a Fund, its transfer agent, nor its respective affiliates will be liable for complying with telephone instructions they reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you will be required to bear the risk of any such loss. Each Fund or the transfer agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If a Fund and/or the transfer agent do not employ these procedures, they may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and/or tape-recording telephone instructions.

*Redemptions through Broker:* If shares of a Fund are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent to redeem shares of the applicable Fund. The servicing agent may charge a fee for this service.

*Redemptions by Wire:* You may request that your redemption proceeds be wired directly to your bank account. Each Fund's transfer agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

*Automatic Withdrawal Plan:* If your individual account, IRA or other qualified plan account has a current account value of at least $10,000, you may participate in any Fund's Automatic Withdrawal Plan, an investment plan that automatically moves money to your bank account from the respective Fund through the use of electronic funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $100 on specified days of each month into your established bank account. Please contact the Funds at 1-844-Sym-Fund (844-796-3863) for more information about the respective Fund's Automatic Withdrawal Plan.

*Redemptions in Kind:* It is expected that payment of redemption proceeds will normally be made from uninvested cash or short-term investments, or proceeds from the sale of portfolio securities. It is possible that stressed market conditions or large shareholder redemptions may result in the need for utilization of the Funds' ability to redeem in kind in order to meet shareholder redemption requests. Each Fund reserves the right to honor requests for redemption or repurchase orders made by

a shareholder during any 90-day period by making payment in whole or in part in portfolio securities ("redemption in kind") if the amount of such a request is large enough to affect operations (if the request is greater than the lesser of $250,000 or 1% of the respective Fund's net assets at the beginning of the 90-day period). The securities will be chosen by a Fund and valued using the same procedures as used in calculating the Fund's NAV. A shareholder may incur transaction expenses in converting these securities to cash.

*When Redemptions are Sent:* Once a Fund receives your redemption request in "good order" as described below, it will issue a check based on the next determined NAV following your redemption request. The redemption proceeds normally will be sent by mail or by wire within three business days after receipt of a request in "good order." Under certain circumstances and when deemed to be in a Fund's best interests, proceeds may not be sent to for up to seven days after receipt of the redemption order. If you purchase shares using a check and soon after request a redemption, your redemption proceeds will not be sent until the check used for your purchase has cleared your bank.

**Good Order**: Your redemption request will be processed if it is in "good order." To be in good order, the following conditions must be satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;● The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;● The request must identify your account number;

&nbsp;&nbsp;&nbsp;&nbsp;● The request should be signed by you and any other person listed on the account, exactly as the shares are registered; and

&nbsp;&nbsp;&nbsp;&nbsp;● If you request that the redemption proceeds be sent to a person, bank or an address other than that of record or paid to someone other than the record owner(s), or if the address was changed within the last 30 days, or if the proceeds of a requested redemption exceed $50,000, the signature(s) on the request must be medallion signature guaranteed by an eligible signature guarantor.

**When You Need Medallion Signature Guarantees**: If you wish to change the bank or brokerage account that you have designated on your account, you may do so at any time by writing to the respective Fund with your signature guaranteed. A medallion signature guarantee assures that a signature is genuine and protects you from unauthorized account transfers. You will need your signature guaranteed if:

● &nbsp;&nbsp;&nbsp;&nbsp;you request a redemption to be made payable to a person not on record with the applicable Fund;

● &nbsp;&nbsp;&nbsp;&nbsp;you request that a redemption be mailed to an address other than that on record with the applicable Fund;

● &nbsp;&nbsp;&nbsp;&nbsp;the proceeds of a requested redemption exceed $50,000;

● &nbsp;&nbsp;&nbsp;&nbsp;any redemption is transmitted by federal wire transfer to a bank other than the bank of record; or

● &nbsp;&nbsp;&nbsp;&nbsp;your address was changed within 30 days of your redemption request.

Signatures may be guaranteed by any eligible guarantor institution (including banks, brokers and dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations). Further documentation will be required to change the designated account if shares are held by a corporation, fiduciary or other organization. A notary public cannot guarantee signatures.

**Retirement Plans**: If you own an IRA or other retirement plan, you must indicate on your redemption request whether a Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding.

**Low Balances**: If at any time your account balance falls below $1,000, a Fund may notify you that, unless the account is brought up to at least $1,000 within 30 days of the notice, your account could be closed. After the notice period, a Fund may redeem all of your shares and close your account by sending you a check to the address of record. Your account will not be closed if the account balance drops below $1,000 due to a decline in NAV.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** 

The Funds discourage and do not accommodate market timing. Frequent trading into and out of a Fund can harm the respective Fund's shareholders by disrupting that Fund's investment strategies, increasing Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. Each Fund is designed for long-term investors and is not intended for market timing or other disruptive trading activities. Accordingly, the Funds' Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change. Each Fund currently uses several methods to reduce the risk of market timing. These methods include:

&nbsp;&nbsp;&nbsp;&nbsp;● Committing staff to review, on a continuing basis, recent trading activity in order to identify trading activity that may be contrary to the Funds' "Market Timing Policy";

&nbsp;&nbsp;&nbsp;&nbsp;● Rejecting or limiting specific purchase requests; and

&nbsp;&nbsp;&nbsp;&nbsp;● Rejecting purchase requests from certain investors.

Though these methods involve judgments that are inherently subjective and involve some selectivity in their application, each Fund seeks to make judgments and applications that are consistent with the interests of the respective Fund's shareholders.

Based on the frequency of redemptions in your account, the Adviser or transfer agent may in its sole discretion determine that your trading activity is detrimental to a Fund as described in the Funds' Market Timing Policy and elect to (i) reject or limit the amount, number, frequency or method for requesting future purchases into the Fund and/or (ii) reject or limit the amount, number, frequency or method for requesting future exchanges or redemptions out of the Fund.

Each Fund reserves the right to reject or restrict purchase requests for any reason, particularly when the shareholder's trading activity suggests that the shareholder may be engaged in market timing or other disruptive trading activities. Neither a Fund nor the Adviser will be liable for any losses resulting from rejected purchase orders. The Adviser may also bar an investor who has violated these policies (and the investor's financial adviser) from opening new accounts with a Fund or any Funds.

Although each Fund attempts to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their trading practices. There can be no guarantee that a Fund will be able to identify or limit these activities. Omnibus account arrangements are common forms of holding shares of a Fund. While each Fund will encourage financial intermediaries to apply the Funds' Market Timing Policy to their customers who invest indirectly in the respective Fund, each Fund is limited in its ability to monitor the trading activity or enforce the Market Timing Policy with respect to customers of financial intermediaries. For example, should it occur, a Fund may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their customers. More specifically, unless the financial intermediaries have the ability to apply the Funds' Market Timing Policy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring trading activity for what might be market timing, the Fund may not be able to determine whether trading by customers of financial intermediaries is contrary to the Funds' Market Timing Policy. Brokers maintaining omnibus accounts with a Fund have agreed to provide shareholder transaction information to the extent known to the broker to the Fund upon request. If a Fund or its transfer agent or shareholder servicing agent suspects there is market timing activity in the account, the Fund will seek full cooperation from the service provider maintaining the account to identify the underlying participant. At the request of the Adviser, the service providers may take immediate action to stop any further short-term trading by such participants.

**TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** 

**Dividends and Distributions**: Income dividends are derived from net investment income (i.e., interest and other income, less any related expenses) the Fund earns from its portfolio securities and other investments. Capital gain distributions are derived from gains realized when the Fund sells a portfolio security. Long-term capital gains are derived from gains realized when the 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. 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 Systematic Fixed Income Fund, the Symmetry Panoramic Municipal Fixed Income Fund, and the Symmetry Panoramic Global Systematic Fixed Income Fund each intend to distribute substantially all of their net investment income, monthly and net capital gains, if any, at least annually.

The following is a summary of certain important U.S. tax considerations relevant under current law, which may be subject to change in the future. Except where otherwise indicated, the discussion relates to investors who are individual U.S. citizens or residents. You should consult your tax adviser for further information regarding federal, state, local and/or foreign tax consequences relevant to your specific situation.

**Tax Status** 

**Federal Tax Treatment of the Funds:** Each Fund has elected and intends to qualify each year for treatment as a RIC within the meaning of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

**Federal Tax Treatment of Distributions: Each Fund contemplates distributing as dividends each year all or substantially all of its taxable income, including its net capital gain (the excess of net long-term capital gain over net short-term capital loss). Except as otherwise discussed below, you will be subject to federal income tax on Fund distributions regardless of whether they are paid in cash or reinvested in additional shares. Fund distributions attributable to short-term capital gains and net investment income will generally be taxable to you as ordinary income, except as discussed below.** 

Distributions attributable to the net capital gain of a Fund will be taxable to you as long-term capital gain, no matter how long you have owned your Fund shares. The maximum long-term capital gain rate applicable to individuals, estates, and trusts is currently 20% (plus an additional 3.8% Medicare tax). You will be notified annually of the tax status of distributions to you.

If you purchase shares of a Fund just before a distribution, the purchase price will reflect the amount of the upcoming distribution, but you will generally be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of capital. This adverse tax result is known as "buying into a dividend." Distributions from a Fund will generally be taxable to you in the taxable year in which they are paid, with one exception. Distributions declared by a Fund in October, November or December and paid in January of the following year are taxed as though they were paid on December 31.

**Equity Funds**: Distributions of "qualified dividends" by 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 Alternative Fund (each, an "Equity Fund" and collectively, the "Equity Funds") will also generally be taxable to you at long-term capital gain rates, as long as certain requirements are met. In general, if 95% or more of the gross income of an Equity Fund (other than net capital gain) consists of dividends received from domestic corporations or "qualified" foreign corporations and the Equity Fund meets certain holding period requirements with respect to its investment in such corporations ("qualified dividends"), then all distributions paid by the Equity Fund to individual shareholders who also meet such holding period requirements with respect to their Equity Fund shares will be taxed at long-term capital gain rates. But if less than 95% of the gross income of an Equity Fund (other than net capital gain) consists of qualified dividends, then distributions paid by the Equity Fund to individual shareholders will be qualified dividends only to the extent they are derived from qualified dividends earned by the Equity Fund. For the lower rates to apply, you must have owned your Equity Fund shares for at least 61 days during the 121-day period beginning on the date that is 60 days before the Equity Fund's ex-dividend date (and the Equity Fund will need to have met a similar holding period requirement with respect to the shares of the corporation paying the qualified dividend). The amount of an Equity Fund's distributions that qualify for this favorable treatment may be reduced as a result of the Equity Fund's securities lending activities (if any), a high portfolio turnover rate or investments in debt securities or non-qualified foreign corporations. Certain of the Funds' investment strategies may limit their ability to make distributions eligible to be treated as qualified dividend income.

A portion of distributions paid by an Equity Fund to shareholders that are corporations may also qualify for the dividends-received deduction for corporations, subject to certain holding period requirements and debt financing limitations. Only the portions of Fund dividends that are attributable to dividends a Fund receives from U.S. companies may qualify for this dividends-received deduction. The amount of the dividends qualifying for this deduction may also be reduced as a result of the Fund's securities lending activities (if any), by a high portfolio turnover rate or by investments in debt securities. Certain of the Funds' investment strategies may limit their ability to make distributions eligible for the dividends received deduction.

**International Funds: It is expected that 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 Systematic Fixed Income Fund will 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. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stocks or securities of foreign corporations, the Fund will be eligible to, and intends to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, such Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders' federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions. If a Fund does not hold sufficient foreign securities to meet the above threshold, then shareholders will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by such Fund.

**Municipal Fixed Income Fund:** The Symmetry Panoramic Municipal Fixed Income Fund anticipates that substantially all of its income distributions will be "exempt-interest dividends," which are exempt from federal income taxes. The Symmetry Panoramic Municipal Fixed Income Fund may make exempt-interest dividends if at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable years consists of debt obligations that generate interest exempt from U.S. federal income tax. "Tax exempt-interest dividends" are dividends (other than capital gain dividends) paid by a RIC that are properly reported as such in a written statement furnished to shareholders.

Exempt-interest dividends generally are excluded from your gross income for U.S. federal income tax purposes. Interest on indebtedness incurred by a shareholder to purchase or carry shares of the Fund will not be deductible for U.S. federal income tax purposes. In addition, the Code may require a shareholder that receives exempt-interest dividends to treat as taxable income a portion of certain otherwise non-taxable social security and railroad retirement benefit payments. Furthermore, a portion of any exempt-interest dividend paid by the Fund that represents income derived from certain revenue or private activity bonds held by the Fund may not retain its tax-exempt status in the hands of a shareholder who is a "substantial user" of a facility financed by such bonds, or a "related person" thereof. Moreover, some or all of the exempt-interest dividends distributed by the Fund may be a specific preference item, or a component of an adjustment item, for purposes of the federal individual alternative minimum tax applicable to non-corporate shareholders. Interest paid on a municipal bond issued to advance or refund another municipal bond is subject to federal income tax. In addition, the receipt of dividends and distributions from the Fund may affect a foreign corporate shareholder's federal "branch profits" tax liability and the federal "excess net passive income" tax liability of a shareholder of an S corporation. The IRS may challenge the tax-exempt status of municipal bonds held by municipal bond investments. If the IRS were successful in its challenge, shareholders may be liable for taxes on past and future distributions received with respect to such bonds.

Shareholders should consult their own tax advisors as to whether they are (i) "substantial users" with respect to a facility or "related" to such users within the meaning of the Code or (ii) subject to a federal alternative minimum tax, the federal "branch profits" tax, or the federal "excess net passive income" tax. Furthermore, although tax-exempt interest dividends are generally exempt from U.S. Federal income tax, there may not be a similar exemption under the laws of a particular state or local taxing jurisdiction. Thus, tax-exempt interest dividends may be subject to state and local taxes.

However, some distributions may be taxable, such as distributions that are derived from occasional taxable investments and distributions of short and long-term capital gains. Interest on indebtedness you incur to purchase or carry shares of the Symmetry Panoramic Municipal Fixed Income Fund generally will not be deductible for federal income tax purposes.

You should note that a portion of the exempt-interest dividends paid by the Symmetry Panoramic Municipal Fixed Income Fund may constitute a tax-preference item for purposes of determining federal alternative minimum tax liability. Exempt-interest dividends will also be considered along with other adjusted gross income in determining whether any Social Security or railroad retirement payments received by you are subject to federal income taxes.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all

or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

To the extent that a Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its current and accumulated earnings and profits as determined for U.S. federal income tax purposes, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders.

A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in a Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

**Sales and Redemptions:** You will generally recognize taxable gain or loss for federal income tax purposes on a sale or redemption of your shares based on the difference between your tax basis in the shares and the amount you receive for them. Generally, you will recognize long-term capital gain or loss if you have held your Fund shares for over twelve months at the time you dispose of them to the extent that you hold your Fund shares as a capital asset. Certain special tax rules may apply to losses realized in some cases. Any loss realized on shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends that were received on the shares. If you receive an exempt-interest dividend with respect to any share of the Symmetry Panoramic Municipal Fixed Income Fund and the share is held by you for six months or less, any loss on the sale of the share will be disallowed to the extent of that dividend amount. Additionally, any loss realized on a disposition of shares of a Fund may be disallowed under "wash sale" rules to the extent the shares disposed of are replaced with other shares of the same Fund within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of, such as pursuant to a dividend reinvestment in shares of a Fund. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including any capital gains realized on the sale or exchange of shares of a Fund).

Each Fund (or relevant broker or financial adviser) is required to compute and report to the IRS and furnish to Fund shareholders cost basis information when such shares are sold. Each Fund has elected to use the average cost method, unless you instruct the Fund to use a different IRS-accepted cost basis method, or choose to specifically identify your shares at the time of each sale. If your account is held by your broker or other financial adviser, they may select a different cost basis method. In these cases, please contact your broker or other financial adviser to obtain information with respect to the available methods and elections for your account. You should carefully review the cost basis information provided by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your federal and state income tax returns. Fund shareholders should consult with their tax advisers to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirements apply to them.

**Tax Treatment of Complex Securities**: The Funds may invest in complex securities. These investments may be subject to numerous special and complex tax rules. To the extent a Fund invests in an underlying fund that is taxable as a RIC, the following discussion regarding the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities. These rules could affect a Fund's ability to qualify as a RIC, affect whether gains and losses recognized by a Fund is treated as ordinary income or capital gain, accelerate the recognition of income to a Fund and/or defer a Fund's ability to recognize losses, and, in limited cases, subject a Fund to U.S. federal income tax on income from certain of their foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Funds and may require the Funds to sell securities to mitigate the effect of these rules and prevent disqualification of the Funds as RICs at a time when the advisers might not otherwise have chosen to do so.

Each Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts that are subject to Section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by such Fund.

A Fund may invest in U.S. REITs. Investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in a Fund's receipt of cash in excess of the REIT's earnings; if a Fund distributes these amounts, these distributions could constitute a return of capital to such Fund's shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A Dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A Dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A Dividends as are eligible, but is not required to do so.

Certain of the Symmetry Panoramic Alternatives Fund's commodity-related investments, when made directly, may not produce qualifying income to the Fund. To the extent the Fund invests in such investments directly, the Fund intends to seek to restrict its income from such instruments that do not generate qualifying income for purposes of the RIC qualification requirements to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income).

**Tax Shelter Reporting Regulations:** Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as a Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

UBTI from being realized by their tax-exempt shareholders. However, notwithstanding the foregoing, the tax-exempt shareholder could realize UBTI by virtue of an investment in a Fund where, for example: (i) the Fund invests in residual interests of Real Estate Mortgage Investment Conduits ("REMICs"), (ii) the Fund invests in a REIT that is a taxable mortgage pool ("TMP") or that has a subsidiary that is a TMP or that invests in the residual interest of a REMIC, or (iii) shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code. Charitable remainder trusts are subject to special rules and should consult their tax advisor. The IRS has issued guidance with respect to these issues and prospective shareholders, especially charitable remainder trusts, are strongly encouraged to consult their tax advisors regarding these issues.

A Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Funds.

**Backup Withholding:** The Funds may be required in certain cases to withhold and remit to the IRS a percentage of taxable dividends or gross proceeds realized upon sale payable to shareholders who have failed to provide a correct tax identification number in the manner required, who are subject to withholding by the IRS for failure to properly include on their return payments of taxable interest or dividends, or who have failed to certify to the Fund that they are not subject to backup withholding when required to do so or that they are "exempt recipients." The current backup withholding rate is 24%.

**Non-U.S. Investors:** Any non-U.S. investors in the Funds may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Funds. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. A Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of a Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from a Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described above. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement. Each Fund will not pay any additional amounts with respect to any amount withhold under FATCA.

A non-U.S. entity that invests in a Fund will need to provide the Fund or its broker with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in a Fund should consult their tax advisors in this regard.

**State and Local Taxes:** You may also be subject to state and local taxes on income and gain from Fund shares. State income taxes may not apply, however, to the portions of a Fund's distributions, if any, that are attributable to interest on U.S. government securities or interest on securities of the particular state or localities within the state in which you live. You should consult your tax adviser regarding the tax status of distributions in your state and locality.

More information about taxes is contained in the SAI.

**DISTRIBUTION OF SHARES** 

**Distributor**: SEI Investments Distribution Co., located at 1 Freedom Valley Drive, Oaks, PA 19456, is the distributor for the shares of each Fund. Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of each Fund are offered on a continuous basis.

**Additional Compensation to Financial Intermediaries**: The Adviser, the Distributor and their affiliates may, at their own expense and out of their own legitimate profits, provide additional cash payments to financial intermediaries in connection with the sale or retention of Fund shares, including affiliates of the Adviser. Financial intermediaries include brokers, dealers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others. These payments are generally made to financial intermediaries that promote the sale of Fund shares, provide shareholder or administrative services, or marketing support. Marketing support may include access to sales meetings, sales representatives and financial intermediary management representatives, inclusion of a Fund on a sales list, including a preferred or select sales list, or other sales programs. These payments also may be made as an expense reimbursement in cases where the financial intermediary provides shareholder services to Fund shareholders. The level of payments made to financial intermediaries in any given year will vary. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Adviser, the Distributor and their affiliates may, from time to time, provide promotional incentives to certain investment firms. Such incentives may, at the Adviser's, the Distributor's or their affiliates' discretion, be limited to investment firms who allow their individual selling representatives to participate in such additional commissions.

In addition to the payments described above, from time to time, the Funds will enter into arrangements with, and pay fees to, financial intermediaries that provide subaccounting, administration and recordkeeping services to certain groups of investors in the Funds, including investors in mutual fund advisory programs, participants in retirement and benefit plans, and clients of financial intermediaries that operate in an omnibus environment or utilize certain National Securities Clearing Corporation networking levels (collectively referred to as "subaccounting"). The subaccounting services typically include: (i) establishing and maintaining investor accounts and records (including custodial expenses); (ii) recording investor account balances and changes thereto; (iii) arranging for the wiring of funds; (iv) providing statements to investors; (v) furnishing proxy materials, periodic fund reports, prospectuses and other communications to investors as required; (vi) transmitting investor transaction information; and (vii) providing information in order to assist the Funds in their compliance with state securities laws. The subaccounting fees the Funds pay are designed to compensate intermediaries for services that are comparable to services for which the Funds would pay their transfer agent. The subaccounting fees the Funds pay generally are intended to be comparable to the fees the Funds would pay to their transfer agent for these services, but in certain circumstances the subaccounting fees may be higher due to differences in the services being provided or other factors. Because these subaccounting fees are typically directly related to the number of accounts and assets for which a financial intermediary provides services, the fees will increase with the success of the intermediary's sales activities. The Funds understand that, in accordance with guidance from the U.S. Department of Labor, retirement and benefit plans, sponsors of qualified retirement plans and/or recordkeepers may be required to use the fees they (or, in the case of recordkeepers, their affiliates) receive for the benefit of the retirement and benefit plans or the investors. This may take the form of recordkeepers passing the fees through to their clients or reducing the clients' charges by the amount of fees the recordkeeper receives from mutual funds. For more specific information about any revenue sharing and/or subaccounting payments made to your dealer or financial intermediary, investors should contact their investment professionals.

**Householding**: To reduce expenses, each Fund mails only one copy of the Prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Funds at 1-844-Sym-Fund (844-796-3863) on days the respective Fund is open for business or contact your financial institution. Each Fund will begin sending you individual copies thirty days after receiving your request.

**FINANCIAL HIGHLIGHTS** 

The financial highlights tables are intended to help you understand the Funds' financial performance through August 31, 2025. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Funds (assuming reinvestment of all dividends and distributions). The information has been derived from the financial statements audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' Form N-CSR filing for the fiscal year ended August 31, 2025, and are available upon request.

**SYMMETRY PANORAMIC US EQUITY FUND** 

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
| Net Asset Value, Beginning of Year  | $16.31 | $13.45 | $12.65 | $14.91 | $11.07 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.14 | 0.15 | 0.18 | 0.14 | 0.12 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 1.54 | 3.28 | 1.09 | (1.38) | 3.86 |
| Total from Operations  | 1.68 | 3.43 | 1.27 | (1.24) | 3.98 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income  | (0.13) | (0.19) | (0.15) | (0.11) | (0.14) |
| &nbsp;&nbsp;Net Realized Gain  | (2.16 | (0.38) | (0.32) | (0.91) |  |
| Total Dividends and Distributions  | (2.29 | (0.57) | (0.47) | (1.02) | (0.14 |
| Net Asset Value, End of Year  | $15.70 | $16.31 | $13.45 | $12.65 | $14.91 |
| **Total Return†**  | 11.61 | 26.27% | 10.48% | (9.04)% | 36.19 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $409177 | $461301 | $529617 | $524023 | $636244 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup>  | 0.55 | 0.55% | 0.55% | 0.55% | 0.54 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Recaptured Fees)<sup>(2)</sup>  | 0.77 | 0.79% | 0.77% | 0.77% | 0.77 |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup> <sup>(3)</sup>  | 0.92 | 1.03% | 1.41% | 1.02% | 0.96 |
| Portfolio Turnover Rate  | 18 | 33% | 35% | 26% | 65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Ratio includes previously waived and reimbursed 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.* <br>

**SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND** 

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
| Net Asset Value, Beginning of Year  | $12.72 | $11.23 | $10.41 | $13.04 | $10.33 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.36 | 0.31 | 0.29 | 0.35 | 0.16 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 1.79 | 1.60 | 0.79 | (2.68) | 2.69 |
| Total from Operations  | 2.15 | 1.91 | 1.08 | (2.33) | 2.85 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income  | (0.40 | (0.42) | (0.26) | (0.30) | (0.14 |
| Total Dividends and Distributions  | (0.40 | (0.42) | (0.26) | (0.30) | (0.14 |
| Net Asset Value, End of Year  | $14.47 | $12.72 | $11.23 | $10.41 | $13.04 |
| **Total Return†**  | 17.68 | 17.37% | 10.52% | (18.28)% | 27.78 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $233980 | $231276 | $272167 | $264785 | $325683 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup>  | 0.65 | 0.65% | 0.65% | 0.65% | 0.65 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Recaptured Fees)<sup>(2)</sup>  | 0.96 | 1.02% | 0.98% | 0.97% | 0.96 |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup> <sup>(3)</sup>  | 2.80 | 2.66% | 2.70% | 2.96% | 1.31 |
| Portfolio Turnover Rate  | 17 | 29% | 40% | 35% | 28 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Ratio includes previously waived and reimbursed fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.* 

**SYMMETRY PANORAMIC GLOBAL EQUITY FUND** 

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
| Net Asset Value, Beginning of Year  | $14.77 | $12.51 | $11.78 | $14.15 | $10.80 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.22 | 0.22 | 0.24 | 0.25 | 0.14 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 1.52 | 2.53 | 0.90 | (1.95) | 3.35 |
| Total from Operations  | 1.74 | 2.75 | 1.14 | (1.70) | 3.49 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income  | (0.23) | (0.30) | (0.20) | (0.20) | (0.14) |
| &nbsp;&nbsp;Net Realized Gain  | (1.95 | (0.19) | (0.21) | (0.47) |  |
| Total Dividends and Distributions  | (2.18 | (0.49) | (0.41) | (0.67) | (0.14 |
| Net Asset Value, End of Year  | $14.33 | $14.77 | $12.51 | $11.78 | $14.15 |
| **Total Return†**  | 13.98 | 22.57% | 10.09% | (12.63)% | 32.59 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $389280 | $426632 | $498515 | $498403 | $606741 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup>  | 0.56 | 0.56% | 0.56% | 0.56% | 0.56 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Recaptured Fees)<sup>(2)</sup>  | 0.85 | 0.90% | 0.89% | 0.87% | 0.87 |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup> <sup>(3)</sup>  | 1.59 | 1.68% | 1.98% | 1.88% | 1.13 |
| Portfolio Turnover Rate  | 21 | 31% | 35% | 32% | 52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Ratio includes previously waived and reimbursed 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.* 

**SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND** 

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
| Net Asset Value, Beginning of Year  | $16.07 | $13.56 | $12.33 | $14.44 | $11.05 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.29 | 0.28 | 0.23 | 0.28 | 0.16 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 1.98 | 2.54 | 1.22 | (2.16) | 3.38 |
| Total from Operations  | 2.27 | 2.82 | 1.45 | (1.88) | 3.54 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income  | (0.27) | (0.29) | (0.22) | (0.23) | (0.15) |
| &nbsp;&nbsp;Net Realized Gain  | (0.30) | (0.02) |  |  |  |
| Total Dividends and Distributions  | (0.57) | (0.31) | (0.22) | (0.23) | (0.15) |
| Net Asset Value, End of Year  | $17.77 | $16.07 | $13.56 | $12.33 | $14.44 |
| **Total Return†**  | 14.72% | 21.08% | 11.91% | (13.28)% | 32.28% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $156493 | $148976 | $138971 | $121582 | $123670 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup>  | 0.42% | 0.42%<sup>(3)</sup> | 0.42%<sup>(3)</sup> | 0.42% | 0.42% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup>  | 0.92% | 0.92%<sup>(3)</sup> | 0.91%<sup>(3)</sup> | 0.91% | 0.92% |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)(4)</sup>  | 1.80% | 1.95%<sup>(3)</sup> | 1.82%<sup>(3)</sup> | 2.08% | 1.21% |
| Portfolio Turnover Rate  | 7% | 3% | 15% | 7% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *The interest expense has a 0.00% effect on the ratio of expenses to average net assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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. Returns shown do 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.* 

**SYMMETRY PANORAMIC US SYSTEMATIC FIXED INCOME FUND** 

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
| Net Asset Value, Beginning of Year  | $9.68 | $9.44 | $9.67 | $10.76 | $10.93 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.44 | 0.39 | 0.21 | 0.13 | 0.14 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | (0.15) | 0.23 | (0.23) | (1.09) | (0.15) |
| Total from Operations  | 0.29 | 0.62 | (0.02) | (0.96) | (0.01) |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income  | (0.42) | (0.38) | (0.21) | (0.12) | (0.14) |
| &nbsp;&nbsp;Net Realized Gain  |  |  |  | (0.01) | (0.02) |
| Total Dividends and Distributions  | (0.42) | (0.38) | (0.21) | (0.13) | (0.16) |
| Net Asset Value, End of Year  | $9.55 | $9.68 | $9.44 | $9.67 | $10.76 |
| **Total Return†**  | 3.09% | 6.79% | (0.22)% | (8.97)% | (0.13)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $163303 | $177129 | $224128 | $252715 | $258928 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup>  | 0.52% | 0.48% | 0.41% | 0.41% | 0.41% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup>  | 0.74% | 0.74% | 0.69% | 0.68% | 0.69% |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup> <sup>(3)</sup>  | 4.62% | 4.11% | 2.16% | 1.23% | 1.27% |
| Portfolio Turnover Rate  | 41% | 232% | 2% | 56% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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. Returns shown do 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.* 

**SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND** 

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
| Net Asset Value, Beginning of Year  | $10.03 | $9.86 | $9.87 | $10.27 | $10.30 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.23 | 0.21 | 0.13 | 0.04 | 0.04 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | (0.14) | 0.17 | (0.01) | (0.40) | (0.03) |
| Total from Operations  | 0.09 | 0.38 | 0.12 | (0.36) | 0.01 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income  | (0.23) | (0.21) | (0.13) | (0.04) | (0.04) |
| Total Dividends and Distributions  | (0.23) | (0.21) | (0.13) | (0.04) | (0.04) |
| Net Asset Value, End of Year  | $9.89 | $10.03 | $9.86 | $9.87 | $10.27 |
| **Total Return†**  | 0.96% | 3.87% | 1.25% | (3.54)% | 0.10% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $35837 | $35968 | $39941 | $40552 | $38365 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup>  | 0.41%<sup>(3)</sup> | 0.41%<sup>(3)</sup> | 0.41%<sup>(3)</sup> | 0.41% | 0.41% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup>  | 0.99%<sup>(3)</sup> | 0.94%<sup>(3)</sup> | 0.90%<sup>(3)</sup> | 0.88% | 0.94% |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)(4)</sup>  | 2.35%<sup>(3)</sup> | 2.07%<sup>(3)</sup> | 1.35%<sup>(3)</sup> | 0.37% | 0.39% |
| Portfolio Turnover Rate  | 76% | 7% | 18% | 5% | 8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *The interest expense has a 0.00% effect on the ratio of expenses to average net assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.* 

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

**SYMMETRY PANORAMIC GLOBAL SYSTEMATIC FIXED INCOME FUND** 

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
| Net Asset Value, Beginning of Year  | $9.28 | $9.09 | $9.30 | $10.76 | $10.88 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.37 | 0.43 | 0.18 | 0.20 | 0.10 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | (0.11 | 0.19 | (0.21) | (1.44) | (0.09) |
| Total from Operations  | 0.26 | 0.62 | (0.03) | (1.24) | 0.01 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income  | (0.24) | (0.43) | (0.18) | (0.20) | (0.10) |
| &nbsp;&nbsp;Net Realized Gain  |  |  |  | (0.02) | (0.03) |
| Total Dividends and Distributions  | (0.24 | (0.43) | (0.18) | (0.22) | (0.13) |
| Net Asset Value, End of Year  | $9.30 | $9.28 | $9.09 | $9.30 | $10.76 |
| **Total Return†**  | 2.84 | 6.97% | (0.26)% | (11.66)% | 0.06% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $261600 | $282009 | $354957 | $373972 | $403035 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup>  | 0.57 | 0.52% | 0.43% | 0.43% | 0.43% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Recaptured Fees)<sup>(2)</sup>  | 0.78 | 0.79% | 0.74% | 0.74% | 0.74% |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup> <sup>(3)</sup>  | 3.98 | 4.73% | 2.01% | 2.00% | 0.93% |
| Portfolio Turnover Rate  | 35 | 261% | 2% | 9% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.* 

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

*‡* *Ratio includes previously waived and reimbursed 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.* 

**SYMMETRY PANORAMIC ALTERNATIVES FUND** 

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
| Net Asset Value, Beginning of Year  | $11.55 | $11.40 | $11.45 | $10.45 | $9.41 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.29 | 0.94 | 0.96 | 0.01 | 0.20 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 0.64 | (0.08) | (0.33) | 1.20 | 0.84 |
| Total from Operations  | 0.93 | 0.86 | 0.63 | 1.21 | 1.04 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;Net Investment Income  | (0.30) | (0.71) | (0.68) | (0.21) |  |
| Total Dividends and Distributions  | (0.30) | (0.71) | (0.68) | (0.21) |  |
| Net Asset Value, End of Year  | $12.18 | $11.55 | $11.40 | $11.45 | $10.45 |
| **Total Return†**  | 8.25% | 7.97% | 5.76% | 11.84% | 11.05% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $8115 | $6764 | $10961 | $23114 | $1488 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup>  | 0.50% | 0.51%<sup>(3)(4)</sup> | 0.50%<sup>(4)</sup> | 0.50%<sup>(4)</sup> | 0.50% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup>  | 3.20% | 2.67%<sup>(4)</sup> | 1.93%<sup>(4)</sup> | 2.72%<sup>(4)</sup> | 7.71% |
| Ratio of Net Investment Income to Average Net Assets<sup>(2)(5)</sup>  | 2.47% | 8.17%<sup>(4)</sup> | 8.49%<sup>(4)</sup> | 0.13%<sup>(4)</sup> | 1.94% |
| Portfolio Turnover Rate  | 6% | 11% | 100% | 5% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *The interest expense has a 0.00% effect on the ratio of expenses to average net assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Absent the interfund loan expense, the expense ratio for the Fund would be 0.50%.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.* 

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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. Returns shown do 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.* 

**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 Systematic Fixed Income Fund Symmetry Panoramic Municipal Fixed Income Fund Symmetry Panoramic Global Systematic Fixed Income Fund Symmetry Panoramic Alternatives Fund** 

---

| | | | |
|:---|:---|:---|:---|
| Adviser | **Symmetry Partners, LLC** <br> 151 National Drive <br> Glastonbury, CT 06033 | Independent Registered <br> Public Accounting <br> Firm | **Cohen & Company, Ltd.** <br> 1835 Market Street, Suite 310 <br> Philadelphia, PA 19103 |
| Custodian | **The Bank of New York Mellon** <br> 225 Liberty Street New York, <br> New York 10286 | Legal Counsel | **Morgan, Lewis & Bockius LLP** <br> 2222 Market Street <br> Philadelphia, PA 19103 |
| Distributor | **SEI Investments Distribution Co.** <br> 1 Freedom Valley Drive <br> Oaks, PA 19456 | Transfer Agent | **Apex Fund Services** <br> Three Canal Plaza <br> Portland, ME 04101 |
| Administrator | **SEI Investments Global Funds Services** <br> 1 Freedom Valley Drive <br> Oaks, PA 19456 | **SEI Investments Global Funds Services** <br> 1 Freedom Valley Drive <br> Oaks, PA 19456 | **SEI Investments Global Funds Services** <br> 1 Freedom Valley Drive <br> Oaks, PA 19456 |

---

Additional information about the Funds is included in the Funds' SAI. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Funds' policies and management. Additional information about the Funds' investments is also available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To obtain a free copy of the SAI and the annual and semi-annual reports to shareholders, or other information about the Funds such as Fund financial statements, or to make shareholder inquiries about the Funds, please call 1-844-Sym-Fund (844-796-3863). The SAI, Annual and Semi-Annual Reports and other information relating to the Funds such as Fund financial statements can be found, free of charge, at panoramicfunds.com. You may also write to:

***Symmetry Panoramic Trust*** 1 Freedom Valley Drive

Oaks, PA 19456

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Investment Company Act File # 811-23334

**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 Systematic Fixed Income Fund**

**Symmetry Panoramic Municipal Fixed Income Fund**

**Symmetry Panoramic Global Systematic Fixed Income Fund**

**Symmetry Panoramic Alternatives Fund**

**Class I Shares**

***Symmetry Panoramic Trust***

 ****

---

| | |
|:---|:---|
| **Fund** | **Class I** |
| 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 Systematic Fixed Income Fund | SPUBX |
| Symmetry Panoramic Municipal Fixed Income Fund | SPMFX |
| Symmetry Panoramic Global Systematic Fixed Income Fund | SPGBX |
| Symmetry Panoramic Alternatives Fund | SPATX |

---

 ****

**STATEMENT OF ADDITIONAL INFORMATION** 

**December 31, 2025**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the prospectus 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 Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund and Symmetry Panoramic Alternatives Fund (each a "Fund" and collectively, the "Funds") dated December 31, 2025 (the "Prospectus"), copies of which may be obtained without charge by contacting the Funds' Transfer Agent, c/o Apex Fund Services, Three Canal Plaza, Ground Floor, Portland ME, 04101. The Funds' audited financial statements dated August 31, 2025, including notes thereto and the report of the Fund's independent registered public accounting firm thereon, are included in the most recent Form [N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1736078/000139834424020233/fp0090340-1_ncsrixbrl.htm) for the Funds, and are incorporated by reference into this SAI. You may also obtain the Prospectus for a Fund, the Funds' annual or semi-annual report, and other information such as the Funds' financial statements, by calling the Funds at 1-844-Sym-Fund (844-796-3863) or by visiting the Fund's website at panoramicfunds.com.

**TABLE OF CONTENTS**

**Page**

---

| | |
|:---|:---|
| [THE FUNDS](#symmetrysai_001) | [S-1](#symmetrysai_001) |
| [TYPES OF INVESTMENTS, STRATEGIES AND RELATED RISKS](#symmetrysai_002) | [S-1](#symmetrysai_002) |
| [INVESTMENT RESTRICTIONS](#symmetrysai_003) | [S-50](#symmetrysai_003) |
| [POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS](#symmetrysai_004) | [S-52](#symmetrysai_004) |
| [MANAGEMENT](#symmetrysai_005) | [S-54](#symmetrysai_005) |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS](#symmetrysai_006) | [S-61](#symmetrysai_006) |
| [INVESTMENT ADVISER AND SUB-ADVISERS](#symmetry1_001) | [S-65](#symmetry1_001) |
| [THE DISTRIBUTOR](#symmetrysai_008) | [S-70](#symmetrysai_008) |
| [PORTFOLIO MANAGERS](#symmetrysai_009) | [S-71](#symmetrysai_009) |
| [ALLOCATION OF PORTFOLIO BROKERAGE](#symmetrysai_010) | [S-87](#symmetrysai_010) |
| [CONFLICTS ASSOCIATED WITH SUB-ADVISERS](#symmetrysai_011) | [S-90](#symmetrysai_011) |
| [PORTFOLIO TURNOVER](#symmetrysai_012) | [S-92](#symmetrysai_012) |
| [OTHER SERVICE PROVIDERS](#symmetrysai_013) | [S-92](#symmetrysai_013) |
| [DESCRIPTION OF SHARES](#symmetrysai_014) | [S-95](#symmetrysai_014) |
| [ANTI-MONEY LAUNDERING PROGRAM](#symmetrysai_015) | [S-95](#symmetrysai_015) |
| [PURCHASE, REDEMPTION AND PRICING OF SHARES](#symmetrysai_016) | [S-96](#symmetrysai_016) |
| [TAX STATUS](#symmetrysai_017) | [S-100](#symmetrysai_017) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#symmetrysai_018) | [S-101](#symmetrysai_018) |
| [LEGAL COUNSEL](#symmetrysai_019) | [S-102](#symmetrysai_019) |
| [FINANCIAL STATEMENTS](#symmetrysai_020) | [S-102](#symmetrysai_020) |
| [APPENDIX A ADVISER PROXY VOTING PROCEDURES](#symmetrysai_021) | [S-103](#symmetrysai_021) |
| [APPENDIX B AQR SUBADVISER PROXY VOTING PROCEDURES](#symmetrysai_022) | [S-106](#symmetrysai_022) |
| [APPENDIX C DFA SUBADVISER PROXY VOTING PROCEDURES](#symmetry1_002) | [S-107](#symmetry1_002) |
| [APPENDIX D JPMIM SUBADVISER PROXY VOTING PROCEDURES](#symmetrysai_024) | [S-108](#symmetrysai_024) |
| [APPENDIX E DESCRIPTION OF SECURITIES RATINGS](#symmetrysai_025) | [S-116](#symmetrysai_025) |

---

**THE FUNDS**

The Funds are series of Symmetry Panoramic Trust, a Delaware statutory trust organized on April 4, 2018 (the "Trust"). The Trust is registered as an open-end management investment company, currently consisting of nine separate portfolios, one of which is offered in a separate prospectus and statement of additional information. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The Funds may issue an unlimited number of shares of beneficial interest. All shares of the Funds have equal rights and privileges. Each share of the Funds is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Funds is entitled to participate equally with other shares (i) in dividends and distributions declared by the Funds and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Funds are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

Each Fund is a "diversified" series of the Trust, meaning each Fund is subject to the diversification requirements of the Investment Company Act of 1940 (the "1940 Act"), which generally limit investments, as to 75% of a fund's total assets, to no more than 5% in securities in a single issuer and 10% of an issuer's voting securities. This diversification test does not apply to Fund investments in other investment companies.

Each Fund consists of Class I shares. Each Fund's investment objective, restrictions and policies are more fully described herein and in the Prospectus. The Board may launch other series and offer shares of a new fund under the Trust at any time.

Under the Trust's Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his/her earlier death, incapacity, resignation or removal. Shareholders can remove a Trustee to the extent provided by the 1940 Act and the rules and regulations promulgated thereunder. Vacancies may be filled by a majority of the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. As a result, normally no annual or regular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act.

For information about the transition of the Funds to the SEI Advisors' Inner Circle mutual fund platform (the "SEI Platform"), please see "Management of the Trusts" below.

**TYPES OF INVESTMENTS, STRATEGIES AND RELATED RISKS**

**<u>General</u>**

Symmetry Partners, LLC (the "Adviser") serves as the investment adviser to the Funds. Each Fund's investment objective and principal investment strategies, as well as other important information, are described in the Prospectus for the Funds, which should be read together with this SAI. The investment objective of each Fund (except for the Symmetry Panoramic Municipal Fixed Income Fund) is non-fundamental and may be changed without the consent of Fund shareholders. In order to change its investment objective, the Symmetry Panoramic Municipal Fixed Income Fund is required to obtain the affirmative vote from a majority of its shareholders. AQR Capital Management, LLC ("AQR") serves as a sub-adviser to the Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic International Equity Fund. Dimensional Fund Advisors LP ("DFA") serves as a sub-adviser to the Symmetry Panoramic US Equity Fund and Symmetry Panoramic Global Equity Fund. Dimensional Fund Advisors LP also has been appointed as Sub-Adviser to the Symmetry Panoramic International Equity Fund. However, the Adviser has not yet allocated any assets of the Symmetry Panoramic International Equity Fund to DFA. J.P. Morgan Investment Management Inc. ("JPMIM") serves as a sub-adviser to the Symmetry US Systematic Fixed Income Fund and Symmetry Global Systematic Fixed Income Fund.

Vident Asset Management ("Vident" and collectively with AQR, DFA and JPMIM, the "Sub-Advisers") serves as a trading Sub-Adviser to 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 Municipal Fixed Income Fund, and Symmetry Panoramic Alternatives Fund, with respect to the portion of each Fund's assets managed directly by the Adviser and not allocated to another Sub-Adviser (the "Adviser-Managed Sleeves"). Vident is responsible for trading portfolio securities, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, as well as performing pre- and post-trade compliance and monitoring trading activity for the Adviser-Managed Sleeves, all subject to the oversight of the Adviser and the Board.

Under normal market conditions, each Fund, other than Symmetry Panoramic US Systematic Fixed Income Fund and Symmetry Panoramic Global Systematic Fixed Income Fund, will invest in shares of registered open-end investment companies and exchange-traded funds ("ETFs") (together, the "Underlying Funds"), or directly in securities or other instruments, consistent with each Fund's investment strategy. Fund investments in financial instruments may be made either directly by the Adviser or pursuant to investment sub-advisory agreements with investment managers selected by the Adviser.

Subject to review by the Board, the Adviser provides investment advisory services to the Trust and is also responsible for, among other things, managing the business and affairs of each Fund. Among other duties, the Adviser is responsible for selecting the Funds' investment strategies and for allocating and reallocating assets among the Sub-Advisers and, if applicable for a Fund, Underlying Funds consistent with a Fund's investment objective and strategies. The Adviser is also responsible for recommending to the Board whether an agreement with a Sub-Adviser should be approved, renewed, modified or terminated and for compensating, monitoring and evaluating the Sub-Advisers. The Adviser is also responsible for implementing procedures to ensure that each Sub-Adviser complies with the Fund's investment objective, strategies and restrictions.

The discussion below supplements information contained in the Funds' Prospectus pertaining to the investment policies of each Fund. Descriptions in this SAI of particular investment practices or techniques in which the Funds may engage, either directly or, if applicable for a Fund, through their investment in Underlying Funds, are intended to describe the spectrum of investments that the Adviser or a Sub-Adviser, each in its own discretion might, but is not required to, use in managing each Fund's portfolio assets. The Adviser and Sub-Adviser(s) may, each in its discretion at any time employ such practice, technique or instrument for the Funds. Furthermore, it is possible that certain types of financial instruments or investment techniques described herein may not be available, permissible, economically feasible or effective for their intended purposes in all markets. Certain practices, techniques or instruments may not be principal activities of a Fund, but to the extent employed, could from time to time have a material impact on each Fund's performance. With respect to those portions of the Funds that are managed by a Sub-Adviser, references to "adviser" throughout this section include the Fund's Sub-Adviser, as applicable.

The investment techniques and instruments described below and in the Funds' Prospectus may, consistent with each Fund's investment objective and investment policies, be used by the Funds if, in the opinion of the Adviser or Sub-Adviser(s), such strategies will be advantageous to the Funds. A Fund may not invest in all of the instruments and techniques described below. In addition, each Fund is free to reduce or eliminate its activity with respect to any of the investment techniques described below without changing the Fund's fundamental investment policies, and the Funds will periodically change the composition of their portfolios to best meet each Fund's investment objective. For more information about the Funds' principal strategies and risks, please see the Funds' Prospectus.

The underlying investment companies in which the Funds, other than Symmetry Panoramic US Systematic Fixed Income Fund and Symmetry Panoramic Global Systematic Fixed Income Fund, invest have their own investment objectives, policies, practices, and techniques, any one or all of which may subject their assets to varying degrees of risk. In addition, as a shareholder of another investment company, each Fund would bear, along with other shareholders, its pro rata portion of that company's expenses, including advisory and administrative fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Therefore, it may be more costly for a Fund to own shares of another investment company than to own directly the underlying securities owned by such company. Investment companies in which the Funds may invest also may impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by the Funds and, therefore, will be borne by shareholders.

**The risks described below for each Fund are in reference to either direct purchases of the Funds or, except for the Symmetry Panoramic US Systematic Fixed Income Fund and the Symmetry Panoramic Global Systematic Fixed Income Fund, the Underlying Funds.**

**<u>Borrowing</u>** *(All Funds)*

 

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

The Funds may also borrow money to facilitate management of a Fund's portfolio by enabling the Fund to meet redemption requests when the liquidation of portfolio instruments would be inconvenient or disadvantageous. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. As required by the 1940 Act, each Fund must maintain continuous asset coverage (total assets, including assets acquired with borrowed funds, less liabilities exclusive of borrowings) of 300% of all amounts borrowed. If, at any time, the value of a Fund's assets should fail to meet this 300% coverage test, the Fund, within three days (not including Sundays and holidays), will reduce the amount of the Fund's borrowings to the extent necessary to meet this 300% coverage requirement. Maintenance of this percentage limitation may result in the sale of portfolio securities at a time when investment considerations otherwise indicate that it would be disadvantageous to do so.

In addition to the foregoing, the Funds are authorized to borrow money as a temporary measure for extraordinary or emergency purposes in amounts not in excess of 5% of the value of a Fund's total assets.

**<u>Certificates of Deposit and Bankers' Acceptances</u>** *(All Funds)*

 

The Funds may invest in certificates of deposit and bankers' acceptances, which are considered to be short-term money market instruments.

Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity. Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

**<u>Commercial Paper</u>** *(All Funds)*

 

The Funds may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. See Appendix E for more information on ratings assigned to commercial paper.

**<u>Commodity-Linked Securities</u>** *(Symmetry Panoramic Alternatives Fund only)*

 

The Funds may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investments in commodity-linked derivative securities, such as structured notes, discussed below which are designed to provide this exposure without direct investment in physical commodities or commodities futures contracts. The Funds may also seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investments in a subsidiary. Real assets are assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. In choosing investments, an Adviser or a Sub-Adviser seeks to provide exposure to various commodities and commodity sectors. The value of commodity-linked derivative securities held by the Funds and/or a subsidiary may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments.

The prices of commodity-linked derivative securities may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable economic conditions, a Fund's investments may be expected to underperform an investment in traditional securities. Over the long term, the returns on a Fund's investments are expected to exhibit low or negative correlation with stocks and bonds.

**<u>Commodities Instruments</u>** *(Symmetry Panoramic Alternatives Fund)*

 

There are several additional risks associated with transactions in commodity futures contracts, swaps on commodity futures contracts, commodity forward contracts and other commodities instruments. In the commodity instruments markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling commodity instruments today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same commodity instrument, the commodity producer generally must sell the commodity instrument at a lower price than the expected future spot price. Conversely, if most hedgers in the commodity instruments market are purchasing commodity instruments to hedge against a rise in prices, then speculators will only sell the other side of the commodity instrument at a higher future price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for the Funds. If the nature of hedgers and speculators in commodity instruments markets has shifted when it is time for a Fund to reinvest the proceeds of a maturing contract in a new commodity instrument, the Fund might reinvest at a higher or lower future price, or choose to pursue other investments. The commodities which underlie commodity instruments may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject a Fund's investments to greater volatility than investments in traditional securities. Also, unlike the financial instruments markets, in the commodity instruments markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity instruments contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while a Fund is invested in instruments on that commodity, the value of the commodity instrument may change proportionately.

**<u>Common Stock</u>** *(Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic Alternatives Fund)*

 

Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

**<u>Convertible Securities</u>** *(Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

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

**<u>Corporate Debt Securities</u>** *(Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

Corporate debt securities are typically fixed-income securities issued by businesses to finance their operations, but may also include bank loans to companies. Notes, bonds, debentures and commercial paper are the most common types of corporate debt securities. The primary differences between the different types of corporate debt securities are their maturities and secured or un-secured status. Commercial paper has the shortest term and is usually unsecured. The broad category of corporate debt securities includes debt issued by domestic or foreign companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment-grade or below investment-grade and may carry variable or floating rates of interest.

Because of the wide range of types, and maturities, of corporate debt securities, as well as the range of creditworthiness of its issuers, corporate debt securities have widely varying potentials for return and risk profiles. For example, commercial paper issued by a large established domestic corporation that is rated investment-grade may have a modest return on principal, but carries relatively limited risk. On the other hand, a long-term corporate note issued by a small foreign corporation from an emerging market country that has not been rated may have the potential for relatively large returns on principal, but carries a relatively high degree of risk.

Corporate debt securities carry both credit risk and interest rate risk. Credit risk is the risk that a Fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Some corporate debt securities that are rated below investment-grade are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The credit risk of a particular issuer's debt security may vary based on its priority for repayment. For example, higher ranking (senior) debt securities have a higher priority than lower ranking (subordinated) securities. This means that the issuer might not make payments on subordinated securities while continuing to make payments on senior securities. In addition, in the event of bankruptcy, holders of higher-ranking senior securities may receive amounts otherwise payable to the holders of more junior securities. Interest rate risk is the risk that the value of certain corporate debt securities will tend to fall when interest rates rise. In general, corporate debt securities with longer duration tend to fall more in value when interest rates rise than corporate debt securities with shorter duration.

**<u>Cyber Security Risk</u>** *(All Funds)*

 

Each Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Funds to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cyber security include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cyber security breaches affecting a Fund or each Fund's investment adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Funds. For instances, cyber security breaches may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAVs, cause the release of private shareholder information or confidential business information, impede trading, subject a Fund to regulatory fines or financial losses and/or cause reputational damage. The Funds may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the fund's investment in such companies to lose value.

**<u>Debt Securities Issued by the International Bank for Reconstruction and Development ("World Bank")</u>** *(Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

Debt securities issued by the World Bank may include high quality global bonds backed by 185 member governments, including the United States, Japan, Germany, France and the United Kingdom, as well as in bonds in "non-core" currencies, including emerging markets and European accession countries with ratings of AAA or Aaa, structured notes, and discount notes represented by certificates, in bearer form only, or in un-certified form (Book Entry Discount Notes) with maturities of 360 days or less at a discount, and in the case of Discount Notes, in certified form only and on an interest bearing basis in the U.S. and Eurodollar markets.

**<u>Depositary Receipts</u>** *(Symmetry Panoramic Global Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic Alternatives Fund)*

 

American Depositary Receipts ("ADRs") are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights.

Global Depositary Receipts ("GDRs") receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and usually are denominated in foreign currencies. GDRs may not be denominated in the same currency as the securities they represent. Generally, GDRs are designed for use in the foreign securities markets.

**<u>Equity Securities</u>** *(Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic Alternatives Fund)*

 

Equity securities include common stocks, preferred stocks and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

**<u>Derivative Instruments</u>** *(All Funds)*

 

The Funds may purchase and write call and put options on securities, securities indices and foreign currencies, and enter into futures and forward contracts and use options on futures contracts as further described below. The Funds may also enter into swap agreements with respect to foreign currencies, interest rates and securities indices. The Funds may use these techniques to hedge against changes in interest rates, foreign currency exchange rates or securities prices or to attempt to achieve investment returns as part of its overall investment strategies. The Funds may also purchase and sell options relating to foreign currencies for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

The value of some derivative instruments in which a Fund invests may be particularly sensitive to changes in prevailing interest rates, and, like the other investments of the Fund, the ability of the Fund to successfully utilize these instruments may depend in part upon the investment adviser's use of an algorithm based on factor premiums. There is risk that the investment adviser may take positions in derivative instruments contrary to prevailing market trends, a Fund could be exposed to the risk of loss. In addition, while the use of derivatives for hedging purposes can reduce losses, it can also reduce or eliminate gains, and hedges are sometimes subject to imperfect matching between the derivative and security it is hedging, which means that a hedge might not be effective. The Funds might not employ any of the strategies described above, and no assurance can be given that any strategy used will succeed. A decision as to whether, when and how to utilize derivative instruments involves skill and judgment, and even a well-conceived derivatives strategy may be unsuccessful. The use of derivative instruments involves brokerage fees and/or other transaction costs.

With respect to the Symmetry Panoramic Alternatives Fund, investments in futures-related and commodity-linked derivatives may subject the Funds to additional risks, and in particular may subject the Funds to greater volatility than investments in traditional securities. The value of futures-related and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. In order to qualify for the special tax treatment available to regulated investment companies ("RICs") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), each Fund must derive at least 90% of its gross income each taxable year from certain specified types of investments. Certain types of commodities-linked derivatives may not fall within these specified investment types. As a result, if a Fund's direct investments in commodities-linked derivatives were to exceed a certain threshold, the Fund could fail to qualify for the special tax treatment available to RICs under the Internal Revenue Code.

*Regulatory Risks of Derivative Use*

 

In February 2012, the U.S. Commodity Futures Trading Commission ("CFTC") adopted certain regulatory changes that will subject the advisers to certain registered investment companies to registration with the CFTC as a commodity pool operator ("CPO") if an investment company is unable to meet certain trading and marketing limitations. These rules became effective on January 1, 2013. In relation to these regulatory changes adopted by the CFTC, the Funds' Adviser and Sub-Advisers are expected to comply with any applicable reporting, disclosure or other regulatory requirements.

The Adviser has claimed an exclusion from CPO registration pursuant to CFTC Rule 4.5, with respect to all Panoramic Funds except Symmetry Panoramic Alternatives Fund. To remain eligible for this exclusion, the Funds must comply with certain limitations, including limits on trading in commodity interests, and restrictions on the manner in which the Fund markets its commodity interests trading activities. The Adviser has claimed relief from CPO registration pursuant to the no-action relief granted by CFTC No-Action Letter No. 12-38, with respect to the Symmetry Panoramic Alternatives Fund. Compliance with CFTC regulatory requirements will increase Fund expenses. Other potentially adverse regulatory initiatives could also develop.

It is also possible that additional government regulation of various types of derivative instruments, including futures, forwards, options and swap agreements, may limit or prevent a Fund from using such instruments as a part of its investment strategy, and could ultimately prevent the Fund from being able to achieve its investment objective. It is impossible to fully predict the effects of past, present or future legislation and regulation in this area, but the effects could be substantial and adverse. It is possible that legislative and regulatory activity could limit or restrict the ability of a Fund to use certain instruments as a part of its investment strategy. Limits or restrictions applicable to the counterparties with which a Fund may engage in derivative transactions could also prevent the Fund from using certain instruments.

There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Funds or the ability of a Fund to continue to implement its investment strategy. The futures, forwards, options and swaps markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the U.S. Securities and Exchange Commission, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of futures, forwards, options and swaps transactions in the U.S. is a rapidly changing area of law and is subject to modification by government and judicial action.

In 2010, the U.S. government enacted legislation that provides for new regulation of the derivatives market, including clearing, margin, reporting and registration requirements. The CFTC and certain futures exchanges have also established limits, referred to as "position limits," on the maximum net long or net short positions which any person may hold or control in particular options and futures contracts. All positions owned or controlled by the same person or entity, even if in different accounts, may be aggregated for purposes of determining whether the applicable position limits have been exceeded. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by an Adviser and any of its affiliates may be aggregated for this purpose. The trading decisions of the Adviser may have to be modified and positions held by a Fund may have to be liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund.

The SEC has in the past adopted interim rules requiring reporting of all short positions on securities above a certain de minimis threshold and is expected to adopt rules requiring monthly public disclosure in the future. In addition, other non-U.S. jurisdictions where a Fund may trade have adopted reporting requirements. If a Fund's securities short positions or its strategy become generally known, it could have a significant effect on the Adviser's ability to implement its investment strategy. In particular, it would make it more likely that other investors could cause a "short squeeze" in the securities held short by a Fund forcing the Fund to cover its positions at a loss. Such reporting requirements may also limit the Adviser's ability to access management and other personnel at certain companies where the Adviser seeks to take a short position. In addition, if other investors engage in copycat behavior by taking positions in the same issuers as the Fund, the cost of borrowing securities to sell short could increase drastically and the availability of such securities to the Fund could decrease drastically. Such events could make the Fund unable to execute its investment strategy. In addition, the SEC recently proposed additional restrictions on short sales. If the SEC were to adopt additional restrictions regarding short sales, they could restrict a Fund's ability to engage in short sales of securities in certain circumstances, and the Fund may be unable to execute its investment strategy as a result.

The SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) bans on short sales of certain securities in response to market events. Bans on short selling may make it impossible for a Fund to execute certain investment strategies and may have a material adverse effect on the Fund's ability to generate returns.

Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by registered investment companies, such as the Funds, and imposes new requirements and restrictions on funds using derivatives. Rule 18f-4 requires funds that invest in derivatives above a specified amount to adopt and implement a derivatives risk management program ("DRMP") administered by a derivatives risk manager that is appointed by and overseen by the fund's board of trustees, and to comply with an outer limit on fund leverage risk based on value at risk, or "VaR." Funds that use derivative instruments in a limited amount are considered "limited derivatives users," as defined by Rule 18f-4, will not be subject to the full requirements of Rule 18f-4, but will have to adopt and implement policies and procedures reasonably designed to manage the fund's derivatives risk. Funds will be subject to reporting and recordkeeping requirements regarding their derivatives use. In addition, Rule 18f-4 provides special treatment for reverse repurchase agreements and similar financing transactions and unfunded commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives transactions" subject to the requirements of Rule 18f-4 or as senior securities equivalent to bank borrowings for purposes of Section 18 of the 1940 Act. Repurchase agreements are not subject to Rule 18f-4 but are still subject to other provisions of the 1940 Act.

Under Rule 18f-4, "derivatives transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as derivatives transactions under Rule 18f-4; and (4) certain when-issued or forward-settling securities (e.g., firm and standby commitments).

**<u>Exchange Traded Funds</u>** *(Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

ETFs are shares issued by investment companies that are traded like traditional equity securities on a national stock exchange or the National Association of Securities Dealers Automated Quotations System ("NASDAQ") National Market System. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange traded) that has the same investment objectives, strategies, and policies. The price of an ETF can fluctuate within a wide range, and a Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional open-end mutual funds: (i) the market price of the ETF's shares may trade at a premium or discount to their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

ETF shares are not individually redeemable from the ETF, except upon termination of the ETF. To redeem from the ETF, an investor must accumulate enough ETF shares to reconstitute a creation unit. Upon redemption of a creation unit, an investor will receive securities underlying the ETF and cash identical to the portfolio deposit required of an investor wishing to purchase a creation unit that day. A Fund may sell ETF shares through a broker dealer.

The price of an ETF's shares is derived from and based upon the securities held by the ETF. Accordingly, the level of risk involved in the purchase or sale of an ETF is similar to the risk involved in the purchase or sale of traditional common stock, with the exception that the pricing mechanism for ETFs generally is based on a basket of stocks. Disruptions in the markets for the securities underlying ETFs purchased or sold by the Funds could result in losses on ETFs.

**<u>Exchange-Traded Notes</u>** *(Symmetry Panoramic Alternatives Fund)*

 

The Funds may invest in exchange-traded notes ("ETNs"), which are senior, unsecured unsubordinated debt securities issued by an underwriting bank that are designed to provide returns that are linked to a particular benchmark less investor fees. ETNs have a maturity date and, generally, are backed only by the creditworthiness of the issuer. As a result, the value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market (e.g., the commodities market), changes in the applicable interest rates, and changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced market. ETNs also may be subject to credit risk.

It is expected that the issuer's credit rating will be investment grade at the time of investment, however, the credit rating may be revised or withdrawn at any time and there is no assurance that a credit rating will remain in effect for any given time period. If a rating agency lowers the issuer's credit rating or there is a decline in the perceived creditworthiness of the issuer, the value of the ETN will decline as a lower credit rating reflects a greater risk that the issuer will default on its obligation to ETN investors. The Funds must pay an investor fee when investing in an ETN, which will reduce the amount of return on investment at maturity or upon redemption. There may be restrictions on a Fund's right to redeem its investment in an ETN, which is meant to be held until maturity. There are no periodic interest payments for ETNs, and principal typically is not protected. As is the case with other exchange-traded products, an investor could lose some of or the entire amount invested in ETNs. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market.

**<u>Fixed Income Securities</u>** *(All Funds)*

 

Yields on fixed income securities are dependent on a variety of factors, including the general conditions of the money market and other fixed income securities markets, the size of a particular offering, the maturity of the obligation and the rating of the issue. An investment in any Fund will be subjected to risk even if all fixed income securities in the Fund's portfolio are paid in full at maturity. All fixed income securities, including U.S. Government securities, can change in value when there is a change in interest rates or the issuer's actual or perceived creditworthiness or ability to meet its obligations.

There is normally an inverse relationship between the market value of securities sensitive to prevailing interest rates and actual changes in interest rates. In other words, an increase in interest rates produces a decrease in market value. The longer the remaining maturity (and duration) of a security, the greater will be the effect of interest rate changes on the market value of that security. Changes in the ability of an issuer to make payments of interest and principal and in the markets' perception of an issuer's creditworthiness will also affect the market value of the fixed income securities of that issuer. Obligations of issuers of fixed income securities (including municipal securities) are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Reform Act of 1978. In addition, the obligations of municipal issuers may become subject to laws enacted in the future by Congress, state legislatures, or referenda extending the time for payment of principal and/or interest, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. Changes in the ability of an issuer to make payments of interest and principal and in the market's perception of an issuer's creditworthiness will also affect the market value of the fixed income securities of that issuer. The possibility exists, therefore, that, the ability of any issuer to pay, when due, the principal of and interest on its fixed income securities may become impaired.

The corporate fixed income securities in which the Funds may invest include corporate bonds and notes and short-term investments such as commercial paper and variable rate demand notes. Commercial paper (short-term promissory notes) is issued by companies to finance their or their affiliate's current obligations and is frequently unsecured. Variable and floating rate demand notes are unsecured obligations redeemable upon not more than 30 days' notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to a direct arrangement with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a 7-day or shorter demand feature and there is no readily available market for the obligation, may be treated as an illiquid security.

Fixed income securities are subject to a variety of risks, such as interest rate risk, income risk, call/prepayment risk, inflation risk, credit risk, and (in the case of foreign securities) country risk and currency risk.

**<u>Foreign Currency Transactions</u>** *(Symmetry Panoramic Global Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

The Funds may engage in foreign currency transactions, including foreign currency forward contracts, options, swaps, and other strategic transactions in connection with investments in securities of non-U.S. investments. The Funds will conduct their foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through forward contracts to purchase or sell foreign currencies.

The Funds may enter into forward foreign currency exchange contracts (forward contracts) in order to protect against possible losses on foreign investments resulting from adverse changes in the relationship between the U.S. dollar and foreign currencies, as well as to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. A forward contract is an obligation to purchase or sell a specific currency for an agreed price on a future date which is individually negotiated and privately traded by currency traders and their customers. Although foreign exchange dealers often do not charge a fee for conversion, they do realize a profit based on the difference (spread) between the price at which they are buying and selling various currencies. However, forward contracts may limit the potential gains which could result from a positive change in such currency relationships.

The Funds may purchase and write put and call options on foreign currencies for the purpose of protecting against declines in the U.S. dollar value of foreign portfolio securities and against increases in the U.S. dollar cost of foreign securities to be acquired. As with other kinds of options, however, the writing of an option on foreign currency will constitute only a partial hedge, up to the amount of the premium received, and a Fund could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring losses. The purchase of an option on foreign currency may constitute an effective hedge against fluctuation in exchange rates although, in the event of rate movements adverse to a Fund's position, the Fund may forfeit the entire amount of the premium plus related transaction costs.

The Funds may enter into interest rate swaps on either an asset-based or liability-based basis, depending on whether it is hedging its assets or its liabilities, and will usually enter into interest rate swaps on a net basis (i.e., the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments). There is no limit on the amount of interest rate swap transactions that may be entered into by the Funds, subject to applicable regulatory limits. These transactions may in some instances involve the delivery of securities or other underlying assets by a Fund or its counterparty to collateralize obligations under the swap. Under the documentation currently used in those markets, the risk of loss with respect to interest rate swaps is limited to the net amount of the payments that a Fund is contractually obligated to make. If the other party to an interest rate swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive.

While a Fund's investment adviser may be authorized to hedge against currency risk, it is not required to do so. A Fund's investment adviser may choose not to hedge currency exposure.

**<u>Foreign Investments—General</u>** *(Symmetry Panoramic Global Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

To the extent consistent with its investment objective and strategies, each Fund may invest in foreign securities, including bonds and other fixed-income securities of foreign issuers. Foreign fixed-income securities may include eurodollar convertible securities, which are fixed-income securities that are issued in U.S. dollars outside the United States and are convertible into or exchangeable for equity securities of the same or a different issuer.

Investment in foreign securities involves special risks. These include market risk, interest rate risk and the risks of investing in securities of foreign issuers and of companies whose securities are principally traded outside the United States on foreign exchanges or foreign over-the-counter markets and in investments denominated in foreign currencies. Market risk involves the possibility that security prices will decline over short or even extended periods. The markets tend to be cyclical, with periods of generally rising prices and periods of generally declining prices. These cycles will affect the value of a Fund to the extent that it invests in foreign securities. The holdings of the Funds, to the extent that they invest in fixed-income securities, will be sensitive to changes in interest rates and the interest rate environment. Generally, the prices of bonds and debt securities fluctuate inversely with interest rate changes. In addition, the performance of investments in securities denominated in a foreign currency will depend 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 could otherwise 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 can be expected to increase the value of a foreign currency-denominated security in terms of U.S. dollars. A rise in foreign interest rates or decline in the value of the foreign currency relative to the U.S. dollar may be expected to depress the value of a foreign currency-denominated security.

There are other risks and costs involved in investing in foreign securities which are in addition to the usual risks inherent in domestic investments. Investment in foreign securities involves 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 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 the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Additionally, foreign banks and foreign branches of domestic banks are subject to less stringent reserve requirements, and to different accounting, auditing and recordkeeping requirements. Also, the legal remedies for investors may be more limited than the remedies available in the United States. 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. For example, the decline in the U.S. subprime mortgage market quickly spread throughout global credit markets, triggering a liquidity crisis that affected fixed-income and equity markets around the world.

European countries can be affected by the significant fiscal and monetary controls that the European Economic and Monetary Union ("EMU") imposes for membership. Europe's economies are diverse, its governments are decentralized, and its cultures vary widely. Several European Union ("EU") countries, including Greece, Ireland, Italy, Spain and Portugal, have faced budget issues, some of which may have negative long-term effects for the economies of those countries and other EU countries. There is continued concern about national-level support for the euro and the accompanying coordination of fiscal and wage policy among EMU member countries. Member countries are required to maintain tight control over inflation, public debt, and budget deficit to qualify for membership in the EMU. These requirements can severely limit the ability of EMU member countries to implement monetary policy to address regional economic conditions.

Given the increasing interdependence among global economies and markets, conditions in one country, region or market might adversely affect financial conditions or issuers in other countries, regions or markets. For example, on January 31, 2020, the United Kingdom (the "UK") formally withdrew from the EU (commonly referred to as "Brexit"). Following a transition period, the UK and the EU signed a post-Brexit trade agreement governing their future economic relationship on December 30, 2020. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. 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. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the new relationship between the UK and EU is further defined and the UK determines which EU laws to replace or replicate. Additionally, depreciation of the British pound sterling and/or the euro in relation to the U.S. dollar following Brexit could adversely affect Fund investments denominated in the British pound sterling and/or the euro, regardless of the performance of the investment.

In addition, on February 24, 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Following Russia's actions, various countries, including the U.S., Canada, the UK, Germany, and France, as well as the EU, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if the Fund does not have direct exposure to securities of Russian issuers.

Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets.

Similarly, armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, even if the Fund does not have direct exposure to affected issuers.

Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and without Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro, the common currency of the EU, and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching.

To the extent consistent with their investment objectives and strategies, the Funds may invest in foreign debt, including the securities of foreign governments. Several risks exist concerning such investments, including the risk that foreign governments may default on their obligations, may not respect the integrity of such debt, may attempt to renegotiate the debt at a lower rate, and may not honor investments by U.S. entities or citizens.

Although a Fund may invest in securities denominated in foreign currencies, its portfolio securities and other assets are valued in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time causing, together with other factors, a Fund's NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the United States or abroad. To the extent that a Fund's total assets, adjusted to reflect a Fund's net position after giving effect to currency transactions, are denominated in the currencies of foreign countries, a Fund will be more susceptible to the risk of adverse economic and political developments within those countries.

Dividends and interest payable on a Fund's foreign portfolio securities may be subject to foreign withholding taxes. To the extent such taxes are not offset by credits allowed to investors under U.S. federal income tax law (which will generally be available only in the case of Funds that are primarily invested in foreign securities), they may reduce the net return to the shareholders.

The Funds' income and, in some cases, capital gains from foreign stocks and securities will be subject to applicable taxation in certain of the countries in which they invest, and treaties between the United States and such countries may not be available in some cases to reduce the otherwise applicable tax rates.

A Fund also is subject to the possible imposition of exchange control regulations or freezes on the convertibility of currency. In addition, the use of forward currency exchange contracts with other instruments may expose them to risks independent of their securities positions. Although the net long and short foreign currency exposure of the Funds will not exceed their respective total asset values, to the extent that a Fund is fully invested in foreign securities while also maintaining currency positions, it may be exposed to greater risk than it would have if it did not maintain the currency positions.

The Funds' foreign securities are generally held outside the United States in the primary market for the securities in the custody of certain eligible foreign banks and trust companies, as permitted under the 1940 Act ("foreign sub-custodians"). Settlement practices for foreign securities may differ from those in the United States. Some countries have limited governmental oversight and regulation of industry practices, stock exchanges, depositories, registrars, brokers and listed companies, which increases the risk of corruption and fraud and the possibility of losses to the Funds. In particular, under certain circumstances, foreign securities may settle on a delayed delivery basis, meaning that the Funds may be required to make payment for securities before the Funds have actually received delivery of the securities or deliver securities prior to the receipt of payment. Typically, in these cases, the Funds will receive evidence of ownership in accordance with the generally accepted settlement practices in the local market entitling them to deliver payment at a future date, but there is a risk that the security will not be delivered to the Funds or that payment will not be received, although the Funds and their foreign sub-custodians take reasonable precautions to mitigate this risk.

Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Such delays in settlement could result in temporary periods when a portion of the assets of a Fund remain uninvested and no return is earned on such assets. The inability of a Fund to make intended security purchases or sales due to settlement problems could result in missed attractive investment opportunities, losses to the Fund due to subsequent declines in value of the portfolio securities or, if the Fund has entered into a contract to sell the securities, possible liability to the purchaser. Losses can also result from lost, stolen or counterfeit securities; defaults by brokers and banks; failures or defects of the settlement system; or poor and improper record keeping by registrars and issuers.

Share blocking refers to a practice in certain foreign markets under which an issuer's securities are blocked from trading at the custodian or sub-custodian level for a specified number of days before and, in certain instances, after a shareholder meeting where a vote of shareholders takes place. The blocking period can last up to several weeks. Share blocking may prevent the Funds from buying or selling securities during this period, because during the time shares are blocked, trades in such securities will not settle. It may be difficult or impossible to lift blocking restrictions, with the particular requirements varying widely by country.

Certain Funds may invest a significant percentage of their assets in the securities of issuers located in geographic regions with securities markets that are highly developed, liquid and subject to extensive regulation, including Japan. In recent years, Japan's economic growth has been substantially below the level of earlier decades, and its economy has experienced periods of recession. Similar to many European countries, Japan is experiencing a deterioration of its competitiveness. Although Japan is attempting to reform its political process and deregulate its economy to address the situation, there is no guarantee that these efforts will succeed.

Japan's economy is heavily dependent upon international trade, and is especially sensitive to trade barriers and disputes. Domestic or foreign trade sanctions or other protectionist measures may also adversely impact Japan's economy. In particular, Japan relies on large imports of agricultural products, raw materials and fuels.

Increases in the price of crude oil, a substantial rise in other commodity prices, or a fall-off in Japan's manufactured exports, may affect Japan's economy adversely. Additionally, slowdowns in the economies of key trading partners such as the United States, China and countries in Southeast Asia could have a negative impact on the Japanese economy.

The Japanese yen has fluctuated widely at times and any increase in its value may cause a decline in exports that could weaken the economy. The Japanese yen may also be affected by currency volatility elsewhere in Asia, particularly Southeast Asia.

The Japanese securities markets are less regulated than the U.S. markets. Evidence has emerged from time to time of distortion of market prices to serve political or other purposes. Shareholders' rights also are not always enforced.

Japan has had territorial disputes and/or defense issues with China, North Korea, South Korea and Russia, among others. In the past several years, Japan's relationship with North Korea has been especially strained because of increased nuclear and military activity by North Korea. Japan's disputes with neighboring countries have the potential to cause uncertainty in the Japanese markets and affect the overall Japanese economy in times of crisis.

In addition, Japan is vulnerable to earthquakes, volcanoes and other natural disasters.

**<u>Foreign Investments—Emerging and Frontier Markets</u>** *(Symmetry Panoramic Global Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

The Funds, to the extent permitted by their investment objectives and strategies, may also invest in countries with emerging economies or securities markets. Emerging and frontier market countries are generally located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may be undergoing significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristics of more developed countries.

In general, the securities markets of emerging and frontier countries are less liquid, subject to greater price volatility and have a smaller market capitalization than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the United States. In particular, the assets and profits appearing on the financial statements of emerging and frontier country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging and frontier country issuers than is available about issuers in the United States.

Emerging and frontier country securities markets are typically marked by a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of ownership of such securities by a limited number of investors. The markets for securities in certain emerging and frontier countries are in the earliest stages of their development. Even the markets for relatively widely traded securities in emerging and frontier countries may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited size of many of these securities markets can cause prices to be erratic for reasons apart from factors that affect the soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of emerging and frontier country securities may also affect a Fund's ability to accurately value its portfolio securities or to acquire or dispose of securities at the price and time it wishes to do so or in order to meet redemption requests.

Certain emerging and frontier market countries may have antiquated legal systems, which may adversely impact the Funds. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the corporation is generally limited to the amount of the shareholder's investment, the notion of limited liability is less clear in certain emerging and frontier market countries. Similarly, the rights of investors in emerging and frontier market companies may be more limited than those of shareholders in U.S. corporations. In addition, the systems of corporate governance to which issuers in certain emerging and frontier countries are subject may be less advanced than the systems to which issuers located in more developed countries are subject, and therefore, shareholders of such issuers may not receive many of the protections available to shareholders of issuers located in more developed countries.

Transaction costs, including brokerage commissions or dealer mark-ups, in emerging and frontier countries may be higher than in developed securities markets. In addition, existing laws and regulations are often inconsistently applied. As legal systems in emerging and frontier countries develop, foreign investors may be adversely affected by new or amended laws and regulations. In circumstances where adequate laws exist, it may not be possible to obtain swift and equitable enforcement of the law.

Certain emerging and frontier countries may restrict or control foreign investments in their securities markets. These restrictions may limit a Fund's investment in those countries and may increase the expenses of the Fund. Certain emerging and frontier countries require governmental approval prior to investments by foreign persons or limit investment by foreign persons to only a specified percentage of an issuer's outstanding securities or a specific class of securities which may have less advantageous terms (including price) than securities of the company available for purchase by nationals. In addition, the repatriation of both investment income and capital from emerging and frontier countries may be subject to restrictions which require governmental consents or prohibit repatriation entirely for a period of time. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of the operation of the Fund. Custodial and/or settlement systems in emerging and frontier countries may not be fully developed. To the extent a Fund invests in emerging countries, Fund assets that are traded in such markets and which have been entrusted to sub-custodians in these markets may be exposed to risks for which the sub-custodian will have no liability.

Emerging and frontier countries may be subject to a substantially greater degree of economic, political and social instability and disruption than more developed countries. This instability may result from, among other things, the following: (i) authoritarian governments or military involvement in political and economic decision making, including changes or attempted changes in governments through extra-constitutional means; (ii) social unrest associated with demands for improved political, economic or social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; (v) ethnic, religious and racial disaffection or conflict; and (vi) the absence of developed legal structures governing foreign private investments and private property. Such economic, political and social instability could disrupt the principal financial markets in which the Funds may invest and adversely affect the value of the Funds' assets. A Fund's investments can also be adversely affected by any increase in taxes or by political, economic or diplomatic developments.

Investment exposure to China subjects a Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed markets. The Chinese government has undertaken reform of economic and market practices and expansion of the sphere for private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China's rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy.

The economies of emerging and frontier countries may suffer from unfavorable growth of gross domestic product, rates of inflation and hyperinflation, capital reinvestment, resources, self-sufficiency and balance of payments. Many emerging and frontier countries have experienced in the past, and continue to experience, high rates of inflation. In certain countries inflation has at times accelerated rapidly to hyperinflationary levels, creating a negative interest rate environment and sharply eroding the value of outstanding financial assets in those countries. Other emerging and frontier countries, on the other hand, have recently experienced deflationary pressures and are in economic recessions. The economies of many emerging and frontier countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. In addition, the economies of some emerging and frontier countries are vulnerable to weakness in world prices for their commodity exports.

Risks related to currencies and corporate actions are also greater in emerging and frontier countries than in developed countries. For example, some emerging and frontier countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain emerging and frontier countries may experience sudden and large adjustments in their currency, which can have a disruptive and adverse effect on foreign investors. Some emerging and frontier countries have a higher risk of currency devaluations, and some of these countries may experience sustained periods of high inflation or rapid changes in inflation rates which can have negative effects on a country's economy and securities markets. There may be no significant foreign exchange market for certain currencies making it difficult for the Funds to engage in foreign currency transactions designed to protect the value of the Funds' investments denominated in such currencies. Some emerging and frontier countries may impose restrictions on the free conversion of their currencies into foreign currencies, including the U.S. dollar. Corporate action procedures in emerging and frontier countries may be less reliable and have limited or no involvement by the depositories and central banks. Lack of standard practices and payment systems can lead to significant delays in payment.

Many emerging and frontier countries are highly dependent on foreign loans for their operations. There have been moratoria on, and refinancing of, repayments with respect to these loans. Some of the refinancings have imposed restrictions and conditions on the economies of such nations that have adversely affected their economic growth.

Frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

**<u>Foreign (Non-U.S.) Government Securities</u>** *(Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

The Funds may invest in foreign government securities, including securities issued by foreign governments, including political subdivisions, or their authorities, agencies, instrumentalities or by supra-national agencies. Different kinds of foreign government securities have different types of government support. For example, some foreign government securities are supported by the full faith and credit of a foreign national government or a political subdivision and some are not. Foreign government securities of some countries may involve varying degrees of credit risk as a result of financial or political instability in those countries or the possible inability of the Funds to enforce its rights against a foreign government. As with issuers of other fixed income securities, sovereign issuers may be unable or unwilling to satisfy their obligations to pay principal or interest payments.

Supra-national agencies are agencies whose member nations make capital contributions to support the agencies' activities. Examples include the World Bank, the Asian Development Bank and the Inter-American Development Bank.

As with other fixed income securities, foreign government securities expose their holders to market risk because their values typically change as interest rates fluctuate. For example, the value of foreign government securities may fall during times of rising interest rates. Also, yields on foreign government securities tend to be lower than those of corporate securities of comparable maturities.

In addition to investing directly in foreign government securities, a Fund may purchase certificates of accrual or similar instruments evidencing undivided ownership interests in interest payments and/or principal payments of foreign government securities. Certificates of accrual and similar instruments may be more volatile than other foreign government securities.

**<u>Illiquid and Restricted Securities</u>** *(All Funds)*

 

Each Fund may invest up to 15% of its net assets in illiquid securities. Illiquid securities include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers). Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted and other illiquid securities may be subject to the potential for delays on resale and uncertainty in valuation. A Fund might be unable to dispose of illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders. The Funds might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments. Rule 144A under the Securities Act allows such a broader institutional trading market for securities otherwise subject to restrictions on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers sponsored by the Financial Industry Regulatory, Inc.

Under guidelines adopted by the Board, a Fund may determine that particular Rule 144A securities, and commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(2) of the Securities Act, are liquid even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination, a Fund may consider, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, a Fund will also determine that the paper (1) is not traded flat or in default as to principal and interest, and (2) is rated in one of the two highest rating categories by at least two National Statistical Rating Organization ("NRSRO") or, if only one NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser determines that it is of equivalent quality.

Rule 144A securities and Section 4(2) commercial paper that have been deemed liquid as described above will continue to be monitored by a Fund to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or Section 4(2) commercial paper could have the effect of increasing the amount of a Fund's assets invested in illiquid securities if institutional buyers are unwilling to purchase such securities.

**<u>Interfund Lending</u>** *(All Funds)*

 

Pursuant to an order issued by the SEC, the Funds may participate in a joint lending and borrowing facility ("Interfund Lending Program") whereby each Fund, under certain conditions, is permitted to lend money directly to and borrow directly from other Symmetry Panoramic Funds for temporary purposes (e.g., to meet redemptions or other temporary cash shortfalls). The Interfund Lending Program Administration Group is responsible for the overall administration and operation of the Interfund Lending Program and report the activities of the Interfund Lending Program to the Board. The Interfund Lending Program can provide a borrowing Fund with savings at times when the cash position of a Fund is insufficient to meet temporary cash requirements. This situation could arise when shareholder redemptions exceed anticipated volumes and a Fund has insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for a Fund. When a Fund liquidates portfolio securities to meet redemption requests, it often does not receive payment in settlement for up to two days (or longer for certain foreign transactions). However, redemption requests normally are satisfied the next business day. The Interfund Lending Program provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. Although the Interfund Lending Program may reduce a Fund's need to borrow from banks, a Fund remains free to establish and utilize lines of credit or other borrowing arrangements with banks.

**<u>Investments in China A-Shares and China Stock Connect Risk</u>** *(Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund)*

 

The following risks are in addition to the risks described under "Geographic and Sector Risk" and "Emerging Markets Risk." The Fund may invest in eligible renminbi-denominated shares of mainland China-based companies that trade on Chinese stock markets such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange (referred to as "China A-Shares") through the Shanghai and Shenzhen–Hong Kong Stock Connect Programs ("Stock Connect" or "Stock Connect Programs"). Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a Qualified Foreign Institutional Investor (QFII) or a Renminbi QFII (RQFII) and through the Stock Connect Programs. There are significant risks inherent in investing in China A-Shares through Stock Connect. A fund's investment in China A-Shares may only be traded through Stock Connect and is not otherwise transferable. Further, the list of eligible China A-Shares may change from time to time. When a China A-Shares issue is recalled from the scope of securities eligible for trading through Stock Connect, a fund invested in such China A-Shares issue traded through Stock Connect may only sell, not buy, the securities, which may adversely affect a fund's investment strategy.

Stock Connect is not subject to individual investment quotas but daily and aggregate investment quotas apply to all Stock Connect participants. Once a daily quota limit is reached, orders to purchase additional China A-Shares of such issuance through Stock Connect will be rejected. Such quotas, which are subject to change from time to time, may restrict or preclude a fund from investing in China A-Shares on a timely basis, which could affect the fund's ability to effectively pursue its investment strategy. In addition, Stock Connect may only operate when both the People's Republic of China and the Hong Kong securities markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As a result, if either or both markets are closed on a U.S. trading day, a fund may not be able to dispose of its China A-Shares on a timely basis, which could adversely affect the fund's investment performance. Both the People's Republic of China and Hong Kong regulators are permitted, independently of each other, to suspend Stock Connect in response to certain market conditions.

Stock Connect regulations provide that investors enjoy the rights and benefits of Shanghai Stock Exchange equities purchased through the Stock Connect but the nominee structure under Stock Connect requires that China A-Shares be held through the Hong Kong Securities Clearing Company, as nominee for investors. A fund's ownership of China A-Shares will be reflected on its custodian's records but the fund itself will have only beneficial rights in such China A-Shares. The precise nature and rights of a fund as a beneficial owner of China A-Shares in this context is not well defined. Taken together with the Stock Connect's omnibus clearing structure, this structure may limit the ability of an adviser to a fund to effectively manage the fund and may expose the fund to the credit risk of its custodian or to greater risk of expropriation. While certain aspects of the Stock Connect trading process are subject to Hong Kong law, People's Republic of China rules applicable to share ownership will apply.

China A-Shares traded via Stock Connect are subject to risks associated with the legal and technical framework of Stock Connect. If relevant Stock Connect systems fail to function properly, trading in China A-Shares on Stock Connect could be disrupted. Further, in the event of high trading volume or unexpected market conditions, Stock Connect may be available on a limited basis.

These risks could cause volatility in the price of a Fund and could adversely affect the Fund.

On June 3, 2021, the President of the United States issued an amending executive order to an executive order that was issued in November 2020, which established a new sanctions program designed to prohibit U.S. persons from entering into transactions in certain publicly traded securities, as well as derivatives and securities designed to provide investment exposure to such securities, of certain companies specified in the executive order. A number of Chinese issuers have been designated under this program and more could be added. Under current guidance, U.S. investors may purchase interests in an investment fund that does not make any new purchases of designated securities and is "seeking to" divest its holdings of such securities during the applicable divestment period. As a result, the executive order and related guidance may significantly reduce the liquidity of such securities, force a fund to sell certain positions at inopportune times or for unfavorable prices, and restrict future investments by a fund.

**<u>Investments in the China Interbank Bond Market</u>** *(Symmetry Panoramic Global Systematic Fixed Income Fund)*

The *S*ymmetry Panoramic Global Systematic Fixed Income Fund may invest in the China Interbank Bond Market (the "CIBM") through China's Bond Connect Program ("Bond Connect") subject to any applicable regulatory limits. Bond Connect is a bond trading and settlement linked program developed by the People's Bank of China ("PBOC"), Hong Kong Monetary Authority ("HKMA"), China Foreign Exchange Trade System and National Interbank Funding Centre ("CFETS"), China Central Depository and Clearing Co., Ltd. ("CCDC"), Shanghai Clearing House ("SHCH"), Hong Kong Exchanges and Clearing Limited ("HKEx") and Central Moneymarkets Unit ("CMU"), with the aim of achieving mutual bond market access between China and Hong Kong. For the time being, this program allows eligible Hong Kong and overseas investors to invest in the bonds traded in the CIBM through the northbound trading of Bond Connect (the "Northbound Trade Link") only.

Eligible Hong Kong and overseas investors may use their own sources of Renminbi in the Chinese offshore market ("CNH") or convert foreign currencies into the Renminbi to invest in CIBM bonds under Bond Connect. The Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and Renminbi in respect of such investments. Currently, there is no investment quota for the Northbound Trade Link.

By seeking to invest in the CIBM via Bond Connect, the Fund is subject to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;• General
 Risk. The relevant regulations are relatively untested and subject to change. There is no
 certainty as to how they will be applied, which could adversely affect the Fund. Bond Connect
 requires use of new information technology systems which may be subject to operational risk
 due to Bond Connect's cross-border nature. If the relevant systems fail to function
 properly, trading in the CIBM through Bond Connect could be disrupted.

&nbsp;&nbsp;&nbsp;&nbsp;• Market
 Risk. The Fund investing in the CIBM is subject to liquidity and volatility risks. Market
 volatility and potential lack of liquidity due to possible low trading volume of certain
 bonds in the CIBM may result in prices of certain bonds traded in the CIBM fluctuating significantly.
 The bid and offer spreads of the prices of such bonds may be large, and the Fund may therefore
 incur significant trading and realization costs and may even suffer losses when selling such
 investments.

To the extent that the Fund transacts in the CIBM, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by failure to deliver relevant securities or to make payment.

&nbsp;&nbsp;&nbsp;&nbsp;• Third
 Party Agent Risk. Under the Northbound Trading Link, CFETS or other institutions recognized
 by PBOC (as the registration agents) shall apply for registration with PBOC for the eligible
 Hong Kong and overseas investors. In addition, CMU (as the offshore custody agent recognized
 by the HKMA) shall open a nominee account with CCDC/SHCH (as the onshore custody agent) as
 nominee holder of the CIBM bonds purchased by Hong Kong and overseas investors through Bond
 Connect.

As the relevant filings, registration with PBOC, and account opening have to be carried out by an onshore settlement agent, offshore custody agent, registration agent or other third parties (as the case may be), the Fund is subject to the risks of default or errors on the part of such third parties.

&nbsp;&nbsp;&nbsp;&nbsp;• Operational
 Risk. Bond Connect provides a new channel for investors from Hong Kong and overseas to access
 the CIBM directly. It is premised on the functioning of the operational systems of the relevant
 market participants. Market participants are able to participate in this program subject
 to meeting certain information technology capability, risk management and other requirements
 as may be specified by the relevant authorities.

The "connectivity" in Bond Connect requires routing of orders across the border. This requires the development of new information technology systems. There is no assurance that the systems of market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in the CIBM through Bond Connect could be disrupted. The Fund's ability to access the CIBM (and hence to pursue its investment strategy) will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory
 Risk. The PBOC Bond Connect rules are departmental regulations having legal effect in China.
 However, the application of such rules is untested, and there is no assurance that Chinese
 courts will recognize such rules.

Bond Connect is novel in nature and is subject to regulations promulgated by regulatory authorities and implementation rules made by the relevant authorities in China and Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under Bond Connect.

The regulations are untested so far and there is no certainty as to how they will be applied. Moreover, the current regulations are subject to change. There can be no assurance that Bond Connect will not be abolished. The Fund which may invest in the CIBM through Bond Connect may be adversely affected as a result of such changes.

&nbsp;&nbsp;&nbsp;&nbsp;• Legal/Beneficial
 Ownership Risk. Where CIBM bonds are held in custody on a cross-border basis there are specific
 legal and beneficial ownership risks linked to the compulsory requirements of CMU and CCDC/SHCH.
 CIBM bonds will be held by CMU as a nominee holder of the bonds purchased by foreign investors
 through Bond Connect. The PBOC has made it clear that the ultimate investors are the beneficial
 owners of the relevant bonds and shall exercise their rights against the bond issuer through
 CMU as the nominee holder. While the distinct concepts of nominee holder and beneficial owner
 are referred to under PBOC rules or regulations, as well as other laws and regulations in
 China, the application of such rules is untested, and there is no assurance that Chinese
 courts will recognize such concepts. Therefore, although the Fund's ownership may be
 ultimately recognized, it may suffer difficulties or delays in enforcing its rights over
 CIMB bonds.

**<u>Tax Within China</u>** *(Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund and Symmetry Panoramic Global Systematic Fixed Income Fund)*

Uncertainties in Chinese tax rules governing taxation of income and gains from investments in A Shares via Stock Connect and CIBM bonds through Bond Connect could result in unexpected tax liabilities for the Funds. A Fund's investments in securities, including A Shares and CIBM bonds, issued by Chinese companies may cause the Fund to become subject to withholding and other taxes imposed by China.

If a Fund were considered to be a tax resident of China, it would be subject to Chinese corporate income tax at the rate of 25% on its worldwide taxable income. If the Fund were considered to be a non-resident enterprise with a "permanent establishment" in China, it would be subject to Chinese corporate income tax of 25% on the profits attributable to the permanent establishment. The Adviser intends to operate the Funds in a manner that will prevent them from being treated as a tax resident of China and from having a permanent establishment in China. It is possible, however, that China could disagree with that conclusion, or that changes in Chinese tax law could affect the Chinese corporate income tax status of a Fund.

China generally imposes withholding income tax at a rate of 10% on dividends, premiums, interest and capital gains originating in China and paid to a company that is not a resident of China for tax purposes and that has no permanent establishment in China. The withholding is in general made by the relevant Chinese tax resident company making such payments. In the event the relevant Chinese tax resident company fails to withhold the relevant Chinese withholding income tax or otherwise fails to pay the relevant withholding income tax to Chinese tax authorities, the competent tax authorities may, at their sole discretion, impose tax obligations on a Fund.

The Ministry of Finance of China, the State Administration of Taxation of China and the China Securities Regulatory Commission issued Caishui [2014] No. 81 on October 31, 2014 ("Notice 81") and Caishui [2016] No. 127 on November 5, 2016 ("Notice 127"), both of which state that the capital gain from disposal of China A Shares by foreign investors enterprises via Stock Connect will be temporarily exempt from withholding income tax. Notice 81 and Notice 127 also state that the dividends derived from A Shares by foreign investors enterprises is subject to a 10% withholding income tax.

There is no indication of how long the temporary exemption will remain in effect and a Fund may be subject to such withholding income tax in the future. If, in the future, China begins applying tax rules regarding the taxation of income from investments through Stock Connect and/or begins collecting capital gains taxes on such investments, a Fund could be subject to withholding income tax liability if the Fund determines that such liability cannot be reduced or eliminated by applicable tax treaties. The Chinese tax authorities may in the future issue further guidance in this regard and with potential retrospective effect. The negative impact of any such tax liability on a Fund's return could be substantial.

The Ministry of Finance of China, the State Administration of Taxation of China issued Caishui No. 108 on November 7, 2018 ("Notice 108"), which states that foreign institutional investors will be temporarily exempt from the withholding income tax and value added tax on their gains derived from CIBM bond interest from November 7, 2018 to November 6, 2021. According to the Announcement on Continuation of Corporate Income Tax and Value-added Tax Policies for Overseas Institutions Investing in the Domestic Bond Market (Announcement [2021] No. 34), which was jointly made by the Ministry of Finance and the State Taxation Administration on November 22, 2021, the temporary exemption applies to the withholding tax and VAT on bond interest derived from investment in the China bond market by foreign institutional investors will continue during the period from November 7, 2021 to December 31, 2025.

If, in the future, China begins to apply tax rules regarding the taxation of bond interest income derived by foreign investment in CIBM and/or begins to collect withholding tax and other taxes on such investment, the Adviser or a Fund could be subject to such withholding tax and value added tax.

In light of the uncertainty as to how gains or income that may be derived from a Fund's investments in China will be taxed, the Fund reserves the right to provide for withholding tax on such gains or income and withhold tax for the account of the Fund. Withholding tax may already be withheld at a broker/custodian level.

Any tax provision, if made, will be reflected in the net asset value of a Fund at the time the provision is used to satisfy tax liabilities. If the actual applicable tax levied by the Chinese tax authorities is greater than that provided for by a Fund so that there is a shortfall in the tax provision amount, the net asset value of the Fund may suffer as the Fund will have to bear additional tax liabilities. In this case, then existing and new shareholders in the Fund will be disadvantaged. If the actual applicable tax levied by Chinese tax authorities is less than that provided for by a Fund so that there is an excess in the tax provision amount, shareholders who redeemed Fund shares before the Chinese tax authorities' ruling, decision or guidance may have been disadvantaged as they would have borne any loss from the Fund's overprovision. In this case, the then existing and new shareholders in the Fund may benefit if the difference between the tax provision and the actual taxation liability can be returned to the account of the Fund as assets thereof. Any excess in the tax provision amount shall be treated as property of the Fund, and shareholders who previously transferred or redeemed their Fund shares will not be entitled or have any right to claim any part of the amount representing the excess.

Stamp duty under the Chinese laws generally applies to the execution and receipt of taxable documents, which include contracts for the sale of A Shares traded on Chinese stock exchanges. In the case of such contracts, the stamp duty is currently imposed on the seller but not on the purchaser, at the rate of 0.1%. According to the announcement jointly issued by the Ministry of Finance and the State Administration of Taxation of China, starting from August 28, 2023, the stamp duty on securities transactions is reduced by half. The sale or other transfer by the Adviser of A Shares will accordingly be subject to Chinese stamp duty, but a Fund will not be subject to Chinese stamp duty when it acquires A Shares.

A Fund may also potentially be subject to Chinese value added tax at the rate of 6% on capital gains derived from trading of A Shares, CIBM bonds, and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. Because there is no indication how long the temporary exemption will remain in effect, a Fund may be subject to such value added tax in the future. Notice 108 specifies that foreign investors will also be temporarily exempt from the value added tax exemption on their gains derived from CIBM bond interest. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed based on value added tax liabilities, so if a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

The temporary exemption of withholding tax and value added tax will remain in effect until December 31, 2025 (see above). If, in the future, China begins to apply tax rules regarding the taxation of bond interest income derived by foreign investment in CIBM, and/or begins to collect withholding tax and other taxes on such investment, the Adviser or the Fund could be subject to such withholding tax and value added tax.

The Chinese rules for taxation of Stock Connect and Bond Connect are evolving, and certain of the tax regulations to be issued by the State Administration of Taxation of China and/or Ministry of Finance of China to clarify the subject matter may apply retrospectively, even if such rules are adverse to the Funds and their shareholders. The imposition of taxes, particularly on a retrospective basis, could have a material adverse effect on a Fund's returns. Before further guidance is issued and is well established in the administrative practice of the Chinese tax authorities, the practices of the Chinese tax authorities that collect Chinese taxes relevant to a Fund may differ from, or be applied in a manner inconsistent with, the practices with respect to the analogous investments described herein or any further guidance that may be issued. The value of a Fund's investment in China and the amount of its income and gains could be adversely affected by an increase in tax rates or change in the taxation basis.

The above information is only a general summary of the potential Chinese tax consequences that may be imposed on a Fund and its shareholders either directly or indirectly and should not be taken as a definitive, authoritative or comprehensive statement of the relevant matter. Shareholders should seek their own tax advice on their tax position with regard to their investment in a Fund.

The Chinese government has implemented a number of tax reform policies in recent years. The current tax laws and regulations may be revised or amended in the future. Any revision or amendment in tax laws and regulations may affect the after-taxation profit of Chinese companies and foreign investors in such companies, such as a Fund.

**<u>Lending Portfolio Securities</u>** *(All Funds)*

 

For the purpose of achieving income, each Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral consisting of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned, (2) the Funds may at any time call the loan and obtain the return of securities loaned, (3) the Funds will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at any time exceed one-third of the total assets of the Funds. As of the date of this SAI, the Funds have not directly engaged in securities lending.

**<u>Margin Deposits</u>** *(All Funds)*

 

*Margin Deposits for Futures Contracts*

 

Unlike the purchase or sale of portfolio securities, no price is paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. The nature of initial margin in futures transactions is different from that of margin in securities transactions in that futures contract margin does not involve the borrowing of funds by the customer to finance the transactions. Rather, the initial margin is in the nature of a performance bond or good faith deposit on the contract which is returned to the Fund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." For example, when a Fund has purchased a futures contract and the price of the contract has risen in response to a rise in the price of the underlying instruments, that position will have increased in value and the Fund will be entitled to receive from the broker a variation margin payment equal to that increase in value. Conversely, where the Fund has purchased a futures contract and the price of the futures contract has declined in response to a decrease in the underlying instruments, the position would be less valuable and the Fund would be required to make a variation margin payment to the broker. At any time prior to expiration of the futures contract, the investment adviser to the Fund may elect to close the position by taking an opposite position, subject to the availability of a secondary market, which will operate to terminate the Fund's position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund, and the Fund realizes a loss or gain.

**<u>Money Market Fund Investments</u>** *(All Funds)*

 

Certain money market funds in which the Funds may invest may operate as "institutional money market funds" under Rule 2a-7 of the 1940 Act and must calculate their NAV per share to the fourth decimal place (e.g., $1.0000) reflecting market-based values of the money market fund's holdings. Because the share price of these money market funds will fluctuate, when a Fund sells its shares they may be worth more or less than what the Fund originally paid for them. A Fund could also lose money if the money market fund holds defaulted securities or as a result of adverse market conditions. These money market funds may, and in certain circumstances must, impose a "liquidity fee" upon the redemption of their shares if the money market fund's liquidity falls below the required minimums because of market conditions or other factors.

These measures may result in an investment loss. If a liquidity fee is imposed, an investing Fund may have to sell other investments at less than opportune times to raise cash to meet shareholder redemptions or for other purposes. The Adviser, as a result of imposition of liquidity fees, or the potential risk of such actions, may determine not to invest the Funds' assets in a money market fund when it otherwise would, and may potentially be forced to invest in more expensive, lower-performing investments.

Funds may also invest in money market funds that invest at least 99.5% of their assets in U.S. government securities and operate as "government money market funds" under Rule 2a-7. Government money market funds may seek to maintain a stable price of $1.00 per share and are generally not required to impose liquidity fees or temporarily suspend redemptions. However, government money market funds typically offer materially lower yields than other money market funds with fluctuating share prices.

A Fund could lose money invested in a money market fund. An investment in a money market fund, including a government money market fund, is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the money market fund, and you should not expect that the sponsor or any person will provide financial support to a money market fund at any time.

In addition to the fees and expenses that a Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests. By investing in a money market fund, a Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. The money market fund may not achieve its investment objective. A Fund, through its investment in the money market fund, may not achieve its investment objective. To the extent a Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund's investments in derivatives. Money market funds are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**<u>Mortgage Pass-Through Securities</u>** *(Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund and Symmetry Panoramic Alternatives Fund)*

 

Mortgage-backed securities issued by the Federal National Mortgage Association ("Fannie Mae") include Fannie Mae Guaranteed Mortgage Pass-Through Certificates, which are solely the obligations of Fannie Mae and are not backed by or entitled to the full faith and credit of the United States, except as described below, but are supported by the right of the issuer to borrow from the U.S. Treasury. Fannie Mae is a stockholder-owned corporation chartered under an Act of the U.S. Congress. Fannie Mae certificates are guaranteed as to timely payment of the principal and interest by Fannie Mae. Mortgage-related securities issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac") include Freddie Mac Mortgage Participation Certificates. Freddie Mac is a corporate instrumentality of the United States, created pursuant to an Act of Congress. Freddie Mac certificates are not guaranteed by the United States or by any Federal Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank. Freddie Mac certificates entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans. When Freddie Mac does not guarantee timely payment of principal, Freddie Mac may remit the amount due on account of its guarantee of ultimate payment of principal after default.

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating federal sponsorship of Fannie Mae and Freddie Mac. The Trust cannot predict what legislation, if any, may be proposed in the future in Congress with regard to such sponsorship or which proposals, if any, might be enacted.

Such proposals, if enacted, might materially and adversely affect the availability of government guaranteed mortgage-backed securities and the Funds' liquidity and value.

There is risk that the U.S. government will not provide financial support to its agencies, authorities, instrumentalities or sponsored enterprises. A Fund may purchase U.S. government securities that are not backed by the full faith and credit of the United States, such as those issued by Fannie Mae and Freddie Mac. The maximum potential liability of the issuers of some U.S. government securities held by a Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

The volatility and disruption that impacted the capital and credit markets during late 2008 and into 2009 have led to increased market concerns about Freddie Mac's and Fannie Mae's ability to withstand future credit losses associated with securities held in their investment portfolios, and on which they provide guarantees, without the direct support of the federal government. On September 7, 2008, both Freddie Mac and Fannie Mae were placed under the conservatorship of the Federal Housing Finance Agency ("FHFA").

Under the plan of conservatorship, the FHFA has assumed control of, and generally has the power to direct, the operations of Freddie Mac and Fannie Mae, and is empowered to exercise all powers collectively held by their respective shareholders, directors and officers, including the power to: (1) take over the assets of and operate Freddie Mac and Fannie Mae with all the powers of the shareholders, the directors, and the officers of Freddie Mac and Fannie Mae and conduct all business of Freddie Mac and Fannie Mae; (2) collect all obligations and money due to Freddie Mac and Fannie Mae; (3) perform all functions of Freddie Mac and Fannie Mae which are consistent with the conservator's appointment; (4) preserve and conserve the assets and property of Freddie Mac and Fannie Mae; and (5) contract for assistance in fulfilling any function, activity, action or duty of the conservator. In addition, in connection with the actions taken by the FHFA, the U.S. Treasury Department (the "Treasury") entered into certain preferred stock purchase agreements with each of Freddie Mac and Fannie Mae which established the Treasury as the holder of a new class of senior preferred stock in each of Freddie Mac and Fannie Mae, which stock was issued in connection with financial contributions from the Treasury to Freddie Mac and Fannie Mae.

The conditions attached to the financial contribution made by the Treasury to Freddie Mac and Fannie Mae and the issuance of this senior preferred stock placed significant restrictions on the activities of Freddie Mac and Fannie Mae. Freddie Mac and Fannie Mae must obtain the consent of the Treasury to, among other things: (i) make any payment to purchase or redeem its capital stock or pay any dividend other than in respect of the senior preferred stock issued to the Treasury, (ii) issue capital stock of any kind, (iii) terminate the conservatorship of the FHFA except in connection with a receivership, or (iv) increase its debt beyond certain specified levels. In addition, significant restrictions were placed on the maximum size of each of Freddie Mac's and Fannie Mae's respective portfolios of mortgages and mortgage-backed securities, and the purchase agreements entered into by Freddie Mac and Fannie Mae provide that the maximum size of their portfolios of these assets must decrease by a specified percentage each year. The future status and role of Freddie Mac and Fannie Mae could be impacted by (among other things): the actions taken and restrictions placed on Freddie Mac and Fannie Mae by the FHFA in its role as conservator; the restrictions placed on Freddie Mac's and Fannie Mae's operations and activities as a result of the senior preferred stock investment made by the Treasury; market responses to developments at Freddie Mac and Fannie Mae; and future legislative and regulatory action that alters the operations, ownership, structure and/or mission of these institutions, each of which may, in turn, impact the value of, and cash flows on, any mortgage-backed securities guaranteed by Freddie Mac and Fannie Mae, including any such mortgage-backed securities held by the Funds.

As a result of the economic recession that commenced in the United States in 2008, there is a heightened risk that the receivables and loans underlying the asset-backed securities purchased by the Funds may suffer greater levels of default than was historically experienced.

*Caps and Floors*

 

The underlying mortgages that collateralize the adjustable-rate mortgages ("ARMs") in which a Fund may invest will frequently have caps and floors which limit the maximum amount by which the loan rate to the residential borrower may change up or down: (1) per reset or adjustment interval, and (2) over the life of the loan. Some residential mortgage loans restrict periodic adjustments by limiting changes in the borrower's monthly principal and interest payments rather than limiting interest rate changes. These payment caps may result in negative amortization. The value of mortgage securities in which a Fund invests may be affected if market interest rates rise or fall faster and farther than the allowable caps or floors on the underlying residential mortgage loans. Additionally, even though the interest rates on the underlying residential mortgages are adjustable, amortization and prepayments may occur, thereby causing the effective maturities of the mortgage securities in which a Fund invests to be shorter than the maturities stated in the underlying mortgages.

*Inverse Floaters*

 

Inverse floaters constitute a class of mortgage-backed securities with a coupon rate that moves inversely to a designated index, such as LIBOR (London Interbank Offered Rate) or Secured Overnight Financing Rate ("SOFR"). Inverse floaters have coupon rates that typically change at a multiple of the changes of the relevant index rate. Any rise in the index rate (as a consequence of an increase in interest rates) causes a drop in the coupon rate on an inverse floater while any drop in the index rate causes an increase in the coupon rate of an inverse floater. In some circumstances, the coupon on an inverse floater could decrease to zero. In addition, like most other fixed income securities, the value of inverse floaters will decrease as interest rates increase and their average lives will extend. Inverse floaters exhibit greater price volatility than the majority of mortgage-backed securities. In addition, some inverse floaters display extreme sensitivity to changes in prepayments. As a result, the yield to maturity of an inverse floater is sensitive not only to changes in interest rates but also to changes in prepayment rates on the related underlying mortgage assets. As described above, inverse floaters may be used alone or in tandem with interest-only stripped mortgage instruments.

*Mortgage Dollar Rolls*

 

A Fund may enter into mortgage dollar rolls with a bank or a broker-dealer. A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities for immediate settlement and simultaneously purchases the same type of securities for forward settlement at a discount. While the Fund begins accruing interest on the newly purchased securities from the purchase or trade date, it is able to invest the proceeds from the sale of its previously owned securities, which will be used to pay for the new securities, in money market investments until a future settlement date. The use of mortgage dollar rolls is a speculative technique involving leverage, and is considered to be a form of borrowing.

*Private Mortgage Pass-Through Securities*

 

Private mortgage pass-through securities, also known as "non-agency mortgage securities", are structured similarly to the Ginnie Mae, Fannie Mae and Freddie Mac mortgage pass-through securities and are issued by United States and foreign private issuers such as originators of and investors in mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. These securities usually are backed by a pool of conventional fixed-rate or adjustable-rate mortgage loans. Since private mortgage pass-through securities typically are not guaranteed by an entity having the credit status of Ginnie Mae, Fannie Mae and Freddie Mac, such securities generally are structured with one or more types of credit enhancement.

Mortgage assets often consist of a pool of assets representing the obligations of a number of different parties. There are usually fewer properties in a pool of assets backing commercial mortgage-backed securities than in a pool of assets backing residential mortgage-backed securities; hence they may be more sensitive to the performance of fewer mortgage assets. To lessen the effect of failures by obligors on underlying assets to make payments, those securities may contain elements of credit support, which fall into two categories: (i) liquidity protection and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses resulting from default ensures ultimate payment of the obligations on at least a portion of the assets in the pool. This protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquencies or losses in excess of those anticipated could adversely affect the return on an investment in a security. A Fund will not pay any fees for credit support, although the existence of credit support may increase the price of a security.

*Resets*

 

The interest rates paid on the ARMs in which a Fund may invest generally are readjusted or reset at intervals of one year or less to an increment over some predetermined interest rate index. There are two main categories of indices: those based on U.S. Treasury securities and those derived from a calculated measure, such as a cost-of-funds index or a moving average of mortgage rates. Commonly utilized indices include the one-year and five-year constant maturity Treasury Note rates, the three-month Treasury Bill rate, the 180-day Treasury Bill rate, rates on longer-term Treasury securities, the National Median Cost of Funds, the one-month or three-month LIBOR, the prime rate of a specific bank, or commercial paper rates. Some indices, such as the one-year constant maturity Treasury Note rate, closely mirror changes in market interest rate levels. Others tend to lag changes in market rate levels and tend to be somewhat less volatile.

*Stripped Mortgage Securities*

 

Stripped mortgage securities may be issued by federal agencies, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. Stripped mortgage securities usually are structured with two classes that receive different proportions of the interest and principal distribution of a pool of mortgage assets. A common type of stripped mortgage security will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). PO classes generate income through the accretion of the deep discount at which such securities are purchased, and, while PO classes do not receive periodic payments of interest, they receive monthly payments associated with scheduled amortization and principal prepayment from the mortgage assets underlying the PO class. The yield to maturity on a PO or an IO class security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A slower than expected rate of principal payments may have an adverse effect on a PO-class security's yield to maturity. If the underlying mortgage assets experience slower than anticipated principal repayment, the Fund may fail to fully recoup its initial investment in these securities. Conversely, a rapid rate of principal payments may have a material adverse effect on an IO-class security's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities.

Fund may purchase stripped mortgage securities for income, or for hedging purposes to protect the Fund's portfolio against interest rate fluctuations. For example, since an IO class will tend to increase in value as interest rates rise, it may be utilized to hedge against a decrease in value of other fixed income securities in a rising interest rate environment.

**<u>Municipal Government Obligations</u>** *(Symmetry Panoramic Municipal Fixed Income Fund and Symmetry Panoramic Alternatives Fund)*

 

In general, municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies and instrumentalities. Municipal obligations generally include debt obligations issued to obtain funds for various public purposes. Certain types of municipal obligations are issued in whole or in part to obtain funding for privately operated facilities or projects. Municipal obligations include general obligation bonds, revenue bonds, industrial development bonds, notes and municipal lease obligations. Municipal obligations also include additional obligations, the interest on which is exempt from federal income tax that may become available in the future as long as the Board determines that an investment in any such type of obligation is consistent with each Fund's investment objectives. Municipal obligations may be fully or partially backed by local government, the credit of a private issuer, current or anticipated revenues from a specific project or specific assets or domestic or foreign entities providing credit support such as letters of credit, guarantees or insurance.

**<u>Municipal Lease Obligations</u>** *(Symmetry Panoramic Municipal Fixed Income Fund and Symmetry Panoramic Alternatives Fund)*

 

Municipal lease obligations may take the form of a lease, an installment purchase or a conditional sales contract. They are issued by state and local governments and authorities to acquire land, equipment and facilities, such as vehicles, telecommunications and computer equipment and other capital assets. A Fund may invest in funds that purchase these lease obligations directly, or it may purchase participation interests in such lease obligations. States have different requirements for issuing municipal debt and issuing municipal leases. Municipal leases are generally subject to greater risks than general obligation or revenue bonds because they usually contain a "non-appropriation" clause, which provides that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Such non-appropriation clauses are required to avoid the municipal lease obligations from being treated as debt for state debt restriction purposes. Accordingly, such obligations are subject to "non-appropriation" risk. Municipal leases may be secured by the underlying capital asset and it may be difficult to dispose of any such asset in the event of non-appropriation or other default.

**<u>Non-Investment Grade Debt Securities</u>** *(Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

Non-investment-grade securities, also referred to as "high yield securities" or "junk bonds," which are considered speculative, are debt securities that are rated lower than the four highest rating categories by a NRSRO (for example, lower than Baa3 by Moody's Investors Service, Inc. or lower than BBB– by Standard & Poor's) or are determined to be of comparable quality by a Fund's investment adviser. These securities are generally considered to be, on balance, predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation and will generally involve more credit risk than securities in the investment-grade categories. Investment in these securities generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk.

*Credit Quality*

 

Credit quality of non-investment grade securities can change suddenly and unexpectedly, and even recently-issued credit ratings may not fully reflect the actual risks posed by a particular high-yield security.

*Greater Risk of Loss*

 

These securities are regarded as predominately speculative. There is a greater risk that issuers of lower-rated securities will default than issuers of higher-rated securities. Issuers of lower-rated securities generally are less creditworthy and may be highly indebted, financially distressed, or bankrupt. These issuers are more vulnerable to real or perceived economic changes, political changes or adverse industry developments. In addition, high yield securities are frequently subordinated to the prior payment of senior indebtedness. If an issuer fails to pay principal or interest on securities held by a Fund, the Fund would experience a decrease in income and a decline in the market value of its investments.

*Liquidity*

 

There may be no established secondary or public market for investments in lower-rated securities. Such securities are frequently traded in markets that may be relatively less liquid than the market for higher-rated securities. In addition, relatively few institutional purchasers may hold a major portion of an issue of lower-rated securities at times. As a result, a Fund may be required to sell investments at substantial losses or retain them indefinitely when an issuer's financial condition is deteriorating.

*New Legislation*

 

Future legislation may have a possible negative impact on the market for high yield, high risk bonds. As an example, in the late 1980's, legislation required federally-insured savings and loan associations to divest their investments in high yield, high risk bonds. New legislation, if enacted, could have a material negative effect on a Fund's investments in lower-rated securities.

*Sensitivity to Interest Rate and Economic Changes*

 

The income and market value of lower-rated securities may fluctuate more than higher-rated securities. Although non-investment grade securities tend to be less sensitive to interest rate changes than investment grade securities, non-investment grade securities are more sensitive to short-term corporate, economic and market developments. During periods of economic uncertainty and change, the market price of the investments in lower-rated securities may be volatile. The default rate for high yield bonds tends to be cyclical, with defaults rising in periods of economic downturn.

*Valuation Difficulties*

 

It is often more difficult to value lower-rated securities than higher-rated securities. If an issuer's financial condition deteriorates, accurate financial and business information may be limited or unavailable. In addition, the lower-rated investments may be thinly traded and there may be no established secondary market. Because of the lack of market pricing and current information for investments in lower-rated securities, valuation of such investments is much more dependent on judgment than is the case with higher-rated securities.

*High yield, high risk investments may include the following:*

 

• *Distressed Securities* - An investment
 in distressed securities may involve a substantial degree of risk. These instruments, which
 involve loans, loan participations, bonds, notes, non-performing and sub-performing mortgage
 loans typically are unrated, lower-rated, in default or close to default. Many of these instruments
 are not publicly traded, and may become illiquid. The prices of such instruments may be extremely
 volatile. Securities of distressed companies are generally more likely to become worthless
 than the securities of more financially stable companies. Valuing such instruments may be
 difficult, and a Fund may lose all of its investment, or it may be required to accept cash
 or securities with a value less than the Fund's original investment. Issuers of distressed
 securities are typically in a weak financial condition and may default, in which case the
 Fund may lose its entire investment.

• *Loan Participations and Assignments* - These are participations in, or assignments of all or a portion of loans to corporations
 or to governments, including governments of less developed countries.

• *Pay-in-kind bonds* - These are bonds
 which allow the issuer, at its option, to make current interest payments on the bonds either
 in cash or in additional bonds. These bonds are typically sold without registration under
 the Securities Act of 1933, usually to a relatively small number of institutional investors.

• *Preferred Stock* - These are stocks
 that generally pay a dividend at a specified rate and have preference over common stock in
 the payment of dividends and in liquidation.

• *Securities issued in connection with Reorganizations and Corporate Restructurings* - In connection with reorganizing or restructuring
 of an issuer, an issuer may issue common stock or other securities to holders of its fixed
 income securities. A Fund may hold such common stock and other securities even if it does
 not invest in such securities.

• *Straightfixed income securities* -
 These include bonds and other debt obligations that bear a fixed or variable rate of interest
 payable at regular intervals and have a fixed or resettable maturity date. The particular
 terms of such securities vary and may include features such as call provisions and sinking
 funds.

• *Zero-coupon debt securities* - These
 do not pay periodic interest but are issued at a discount from their value at maturity. When
 held to maturity, their entire return equals the difference between their issue price and
 their maturity value.

• *Zero-fixed-coupon debt securities* - These are zero-coupon
debt securities that convert on a specified date to periodic interest-paying debt securities.

**<u>Over-the-Counter Instruments</u>** *(All Funds)*

 

The trading of over-the-counter instruments subjects a Fund to a variety of risks including: (1) counterparty risk; (2) basis risk; (3) interest rate risk; (4) settlement risk; (5) legal risk; and (6) operational risk. Counterparty risk is the risk that a Fund's or a Fund's counterparties might default on their obligation to pay or perform generally on their obligations. The over-the-counter markets and some foreign markets are "principals' markets." That means that performance of the contract is the responsibility only of the individual firm or member on the other side of the trade and not any exchange or clearing corporation. Such "counterparty risk" is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. Basis risk is the risk attributable to the movements in the spread between the derivative contract price and the future price of the underlying instrument. Interest rate risk is the general risk associated with movements in interest rates. Settlement risk is the risk that a settlement in a transfer system does not take place as expected. Legal risk is the risk that a transaction proves unenforceable in law or because it has been inadequately documented. Operational risk is the risk of unexpected losses arising from deficiencies in a firm's management information, support and control systems and procedures. Transactions in over-the-counter derivatives may involve other risks as well, as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.

**<u>Pooled Investment Vehicles</u>** *(Symmetry Panoramic Alternatives Fund)*

 

The Funds may invest in the securities of pooled vehicles that are not investment companies and, thus, not required to comply with the provisions of the 1940 Act. As a shareholder of such pooled vehicles, a Fund will not have all of the investor protections afforded by the 1940 Act. Such pooled vehicles may, however, be required to comply with the provisions of other federal securities laws, such as the Securities Act. These pooled vehicles typically hold currency or commodities, such as gold or oil, or other property that is itself not a security. If a Fund invests in, and thus, is a shareholder of, a pooled vehicle, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by the pooled vehicle, including any applicable management fees, in addition to both the management fees payable directly by the Fund to its investment adviser and the other expenses that the Fund bears directly in connection with its own operations. In addition, a Fund's investment in pooled investment vehicles may be considered illiquid and subject to the Fund's restrictions on illiquid investments.

Certain pooled vehicles may be exchange-traded products ("ETPs") that are not taxable as RICs. These non-RIC ETPs may produce non-qualifying income for purposes of the 90% income test, which requires that at least 90% of a fund's gross income for each taxable year must be from specified sources if the fund is to maintain its status as a RIC under the Internal Revenue Code. If one or more of these non-RIC ETPs generates more non-qualifying income than the Fund's portfolio management expects, this non-qualifying income may be attributed to a Fund and could cause the Fund to inadvertently fail to qualify as a RIC under the Internal Revenue Code. Such failure could, in turn, cause a Fund to inadvertently fail to qualify as a RIC under the Internal Revenue Code.

**<u>Preferred Stock</u>** *(All Funds)*

 

Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the fixed income securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

The fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed income securities and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

**<u>Repurchase Agreements</u>** *(All Funds)*

 

A Fund may enter into repurchase agreements. In a repurchase agreement, an investor purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Fund's investment adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to a Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to a Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by a Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, a Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

**<u>Reverse Repurchase Agreements</u>** *(All Funds)*

 

A Fund may enter into reverse repurchase agreements without limit as part of the Fund's investment strategy. However, a Fund does not expect to engage, under normal circumstances, in reverse repurchase agreements with respect to more than 33 1/3% of its assets. Reverse repurchase agreements involve sales by the Fund of portfolio assets concurrently with an agreement by the Fund to repurchase the same assets at a later date at a fixed price. Generally, the effect of such a transaction is that the Fund can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while the Fund will be able to keep the interest income associated with those portfolio securities. Such transactions are advantageous only if the interest cost to the Fund of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. Opportunities to achieve this advantage may not always be available, and the Fund intends to use the reverse repurchase technique only when it will be advantageous to the Fund. Whenever the Fund enters into reverse repurchase agreements, it will either (i) consistent with Section 18 of the 1940 Act, maintain asset coverage of at least 300% of the value of the repurchase agreements or (ii) treat the reverse repurchase agreements as derivatives transactions for purposes of Rule 18f-4, including, as applicable, the value-at-risk ("VaR") based limit on leverage risk.

**<u>Securities of Other Investment Companies, Including Open-End Investment Companies</u>** *(All Funds)*

 

A Fund may invest in securities of other investment companies. A Fund's investments in an underlying portfolio of ETFs and mutual funds involve certain additional expenses and certain tax results, which would not be present in a direct investment in an Underlying Fund. Investment decisions by the investment advisers of the Underlying Funds are made independently of each Fund and its Adviser. Therefore, the investment adviser of one Underlying Fund may be purchasing shares of the same issuer whose shares are being sold by the Adviser of the Fund. The result would be an indirect expense to the Fund without accomplishing any investment purpose.

The 1940 Act imposes restrictions on the extent to which a Fund may invest in other investment companies. In particular, Section 12(d)(1)(A) of the 1940 Act precludes a Fund from acquiring (i) more than 3% of the total outstanding shares of another investment company; (ii) shares of another investment company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (iii) shares of another registered investment company and all other investment companies having an aggregate value in excess of 10% of the value of the total assets of the Fund. In addition, each Fund is subject to Section 12(d)(1)(C), which provides that the Fund may not acquire shares of a closed-end fund if, immediately after such acquisition, the Fund and other investment companies having the same adviser as the Fund would hold more than 10% of the closed-end fund's total outstanding voting stock.

A Fund may exceed these statutory limits when permitted by the 1940 Act or the rules thereunder, SEC order, or other applicable law or regulatory guidance. For example, Rule 12d1-4 under the 1940 Act permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions. Rule 12d1-4, among other things: (1) applies to both "acquired funds" and "acquiring funds," each as defined under the rule; (2) includes limits on control and voting of acquired funds' shares; (3) requires that the investment advisers of acquired funds and acquiring funds make certain specified findings based on their evaluation of the relevant fund of funds structure; (4) requires acquired funds and acquiring funds, and which do not have the same investment adviser, to enter into a fund of funds investment agreement, which must include specific terms; and (5) includes certain limits on complex fund of funds structures.

Further, Section 12(d)(1)(F) of the 1940 Act provides that the provisions of Sections 12(d)(1)(A) and related provisions shall not apply to securities purchased or otherwise acquired by a Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding shares of such investment company is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund has not offered or sold, and is not proposing to offer or sell its shares through a principal underwriter or otherwise at a public or offering price that includes a sales load of more than 1 1/2%. If a Fund invests in investment companies pursuant to Section 12(d)(1)(F), it must comply with the following voting restrictions: when the Fund exercises voting rights, by proxy or otherwise, with respect to investment companies owned by the Fund, the Fund will either seek instruction from the Funds' shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or vote the shares held by a Fund in the same proportion as the vote of all other holders of such security. In addition, an investment company purchased by a Fund pursuant to Section 12(d)(1)(F) is not be required to redeem its shares in an amount exceeding 1% of such investment company's total outstanding shares in any period of less than thirty days. Under this provision, shares of an Underlying Fund held by a Fund in excess of 1% of an Underlying Fund's outstanding securities may be considered not readily marketable securities, which, together with other such securities, may not exceed 15% of any Fund's total assets. However, the Adviser believes that these securities are liquid notwithstanding the ability of the Underlying Funds to restrict redemptions under certain circumstances, and intends to treat these securities as liquid unless the Underlying Fund's adviser or agent provides an indication that it will not redeem shares on demand in excess of the 1% amount.

If required by the 1940 Act, each Fund expects to vote the shares of other investment companies that are held by it in the same proportion as the vote of all other holders of such securities.

**<u>Securities Options</u>** *(All Funds)*

 

A Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard & Poor's 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor's 100®. Indices may also be based on an industry or market segment, such as the NYSE Arca Oil & Gas Index or the Computer and Business Equipment Index.

Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange, the NYSE American, the Pacific Stock Exchange and the Philadelphia Stock Exchange.

A Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (i.e., same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event a Fund will have incurred a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by the Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

*Certain Risks Regarding Options*

 

There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by a Fund of options on stock indices may be subject to the ability of the Fund's investment adviser to take advantage of certain factor premiums and for those premiums to assert themselves at that time. No guarantee can be made of a factor performing at any given time. In addition, a Fund's ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by the Fund. Inasmuch as a Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and the Fund's securities that would result in a loss on both such securities and the options on stock indices acquired by the Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by a Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If a Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If a Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

*Dealer Options*

 

A Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While a Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, a Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when a Fund writes a dealer option, the Fund may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom the Fund originally wrote the option. There can be no assurance that the Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless the Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, the Fund may be unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transaction may result in material losses to the Fund. For example, because the Fund must maintain a secured position with respect to any call option on a security it writes, the Fund may not sell the assets, which it has segregated to secure the position while it is obligated under the option. This requirement may impair the Fund's ability to sell portfolio securities at a time when such sale might be advantageous.

The Staff of the SEC has taken the position that purchased dealer options are illiquid securities. A Fund may treat the cover used for written dealer options as liquid if the dealer agrees that the Fund may repurchase the dealer options they have written for a maximum price to be calculated by a predetermined formula. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, the Fund will treat dealer options as subject to the Fund's limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, the Fund will change their treatment of such instruments accordingly.

*Options on Futures Contracts*

 

A Fund may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

*Spread Transactions*

 

A Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives a Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to the Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect the Fund against adverse changes in prevailing credit quality spreads, i.e., the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

**<u>Short Sales</u>** *(Symmetry Panoramic Alternatives Fund)*

 

A Fund may employ "short selling" for both (1) investment purposes and (2) for defensive purposes as a hedging strategy. For investment purposes, when a Fund's investment adviser believes that particular index, company or sector is relatively overvalued, a Fund may sell a security short with the expectation that it can be repurchased at a lower price, thus generating a gain for the Fund. For defensive purposes, when the Fund's investment adviser believes that a security or group of securities in the Fund is susceptible to a decline in value, the Fund may sell a security short with the expectation any decline in value of the security sold short will serve to offset some of the decline in value suffered by the Fund's portfolio of securities. A short sale strategy is different than a long-only strategy because it consists of selling borrowed shares in the hope that they can be bought back later at a lower price.

A Fund may sell securities short involving the use of derivative instruments and to offset potential declines in long positions in similar securities. A short sale is a transaction in which the Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When a Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time a Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent a Fund sells securities short, it will provide collateral to the broker-dealer. Short sales create a risk that a Fund will be required to close the short position by buying the security at a time when the security has appreciated in value, thus resulting in a loss to the Fund. A short position in a security poses more risk than holding the same security long. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited.

To the extent that a Fund uses short sales as a hedging technique, the Fund is subject to correlation risk. Specifically, the correlation between the security sold short and the hedged security may be imperfect, reducing the expected benefit to the Fund of a short sale, or there may be no correlation at all. It is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund's potential volatility.

In addition, any gain on a short sale is decreased, and any loss is increased, by the amount of any payments, such as lender fees, replacement of dividends or interest that a Fund may be required to make with respect to the borrowed securities. Market factors may prevent the Fund from closing out a short position at the most desirable time or at a favorable price. The lender of the borrowed securities may require the Fund to return the securities on short notice, which may require the Fund to purchase the borrowed securities at an unfavorable price, resulting in a loss. You should be aware that any strategy that includes selling securities short could suffer significant losses. Short selling will also result in higher transaction costs (such as interest and dividends), which reduce the Fund's return, and may result in higher taxes.

**<u>Structured Notes, Bonds and Debentures</u>** *(Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, Symmetry Panoramic Alternatives Fund)*

 

Typically, the value of the principal and/or interest on these instruments is determined by reference to changes in the value of specific currencies, interest rates, commodities, indexes or other financial indicators (the "Reference") or the relevant change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured securities may provide that in certain circumstances no principal is due at maturity and, therefore, may result in the loss of a Fund's entire investment. The value of structured securities may move in the same or the opposite direction as the value of the Reference, so that appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In addition, the change in interest rate or the value of the security at maturity may be a multiple of the change in the value of the Reference so that the security may be more or less volatile than the Reference, depending on the multiple. Consequently, structured securities may entail a greater degree of market risk and volatility than other types of debt obligations.

**<u>Swaps</u>** *(All Funds)*

 

*Credit Default Swaps*

 

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) and may use credit default swaps to take an active long or short position with respect to the likelihood of a particular issuer's default. In connection with these agreements, cash or liquid securities may be set aside as collateral by the Fund's custodian in accordance with the terms of the swap agreement. A Fund earns interest on cash set aside as collateral. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss. These financial instruments are not actively traded on financial markets. The values assigned to these instruments are based upon the best available information and because of the uncertainty of the valuation, these values may differ significantly from the values that would have been realized had a ready market for these instruments existed, and the differences could be material. Payments received or made at the end of the measurement period are recorded as realized gain or loss. Entering into these agreements involves, to varying degrees, elements of credit, market, and documentation risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments requires the clearing and exchange-trading of certain interest rate swaps and credit default swaps. Under the Dodd-Frank Act, certain derivatives will potentially become subject to margin requirements and swap dealers will potentially be required to collect margin from a Fund with respect to such derivatives.

*Swap Agreements*

 

Swap agreements are typically two-party, uncleared contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index. Most swap agreements entered into by a Fund calculate the obligations of the parties to the agreement on a "net basis." Consequently, the Fund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Payments may be made at the conclusion of a swap agreement or periodically during its term. Swap agreements often do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis, if the other party to a swap agreement defaults, the Fund's risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any. Because most swap agreements are two-party contracts and may have terms of greater than seven days, swap agreements may be considered to be illiquid for the Fund illiquid investment limitations. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

A Fund may enter into a swap agreement in circumstances where the Fund's investment adviser believes that it may be more cost effective or practical than buying the underlying securities or a futures contract or an option on such securities. The counterparty to any swap agreement will typically be a bank, investment banking firm or broker/ dealer. The counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular stocks, futures contracts or other underlying assets represented in the index, plus the dividends that would have been received on those instruments. The Fund will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such stocks, futures contracts or other underlying assets. Therefore, the return to the Fund on any swap agreement should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount.

A Fund may enter into total return swap agreements. 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. Total return swap agreements may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap, usually the LIBOR, is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties. Typically, no notional amounts are exchanged with total return swaps. Total return swap agreements entail the risk that a party will default on its payment obligations to the Fund thereunder. Swap agreements also entail the risk that the Fund will not be able to meet its obligation to the counterparty. Generally, the Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted out with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with the markets for other similar instruments that are traded in the over-the-counter market. A Fund's investment adviser, under the oversight of the Fund's board of trustees, is responsible for determining and monitoring the liquidity of Fund transactions in swap agreements. The use of equity swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

**<u>Trading in Futures Contracts</u>** *(All Funds)*

 

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when a Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the Fund would be required to deposit with its futures broker in a segregated account an amount of cash, U.S. Government securities, suitable money market instruments, or other liquid securities, known as "initial margin."

The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." A Fund expects to earn interest income on its margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, a Fund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

For example, one contract in the Financial Times Stock Exchange 100 Index future is a contract to buy 25 pounds sterling multiplied by the level of the UK Financial Times 100 Share Index on a given future date. Settlement of a stock index futures contract may or may not be in the underlying instrument or index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent over time to the difference between the contract price and the actual price of the underlying asset at the time the stock index futures contract expires.

A Fund's futures contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, commodity exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily limits." During a single day, no trades may be executed at prices beyond the daily limit. Once the price of a futures contract for a particular commodity has increased or decreased by an amount equal to the daily limit, positions in the commodity futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved the daily limit for several consecutive days with little or no trading. Such market conditions could prevent the Fund from promptly liquidating its futures contracts.

**<u>United States Government Agencies</u>** *(All Funds)*

 

Each Fund may invest in securities issued by United States Government Agencies. These consist of fixed income securities issued by agencies and instrumentalities of the United States Government, including the various types of instruments currently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government National Mortgage Association ("GNMA"), Farmer's Home Administration, Export-Import Bank of the United States, Maritime Administration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the National Bank for Cooperatives, the Federal Home Loan Mortgage Corporation ("FHLMC"), the Farm Credit Banks, the Federal National Mortgage Association ("FNMA"), and the United States Postal Service. These securities are either: (i) backed by the full faith and credit of the United States government (e.g., United States Treasury Bills); (ii) guaranteed by the United States Treasury (e.g., GNMA mortgage-backed securities); (iii) supported by the issuing agency's or instrumentality's right to borrow from the United States Treasury (e.g., FNMA Discount Notes); or (iv) supported only by the issuing agency's or instrumentality's own credit (e.g., Tennessee Valley Association).

Government-related guarantors (i.e., not backed by the full faith and credit of the United States Government) include FNMA and FHLMC. FNMA is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the United States Government.

**<u>United States Government Obligations</u>** *(All Funds)*

 

Each Fund may invest in United States Government Obligations. These consist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities are direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently issued marketable government security, have a maturity of up to one year and are issued on a discount basis.

*Receipts*

 

*U.S. Government Zero Coupon Securities*

 

STRIPS and receipts are sold as zero coupon securities, that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities.

*U.S. Treasury Obligations*

 

U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry system known as STRIPS and TRs.

**<u>Unrated Debt Securities</u>** *(All Funds)*

 

Unrated debt, while not necessarily lower in quality than rated securities, may not have as broad a market. Because of the size and perceived demand for the issue, among other factors, certain issuers may decide not to pay the cost of getting a rating for their bonds. The creditworthiness of the issuer, as well as any financial institution or other party responsible for payments on the security, will be analyzed to determine whether to purchase unrated bonds.

**<u>Warrants</u>** *(All Funds)*

 

Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

**<u>When-Issued, Forward Commitments and Delayed Settlements</u>** *(All Funds)*

 

A Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis and does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives. A Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss. When the Fund engages in when-issued, forward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

A transaction in when-issued, forward-settling, or delayed-delivery securities is deemed not to involve a senior security or a derivatives transaction under Rule 18f-4 under the 1940 Act, provided that (i) the Fund intends to physically settle the transaction, and (ii) the transaction will settle within 35 days of its trade date.

The market value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuations in their market value is taken into account when determining the market value of a Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date.

**<u>Zero Coupon Bonds</u>** *(Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, and Symmetry Panoramic Alternatives Fund)*

 

**<u>Cannabis-Related Securities</u>**

Effective September 30, 2019, the Funds' custodian, the Bank of New York Mellon ("BNYM") no longer accepts cannabis-related business ("CRB") securities, unless those securities have been deemed acceptable by BNYM's Enterprise Cannabis Oversight Office ("ECOO") and the Anti-Money Laundering Oversight Committee ("AMLOC") ("Permitted Securities"). Therefore, the Funds will not invest in CRB securities, unless the securities are Permitted Securities. Permitted Securities include securities issued by CRBs that are listed on the New York Stock Exchange (NYSE), National Association of Securities Dealers Automated Quotations (NASDAQ), the Toronto Stock Exchange (TSX), and the TSX Venture (TSX-V), and such other securities as may be approved from time to time by BNYM's ECOO and AMLOC.

**INVESTMENT RESTRICTIONS**

Each Fund has adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Fund which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Fund represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;1. Diversification. With respect to 75% of its total assets, each
Fund may not purchase any security (other than U.S. Government Securities or securities of other investment companies) if as a result:
(i) more than 5% of the Fund's total assets immediately after and as the result of such purchase would be invested in the securities
of any one issuer, or (ii) the Fund would hold more than 10% of the outstanding voting securities of a single issuer. This diversification
test does not apply to Fund investments in other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;2. Borrowing Money. Each Fund may not borrow money, except to the
extent permitted under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;3. Senior Securities. Each Fund may not issue senior securities,
except to the extent permitted under applicable securities laws

&nbsp;&nbsp;&nbsp;&nbsp;4. Underwriting. Each Fund may not act as an underwriter of securities
of other issuers, except to the extent that the Fund may be considered an underwriter under applicable securities laws in the disposition
of portfolio securities or in the purchase of securities directly from the issuer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;5. Concentration. Each Fund may not purchase any security (other
than U.S. Government Securities or securities of other investment companies) if as a result more than 25% of the Fund's total assets,
taken at market value at the time of investment, would be invested in the securities of issuers whose principal business activities are
in the same industry, except that a Fund which has a principal investment strategy to track an index ("Index") will concentrate
to approximately the same extent that its Index concentrates in the securities of such particular industry or group of related industries.

&nbsp;&nbsp;&nbsp;&nbsp;6. Real Estate. Each Fund may not purchase or sell real estate
unless acquired as a result of ownership of securities or other instruments, but this policy shall not prevent the Fund from investing
in securities or other instruments backed by real estate (e.g., REITs) or in securities of issuers engaged in the real estate business.

&nbsp;&nbsp;&nbsp;&nbsp;7. Commodities. Each Fund may purchase or sell commodities to the
extent permitted by applicable law from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;8. Loans. Each Fund may not make loans, except to the extent permitted
under the 1940 Act, the rules and regulations promulgated thereunder, and any applicable exemptive relief.

With respect to the Funds' investment restriction relating to concentration, a Fund will consider an Underlying Fund's exposure to a particular industry when considering whether to invest in the Underlying Fund. However, the Funds will not review the portfolio holdings of an Underlying Fund on a daily basis.

**THE FOLLOWING ARE ADDITIONAL INVESTMENT LIMITATIONS OF EACH FUND. THE FOLLOWING RESTRICTIONS ARE DESIGNATED AS NON-FUNDAMENTAL AND MAY BE CHANGED BY THE BOARD OF TRUSTEES OF THE TRUST WITHOUT THE APPROVAL OF SHAREHOLDERS.**

&nbsp;&nbsp;&nbsp;&nbsp;1. Pledging. Each Fund will not mortgage, pledge, hypothecate or
in any manner transfer, as security for indebtedness, any assets of the Fund except as may be necessary in connection with borrowings
described in limitation (1) above. Margin deposits, security interests, liens and collateral arrangements with respect to transactions
involving options, futures contracts, short sales and other permitted investments and techniques are not deemed to be a mortgage, pledge
or hypothecation of assets for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;2. Borrowing. Each Fund will not purchase any security while borrowings
representing more than one third of its total assets are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;3. Margin Purchases. Each Fund may not purchase securities on margin,
except for use of short-term credit necessary for clearance of purchases and sales of portfolio securities, but it may make margin deposits
in connection with covered transactions in options, futures, options on futures and short positions. For purposes of this restriction,
the posting of margin deposits or other forms of collateral in connection with swap agreements is not considered purchasing securities
on margin.

&nbsp;&nbsp;&nbsp;&nbsp;4. Illiquid Investments. No Fund may acquire any illiquid investment
if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are
assets.

To the extent required by SEC regulations, shareholders of each Fund will be provided with sixty days' notice in the manner prescribed by the SEC before any change in a Fund's policy stated in the Prospectus to invest at least 80% of its net assets in the particular type of investment suggested by its name.

For these purposes, "net assets" include the amount of any borrowings for investment purposes and the amount of "net assets" is measured at the time of purchase.

If a restriction on a Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments, or change in average duration of the Fund's investment portfolio, resulting from changes in the value of the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted policies and procedures that govern the disclosure of each Fund's portfolio holdings. These policies and procedures are designed to ensure that such disclosure is in the best interests of each Fund's shareholders.

It is the Trust's policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of Trust shareholders; (2) protect the confidentiality of nonpublic portfolio holdings information; (3) have procedures in place to guard against personal trading based on non-public portfolio holdings information; and (4) ensure that the disclosure of non-public portfolio holdings information does not create conflicts between the interests of the Trust's shareholders and those of the Trust's service providers.

Each Fund publicly discloses to the SEC its complete portfolio holdings on Form N-PORT, at the end of the first and third quarter of the Funds' fiscal year, and on Form N-CSR, at the end of the second and fourth quarters of the Funds' fiscal year within 60 days of the end of each quarter. Each Fund also posts to the Funds' website and otherwise disseminates its complete portfolio holdings approximately 30 days after each calendar quarter-end, and may publish on the Funds' website complete or select portfolio holdings and related analytical information more frequently if it has a legitimate business purpose for doing so. The Funds also may release fact sheets and other sales material immediately after each calendar quarter-end that include top 10 holdings for Funds with more than 10 holdings, and the top holdings for Funds with fewer than 10 holdings.

Under certain circumstances, as described below, each Fund's non-public portfolio holdings information may be disclosed to, or known by, certain third parties in advance of it being made available to the public, as frequently as daily. In each case, a determination has been made that such advance disclosure is supported by a legitimate business purpose and that the recipient is subject to a duty to keep the information confidential.

**The Adviser**. Personnel of the adviser, including personnel responsible for managing a Fund's portfolio, may have full daily access to Fund portfolio holdings since that information is necessary in order for the adviser to provide its management, administrative, and investment services to the Fund. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as well as for the assistance of the portfolio managers in the trading of such securities, personnel of the adviser may also release and discuss certain portfolio holdings with various broker-dealers and registered investment advisers.

**The Sub-Advisers**. Personnel of the Sub-Advisers, including personnel responsible for managing a Fund's portfolio, may have full daily access to Fund portfolio holdings since that information is necessary in order for the Sub-Adviser to provide its investment services to the Fund. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as well as for the assistance of the portfolio managers in the trading of such securities, personnel of the Sub-Adviser may also release and discuss certain portfolio holdings with various broker-dealers and other service providers.

**SEI Investments Global Funds Services** is the administrator for the Funds; therefore, its personnel have full daily access to each Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Apex Fund Services** provides compliance services for the Funds; therefore, its personnel have access to each Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**The Bank of New York Mellon** is custodian for the Funds; therefore, its personnel have full daily access to each Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Cohen & Company, Ltd.** is the Funds' independent registered public accounting firm; therefore, its personnel have access to each Fund's portfolio holdings in connection with auditing of each Fund's annual financial statements and providing assistance and consultation in connection with SEC filings.

**Morgan, Lewis & Bockius LLP** is counsel to the Funds; therefore, its personnel have access to each Fund's portfolio holdings in connection with providing legal services to the Trust.

**Simpson Thacher & Bartlett LLP** is counsel the Trust's Independent Trustees, as defined below; therefore, its personnel have access to each Fund's portfolio holdings in connection with providing legal services to the Independent Trustees.

**Rating and Ranking Organizations.** Each Fund may choose to make its non-public portfolio holdings information available to rating and ranking organizations, including Lipper, Morningstar and Bloomberg.

**Fund of Funds Agreements.** Each Fund may enter into contractual agreements with other investment companies or their affiliates that are required for the Fund, pursuant to an SEC exemption, when the Fund exceeds a specific threshold for owning shares of another fund that is a party to the agreement. The Funds currently have entered into such agreements with AQR Funds, Dimensional Fund Advisors LP, The Vanguard Group, American Century ETF Trust, American Century Investment Management, Inc., Goldman Sachs ETF Trust, iShares Trust, iShares U.S. ETF Trust, iShares U.S. ETF Company, Inc., J.P. Morgan Exchange-Traded Fund Trust, Schwab Strategic Trust, The Select Sector SPDR Trust, SPDR Series Trust and SPDR Index Shares Funds.

**Other Third-Party Service Providers to the Funds.** The Funds may also disclose non-public portfolio holdings information to their Distributor (as defined under the section entitled "The Distributor"), financial printers, proxy voting firms, pricing vendors and other third-party service providers to the Funds who require access to this information to fulfill their duties to the Funds.

The Funds may, from time to time, disclose portfolio holdings information to a proxy solicitation service or to a corporate action service provider, although they typically receive holdings information after that information is already public. The Funds may also, from time to time, disclose portfolio holdings information to trade organizations, such as the Investment Company Institute.

In all cases the third-party service provider receiving the information has agreed in writing (or is otherwise required by professional and/or written confidentiality requirements or fiduciary duty) to keep the information confidential, to use it only for the agreed-upon purpose(s) and not to trade securities on the basis of such information.

**Additional Approved Recipients**. The Trust's President or Chief Legal Officer may approve disclosure of non-public portfolio holdings information to entities or persons other than those described above. In such cases, the recipient must have a legitimate business need for the information, must be subject to a duty to keep the information confidential, and in no event shall the Funds, the adviser or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Funds' portfolio holdings. Any potential conflicts of interests between a Fund's shareholders and affiliated persons of the Funds that arise as a result of a request for portfolio holdings information shall be decided in the best interests of a Fund's shareholders.

**Compliance with Portfolio Holdings Disclosure Procedures**. The Trust's Chief Compliance Officer will report to the Board at its next regularly scheduled meeting all new agreements entered into with a recipient of non-public portfolio holdings information, the reasons for determining to permit such disclosure and any conflicts of interest related to such disclosure that may have arisen.

There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect each Fund from the potential misuse of holdings information by individuals or firms in possession of that information.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws (collectively, the "Governing Documents"), which have been filed with the SEC and are available upon request. The Board consists of six individuals (the "Trustees"), four of whom are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust and the Adviser ("Independent Trustees"). Pursuant to the Governing Documents of the Trust, the Trustees shall elect officers including, but not limited to, a President, a Secretary, a Treasurer, and a Chief Compliance Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

*Board Leadership Structure*. The Board is led by John G. Alshefski, who has served as the Chairman of the Board since September 10, 2025. Under the Trust's Governing Documents, the Chairman of the Board is responsible for (a) presiding at Board meetings, (b) calling special meetings on an as-needed basis, and (c) execution and administration of Trust policies, including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting and between Board meetings. In addition, the Independent Trustees have designated John C. Hunt as the Lead Independent Trustee. The Trust believes that the Chairman, the independent chair of the Audit Committee, and, as an entity, the full Board, provide effective leadership that is in the best interests of the Trust, its series and each shareholder.

*Board Risk Oversight*. The Board includes four Independent Trustees with an Audit Committee, and a Governance and Nominating Committee, each with a separate chair. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from its Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and reporting the risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information.

*Trustee Qualifications*. Generally, the Funds believe that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii) qualifications, (iii) attributes and (iv) skills. The Funds do not believe any one factor is determinative in assessing a Trustee's qualifications, but that collective experience of each Trustee makes them well qualified. Additional information about the qualifications of each Trustee is described in the table below.

*Trustees and Officers*. The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and Officer is SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

**<u>Trustees</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served<sup>(1)</sup>** | **Principal Occupations**<br> **in the Past 5 Years** | **Number of Funds in <br> Fund Complex <br> Overseen<sup>(2)</sup>** | **Other Directorships Held in the Past 5 Years** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John G. Alshefski (Born: 1966)<sup>(3)</sup> | Chairman of the Board of Trustees<br> (since 2025) | Senior Vice President and Head of SEI Investment Manager Services for Traditional Asset Managers, SEI Investments Company, Inc., since 2013. Head of SEI Offshore Fund Servicing Business Line, SEI Investments Company, Inc., from 1996 to 2013. Fund Accounting Director, SEI Investments Company, from 1992 to 1996. | 9 | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, and The Advisors' Inner Circle Fund III.<br>|
| Nichelle Maynard-Elliott<sup>(4)</sup><br> (Born: 1968) | Trustee<br> (since December 2023) | Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019. | 9 | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and The Advisors' Inner Circle Fund III. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman), Legal & General Commodity Strategy Fund Offshore Ltd., Xerox Holdings Corporation and Lucid Group, Inc.<br>Former Directorships: Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. Director of Element Solutions Inc. to 2024. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served<sup>(1)</sup>** | **Principal Occupations**<br> **in the Past 5 Years** | **Number of Funds in <br> Fund Complex <br> Overseen<sup>(2)</sup>** | **Other Directorships Held in the Past 5 Years** |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt<br> (Born: 1951) | Trustee and Lead Independent Trustee<br> (since December 2023) | Retired since 2013. Consultant to Management, Convergent Capital Management, LLC ("CCM") from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012. | 9 | Current Directorships: Trustee of City National Rochdale Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and The Advisors' Inner Circle Fund III. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd.<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |
| Thomas P. Lemke<br> (Born: 1954) | Trustee<br> (since 2018) | Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013. | 9 | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, The Advisors' Inner Circle Fund III and J.P. Morgan Funds (171 Portfolios). Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd.<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served<sup>(1)</sup>** | **Principal Occupations**<br> **in the Past 5 Years** | **Number of Funds in <br> Fund Complex <br> Overseen<sup>(2)</sup>** | **Other Directorships Held in the Past 5 Years** |
| Jay C. Nadel<br> (Born: 1958) | Trustee<br> (since December 2023) | Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001. | 9 | Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, The Advisors' Inner Circle Fund III and Alger Funds. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd. Trustee of Alger Funds since 2024.<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |
| Randall S. Yanker<br> (Born: 1960) | Trustee<br> (since December 2023) | Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004. | 9 | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and The Advisors' Inner Circle Fund III. Independent Non-Executive Director of HFA Holdings Limited. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd.<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Director of Navigator Global Investments Limited to 2020. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |

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(1) Each Trustee shall
 serve until he or she retires, resigns, is removed or dies or until the next meeting of shareholders
 called for the purpose of electing Trustees and until the election and qualification of his
 or her successor.

(2) The term "fund
 complex" means two or more investment companies that: (1) hold themselves out to investors
 as related companies for purposes of investment and investor services; or (2) have a common
 investment adviser or have an investment adviser that is an affiliated person of the investment
 adviser of any of the other registered investment companies.

(3) Mr. Alshefski
 may be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)
 of the 1940 Act, by virtue of his affiliation with the Distributor and/or its affiliates.

(4) Ms. Maynard-Elliott
 is treated as an "interested person" of the Trust, as defined in Section 2(a)(19)
 of the 1940 Act, by virtue of the fact that she has an immediate family member who is considered
 an affiliated person of J.P. Morgan Investment Management Inc. ("JPMIM"), an
 existing sub-adviser to two portfolios of the Trust.

**<u>Officers</u>**

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served** | **Principal Occupations in Past 5 Years** |
| Michael Beattie<br> (Born: 1965) | President<br> (since 2023) | Managing Director, SEI Investments, since 2021. Director of Client Service, SEI Investments, from 2004 to 2021. |
| John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2023) | Fund Accounting Manager, SEI Investments, since 2000. |
| Eric C. Griffith<br> (Born: 1969) | Vice President<br> (since 2023)<br>Secretary <br> (since 2025)  | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |
| Matthew M. Maher<br> (Born: 1975) | Vice President and Assistant Secretary<br> (since 2023) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013. |
| Andrew Metzger<br> (Born: 1980) | Treasurer, Controller and Chief Financial Officer<br> (since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |
| Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2023) | Account Manager, SEI Investments, since 2007. |
| Stephen F. Panner<br> (Born: 1970) | Chief Compliance Officer<br> (since 2023) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since May 2023. Chief Compliance Officer of Symmetry Panoramic Trust since December 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. |
| Alexander F. Smith<br> (Born: 1977) | Vice President and Assistant Secretary<br> (since 2023) | Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |
| Marci M. Morgan<br> (Born: 1971) | Anti-Money Laundering Compliance Officer<br> (since 2025) | Director of Anti-Money Laundering Compliance at SEI since May 2025. Director of Global Due Diligence at SEI from October 2023 to May 2025. Vice President of Regulatory Management at BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing) from December 2001 to January 2006 and from April 2010 to February 2023. |

---

 

 

*Audit Committee*. The Board has an Audit Committee that consists solely of four of the Trustees, all of whom are not "interested persons" of the Trust within the meaning of the 1940 Act. Mr. Nadel is the Chair of the Audit Committee. The Audit Committee's responsibilities include, among other things: (i) the selection, retention or termination of the Trust's independent auditors and approval of audit and non-audit services to be provided by the independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter. For the fiscal year ended August 31, 2025, the Audit Committee of the current Board met four (4) times.

*Governance and Nominating Committee*. The Board has a Governance and Nominating Committee that consists solely of four of the Trustees, all of whom are not "interested persons" of the Trust within the meaning of the 1940 Act. Mr. Lemke is the Chair of the Governance and Nominating Committee. The Governance and Nominating Committee's responsibilities include, among other things: (1) oversight of the organization and performance of the Board and identify, review and nominate candidates to serve as Independent Trustees on the Board; (2) periodically review the composition of the Board to determine whether to add new Trustees; (3) to monitor information submitted to the Board by individual trustees that may impact independence and make recommendations to the Board regarding action, if any, that may be required in view of such information; (4) review the membership of each committee established by the Board; (5) oversee the process for evaluating the functioning of the Board, including an annual peer review; (6) review annually the compensation of the Independent Trustees and recommend to the Board any proposed changes in the schedule of compensation; (7) review and make recommendations to the Board regarding the Board Governance Policy; and (8) review its operations periodically and recommend changes to the charter to the Board as appropriate. The Governance and Nominating Committee will consider nominees recommended by shareholders. Recommendations should be submitted to the Committee care of the Company's Secretary. For the fiscal year ended August 31, 2025, the Governance and Nominating Committee of the current Board met two (2) times.

Compensation of Trustees. The following table shows compensation amounts paid by the Funds to the Trustees of the Board for the fiscal year ended August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Position** | **Aggregate**<br> **Compensation**<br> **From Trust** | **Pension or <br> Retirement Benefits <br> Accrued As Part of <br> Trust Expenses** | **Annual Benefits <br> Upon Retirement** | **Total Compensation <br> from Trust and Fund <br> Complex Paid <br> to Trustees** |
| *Interested Trustees:* |  |  |  |  |
| John G. Alshefski | N/A | N/A | N/A | N/A |
| Nichelle Maynard-Elliott | $201925.00 | N/A | N/A | $201925.00 |
| *Independent Trustees:* |  |  |  |  |
| Jon C. Hunt | $201925.00 | N/A | N/A | $201925.00 |
| Thomas P. Lemke | $201925.00 | N/A | N/A | $201925.00 |
| Jay C. Nadel | $201925.00 | N/A | N/A | $201925.00 |
| Randall S. Yanker | $201925.00 | N/A | N/A | $201925.00 |

---

N/A – not applicable

None of the executive officers receive compensation from the Trust. The Trust does not have a bonus, profit sharing, deferred compensation, pension or retirement plan.

Trustees' Ownership of Shares in the Funds. As of December 31, 2024, the Trustees beneficially owned the following amounts in each Fund and the Symmetry Panoramic Trust:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of**<br> **Equity Securities in<br> the Symmetry<br> Panoramic US<br> Equity Fund** | **Dollar Range of <br> Equity Securities in <br> the Symmetry <br> Panoramic <br> International Equity <br> Fund** | **Dollar Range of<br> Equity Securities in**<br> **the Symmetry<br> Panoramic Global**<br> **Equity Fund** | **Dollar Range of Equity <br> Securities in the <br> Symmetry Panoramic <br> Tax-Managed Global <br> Equity Fund** |
| John G. Alshefski | $0 | $0 | $0 | $0 |
| Nichelle Maynard-Elliott | $0 | $0 | $0 | $0 |
| Jon C. Hunt | $0 | $0 | $0 | $0 |
| Thomas P. Lemke | $0 | $0 | $0 | $0 |
| Jay C. Nadel | $0 | $0 | $0 | $0 |
| Randall S. Yanker | $0 | $0 | $0 | $0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of <br> Trustee** | **Dollar Range**<br> **of Equity**<br> **Securities in the**<br> **Symmetry US**<br> **Systematic**<br> **Fixed**<br> **Income Fund** | &nbsp;&nbsp;&nbsp;**Dollar Range of**<br> **Equity Securities in**<br> **the Symmetry**<br> **Panoramic**<br> **Municipal Fixed**<br> **Income Fund** | **Dollar Range of <br> Equity Securities <br> in the Symmetry <br> Panoramic <br> Global Systematic <br> Fixed <br> Income Fund** | **Dollar Range of <br> Equity Securities in <br> the Symmetry <br> Panoramic <br> Alternatives Fund** | **Aggregate Dollar**<br> **Range of Equity**<br> **Securities in All**<br> **Registered**<br> **Investment**<br> **Companies**<br> **Overseen by**<br> **Trustee in Family<br> of Investment<br> Companies** |
| John G. Alshefski | $0 | $0 | $0 | $0 | $0 |
| Nichelle Maynard-Elliott | $0 | $0 | $0 | $0 | $0 |
| Jon C. Hunt | $0 | $0 | $0 | $0 | $0 |
| Thomas P. Lemke | $0 | $0 | $0 | $0 | $0 |
| Jay C. Nadel | $0 | $0 | $0 | $0 | $0 |
| Randall S. Yanker | $0 | $0 | $0 | $0 | $0 |

---

*Management Ownership*

 

As of December 1, 2025, the Trustees of the Board and officers, as a group, owned less than 1% of the outstanding shares of each Fund and of the Trust as a whole.

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control.

The following table provides the name and address of any person who owns of record or beneficially 5% or more of the outstanding shares of the Funds as of December 10, 2025.

---

| | |
|:---|:---|
| **Symmetry Panoramic US Equity Fund** | **Symmetry Panoramic US Equity Fund** |
| **Name and Address** | **% Owned** |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENE OF OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 63.01% |
| E TRADE SAVINGS BANK<br> FBO 142<br> PO BOX 6503<br> ENGLEWOOD, CO 80155-6503 | 15.13% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 9.71% |
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 8.82% |

---

---

| | |
|:---|:---|
| **Symmetry Panoramic International Equity Fund** | **Symmetry Panoramic International Equity Fund** |
| **Name and Address** | **% Owned** |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENE OF OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 63.51% |
| E TRADE SAVINGS BANK<br> FBO 142<br> PO BOX 6503<br> ENGLEWOOD, CO 80155-6503 | 15.48% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105<br>| 9.32% |
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 8.78% |
| **Symmetry Panoramic Global Equity Fund** | **Symmetry Panoramic Global Equity Fund** |
| **Name and Address** | **% Owned** |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENE OF OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 63.53% |
| E TRADE SAVINGS BANK<br> FBO 142<br> PO BOX 6503<br> ENGLEWOOD, CO 80155-6503 | 15.34% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105<br>| 9.39% |
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 8.9% |

---

---

| | |
|:---|:---|
| **Symmetry Panoramic Tax-Managed Global Equity Fund** | **Symmetry Panoramic Tax-Managed Global Equity Fund** |
| **Name and Address** | **% Owned** |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENE OF OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 56.21% |
| E TRADE SAVINGS BANK<br> FBO 142<br> PO BOX 6503<br> ENGLEWOOD, CO 80155-6503 | 16.14% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 13.56% |
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 8.04% |
| **Symmetry Panoramic US Fixed Income Fund** | **Symmetry Panoramic US Fixed Income Fund** |
| **Name and Address** | **% Owned** |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENE OF OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 54.00% |
| E TRADE SAVINGS BANK<br> FBO 142<br> PO BOX 6503<br> ENGLEWOOD, CO 80155-6503 | 20.55% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105<br>| 13.76% |
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 9.05% |

---

---

| | |
|:---|:---|
| **Symmetry Panoramic Municipal Fixed Income Fund** | **Symmetry Panoramic Municipal Fixed Income Fund** |
| **Name and Address** | **% Owned** |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENE OF OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 48.81% |
| E TRADE SAVINGS BANK<br> FBO 142<br> PO BOX 6503<br> ENGLEWOOD, CO 80155-6503 | 19.98% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 13.60% |
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 12.60% |
| **Symmetry Panoramic Global Fixed Income Fund** | **Symmetry Panoramic Global Fixed Income Fund** |
| **Name and Address** | **% Owned** |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENE OF OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 58.69% |
| E TRADE SAVINGS BANK<br> FBO 142<br> PO BOX 6503<br> ENGLEWOOD, CO 80155-6503 | 18.17% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105<br>| 10.65% |
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 9.86% |
| **Symmetry Panoramic Alternatives Fund** | **Symmetry Panoramic Alternatives Fund** |
| **Name and Address** | **% Owned** |
| E TRADE SAVINGS BANK<br> FBO 142<br> PO BOX 6503<br> ENGLEWOOD, CO 80155-6503 | 51.55% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 23.94% |
| LPL FINANCIAL<br> FBO CUSTOMER ACCOUNTS<br> ATTN MUTUAL FUND OPERATIONS<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121-3091  | 15.60% |

---

 **INVESTMENT ADVISER AND SUB-ADVISERS**

*Investment Adviser and Investment Advisory Agreement*

 

Symmetry Partners, LLC, located at 151 National Drive, Glastonbury, Connecticut 06033, serves as investment adviser to each of the Funds. Subject to the authority of the Board, the Adviser is responsible for the overall management of each Fund's business affairs.

Under the Investment Advisory Agreement, the Adviser, under the oversight of the Board, agrees to invest the assets of each Fund in accordance with applicable law and the investment objective, policies and restrictions set forth in the Funds' current Prospectus and SAI, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser. The Adviser shall act as the investment adviser to each Fund and, as such shall: (i) provide a program of continuous investment management for each Fund with regard to the Fund's investment of its assets in accordance with the Fund's investment objectives, policies and limitations; (ii) make investment decisions for each Fund, including, but not limited to, the selection and management of investment sub-advisers for the Fund, in which case any of the duties of the Adviser set forth herein may be delegated to such investment sub- advisers subject to approval by the Board; (iii) if one or more investment sub-advisers are appointed with respect to a Fund, monitor and evaluate the performance of such investment sub-advisers under their respective sub-advisory agreements in light of the investment objectives and policies of the Fund, and render to the Trustees such periodic and special reports related to such performance monitoring as the Trustees may reasonably request, and analyze and recommend changes in investment sub-advisers as the Adviser may deem appropriate; (iv) place orders to purchase and sell investments for each Fund; and (v) provide office space, secretarial and clerical services and wire and telephone services necessary to provide the investment advisory duties described above and in the Investment Advisory Agreement.

The following table sets forth the annual management fee rate payable by each Fund to the Adviser pursuant to the Investment Advisory Agreement, expressed as a percentage of each Fund's average daily net assets:

---

| | |
|:---|:---|
| **FUND** | **ADVISORY FEE** |
| Symmetry Panoramic US Equity Fund | 0.55% |
| Symmetry Panoramic International Equity Fund | 0.70% |
| Symmetry Panoramic Global Equity Fund | 0.63% |
| Symmetry Panoramic Tax-Managed Global Equity Fund | 0.65% |
| Symmetry Panoramic US Systematic Fixed Income Fund | 0.45% |
| Symmetry Panoramic Municipal Fixed Income Fund | 0.47% |
| Symmetry Panoramic Global Systematic Fixed Income Fund | 0.52% |
| Symmetry Panoramic Alternatives Fund | 1.29% |

---

For its services to the Funds, the Adviser is entitled to receive an annual fee equal to the percentages of each Fund's average daily net assets in the table above. The advisory fee is allocated to each class shares of a Fund based upon the relative proportion of the Fund's net assets represented by that class. In addition to the investment advisory fee, 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 fee is computed daily and payable monthly.

The Adviser has contractually agreed to reduce each Fund's fees and/or to make payments to limit Fund expenses until at least December 31, 2026 to ensure that other expenses of each of the Funds (exclusive of advisory fees, any taxes, dividend expense on securities sold short, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) do not exceed the following expense ratios:

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Cap** | **Minimum Duration** |
| Symmetry Panoramic US Equity Fund I | 0.58% | December 31, 2026 |
| Symmetry Panoramic International Equity Fund I | 0.63% | December 31, 2026 |
| Symmetry Panoramic Global Equity Fund I | 0.66% | December 31, 2026 |
| Symmetry Panoramic Tax-Managed Global Equity Fund I | 0.50% | December 31, 2026 |
| Symmetry Panoramic US Systematic Fixed Income Fund I | 0.50% | December 31, 2026 |
| Symmetry Panoramic Municipal Fixed Income Fund I | 0.39% | December 31, 2026 |
| Symmetry Panoramic Global Systematic Fixed Income Fund I | 0.58% | December 31, 2026 |
| Symmetry Panoramic Alternatives Fund I | 0.50% | December 31, 2026 |

---

Prior to December 31, 2025, the Adviser had contractually agreed to reduce each Fund's fees and/or to absorb expenses to ensure that total annual Fund operating expenses after expense waiver and reimbursement of each of the Funds (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses such as litigation expenses) did not exceed the following expense ratios:

---

| | |
|:---|:---|
| **Fund** | **Expense Cap (Prior to December 31, 2025)** |
| 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 Systematic Fixed Income Fund | 0.52% |
| Symmetry Panoramic Municipal Fixed Income Fund | 0.41% |
| Symmetry Panoramic Global Systematic Fixed Income Fund | 0.57% |
| Symmetry Panoramic Alternatives Fund | 0.50% |

---

The fee waiver and expense reimbursement with respect to a Fund is subject to possible recoupment by the Adviser from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved without exceeding the current expense limit for the Fund as well as the expense limit in effect at the time of the waiver or reimbursement. Fee waiver and expense reimbursement arrangements can decrease a Fund's expenses and increase its performance.

Expenses not expressly assumed by the Adviser under the Investment Advisory Agreement are paid by the Funds. Under the terms of the Investment Advisory Agreement, each Fund is responsible for the payment of the following expenses among others: (a) the fees payable to the Adviser; (b) the fees and expenses of Trustees who are not affiliated persons of the Adviser or Distributor (as defined under the section entitled "The Distributor"); (c) the fees and certain expenses of the Custodian (as defined under the section entitled "Custodian") and Transfer and Dividend Disbursing Agent (as defined under the section entitled "Transfer Agent"), including the cost of maintaining certain required records of the Fund and of pricing the Fund's shares; (d) the charges and expenses of legal counsel and independent accountants for the Fund; (e) brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with its securities transactions, (f) all taxes and corporate fees payable by the Fund to governmental agencies; (g) the fees of any trade association of which the Fund may be a member; (h) the cost of share certificates representing shares of the Fund; (i) the cost of fidelity and liability insurance; (j) the fees and expenses involved in registering and maintaining registration of the Fund and of shares with the SEC, qualifying its shares under state securities laws, including the preparation and printing of the Fund's registration statements and prospectuses for such purposes; (k) all expenses of shareholders and Trustees' meetings (including travel expenses of trustees and officers of the Trust who are directors, officers or employees of the Adviser) and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders in the amount necessary for distribution to the shareholders; and (l) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

The Investment Advisory Agreement will continue in effect with respect to a Fund for two years initially and thereafter shall continue from year to year with respect to that Fund provided such continuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the majority vote of either all of the Trustees or the vote of a majority of the outstanding shares of the Fund. The Investment Advisory Agreement may be terminated without penalty on 60 days' written notice by a vote of a majority of the Trustees, the Adviser, or by holders of a majority of the Fund's outstanding shares. The Investment Advisory Agreement shall terminate automatically in the event of its assignment.

The Adviser also has contractually agreed to waive its management fee for each of the Funds until at least December 31, 2026 so that the aggregate management fee retained by the Adviser with respect to each of the Funds after payment of sub-advisory fees does not exceed the following:

---

| | |
|:---|:---|
| **FUND** | **ADVISORY FEE** |
| Symmetry Panoramic US Equity Fund | 0.25% |
| Symmetry Panoramic International Equity Fund | 0.25% |
| Symmetry Panoramic Global Equity Fund | 0.25% |
| Symmetry Panoramic Tax-Managed Global Equity Fund | 0.26% |
| Symmetry Panoramic US Systematic Fixed Income Fund | 0.25% |
| Symmetry Panoramic Municipal Fixed Income Fund | 0.25% |
| Symmetry Panoramic Global Systematic Fixed Income Fund | 0.25% |
| Symmetry Panoramic Alternatives Fund | 0.30% |

---

The following table shows the investment advisory fees paid by each Fund for the last three fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Year Ended <br> August 31, 2023** | **Year Ended <br> August 31, 2024** | **Year Ended <br> August 31, 2025** |
| Symmetry Panoramic US Equity Fund | $2863699 | $2662547 | $2293531 |
| Symmetry Panoramic International Equity Fund | $1899873 | $1725771 | $1515433 |
| Symmetry Panoramic Global Equity Fund | $3133618 | $2844259 | $2470242 |
| Symmetry Panoramic Tax-Managed Global Equity Fund | $846509 | $917910 | $948384 |
| Symmetry Panoramic US Systematic Fixed Income Fund | $1059941 | $888282 | $751832 |
| Symmetry Panoramic Municipal Fixed Income Fund | $192314 | $179273 | $168062 |
| Symmetry Panoramic Global Systematic Fixed Income Fund | $1888557 | $1625411 | $1392852 |
| Symmetry Panoramic Alternatives Fund | $332717 | $112498 | $92751 |

---

The following table shows the investment advisory fees contractually waived by each Fund for the last three fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Year Ended <br> August 31, 2023** | **Year Ended <br> August 31, 2024** | **Year Ended <br> August 31, 2025** |
| Symmetry Panoramic US Equity Fund | $1038937 | $955419 | $769599 |
| Symmetry Panoramic International Equity Fund | $884312 | $796038 | $602010 |
| Symmetry Panoramic Global Equity Fund | $1333700 | $1188352 | $907939 |
| Symmetry Panoramic Tax-Managed Global Equity Fund | $507904 | $550744 | $565640 |
| Symmetry Panoramic US Systematic Fixed Income Fund | $471088 | $305579 | $193838 |
| Symmetry Panoramic Municipal Fixed Income Fund | $90019 | $83915 | $79925 |
| Symmetry Panoramic Global Systematic Fixed Income Fund | $980601 | $662019 | $434629 |
| Symmetry Panoramic Alternatives Fund | $255341 | $86336 | $75880 |

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***Sub-Advisers and Investment Sub-Advisory Agreements***

 ****

The Adviser has engaged AQR Capital Management, LLC to provide sub-advisory services to each of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund. AQR's principal place of business is One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830. AQR was founded in 1998. As of September 30, 2025, AQR and its affiliates had approximately $166.1 billion in assets under management. AQR is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., M.B.A., may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

The Adviser has engaged Dimensional Fund Advisors LP to provide sub-advisory services to the Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund. However, the Adviser has not yet allocated any assets to DFA with respect to the Symmetry Panoramic International Equity Fund. DFA's principal place of business is 6300 Bee Cave Road, Building One, Austin, TX 78746. DFA has been engaged in the business of providing investment management services since May 1981. DFA is currently organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation. As of September 30, 2025, DFA and its affiliates had assets under management of approximately $915 billion.

The Adviser has engaged J.P. Morgan Investment Management Inc. to provide sub-advisory services to the Symmetry Panoramic US Systematic Fixed Income Fund and the Symmetry Panoramic Global Systematic Fixed Income Fund. JPMIM's principal place of business is 270 Park Avenue, New York, NY 10017. JPMIM is an investment management firm that employs a disciplined multi-asset, global research process. As of September 30, 2025, JPMIM had assets under management of approximately $3.9 trillion.

The Adviser has also engaged Vident Asset Management to serve as a trading sub-adviser for 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 Municipal Fixed Income Fund, and Symmetry Panoramic Alternatives Fund, with respect to the Adviser-Managed Sleeves of such Funds. Vident's principal place of business is located at 1125 Sanctuary Pkwy., Suite 515, Alpharetta, Georgia 30009. Vident is owned by Vident Capital Holdings, LLC, which is controlled by MM VAM, LLC. MM VAM, LLC, is owned by Casey Crawford. As of September 30, 2025, Vident had approximately $19.6 billion in assets under management.

Under a sub-advisory agreement between the Adviser and each Sub-Adviser (each, a "Sub-Advisory Agreement"), the responsibilities delegated to each Sub-Adviser include, but are not limited to, authority to purchase and sell securities, and cover open positions, and generally to deal in securities, swaps (including but not limited to interest rate swaps and credit default swaps), financial and commodity futures contracts and options thereon, currency transactions, and other derivatives and investment instruments and techniques as may be permitted for use by the Funds and consistent with the Funds' Prospectus and SAI, subject to the supervision of the Adviser and the oversight of the Board of Trustees.

Each Sub-Advisory Agreement will continue in effect with respect to a Fund for two years initially and thereafter shall continue from year to year with respect to that Fund provided such continuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the majority vote of either all of the Trustees or the vote of a majority of the outstanding shares of the Funds.

Each Sub-Advisory Agreement may be terminated by a Fund without penalty upon the vote of a majority of the Trustees or by holders of a majority of the Fund's outstanding shares, by the Adviser on 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser on 60 days' written notice to the Trust. Each Sub-Advisory Agreement shall terminate automatically in the event of its assignment.

Under each Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a portion of its fee, calculated daily and paid monthly. The Funds are not responsible for the payment of the sub-advisory fees.

The Funds and the Adviser were granted an exemptive order by the SEC with respect to the Funds that permits the Adviser to engage or terminate a Sub-Adviser, and to enter into and materially amend an existing sub-advisory agreement, upon the approval of the Board, without obtaining shareholder approval. This arrangement was approved by the Board and the Funds' initial shareholder. Consequently, under the exemptive order, the Adviser has the right to hire, terminate and replace Sub-Advisers when the Board and the Adviser believes that a change would benefit a Fund. The exemptive order enables the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory agreements.

The following table shows the aggregate sub-advisory fees paid by the Adviser to the Sub-Advisers with respect to each Fund, expressed in dollars and as a percentage of each Fund's net assets for the last three fiscal years.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Year Ended <br> August 31, 2023** | **Year Ended <br> August 31, 2024** | **Year Ended <br> August 31, 2025** |
| Symmetry Panoramic US Equity Fund | $520803 | $496879 | $428389 |
|  | 0.10% | 0.10% | 0.11% |
| Symmetry Panoramic International Equity Fund | $337036 | $313387 | $276177 |
|  | 0.12% | 0.13% | 0.12% |
| Symmetry Panoramic Global Equity Fund | $556423 | $527234 | $464842 |
|  | 0.11% | 0.12% | 0.12% |
| Symmetry Panoramic Tax-Managed Global Equity Fund | N/A | N/A | N/A |
| Symmetry Panoramic Municipal Fixed Income Fund | N/A | N/A | N/A |
| Symmetry Panoramic US Systematic Fixed Income Fund | N/A | $89215 | $117023 |
|  |  | 0.05% | 0.07% |
| Symmetry Panoramic Global Systematic Fixed Income Fund | N/A | $181940 | $241236 |
| Symmetry Panoramic Global Systematic Fixed Income Fund |  | 0.06% | 0.09% |
| Symmetry Panoramic Alternatives Fund | N/A | N/A | N/A |

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***Codes of Ethics***

 ****

The Trust, the Adviser, the Sub-Advisers and the Distributor each have adopted a code of ethics under Rule 17j-1 under the 1940 Act that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. Under the code of ethics adopted by the Trust (the "Code"), the Trustees are permitted to invest in securities that may also be purchased by each Fund.

In addition, the Trust has adopted a separate code of ethics that applies only to the Trust's executive officers to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds; (iii) compliance with applicable governmental laws, rule and regulations; (iv) the prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and (v) accountability for adherence to the Code.

***Proxy Voting Policies***

 ****

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies to the Adviser and to each Sub-Adviser that has been allocated a portion of a Fund's assets to be managed by that Sub-Adviser, subject to the Board's continuing oversight. The Policies require that the Adviser (or Sub-Adviser) vote proxies received in a manner consistent with the best interests of each Fund and its shareholders. The Policies also require the Adviser (or Sub-Adviser) to present to the Board, at least annually, a copy of the Adviser's (or Sub-Adviser's) proxy voting policies and a record of each proxy voted by the Adviser (or Sub-Adviser) on behalf of each Fund, including a report on the resolution of all proxies identified by the Adviser (or Sub-Adviser) as involving a conflict of interest.

Where a proxy proposal raises a material conflict between the Adviser's (or Sub-Adviser's) interests and a Fund's interests, the Adviser or Sub-Adviser will resolve the conflict by voting in accordance with the policy guidelines or at the client's directive using the recommendation of an independent third party. If the third party's recommendations are not received in a timely fashion, the Adviser or Sub-Adviser will abstain from voting the securities held by that client's account. A copy of the Adviser's and applicable Sub-Advisers' proxy voting policies are attached hereto as Appendices A, B, C and D.

***More Information***

 ****

Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling the Funds at 1-844-Sym-Fund (844-796-3863); (2) by visiting panoramicfunds.com; and (3) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov and will be sent within three business days of receipt of a request.

**THE DISTRIBUTOR**

SEI Investments Distribution Co., located at 1 Freedom Valley Drive, Oaks, PA 19456 (the "Distributor"), serves as the principal underwriter and national distributor for the shares of the Trust pursuant to an underwriting agreement with the Trust (the "Distribution Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of FINRA. The offering of each Fund's shares is continuous. The Distribution Agreement provides that the Distributor, as agent in connection with the distribution of Fund shares, will use reasonable efforts to facilitate the sale of each Fund's shares.

The Distribution Agreement provides that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not interested persons of the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

The Distribution Agreement may be terminated with respect to a Fund at any time, without the payment of any penalty, by vote of a majority of the entire Board of the Trust or by vote of a majority of the outstanding shares of the Fund on 60 days' written notice to the Distributor, or by the Distributor at any time, without the payment of any penalty, on 60 days' written notice to the Fund. The Distribution Agreement will automatically terminate in the event of its assignment.

Pursuant to a letter agreement dated July 17, 2018 between the Distributor and the Adviser, the Adviser (not the Funds) is obligated to pay the Distributor an annual fee of $5,000 as compensation for distribution services.

**PORTFOLIO MANAGERS**

The table below includes details about the type, number, and assets under management for the various types of accounts, and total assets in the accounts with respect to which the advisory fee is based on the performance of the accounts. The information is as of August 31, 2025:

<u>Symmetry Partners, LLC</u>

*John McDermott, Ph.D.*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 10393 | $2.690 billion | 0 | $0 |

---

*Rebecca Cioban, CFA*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 10393 | $2.690 billion | 0 | $0 |

---

*Kevin Scully, CFA*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $2.690 billion | 0 | $0 |

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*Conflicts of Interest*

 

The Portfolio Managers' management of "other accounts" may give rise to potential conflicts of interest in connection with the management of the Funds' investments, on the one hand, and the investments of the Portfolio Managers' other accounts, on the other. The other accounts may have the same investment objectives as the Funds. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the Portfolio Managers could favor one account over another. Another potential conflict could include the Portfolio Managers' knowledge about the size, timing, and possible market impact of Fund trades, whereby the Portfolio Managers could use this information to the advantage of other accounts and to the disadvantage of the Funds. However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts managed by the Portfolio Managers are fairly and equitably allocated.

*Compensation*

 

The Portfolio Managers are compensated by the Adviser and do not receive any compensation directly from the Funds. The Portfolio Managers receive a base salary and are eligible to earn discretionary bonuses from time to time. The availability and amount of any bonus will be based on factors such as the Adviser's profitability, each Portfolio Manager's individual performance and team contribution.

*Ownership of Securities*

 

For the most recently completed fiscal year ended August 31, 2025, the table below provides beneficial ownership of shares by the portfolio managers of each Fund they manage (None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000, or over $1,000,000).

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| | | |
|:---|:---|:---|
| **Shares**<br> **Beneficially Owned By** | &nbsp;&nbsp;&nbsp;**Fund(s)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dollar Range of Shares<br> Beneficially Owned by Portfolio<br> Manager Because of Direct or<br> Indirect Pecuniary Interest** |
| Rebecca Cioban |  |  |
| John McDermott | &nbsp;&nbsp;&nbsp;Symmetry Panoramic US Equity Fund | $500001-$1000000 |
|  | &nbsp;&nbsp;&nbsp;Symmetry Panoramic International Equity Fund | $100001-$500000 |
|  | &nbsp;&nbsp;&nbsp;Symmetry Panoramic Global Equity Fund | $500001-$1000000 |
|  | &nbsp;&nbsp;&nbsp;Symmetry Panoramic Alternatives Fund | $100001-$500000 |
|  | &nbsp;&nbsp;&nbsp;Symmetry Panoramic US Systematic Fixed Income Fund | $1-$10000 |
|  | &nbsp;&nbsp;&nbsp;Symmetry Panoramic Global Systematic Fixed Income Fund | $50001-$100000 |
| Kevin Scully |  |  |

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<u>AQR Capital Management, LLC</u>

The following table sets forth other accounts for which the Sub-Adviser portfolio managers to Symmetry Panoramic U.S. Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund were primarily responsible for the day-to-day portfolio management as of August 31, 2025.

*Michele Aghassi, Ph.D.*

 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 18 | $15999323793 | 1 | $148501271 |
| Other Pooled Investment Vehicles | 78 | $28968788393 | 18 | $13238409470 |
| Other Accounts | 124 | $66763403880 | 17 | $10755167472 |

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*Andrea Frazzini, Ph.D., M.S.*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 27 | $20279938905 | 1 | $148501271 |
| Other Pooled Investment Vehicles | 158 | $58267995043 | 59 | $27331174133 |
| Other Accounts | 125 | $66860403880 | 17 | $10755167472 |

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*John Huss*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 30 | $21549309594 | 1 | $148501271 |
| Other Pooled Investment Vehicles | 159 | $58462263245 | 60 | $27531442334 |
| Other Accounts | 125 | $66860403880 | 17 | $10755167472 |

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*Nathan Sosner, Ph.D.*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 6 | $889697004 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | 0 | 0 | 0 |
| Other Accounts | 1 | $134691585 | 0 | 0 |

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*Conflicts of Interest*

 

Each of the portfolio managers is also responsible for managing other accounts in addition to the Funds, including other accounts of the Sub-Adviser or its affiliates. Other accounts may include, without limitation, separately managed accounts for foundations, endowments, pension plans, and high net-worth families; registered investment companies; unregistered investment companies relying on either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (such companies are commonly referred to as "hedge funds"); foreign investment companies; and may also include accounts or investments managed or made by the portfolio managers in a personal or other capacity ("Proprietary Accounts"). Management of other accounts in addition to a Fund can present certain conflicts of interest, as described below.

From time to time, potential conflicts of interest may arise between a portfolio manager's management of the investments of a Fund, on the one hand, and the management of other accounts (including, for purposes of this discussion, other funds and Proprietary Accounts), on the other. The other accounts might have similar investment objectives or strategies as a Fund, or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of a Fund's trades. A potential conflict of interest exists where portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of a Fund.

A number of potential conflicts of interest may arise as a result of the Sub-Adviser's or portfolio manager's management of a number of accounts with similar investment strategies. Often, an investment opportunity may be suitable for both a Fund and other accounts, but may not be available in sufficient quantities for both the Fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a Fund and another account. In circumstances where the amount of total exposure to a strategy or investment type across accounts is, in the opinion of the Sub-Adviser, capacity constrained, the availability of the strategy or investment type for the Funds and other accounts may be reduced in the Sub-Adviser's discretion. A Fund may therefore have reduced exposure to a capacity constrained strategy or investment type, which could adversely affect the Fund's return. The Sub-Adviser is not obligated to allocate capacity pro rata and may take its financial interests into account when allocating capacity among the Funds and other accounts.

Another conflict could arise where different account guidelines and/or differences within particular investment strategies lead to the use of different investment practices for portfolios with a similar investment strategy. The Sub-Adviser will not necessarily purchase or sell the same instruments at the same time or in the same direction (particularly if different accounts have different strategies), or in the same proportionate amounts for all eligible accounts (particularly if different accounts have materially different amounts of capital under management, different amounts of investable cash available, different investment restrictions, or different risk tolerances). As a result, although the Sub-Adviser manages numerous accounts and/or portfolios with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. The Sub-Adviser may, from time to time, implement new trading strategies or participate in new trading strategies for some but not all accounts, including the Funds. Strategies may not be implemented in the same manner among accounts where they are employed, even if the strategy is consistent with the objectives of such accounts. In certain circumstances, investment opportunities that are in limited supply and/or have limited return potential in light of administrative costs of pursuing such investments (e.g., IPOs) are only allocated to accounts where the given opportunity is more closely aligned with the applicable strategy and/or trading approach.

Whenever decisions are made to buy or sell investments by a Fund and one or more other accounts simultaneously, the Sub-Adviser or portfolio manager may aggregate the purchases and sales of the investments and will allocate the transactions in a manner that it believes to be equitable under the circumstances. To this end, the Sub-Adviser has adopted policies and procedures that are intended to ensure that investment opportunities are allocated equitably among accounts overtime. As a result of the allocations, there may be instances where a Fund will not participate in a transaction that is allocated among other accounts or a Fund may not be allocated the full amount of the investments sought to be traded. These aggregation and allocation policies could have a detrimental effect on the price or amount of the investments available to a Fund from time to time. Subject to applicable laws and/or account restrictions, the Sub-Adviser may buy, sell or hold securities for other accounts while entering into a different or opposite investment decision for one or more Funds.

To the extent that a Fund holds interests in an issuer that are different (or more senior or junior) than, or potentially adverse to, those held by other accounts, the Sub-Adviser may be presented with investment decisions where the outcome would benefit one account and would not benefit or would harm the other account. This may include, but is not limited to, an account investing in a different security of an issuer's capital structure than another account, an account investing in the same security but on different terms than another account, an account obtaining exposure to an investment using different types of securities or instruments than another account, an account engaging in short selling of securities that another account holds long, an account voting securities in a different manner than another account, and/or an account acquiring or disposing of its interests at different times than another account. This could have a material adverse effect on, or in some instances could benefit, one or more of such accounts, including accounts that are affiliates of the Sub-Adviser, accounts in which the Sub-Adviser has an interest, or accounts which pay the Sub-Adviser higher fees or a performance fee. These transactions or investments by one or more accounts could dilute or otherwise disadvantage the values, prices, or investment strategies of such accounts. When the Sub-Adviser, on behalf of an account, manages or implements a portfolio decision ahead of, or contemporaneously with, portfolio decisions of another account, market impact, liquidity constraints, or other factors could result in such other account receiving less favorable pricing or trading results, paying higher transaction costs, or being otherwise disadvantaged. In addition, in connection with the foregoing, the Sub-Adviser, on behalf of an account, is permitted to pursue or enforce rights or actions, or refrain from pursuing or enforcing rights or actions, with respect to a particular issuer in which action could materially adversely affect such other account.

In addition, when a Fund and other accounts hold investments in the same issuer (including at the same place in the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work- outs or other activities related to its investment in the issuer. As a result, a Fund may not be permitted by law to make the same investment decisions as other accounts in the same or similar situations even if the Sub-Adviser believes it would be in the Fund's best economic interests to do so. A Fund may be prohibited by applicable law from investing in an issuer (or an affiliate) that other accounts are also investing in or currently invest in even if the Sub-Adviser believes it would be in the best economic interests of the Fund to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with issuers that the Sub-Adviser considers to be at risk of default and restructuring or workouts with debt holders, which may include a Fund and other accounts. In some cases, to avoid the potential of future prohibited transactions, the Sub-Adviser may avoid allocating an investment opportunity to a Fund that it would otherwise recommend, subject to the Sub-Adviser's then-current allocation policy and any applicable exemptions. In certain circumstances, the Sub-Adviser may be restricted from transacting in a security or instrument because of material non-public information received in connection with an investment opportunity that is offered to the Sub-Adviser or an affiliate of the Sub-Adviser. In other circumstances, the Sub-Adviser will not participate in an investment opportunity to avoid receiving material non-public information that would restrict the Sub-Adviser from transacting in a security or instrument. These restrictions may adversely impact a Fund's performance.

The Sub-Adviser and the Funds' portfolio managers may also face a conflict of interest where some accounts pay higher fees to the Sub-Adviser than others, as they may have an incentive to favor accounts with the potential for greater fees. For instance, the entitlement to a performance fee in managing one or more accounts may create an incentive for the Sub-Adviser to take risks in managing assets that it would not otherwise take in the absence of such arrangements. Additionally, since performance fees reward the Sub-Adviser for performance in accounts which are subject to such fees, the Sub-Adviser may have an incentive to favor these accounts over those that have only fixed asset-based fees, such as the Funds, with respect to areas such as trading opportunities, trade allocation, and allocation of new investment opportunities.

The Sub-Adviser has implemented specific policies and procedures (e.g., a code of ethics and trade allocation policies) that seek to address potential conflicts of interest that may arise in connection with the management of the Funds and other accounts and that are designed to ensure that all accounts, including the Funds, are treated fairly and equitably over time.

*Compensation.*

 

The compensation for each of the portfolio managers that is a Principal of the Sub-Adviser is in the form of distributions based on the net income generated by the Sub-Adviser and each Principal's relative ownership in the Sub-Adviser. A Principal's relative ownership in the Sub-Adviser is based on a number of factors including contribution to the research process, leadership and other contributions to the Sub-Adviser. There is no direct linkage between assets under management, fund performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues and presumably net income allocable to the Principal. Each portfolio manager is also eligible to participate in the Sub-Adviser's 401(k) retirement plan which is offered to all employees of the Sub-Adviser.

*Ownership of Securities*

 

As of August 31, 2025, the portfolio managers of the Sub-Adviser did not beneficially own shares of any of the Funds.

<u>Dimensional Fund Advisors LP</u>

The following table sets forth other accounts for which the DFA portfolio managers to Symmetry Panoramic US Equity Fund and Symmetry Panoramic Global Equity Fund were primarily responsible for the day-to-day portfolio management. This information is as of August 31, 2025.

*Jed S. Fogdall*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 130 | $621.2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 29 | $36.8 billion | 1 | $197.9 million |
| Other Accounts | 1631 | $39.3 billion | 4 | $1.50 billion |

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*Allen Pu*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 70 | $329.7 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 16 | $27.9 billion | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

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*John A. Hertzer*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 32 | $212.2 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 3 | $6.9 billion | 0 | $0 |
| Other Accounts | 2 | $9.3 billion | 0 | $0 |

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*Conflicts of Interest*

 

Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to multiple accounts. In addition to the Funds, other accounts include registered mutual funds and exchange-traded funds, unregistered pooled investment vehicles, and accounts managed for organizations and individuals ("Accounts"). An Account may have a similar investment objective to the Funds, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by the Funds. Actual or apparent conflicts of interest include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Time Management.** The management
 of multiple Accounts may result in a portfolio manager devoting unequal time and attention
 to the management of the Funds and/or Accounts. DFA seeks to manage such competing interests
 for the time and attention of portfolio managers by having portfolio managers focus on a
 particular investment discipline. Most Accounts managed by a portfolio manager are managed
 using the same investment approaches that are used in connection with the management of the
 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Opportunities.** It
 is possible that at times identical securities will be held by both the Funds and one or
 more Accounts. However, positions in the same security may vary and the length of time that
 the Funds or an Account may choose to hold its investment in the same security may likewise
 vary. If a portfolio manager identifies a limited investment opportunity that may be suitable
 for the Funds and one or more Accounts, the Funds may not be able to take full advantage
 of that opportunity due to an allocation of filled purchase or sale orders across all eligible
 Accounts. To deal with these situations, DFA has adopted procedures for allocating portfolio
 transactions across the Funds and Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;• **Broker Selection.** With respect
 to securities transactions for the Funds, DFA determines which brokers to use to execute
 each order, consistent with its duty to seek best execution of the transaction. However,
 with respect to certain Accounts (such as separate accounts), DFA may be limited by the client
 with respect to the selection of brokers or may be instructed to direct trades through a
 particular broker. In these cases, DFA or its affiliates may place separate, non-simultaneous,
 transactions for the Funds and an Account that may temporarily affect the market price of
 the security or the execution of the transaction, or both, to the detriment of the Funds
 or the Account.

&nbsp;&nbsp;&nbsp;&nbsp;• **Performance-Based Fees.** For
 some Accounts, DFA may be compensated based on the profitability of the Account, such as
 by a performance-based management fee. These incentive compensation structures may create
 a conflict of interest for DFA with regard to Accounts where DFA is paid based on a percentage
 of assets because the portfolio manager may have an incentive to allocate securities preferentially
 to the Accounts where DFA might share in investment gains.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in an Account.** A
 portfolio manager or his/her relatives may invest in an Account that he or she manages, and
 a conflict may arise where he or she may therefore have an incentive to treat the Account
 in which the portfolio manager or his/her relatives invest preferentially as compared to
 the Funds or other Accounts for which he or she has portfolio management responsibilities.

DFA has adopted certain compliance procedures that are reasonably designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

*Compensation*

 

DFA's portfolio managers receive a base salary and bonus. Compensation of a portfolio manager is determined at the discretion of DFA and is based on a portfolio manager's experience, responsibilities, the perception of the quality of his or her work efforts and other subjective factors. The compensation of portfolio managers is not directly based upon the performance of the funds or other accounts that the portfolio managers manage. DFA reviews the compensation of each portfolio manager annually and may make modifications in compensation as its Compensation Committee deems necessary to reflect changes in the market. Each portfolio manager's compensation consists of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• **Base salary.** Each portfolio manager is paid a base salary. DFA considers the factors described above
 to determine each portfolio manager's base salary.

&nbsp;&nbsp;&nbsp;&nbsp;• **Annual Bonus.** Each portfolio manager may receive an annual bonus. The amount of the bonus paid to each
 portfolio manager is based upon the factors described above.

Portfolio managers may be awarded the right to purchase restricted shares of the stock of DFA, as determined from time to time by DFA's Board or its delegates. Portfolio managers also participate in benefit and retirement plans and other programs available generally to all employees.

In addition, portfolio managers may be given the option of participating in DFA's Long Term Incentive Plan. The level of participation for eligible employees may be dependent on overall level of compensation, among other considerations. Participation in this program is not based on or related to the performance of any individual strategies or any particular client accounts.

*Ownership of Securities*

 

As of August 31, 2025, the portfolio managers of the Sub-Adviser did not beneficially own shares of any of the Funds.

<u>J.P. Morgan Investment Management Inc.</u>

The following table sets forth other accounts for which the JPMIM portfolio managers to Symmetry Panoramic US Systematic Fixed Income Fund and Symmetry Panoramic Global Systematic Fixed Income Fund were primarily responsible for the day-to-day portfolio management. This information is as of August 31, 2025.

*Mark Willauer, CFA*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of <br> Accounts by <br> Type Subject to<br> a Performance <br> Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 9 | $16,060.37 million | 0 | $0 |
| Other Pooled Investment Vehicles | 22 | $19,313.03 million | 0 | $0 |
| Other Accounts | 4 | $1,253.29 million | 0 | $0 |

---

*Jan Ho*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of <br> Accounts by <br> Type Subject <br> to a Performance <br> Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 11 | $37,306.22 million | 0 | $0 |
| Other Pooled Investment Vehicles | 6 | $11,411.15 million | 0 | $0 |
| Other Accounts | 20 | $8,152.08 million | 0 | $0 |

---

*Santosh Prasad, CFA*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of <br> Accounts by <br> Type Subject to<br> a Performance <br> Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

*Alexander Barcus*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of <br> Accounts by <br> Type Subject to<br> a Performance <br> Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |

---

---

| | | |
|:---|:---|:---|
| Other Accounts | $0 | $0 |

---

*Conflicts of Interest*

 

J.P. Morgan Investment Management Inc. ("JPMIM") and/or its affiliates (the "Affiliates" or "JPMorgan") provide an array of discretionary and non-discretionary investment management services and products to institutional clients (including the Funds) and individual investors. The following describes potential and actual conflicts of interest that JPMorgan can face in the operation of its investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. Additional information about potential conflicts of interest regarding JPMorgan is set forth in JPMorgan's Form ADV. A copy of Part 1 and Part 2A of JPMorgan's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

 

**Acting for Multiple Clien**ts. The potential for conflicts of interest exists when portfolio managers manage a fund and other accounts with similar investment objectives and strategies as the fund ("Other Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities. Responsibility for managing JPMIM's and its Affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when Funds or Other Accounts engage in short sales of the same securities held by a Fund, JPMIM could be seen as harming the performance of a Fund for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which a Fund invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which a Fund has also invested and these activities could have an adverse effect on the Fund. For example, if a Fund holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the Fund (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the Fund invests may use the proceeds of the Fund's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the Fund's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, a Fund will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts.

Positions taken by Other Accounts may also dilute or otherwise negatively affect the values, prices or investment strategies associated with positions held by a Fund. For example, this may occur when investment decisions for a Fund are based on research or other information that is also used to support portfolio decisions by JPMIM for Other Accounts following different investment strategies or by Affiliates in managing their clients' accounts. When an Other Account or an account managed by an Affiliate implements a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies for a Fund (whether or not the portfolio decisions emanate from the same research analysis or other information), market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable investment results, and the costs of implementing such portfolio decisions or strategies could be increased or the Fund could otherwise be disadvantaged.

Investment opportunities that are appropriate for a Fund may also be appropriate for Other Accounts and there is no assurance the Fund will receive an allocation of all or a portion of those investments it wishes to pursue. JPMIM's management of an Other Account that pays it a performance fee or a higher management fee and follows the same or similar strategy as a Fund or invests in substantially similar assets as a Fund, creates an incentive for JPMIM to favor the account paying it the potentially higher fee, e.g., in placing securities trades.

JPMIM and its Affiliates, and any of their directors, partners, officers, agents or employees, also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or an Affiliate. JPMorgan and/or an Affiliate, within their discretion, may make different investment decisions and take other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, an Affiliate or any of its employees may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or an Affiliate or its clients. JPMIM, its Affiliates and their respective directors, officers and employees face a conflict of interest as they will have income or other incentives to favor their own accounts or proprietary accounts.

**Preferential Treatment**. JPMIM receives more compensation with respect to certain Funds or Other Accounts than it receives with respect to a Fund, or receives compensation based in part on the performance of certain accounts. This creates a conflict of interest for JPMIM and its portfolio managers by providing an incentive to favor those accounts. Actual or potential conflicts of interest also arise when a portfolio manager has management responsibilities to more than one account or Fund, such as devotion of unequal time and attention to the management of the Funds or accounts.

**Allocation and Aggregation**. Potential conflicts of interest also arise with both the aggregation of trade orders and allocation of securities transactions or investment opportunities. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability, and allocation of investment opportunities raise a potential conflict of interest because JP Morgan has an incentive to allocate trades or investment opportunities to certain accounts or Funds. For example, JPMorgan has an incentive to cause accounts it manages to participate in an offering where such participation could increase JPMorgan's overall allocation of securities in that offering. When JPMorgan serves as sub-adviser (or investment adviser) to an underlying Fund, as well as certain Funds-of-Funds, it faces certain potential conflicts of interest when allocating the assets of the sub-advised Funds-of-Fund among its underlying Funds. For example, JPMorgan has an incentive to allocate assets of the Fund-of-Funds to seed a new fund or to allocate to an underlying Fund that is small, pays higher fees to JPMorgan or to which JPMorgan has provided seed capital.

**Overall Position Limits**. Potential conflicts of interest also exist when JPMorgan maintains certain overall investment limitations on positions in securities or other financial instruments due to, among other things, investment restrictions imposed upon JPMorgan by law, regulation, contract or internal policies. These limitations have precluded and, in the future could preclude, a Fund from purchasing particular securities or financial instruments, even if the securities or financial instruments would otherwise meet the Fund's objectives. For example, there are limits on the aggregate amount of investments by affiliated investors in certain types of securities that may not be exceeded without additional regulatory or corporate consent. There also are limits on the writing of options by a Fund that could be triggered based on the number of options written by JPMIM on behalf of other investment advisory clients. If certain aggregate ownership thresholds are reached or certain transactions are undertaken, the ability of a Fund to purchase or dispose of investments, or exercise rights or undertake business transactions, will be restricted.

The goal of JPMIM and its Affiliates is to meet its fiduciary obligation with respect to all clients. JPMIM and its Affiliates have policies and procedures that seek to manage conflicts. JPMIM and its Affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JPMIM and its Affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (e.g., a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JPMIM's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JPMorgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMIM so that fair and equitable allocation will occur over time.

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However JPMIM and its Affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMIM or its affiliates so that fair and equitable allocation will occur over time.

*Compensation*

 

JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM portfolio managers ("Portfolio Managers") participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation – base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

• Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indices or peers over one-, three-, five- and ten-year periods, or, in the case of funds designed to track the performance of a particular index, the Portfolio Managers success in tracking such index;

• The scale and complexity of their investment responsibilities;

• Individual contribution relative to the client's risk and return objectives;

• Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

• Adherence with JPMIM's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMIM's risk and control professionals is considered in assessing performance and compensation.

Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMIM's "MIP". In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.).

In addition, named Portfolio Managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

To hold individuals responsible for taking risks inconsistent with JPMIM's risk appetite and to discourage future imprudent behavior, JPMIM has policies and procedures that enable JPMIM to take prompt and proportionate actions with respect to accountable individuals, including:

• Reducing or altogether eliminating annual incentive compensation;

• Canceling unvested awards (in full or in part);

• Clawback/recovery of previously paid compensation (cash and / or equity);

• Demotion, negative performance rating or other appropriate employment actions; and

• Termination of employment.

The precise actions JPMIM takes with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMIM.

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMIM uses the following indices as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts:

---

| | |
|:---|:---|
| **Name of Fund** | **Benchmark** |
| Symmetry Panoramic US Systematic Fixed Income Fund | Bloomberg US Aggregate Bond Index |
| Symmetry Panoramic Global Systematic Fixed Income Fund | Bloomberg Global Aggregate Index USD Hedged |

---

*Ownership of Securities*

 

As of August 31, 2025, the portfolio managers of the Sub-Adviser did not beneficially own shares of any of the Funds.

<u>Vident Asset Management</u> 

The following table sets forth other accounts for which the Vident portfolio managers to Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic Municipal Fixed Income Fund, and Symmetry Panoramic Alternatives Fund were primarily responsible for the day-to-day portfolio management. This information is as of August 31, 2025.

*Austin Wen, CFA*

 

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 69 | $8502682830 | 0 | $0 |
| Other Pooled Investment Vehicles | 21 | $4750235772 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

 

*Devin Ryder, CFA*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of <br> Accounts by <br> Account Type** | **Total Assets by Account Type** | **Number of**<br> **Accounts by<br> Type Subject to<br> a Performance**<br> **Fee** | **Total Assets by <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 10 | $1878158666 | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $195615437 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

 

*Conflicts of Interest*

A portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with the portfolio manager's management of the Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objectives as a Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Funds. However, Vident has established policies and procedures to ensure that the purchase and sale of securities among all accounts the Vident manages are fairly and equitably allocated.

Conflicts may also arise because portfolio decisions regarding the Funds may benefit other accounts managed by the Vident or its affiliates. For example, the sale of a long position or establishment of a short position by a fund sub-advised by the Vident may impair the price of the same security sold short by (and therefore benefit) one or more other funds sub-advised by the Vident, and the purchase of a security or covering of a short position in a security by a Fund may increase the price of the same security held by (and therefore benefit) one or more other funds sub-advised by the Vident.

Conflicts may also arise when selecting other funds sub-advised by Vident as investments for a Fund because (i) the fees paid by the Adviser to Vident for sub-advising certain other funds may be higher than the fees paid by the Funds or another fund and (ii) the fees received by Vident and its affiliates as index provider may be higher for some funds than for another fund.

*Compensation*

 

Vident's portfolio managers receive a fixed base salary and discretionary bonus that are not tied to the performance of the Funds.

*Ownership of Securities*

 

As of August 31, 2025, the portfolio managers of the Sub-Adviser did not beneficially own shares of any of the Funds.

**ALLOCATION OF PORTFOLIO BROKERAGE**

Specific decisions to purchase or sell securities for each Fund are made by the portfolio managers, who are employees of the Adviser, or by a Sub-Adviser, if applicable. The Adviser and each Sub-Adviser is authorized by the Trustees to allocate the orders placed by it on behalf of the Funds to brokers or dealers who may, but need not, provide research or statistical material or other services to a Fund or the Adviser (or Sub-Adviser) for a Fund's use. Such allocation is to be in such amounts and proportions as the Adviser (or Sub-Adviser) may determine, subject to oversight by the Board and the CCO.

In selecting a broker or dealer to execute each particular transaction, the Adviser (or Sub-Adviser) will take the following into consideration:

• the best net price available;

• the reliability, integrity and financial condition of the broker
or dealer;

• the size of and difficulty in executing the order; and

• the value of the expected contribution of the broker or dealer
to the investment performance of a Fund on a continuing basis.

Brokers or dealers executing a portfolio transaction on behalf of a Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission is reasonable in relation to the value of brokerage, research and other services provided to the Fund. In allocating portfolio brokerage, the Adviser (or Sub-Adviser) may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than those of a Fund, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund.

During the fiscal years ended August 31, 2023, August 31, 2024 and August 31, 2025, each Fund paid the following aggregate brokerage commissions and amount of brokerage transactions and related commissions directed to brokers due to research services provided:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUND** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2023** | **2024** | **2024** | **2025** | **2025** |
| **FUND** | **AGGREGATE <br> BROKERAGE <br> COMMISSIONS** | **THE AMOUNT OF <br> BROKERAGE <br> TRANSACTIONS AND <br> RELATED <br> COMMISSIONS <br> DIRECTED TO <br> BROKERS DUE TO <br> RESEARCH SERVICES <br> PROVIDED** | **AGGREGATE <br> BROKERAGE <br> COMMISSIONS** | **THE AMOUNT <br> OF <br> BROKERAGE <br> TRANSACTIONS <br> AND RELATED <br> COMMISSIONS <br> DIRECTED TO <br> BROKERS DUE <br> TO RESEARCH <br> SERVICES <br> PROVIDED** | **AGGREGATE <br> BROKERAGE <br> COMMISSIONS** | **THE AMOUNT <br> OF <br> BROKERAGE <br> TRANSACTIONS <br> AND RELATED <br> COMMISSIONS <br> DIRECTED TO <br> BROKERS DUE <br> TO RESEARCH <br> SERVICES <br> PROVIDED** |
| Symmetry <br> Panoramic US <br> Equity Fund | $11116 | $0 | $19700 | $0 | $10020 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Symmetry Panoramic International Equity Fund | $39111 | $0 | $32396 | $0 | $21395 | $0 |
| Symmetry <br> Panoramic Global <br> Equity Fund | $33507 | $0 | $37699 | $0 | $21416 | $0 |
| Symmetry <br> Panoramic Tax- <br> Managed Global <br> Equity Fund | $2066 | $0 | $1438 | $0 | $1528 | $0 |
| Symmetry <br> Panoramic US <br> Systematic Fixed <br> Income Fund | $928 | $0 | $12052 | $0 | $0 | $0 |
| Symmetry <br> Panoramic <br> Municipal Fixed <br> Income Fund | $221 | $0 | $327 | $0 | $6222 | $0 |
| Symmetry <br> Panoramic Global <br> Systematic Fixed <br> Income Fund | $32 | $0 | $9848 | $0 | $0 | $0 |
| Symmetry <br> Panoramic <br> Alternatives Fund | $0 | $0 | $0 | $0 | $0 | $0 |

---

*Affiliated Brokerage Commissions*

 

During the fiscal years ended August 31, 2023, August 31, 2024 and August 31, 2025, no brokerage commissions were paid to any broker that is an affiliated person of a Fund or an affiliated person of such a person, or to any broker an affiliated person of which is an affiliated person of the Fund, the Adviser, its Sub-Adviser(s) or the Distributor.

*Directed Brokerage*

 

During the fiscal year ended August 31, 2025, the Funds did not direct any transactions to brokers for research services.

*Investment in Regular Broker-Dealers*

 

During the fiscal year ended August 31, 2025, the following Funds owned securities issued by their regular brokers or dealers (or by their parents):

---

| | | |
|:---|:---|:---|
| **FUND** | **REGULAR BROKER/DEALER** | **AGGREGATE VALUE** |
| **SYMMETRY PANORAMIC US EQUITY FUND** | BANK OF AMERICA CORP | $1125109 |
|  | BANK OF NEW YORK MELLON CORP | $393571 |
|  | CITIGROUP INC | $1960371 |
|  | GOLDMAN SACHS GROUP INC | $652094 |
|  | JEFFERIES FINANCIAL GROUP IN | $123669 |
|  | JPMORGAN CHASE & CO | $5024370 |
|  | MORGAN STANLEY | $847503 |
| **SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND** | HSBC HOLDINGS PLC | $26936 |
|  | ROYAL BANK OF CANADA | $1293678 |
| **SYMMETRY PANORAMIC GLOBAL EQUITY FUND** | BANK OF AMERICA CORP | $505776 |
|  | BANK OF NEW YORK MELLON CORP | $200957 |
|  | CITIGROUP INC | $1136243 |
|  | GOLDMAN SACHS GROUP INC | $264564 |
|  | HSBC HOLDINGS PLC | $61042 |
|  | JEFFERIES FINANCIAL GROUP IN | $116600 |
|  | JPMORGAN CHASE & CO | $3480195 |
|  | MORGAN STANLEY | $740964 |
|  | ROYAL BANK OF CANADA | $349265 |
|  | UBS GROUP AG-REG | $32900 |
| **SYMMETRY PANORAMIC US SYSTEMATIC FIXED INCOME FUND** | BANK OF AMERICA CORP | $818948 |
|  | CITIGROUP INC | $249492 |
|  | GOLDMAN SACHS GROUP INC/THE | $539944 |
|  | MORGAN STANLEY | $1057819 |
|  | HSBC HOLDINGS PLC | $201486 |
| **SYMMETRY PANORAMIC GLOBAL SYSTEMATIC FIXED INCOME FUND** | BANK OF AMERICA CORP MTN | $119815 |
|  | DEUTSCHE BANK AG MTN | $204131 |
|  | HSBC HOLDINGS PLC | $457956 |
|  | UBS SWITZERLAND AG MTN | $100308 |

---

**CONFLICTS ASSOCIATED WITH SUB-ADVISERS**

The Sub-Advisers have interests and relationships that may create conflicts of interest related to their management of the assets of the Funds allocated to such Sub-Advisers. Such conflicts of interest may be similar to, different from or supplement those conflicts described herein relating to the Adviser. Such conflicts may relate to the Sub-Advisers' trading and investment practices, including their selection of broker-dealers, soft-dollar arrangements, aggregation of orders for multiple clients or netting of orders for the same client and the investment of client assets in companies in which they have an interest.

A Sub-Adviser may manage or advise multiple accounts (the "Sub-Adviser's Accounts") that have investment objectives that are similar to those of the Funds and that may make investments or sell investments in the same securities or other instruments, sectors or strategies as the Funds. This creates potential conflicts, particularly in circumstances where the availability of such investment opportunities is limited (e.g., in local and emerging markets, high yield securities, fixed income securities, regulated industries, small capitalization securities, investments in MLPs in the oil and gas industry and initial public offerings/new issues), where the liquidity of such investment opportunities is limited or where a Sub-Adviser limits the number of clients whose assets it manages. The Sub-Advisers have established policies with respect to the Sub-Adviser's Accounts to mitigate these conflicts.

The Sub-Advisers do not receive performance-based compensation for their investment management activities on behalf of the Funds. However, a Sub-Adviser may simultaneously manage Sub-Adviser's Accounts for which the Sub-Adviser receives a higher rate of fees or other compensation (including performance-based fees or allocations) than it receives from a Fund. The simultaneous management of Sub-Adviser's Accounts that pay higher fees or other compensation and the Funds creates a conflict of interest as a Sub-Adviser may have an incentive to favor Sub-Adviser's Accounts with the potential to receive higher fees to the detriment of a Fund. For instance, a Sub-Adviser may be faced with a conflict of interest when allocating scarce investment opportunities given the possibly greater fees from Accounts that pay performance-based fees. Certain of the Sub-Advisers may engage in transactions with affiliated brokers as governed by Rule 17e-1 under the 1940 Act. Sub-Advisers may also utilize soft dollars. The Sub-Advisers have adopted policies and procedures that they believe will mitigate the conflicts that may arise from their respective brokerage practices.

To address these potential conflicts, each Sub-Adviser has developed policies and procedures that provide that personnel making portfolio decisions for the Sub-Adviser's Accounts will make purchase and sale decisions for, and allocate investment opportunities among, the Sub-Adviser's Accounts (including the Funds) consistent with the Sub-Adviser's fiduciary obligations.

Additional information about potential conflicts of interest regarding the Sub-Advisers is set forth in each Sub-Adviser's Form ADV, which prospective shareholders should review prior to purchasing Fund shares. A copy of Part 1 and Part 2A of each Sub-Adviser and the Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

**PORTFOLIO TURNOVER**

Each Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year.

The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by that Fund. A 100% turnover rate would occur if all of a Fund's portfolio securities were replaced once within a one-year period.

For the fiscal years ended August 31, 2024 and 2025, the Funds' portfolio turnover rates were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Year Ended <br> August 31, 2024** | **Year Ended <br> August 31, 2025** |
| Symmetry Panoramic US Equity Fund | 33% | 18% |
| Symmetry Panoramic International Equity Fund | 29% | 17% |
| Symmetry Panoramic Global Equity Fund | 31% | 21% |
| Symmetry Panoramic Tax-Managed Global Equity Fund | 3% | 7% |
| Symmetry Panoramic US Systematic Fixed Income Fund | 232%<sup>1</sup> | 41%<sup>1</sup> |
| Symmetry Panoramic Municipal Fixed Income Fund | 7%<sup>2</sup> | 76%<sup>2</sup> |
| Symmetry Panoramic Global Systematic Fixed Income Fund | 261%<sup>3</sup> | 35%<sup>3</sup> |
| Symmetry Panoramic Alternatives Fund | 11% | 6% |

---

<sup>1</sup> The material decrease in portfolio turnover for the Symmetry Panoramic US Systematic Fixed Income Fund is due to the fact that portfolio turnover for the fiscal year ended August 31, 2024 reflects transitioning the Fund from a fund-of-funds structure to a portfolio of individual bond securities sub-advised by JP Morgan Investment Management.

<sup>2</sup> The material increase in portfolio turnover for the Symmetry Panoramic Municipal Fixed Income Fund is due to the portfolio actions related to increasing the duration of the Fund and the substitution of mutual funds with ETFs to improve tax efficiency.

<sup>3</sup> The material decrease in portfolio turnover for the Symmetry Panoramic Global Systematic Fixed Income Fund is due to the fact that portfolio turnover for the fiscal year ended August 31, 2024 reflects transitioning the Fund from a fund-of funds structure to a portfolio of individual bond securities sub-advised by JP Morgan Investment Management.

**OTHER SERVICE PROVIDERS**

**Fund Administration and Fund Accounting**

SEI Investments Global Funds Services (the "Administrator"), which has its principal office at 1 Freedom Valley Drive, Oaks, PA 19456, serves as administrator and fund accountant for the Funds pursuant to the Administration Agreement (the "Agreement") with the Funds and subject to the oversight of the Board. Administrator is primarily in the business of providing administrative and fund accounting services to retail and institutional mutual funds. Administrator is an affiliate of the Distributor.

The Agreement is dated June 18, 2018. The Agreement will remain in effect for four years from the applicable effective date for each Fund, and shall automatically renew successive one-year terms unless terminated by a party giving 180-days prior written notice of nonrenewal to the other party. The Agreement is terminable by either party in the event of breach of the Agreement on 60 days prior written notice. The Agreement may be assigned by either party, provided that the Trust may not assign this agreement without the prior written consent of Administrator. The Agreement provides that except to the extent arising out of the Administrator's bad faith, fraud, gross negligence, willful misconduct or criminal misconduct when providing the services contemplated by the Agreement, the Administrator's liability shall be limited to monetary damages mutually agreed upon by the parties.

Under the Agreement, Administrator performs administrative services for each Fund, including: (1) fund accounting services; (2) asset data services; (3) fund administration services including tax compliance services, fund investment guideline compliance, financial reporting, regulatory reporting and support, and establishment and maintenance of Rule 30a-3(c) disclosure controls and procedures; (4) fund reporting services, including performance measurement and reporting, third-party reporting and data transmission services; (5) fund board support including preparation for and conducting fund board meetings, preparation of initial draft minutes, and electronic recordkeeping of Trust policies and procedures provided to the Administrator; (6) fund regulatory support including filing and printing of Trust materials, contract administration, assistance with regulatory examinations, Blue Sky services, and filing of Fidelity Bond; (7) N-PORT and N-CEN support services and (8) other services, recordkeeping and assistance relating to the affairs of the Trust as the Trust may, from time to time, reasonably request.

The accounting services provided by the Administrator include: (i) daily computation of net asset value; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Fund's listings of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Funds; (vi) maintaining certain books and records described in Rule 31a-1 under the 1940 Act, and reconciling account information and balances among the Fund's custodian and Adviser; and (vii) monitoring and evaluating daily income and expense accruals, and sales and redemptions of shares of the Funds.

For the services rendered to the Funds by Administrator under the Agreement, Administrator is entitled to receive the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets for fund administration and fund accounting. Administrator is also entitled to reimbursement for any out-of-pocket expenses.

During the fiscal years ended August 31, 2023, August 31, 2024 and August 31, 2025, each Fund paid the following administration fees to the Administrator:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **ADMINISTRATION <br> FEE PAID FOR <br> YEAR ENDED <br> AUGUST 31, 2023** | **ADMINISTRATION <br> FEE PAID FOR <br> YEAR ENDED <br> AUGUST 31, 2024** | **ADMINISTRATION<br> FEE PAID FOR<br> YEAR ENDED<br> AUGUST 31, 2025** |
| Symmetry Panoramic US Equity Fund | $158766 | $135488 | $121424 |
| Symmetry Panoramic International Equity Fund | $82396 | $68994 | $63078 |
| Symmetry Panoramic Global Equity Fund | $151519 | $126348 | $114203 |
| Symmetry Panoramic Tax-Managed Global Equity Fund | $39416 | $39548 | $42503 |
| Symmetry Panoramic US Systematic Fixed Income Fund | $72168 | $55226 | $48677 |
| Symmetry Panoramic Municipal Fixed Income Fund | $12475 | $10676 | $10419 |
| Symmetry Panoramic Global Systematic Fixed Income Fund | $110873 | $87452 | $78042 |
| Symmetry Panoramic Alternatives Fund | $8101 | $2437 | $2096 |

---

**Transfer Agent**

Apex Fund Services (the "Transfer Agent"), which has a principal office at Three Canal Plaza, Portland, ME 04101, acts as transfer, dividend disbursing, and shareholder servicing agent for the Funds pursuant to the Transfer Agency Agreement. Under the agreement, Transfer Agent is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

**Custodian**

The Bank of New York Mellon (the "Custodian") serves as the custodian of the Funds' assets pursuant to a Custody Agreement by and between the Custodian and the Trust on behalf of the Funds. The Custodian's responsibilities include safeguarding and controlling each Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on each Fund's investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Funds may employ foreign sub-custodians that are approved by the Board to hold foreign assets. The Custodian's principal place of business is 225 Liberty Street, New York, New York 10286.

**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series or classes. Matters such as ratification of the independent public accountants and election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal dividend, distribution and liquidation rights. There are no conversion or preemptive rights applicable to any shares of each Fund. All shares issued are fully paid and non-assessable.

**ANTI-MONEY LAUNDERING PROGRAM**

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program designed to prevent the Fund from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Fund is required to withhold such proceeds.

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

*Calculation of Share Price*

 

As indicated in the Prospectus under the heading "How Shares Are Priced," the net asset value ("NAV") of each Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of the Fund.

Generally, each Fund's domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, (including if they are or deemed to be unreliable, securities will be valued at their fair market value as determined in good faith by the Adviser as the Fund's valuation designee ("Valuation Designee") in accordance with procedures established by the Adviser and approved by the Board. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

The Adviser has established a Valuation Committee to carry out its responsibilities as Valuation Designee. The Valuation Committee may enlist a Sub-Adviser, third party consultants such as an audit firm or a financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. 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 including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the security, general and/or specific market conditions and the specific facts giving rise to the need to fair value the security.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Valuation Designee and approved by the Board, with reference to other securities or indices. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term investments having a maturity of 60 days or less may be generally valued at amortized cost when it approximates fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange. Other securities for which market quotes are not readily available are valued at fair value by the Valuation Designee, subject to oversight by the Board. 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. Other securities for which market quotes are not readily available are valued at fair value by the Valuation Designee, subject to Board oversight.

Under certain circumstances, each Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Fund shares are not priced, the value of securities held by a Fund can change on days when Fund shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before a Fund's calculation of NAV), the security will be valued at its fair market value by the Valuation Designee, subject to Board oversight. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of each Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because certain Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Fund shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares.

Fund shares are valued at the close of regular trading on the New York Stock Exchange (normally 4:00 p.m., Eastern Time) (the "NYSE Close") on each day that the New York Stock Exchange is open. For purposes of calculating the NAV, each Fund normally uses pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. Domestic fixed income and foreign (non-U.S.) securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to the Funds or their agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

In unusual circumstances, instead of valuing securities in the usual manner, the Funds may value securities at fair value, pursuant to procedures established by the Valuation Designee, subject to oversight by the Board. Fair valuation may also be used if extraordinary events occur after the close of the relevant market but prior to the NYSE Close.

With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, the Fund's net asset value is calculated based upon the net asset values of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

The Trust expects that the New York Stock Exchange ("NYSE") will be closed on the following days: weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Valuation Process. The Adviser, as the Valuation Designee, has established a Valuation Committee to assist in carrying out the Adviser's responsibilities in this regard. The Committee is composed of multiple officers of the Adviser, some of all of whom are also officers of the Trust. The applicable investments are valued collectively via inputs from various sources. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the Adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities, are valued via inputs from the Adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Standards For Fair Value Determinations. As a general principle, the fair value of a security is the amount that a Fund might reasonably expect to realize upon its current sale. The Adviser, as Valuation Designee applies Financial Accounting Standards Board Statement of Financial Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). In accordance with ASC 820, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available under the circumstances.

Various inputs are used in determining the value of each Fund's investments relating to ASC 820. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

The Valuation Committee takes into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of a portfolio manager of each Fund with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser (or Sub-Adviser) or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formulae produced by independent third parties and (vii) the liquidity or illiquidity of the market for the security.

The action of the Adviser, as Valuation Designee, are subject to oversight by the Trust's Board of Trustees.

 *Purchase of Shares*

 

Orders for shares received by the Funds in good order prior to the close of business on the NYSE on each day during such periods that the NYSE is open for trading are priced at net asset value per share computed as of the close of the regular session of trading on the NYSE. Orders received in good order after the close of the NYSE, or on a day it is not open for trading, are priced at the close of the NYSE on the next day on which it is open for trading at the next determined net asset value per share.

**NOTICE**: Under Section 72.1021(a) of the Texas Property Code, initial investors in the Funds who are Texas residents may designate a representative to receive notices of abandoned property in connection with Fund shares. Texas shareholders who wish to appoint a representative should notify the Trust's Transfer Agent by writing to the address below to obtain a form for providing written notice to the Trust:

Symmetry Panoramic Trust

c/o Apex Fund Services

Three Canal Plaza, Ground Floor

Portland, ME 04101

*Redemption of Shares*

 

Shares of the Funds may be redeemed on any business day upon receipt of a request for redemption, in accordance with the procedures set forth the Prospectus. Redemptions are effected at the per share NAV, next determined after receipt of the redemption request. Redemption proceeds will ordinarily be paid within seven days following receipt of instructions in proper form, or sooner, if required by law. The right of redemption may be suspended by the Trust or the payment date postponed beyond seven days when

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the NYSE is closed, other than customary weekend and holiday
closings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) trading on that exchange is restricted for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an emergency exists as a result of which
 disposal by a Fund of securities owned by it is not reasonably practicable or it is not reasonably
 practicable for the Fund to fairly determine the value of its net assets, provided that applicable
 rules and regulations of the SEC (or any succeeding governmental authority) will govern as
 to whether the conditions prescribed in (b) or (c) exist; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the SEC by order permits a suspension of the right to redemption
or a postponement of the date of payment on redemption.

In case of suspension of the right of redemption, payment of a redemption request will be made based on the net asset value next determined after the termination of the suspension.

Supporting documents in addition to those listed under "How to Redeem Shares" in the Prospectus will be required from executors, administrators, Trustees, or if redemption is requested by someone other than the shareholder of record. Such documents include, but are not restricted to, stock powers, Trust instruments, certificates of death, appointments as executor, certificates of corporate authority and waiver of tax required in some states when settling estates.

**TAX STATUS**

The following summarizes certain additional tax considerations generally affecting the Funds and their shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Funds or their shareholders, and the discussions here and in the Prospectus are not intended as a substitute for careful tax planning. Potential investors should consult their tax advisers with specific reference to their own tax situations.

The discussions of the federal tax consequences in the Prospectus and this SAI are based on the Internal Revenue Code and the regulations issued under it, and court decisions and administrative interpretations, as in effect on the date of this SAI. Future legislative or administrative changes or court decisions may significantly alter the statements included herein, and any such changes or decisions may be retroactive.

*General*

 

Each Fund intends to elect to qualify and intends to continue to qualify as a RIC under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code. As such, each Fund generally will be exempt from federal income tax on its net investment income and realized capital gains that it distributes to shareholders. To qualify for treatment as a RIC, a Fund must meet three important tests each year.

First, the Fund must derive with respect to each taxable year at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities, or currencies, or net income derived from interests in qualified publicly traded partnerships.

Second, generally, at the close of each quarter of its taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other RICs (such as the Underlying Funds, provided that they, in turn, maintain their qualification as RICs), and securities of other issuers (as to which the Fund has not invested more than 5% of the value of its total assets in securities of such issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of such issuer), and no more than 25% of the value of the Fund's total assets may be invested in the securities of (1) any one issuer (other than U.S. government securities and securities of other RICs), (2) two or more issuers that the Fund controls and which are engaged in the same or similar trades or businesses, or (3) one or more qualified publicly traded partnerships.

Third, the Fund must distribute an amount equal to at least the sum of 90% of its investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss) before taking into account any deduction for dividends paid, and 90% of its net exempt interest income, if any, for the year.

Each Fund intends to comply with these requirements. If a Fund were to fail to make sufficient distributions, it could be liable for corporate income tax and for excise tax in respect of the shortfall or, if the shortfall is large enough, the Fund could be disqualified as a RIC. If for any taxable year a Fund were not to qualify as a RIC, all its taxable income would be subject to tax at the regular corporate rates without any deduction for distributions to shareholders. In that event, taxable shareholders would recognize dividend income on distributions to the extent of the Fund's current and accumulated earnings and profits, which would be qualified dividend income for individual shareholders meeting certain holding period requirements, and corporate shareholders could be eligible for the dividends-received deduction.

Notwithstanding the distribution requirement described above, which generally requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), a Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which a Fund paid no federal income tax). The Funds intend to make sufficient distributions to avoid liability for federal excise tax but can make no assurances that such tax will be completely eliminated. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such a situation, a Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, the Funds may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the advisers might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Funds to satisfy the requirement for qualification as a RICs.

*State and Local Taxes*

 

Although each Fund intends to qualify as a RIC and to be relieved of all or substantially all federal income taxes, depending upon the extent of its activities in states and localities in which its offices are maintained, in which its agents or independent contractors are located or in which it is otherwise deemed to be conducting business, a Fund may be subject to the tax laws of such states or localities.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., serves as the independent registered public accounting firm for the current fiscal year. The firm provides services including the audit of annual financial statements, assistance and consultation in connection with SEC filings, and other audit related services. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd, provides tax services.

**LEGAL COUNSEL**

Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, PA 19103, serves as the Trust's legal counsel.

**FINANCIAL STATEMENTS**

The Funds' independent registered public accounting firm, Cohen & Company, Ltd., audits and reports on the Funds' annual financial statements. The audited financial statements include the schedule of investments, statement of assets and liabilities, statement of operations, statements of changes in net assets, financial highlights, notes and report of independent registered public accounting firm.

The Funds' audited financial statements for the fiscal year ended August 31, 2025 are incorporated by reference into this SAI.

**APPENDIX A**

ADVISER PROXY VOTING PROCEDURES

Symmetry Partners, LLC

Proxy Voting Procedures

**<u>Proxy Voting</u>**

• **Fiduciary Duty**. The SEC adopted
 rule 206(4)-6 to regulate proxy voting by investment advisers with authority to vote their
 clients' proxies. Under the Investment Advisers Act, an adviser is a fiduciary that
 owes each of its clients the duties of care and loyalty with respect to all services undertaken
 on the client's behalf, which may or may not include proxy voting. To satisfy its duty
 of loyalty, the adviser must cast proxy votes in a way that will advance the best interest
 of its client. The adviser must not put its own interests ahead of the client's. Under
 rule 206(4)-6, it is a fraudulent, deceptive, or manipulative act, practice, or course of
 business for an investment adviser to exercise voting authority over client proxies unless
 the investment adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopts and implements written policies and procedures that are
reasonably designed to ensure that the adviser votes proxies in the client's best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discloses to clients how they may obtain information regarding
how their proxies were voted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes proxy voting policies and procedures and furnishes
a copy of the policies and procedures to the client when requested to do so.

• **Proxy Voting for Clients other than Fund Clients**. With the exception of Fund clients, the firm typically does not vote proxies.
 Unless we agree otherwise in writing, we are precluded from and the Client shall be responsible
 for; (a) directing the manner in which proxies solicited by issuers of securities you beneficially
 own shall be voted; and (b) making all elections relative to any mergers, acquisitions, tender
 offers, bankruptcy proceedings or other type events pertaining to the securities in the account.
 Client authorizes and directs us to instruct the custodian to forward to the client all proxies
 and shareholder communications relating to the assets. Should the client wish to grant Symmetry
 discretion to vote proxies and should they wish to ascertain how the proxies were voted,
 they must do so in writing and such authority will not be effective until accepted in writing
 by Symmetry. On the rare instance we are granted authority, the guidelines are reasonably
 designed so that proxies are voted in the best interest of the clients pursuant to our fiduciary
 duty under the Advisers Act. We will also abide by our fiduciary duty of prudence and loyalty
 under ERISA when voting proxies for a qualified plan.

• **Proxy Voting for Fund Clients**. With
 respect to Fund clients for which Symmetry serves as investment adviser, a Fund client may
 delegate proxy voting responsibility to Symmetry.

• **Proxy Voting for the Portion of a Fund Directly Managed by Symmetry**. Symmetry provides day-to-day portfolio management to a
 portion of each Fund client's portfolio by investing in other mutual funds and ETFs
 (Underlying Funds). As a result of this direct portfolio management by Symmetry, Symmetry
 is responsible for proxy voting for that portion of a Fund client's portfolio.

Symmetry has retained a Service Provider ("SP") on behalf of its clients to receive proxy statements, provide information, research, and other services intended to facilitate the proxy voting decisions to be made by Symmetry, to vote shares in accordance with Symmetry's instructions, and to maintain proxy voting records.

SP has developed a set of criteria for evaluating and making recommendations on proxy voting issues (such as, for example, elections of boards of directors; mergers and corporate restructuring; and capital structure, social, and environmental issues). The criteria and general voting recommendations, as customized by Symmetry with respect to certain matters, are set forth in the SP Proxy Voting Guidelines. Symmetry's Proxy Committee has evaluated the SP Proxy Voting Guidelines and believes that SP's analyses and approaches to recommendations generally are consistent with Symmetry's philosophy with respect to proxy voting matters. For those matters where an SP Proxy Voting Guideline differs from Symmetry's philosophy, Symmetry's Proxy Committee will ratify instructions to SP on how Symmetry wishes to vote.

Symmetry has determined to deviate from the SP Proxy Voting Guidelines for certain proxy issues. Symmetry's Proxy Committee developed its own customized guidelines for these issues. Symmetry is responsible for directing SP on how to vote the proxies SP has referred to Symmetry.

If Symmetry determines that a material conflict of interest exists for a Fund, it shall promptly notify the Fund's Board of the conflict of interest and seek guidance from the Fund's Board on voting such a proxy.

• **Proxy Voting for the Portion of a Fund Managed by Sub-advisers**. Symmetry also may appoint sub-adviser(s) to provide day-to-day
 management to all or a portion of a Fund client's portfolio, in which case Symmetry
 is responsible for the selection and ongoing monitoring of any such sub-adviser. Because
 Symmetry views proxy voting as a function that is incidental and integral to portfolio management,
 it will in turn delegate the proxy voting responsibility with respect to the sub-advised
 portion of a Fund client's portfolio to the applicable sub-adviser, except as described
 below.

• **Symmetry's Due Diligence and Compliance Program**. As part of its ongoing due diligence and compliance responsibilities, with respect
 to the portion of a Fund client's portfolio managed by a sub-adviser, Symmetry will
 seek to ensure that each sub-adviser maintains proxy voting policies and procedures that
 are reasonably designed to comply with applicable laws and regulations. Symmetry will review
 each sub-adviser's proxy voting policies and procedures (including any proxy voting
 guidelines) in connection with the initial selection of the sub-adviser and on at least an
 annual basis thereafter.

• **Sub-Adviser Proxy Voting Policies and Procedures**. Each sub-adviser will be required to maintain proxy voting policies and procedures
 that satisfy the following elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Written Policies and Procedures</u>:
 The sub-adviser must maintain written proxy voting policies and procedures in accordance
 with applicable laws and regulations and must provide to the Funds and Symmetry, upon request,
 copies of such policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Fiduciary Duty</u>: The sub-adviser's
 policies and procedures must be reasonably designed to ensure that the sub-adviser votes
 client securities in the best interest of the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Conflicts of Interest</u>: The sub-adviser's
 policies and procedures must include appropriate procedures to identify and resolve as necessary,
 before voting client proxies, all material proxy-related conflicts of interest between the
 sub-adviser (including its affiliates) and its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Voting Guidelines</u>: The sub-adviser's
 policies and procedures must address with reasonable specificity how the sub-adviser will
 vote proxies, or what factors it will take into account, when voting on particular types
 of matters, e.g., corporate governance proposals, compensation issues and matters involving
 social or corporate responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Monitoring Proxy Voting</u>: The
 sub-adviser must have a system and/or process that is reasonably designed to ensure proxies
 are voted on behalf of its clients in a timely and efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Record Retention and Inspection</u>:
 The sub-adviser must have an established system for creating and retaining all appropriate
 documentation relating to its proxy voting activities as required by applicable laws and
 regulations. The sub-adviser must provide to the Trust and Symmetry such information and
 records with respect to proxies relating to the Funds' portfolio securities as required
 by law and as the Trust or Symmetry may reasonably request.

• **Disclosure of Funds' Proxy Voting Policies and Procedures and Voting Record**. Symmetry, on behalf of the Funds, will take
 reasonable steps as necessary to seek to ensure the Funds comply with all applicable laws
 and regulations relating to disclosure of the Funds' proxy voting policies and procedures
 and proxy voting records. Symmetry (including, at its option, through third-party service
 providers) will maintain a system that is reasonably designed to ensure that its actual proxy
 voting record and the actual proxy voting record of the sub-advisers with respect to the
 Funds' portfolio securities are collected, processed, filed with the SEC and made available
 to the Funds' shareholders as required by applicable laws and regulations.

• **Reports to Funds' Board of Trustees**.
 Symmetry will periodically (but no less frequently than annually) report to the Funds'
 Board of Trustees with respect to the implementation of its proxy voting program, including
 summary information with respect to the proxy voting record of the sub-advisers with respect
 to the sub-advised portion's portfolio securities and any other information requested
 by the Board of Trustees.

• **Availability of the Proxy Voting Policy and Amendments thereto**. A copy of Symmetry's proxy voting policy and any changes
 thereto will be provided to any Fund client managed by Symmetry. These policies and procedures
 may be amended from time to time.

**APPENDIX B**

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|:---|:---|
| ![](fp0096564-1_11.jpg) | **AQR Capital Management, LLC \|** Proxy Voting Policy and Procedures 2 |

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&nbsp;&nbsp;&nbsp;&nbsp;**I. Statement of Policy**

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to seek to ensure that such rights are properly and timely exercised. AQR Capital Management, LLC ("AQR")<sup>1</sup> manages a variety of products and AQR's proxy voting authority may vary depending on the type of product or specific client preferences. AQR retains full proxy voting discretion for accounts comprised of comingled client assets. However, AQR's proxy voting authority may vary for accounts that AQR manages on behalf of individual clients. These clients may retain full proxy voting authority for themselves, grant AQR full discretion to vote proxies on their behalf, or provide AQR with proxy voting authority along with specific instructions and/or custom proxy voting guidelines. Where AQR has been granted discretion to vote proxies on behalf of managed account clients this authority must be explicitly defined in the relevant Investment Management Agreement, or other document governing the relationship between AQR and the client.

AQR's authority to vote proxies for its Clients is not a material component of any of AQR's investments or strategies. AQR typically follows a systematic, research-driven approach, applying quantitative tools to process fundamental information and manage risk, significantly reducing the importance and usefulness of the proxies AQR receives and votes, or causes to be voted, on behalf of its Clients. In exercising its proxy voting authority, AQR is mindful of the fact that the value of proxy voting to a client's investments may vary depending on the nature of an individual voting matter and the strategy in which a client is invested. Some proxy votes may have heightened importance for clients (e.g., mergers, acquisitions, spinoffs, etc.) for those clients invested in AQR strategies involving the purchase of securities around corporate events. These differences may result in varying levels of AQR engagement in proxy votes, but in all cases where AQR retains proxy voting authority, it will seek to vote proxies in the best interest of its clients and in accordance with this Proxy Voting Policy and Procedures (the "Policy").

AQR's Responsible Investment & Stewardship Committee is responsible for the implementation of this Policy, including the oversight and use of third-party proxy advisers, the manner in which AQR votes its proxies, and fulfilling AQR's obligation to vote proxies in the best interest of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;**II. Use of Third-Party Proxy Advisors**

AQR has retained an independent third-party Proxy Advisory firm for a variety of services including, but not limited to, receiving proxy ballots, working with custodian banks, proxy voting research and recommendations, and executing votes. AQR may consider other Proxy Advisory firms as appropriate for proxy voting research and other services.

<sup>1</sup> The term "AQR" includes AQR Capital Management, LLC and AQR Arbitrage, LLC and their respective investment advisory affiliates.

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|:---|:---|
| ![](fp0096564-1_11.jpg) | **AQR Capital Management, LLC \|** Proxy Voting Policy and Procedures 3 |

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The AQR Responsible Investment & Stewardship Committee periodically assesses the performance of its Proxy Advisory firm(s).

&nbsp;&nbsp;&nbsp;&nbsp;**III. Considerations When Assessing or Considering a Proxy Advisory Firm**

When considering the engagement of a new, or the performance and retention of an existing, Proxy Advisory firm to provide research, voting recommendations, or other proxy voting related services, AQR will, as part of its assessment, consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The capacity and competency of the Proxy Advisory firm to adequately analyze the matters up for a vote;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Whether the Proxy Advisory firm has an effective process for obtaining current and accurate information including from issuers and clients (e.g., engagement with issuers, efforts to correct deficiencies, disclosure about sources of information and methodologies, etc.);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *How the Proxy Advisory firm incorporates appropriate input in formulating its methodologies and construction of issuer peer groups, including unique characteristics regarding an issuer;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Whether the Proxy Advisory firm has adequately disclosed its methodologies and application in formulating specific voting recommendations;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The nature of third-party information sources used as a basis for voting recommendations;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *When and how the Proxy Advisory firm would expect to engage with issuers and other third parties;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Whether the Proxy Advisory firm has established adequate policies and procedures on how it identifies and addresses conflicts of interests;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Information regarding any errors, deficiencies, or weaknesses that may materially affect the Proxy Advisory firm's research or ultimate recommendation;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Whether the Proxy Advisory firm appropriately and regularly updates methodologies, guidelines, and recommendations, including in response to feedback from issuers and their shareholders;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Whether the Proxy Advisory firm adequately discloses any material business changes taking into account any potential conflicts of interests that may arise from such changes.* 

AQR also undertakes periodic sampling of proxy votes as part of its assessment of a Proxy Advisory firm and in order to reasonably determine that proxy votes are being cast on behalf of its clients consistent with this Policy.

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|:---|:---|
| ![](fp0096564-1_11.jpg) | **AQR Capital Management, LLC \|** Proxy Voting Policy and Procedures 4 |

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&nbsp;&nbsp;&nbsp;&nbsp;**IV. Potential Conflicts of Interest of the Proxy Advisor**

AQR requires any Proxy Advisory firm it engages with to identify and provide information regarding any material business changes or conflicts of interest on an ongoing basis. Where a conflict of interest may exist, AQR requires information on how said conflict is being addressed. If AQR determines that a material conflict of interest exists and is not sufficiently mitigated, AQR's Responsible Investment & Stewardship Committee will determine whether the conflict has an impact on the Proxy Advisory firm's voting recommendations, research, or other services and determine if any action should be taken.

&nbsp;&nbsp;&nbsp;&nbsp;**V. Voting Procedures and Approach**

In relation to stocks held in AQR funds and managed accounts where AQR has proxy voting discretion, AQR will, as a general rule, seek to vote in accordance with this Policy and the applicable guidelines AQR has developed to govern voting recommendations ("AQR Voting Guidelines"). In instances where a client has provided AQR with specific instructions and/or custom proxy voting guidelines, AQR will seek to vote proxies in line with such instructions or custom guidelines. Otherwise, AQR will seek to vote in accordance with voting recommendations of the Proxy Advisory firm's applicable Benchmark Guidelines<sup>2</sup> in managed accounts and AQR mutual funds. For other AQR-sponsored commingled funds, AQR takes a sustainable approach to proxy voting and has adopted the Proxy Advisory firm's applicable Sustainable Guidelines<sup>3</sup>. In certain commingled funds, investors may choose Voting Guidelines that do not take a sustainable approach to proxy voting (i.e., Benchmark Guidelines).

AQR may refrain from voting in certain situations unless otherwise agreed to with a client. These situations include, but are not limited to, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *AQR has agreed with the client in advance of the vote not to vote in certain situations or on specific issues in a managed account;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Voting would cause an undue burden to AQR (e.g., votes occurring in jurisdictions with beneficial ownership disclosure, share blocking, and/or Power of Attorney requirements);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *The cost of voting a proxy outweighs the benefit of voting;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *AQR has insufficient information or time to process and submit a vote or other related logistical or administrative issues;* 

<sup>2</sup> Benchmark Guidelines are offered by Institutional Shareholder Services Inc. and are available at https://www.issgovernance.com/policy-gateway/voting-policies/.

<sup>3</sup> Sustainable Guidelines are offered by Institutional Shareholder Services Inc. and are available at https://www.issgovernance.com/policy-gateway/voting-policies/.

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|:---|:---|
| ![](fp0096564-1_11.jpg) | **AQR Capital Management, LLC \|** Proxy Voting Policy and Procedures 5 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *AQR has an outstanding sell order or intends to sell the applicable security prior to the voting date; or* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *There are restrictions on trading resulting from the exercise of a proxy;* 

*AQR generally does not notify clients of non-voted proxy ballots.*

Some of AQR's strategies primarily focus on portfolio management and research related to macro trading strategies which are implemented through the use of derivatives. These strategies typically do not hold equity securities with voting rights, but may, in certain circumstances, hold an exchange traded fund ("ETF") for the purposes of managing market exposure. For AQR funds and managed accounts that only have exposure to equities via an ETF, AQR will generally not vote proxies.

&nbsp;&nbsp;&nbsp;&nbsp;**VI. Issuer Specific Ballot Evaluations**

AQR may review individual ballots (for example, in relation to specific corporate events such as mergers or acquisitions) using a more detailed analysis than is generally applied through the AQR Voting Guidelines. This analysis may, but does not always, result in a deviation from the voting recommendation assigned to a given AQR fund or managed account. When determining whether to conduct an issuer-specific analysis, AQR will consider the potential effect of the vote on the value of the investment. To the extent that issuer- specific analysis results in a deviation from the recommendation, AQR will be required to vote proxies in a way that, in AQR's reasonable judgment, is in the best interest of AQR's clients.

Unless prior approval is obtained from the Chief Compliance Officer, or designee, or Responsible Investment & Stewardship Committee, the following principles will generally be adhered to when deviating from the voting recommendation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *AQR will not engage in conduct that involves an attempt to change or influence the control of a public company. In addition, all communications regarding proxy issues or corporate actions between companies or their agents, or with fellow shareholders, shall be for the sole purpose of expressing and addressing AQR's concerns consistent with the best interests of its clients;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *AQR will not announce its voting intentions and the reasons therefore; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *AQR will not initiate a proxy solicitation or otherwise seek proxy-voting authority from any other public company shareholder.* 

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|:---|:---|
| ![](fp0096564-1_11.jpg) | **AQR Capital Management, LLC \|** Proxy Voting Policy and Procedures 6 |

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&nbsp;&nbsp;&nbsp;&nbsp;**VII. Potential Conflicts of Interest of the Advisor**

AQR mitigates potential conflicts of interest by generally voting in accordance with the AQR Voting Guidelines and/or specific voting guidelines provided by clients. However, from time to time, AQR may determine to vote contrary to AQR Voting Guidelines with respect to AQR funds or accounts for which AQR has voting discretion, which itself could give rise to potential conflicts of interest.

If AQR intends to directly vote a proxy in a manner that is inconsistent with the AQR Voting Guidelines, the Compliance Department will examine any potential conflicts of interest. This examination includes, but is not limited to, a review of any material economic interest, including outside business activities, of AQR's employees with the issuer of the security in question. If the Compliance Department determines a potential material conflict of interest exists, it may instruct AQR and the Responsible Investment & Stewardship Committee to not deviate from the AQR Voting Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Ballot Materials and Processing**

The Proxy Advisory firm is responsible for coordinating with AQR's clients' custodians to seek to ensure that proxy materials received by custodians relating to a client's securities are processed in a timely fashion. Proxies relating to securities held in client accounts will typically be sent directly to the Proxy Advisory firm. In the event that proxy materials are sent to AQR directly instead of the Proxy Advisory firm, AQR will use reasonable efforts to coordinate with the Proxy Advisory firm for processing.

&nbsp;&nbsp;&nbsp;&nbsp;**IX. Disclosure**

Upon request, AQR will provide clients with a copy of this Policy and how the relevant client's proxies have been voted. In relation to the latter, AQR will prepare a written response that lists, with respect to each voted proxy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The name of the issuer;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *The proposal voted upon; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *The election made for the proposal.* 

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|:---|:---|
| ![](fp0096564-1_11.jpg) | **AQR Capital Management, LLC \|** Proxy Voting Policy and Procedures 7 |

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Clients may contact AQR's Client Administration team by calling 203-742-3700 or via e-mail at <u>ClientAdmin@aqr.com</u> to obtain a record of how proxies were voted for their account.

&nbsp;&nbsp;&nbsp;&nbsp;**X. Proxy Reporting**

On an annual basis, each of AQR Capital Management, LLC and AQR Arbitrage, LLC will provide, or cause the Proxy Advisory firm to provide, any and all reports and information necessary for the preparation and filing of Form N-PX with the U.S. Securities and Exchange Commission ("SEC") reporting all relevant voted proxies relating to executive compensation (or "say-on-pay") matters. In addition, on an annual basis, the AQR mutual funds will provide, or cause the Proxy Advisory firm to provide, to the AQR mutual funds' administrator or other designee on a timely basis, any and all reports and information necessary to prepare and file Form N-PX with the SEC reporting all voted proxies.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;**XI. Proxy Recordkeeping**

AQR and its Proxy Advisory firm (where applicable) will maintain the following records with respect to this Policy for a period of no less than five (5) years as required by SEC Rule 204-2 under the Investment Advisers Act of 1940:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *A copy of the Policy, and any amendments thereto; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *A copy of any document that was material to making a decision how to vote proxies, or that memorializes that decision.* 

&nbsp;&nbsp;&nbsp;&nbsp;**XII. Review of Policy and Procedures**

As a general principle, the Responsible Investment & Stewardship Committee, with the involvement from the Compliance Department, reviews, on an annual basis, the adequacy of this Policy to reasonably ensure it has been implemented effectively, including whether it continues to be reasonably designed to ensure that AQR's approach to voting proxies is in the best interests of its clients.

<sup>4</sup> Form N-PX is required to contain an AQR mutual fund's complete proxy voting record for the most recent 12-month period ended June 30 and must be filed no later than August 31 of each year.

![](fp0096564-1_11.jpg)

**APPENDIX C**

**SUBADVISER PROXY VOTING PROCEDURES**

DIMENSIONAL FUND ADVISORS LP

DIMENSIONAL FUND ADVISORS LTD.

DFA AUSTRALIA LIMITED

DIMENSIONAL FUND ADVISORS PTE. LTD.

DIMENSIONAL JAPAN LTD.

DIMENSIONAL IRELAND LIMITED

**Introduction**

Dimensional Fund Advisors LP ("Dimensional") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Dimensional is the parent or indirect parent company of Dimensional Fund Advisors Ltd. ("Dimensional UK"), DFA Australia Limited ("Dimensional Australia"), Dimensional Fund Advisors Pte. Ltd. ("Dimensional Singapore"), Dimensional Japan Ltd. ("Dimensional Japan") and Dimensional Ireland Limited ("Dimensional Ireland") (each, an "Advisor", and collectively referred to as the "Advisors"). Dimensional UK and Dimensional Australia are also registered as investment advisers under the Advisers Act.

The Advisors provide investment advisory or subadvisory services to various types of clients, including registered funds, unregistered commingled funds, defined benefit plans, defined contribution plans (including employee benefit plans subject to the Employee Retirement Income Security Act of 1974, and the regulations promulgated thereunder ("ERISA")), private and public pension funds, foundations, endowment funds and other types of investors. These clients frequently give the Advisors the authority and discretion to vote proxies relating to the underlying securities beneficially held by such clients. Also, a client may, at times, ask an Advisor to share its proxy voting policies, procedures, and guidelines without the client delegating full voting discretion to the Advisor. Depending on the client, an Advisor's duties may include making decisions regarding whether and how to vote proxies as part of an investment manager's fiduciary duty under ERISA.<sup>1</sup> The scope and any limitations of an Advisor's proxy voting authority generally will be described in the written contract between the Advisor and its client or with respect to an Advisor-sponsored fund, the offering documents of the fund.

The following Proxy Voting Policies and Procedures (the "Policy") address the Advisors' objectives for voting proxies received by the Advisors on behalf of client accounts or funds to the extent that relationships with such clients are subject to the Advisers Act or ERISA or the clients are registered investment companies under the Investment Company Act of 1940, as amended, including The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc., Dimensional Emerging Markets Value Fund, and Dimensional ETF Trust (together, the "Dimensional Investment Companies") and the portfolios, funds and exchange-traded funds of the Dimensional Investment Companies are each a "Dimensional Fund" and together, the "Dimensional Funds"). The Advisors believe that this Policy is reasonably designed to meet their goal of seeking to vote (or refrain from voting) proxies in a manner consistent with applicable legal and fiduciary standards and in the best interests of clients, as understood by the Advisors at the time of the vote.

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<sup>1</sup> If the client is subject to ERISA, an Advisor's proxy voting activities are subject to any applicable provisions under ERISA and/or guidance from the U.S. Department of Labor.

<u>Exhibit A</u> to this Policy includes a summary of the Advisors' current Proxy Voting Guidelines and will change from time to time (the "Guidelines") and includes three implementations, one standard implementation, one for the portfolios and accounts that incorporate social considerations in their investment guidelines, and one for the portfolios and accounts that incorporate sustainability considerations in their investment guidelines. A separate account client may select one of the three implementations to be used for their account or, in certain circumstances, individualize their proxy voting guidelines. The Investment Committee of Dimensional has determined that, in general, voting proxies pursuant to the Guidelines should be in the best interests of clients and the Advisors understand the Guidelines to be consistent with applicable legal standards. Therefore, an Advisor will usually instruct voting of proxies in accordance with the Guidelines.

The Guidelines provide a framework for analysis and decision making but do not address all potential issues. In order to be able to address all the relevant facts and circumstances related to a proxy vote, the Advisors reserve the right to instruct votes that deviate from the Guidelines if, after a review of the matter, an Advisor believes that a client's best interests would be served by, or applicable legal and fiduciary standards require, such a vote. In such circumstance, the analysis will be documented in writing and periodically presented to the Investment Stewardship Committee for review. To the extent that the Guidelines do not cover potential voting issues, an Advisor may consider the spirit of the Guidelines and applicable legal standards and instruct the vote on such issues in a manner that the Advisor believes would be in the best interests of the client.

A client's investment strategy or instructions can impact voting determinations and/or engagement efforts. For example, the Advisors consider social issues when voting proxies for portfolios and accounts that incorporate social considerations in their design and consider sustainability issues when voting proxies for portfolios and accounts that consider sustainability considerations in their design. The Advisors may also take social or sustainability issues into account when voting proxies for portfolios and accounts that do not incorporate social or sustainability considerations in their design if the Advisors believe that doing so is in the best interest of the relevant client(s) and otherwise consistent with applicable laws and the Advisors' duties, such as where material environmental or social risks may have economic ramifications for shareholders

The foregoing differences may result in voting differently for some clients than others. Similarly, the Advisors may engage with a portfolio company differently depending on the relevant client(s)' investment strategy and the subject(s) of the relevant engagement.

**Proxy Advisory Firms**

The Advisors have retained certain third-party proxy service providers ("Proxy Advisory Firms") to provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom the Advisors have proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although the Advisors retain third-party service providers for Proxy Voting Services, the Advisors remain responsible for proxy voting decisions and making such decisions in accordance with their fiduciary duties. The Advisors have designed policies and procedures to prudently select, oversee and evaluate the Proxy Advisory Firms consistent with their fiduciary duties, including with respect to the matters described below, which Proxy Advisory Firms have been engaged to provide Proxy Voting Services to support the Advisors' voting in accordance with this Policy. In the event that the Guidelines are not implemented precisely as the Advisors intend because of the actions or omissions of any Proxy Advisory Firms, custodians or sub-custodians or other agents, or any such persons experience any irregularities (e.g., misvotes or missed votes), then such instances will not necessarily be deemed by the Advisors as a breach of this Policy.

Prior to the selection of any new Proxy Advisory Firms and annually thereafter or more frequently if deemed necessary by Dimensional, the Investment Stewardship Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to timely and adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of the Advisors' clients, and consistent with the Advisors' voting policies and fiduciary duties. In conducting such a review of a Proxy Advisory Firm, Dimensional may consider the following, depending on the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) periodic sampling of certain votes pre-populated
 by the Proxy Advisory Firm's systems as well as votes cast by the Proxy Advisory Firm
 to review that the Guidelines adopted by the Advisors are being followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) onsite visits to the Proxy Advisory
 Firm office and/or discussions with the Proxy Advisory Firm to determine whether the Proxy
 Advisory Firm continues to have the capacity and competency to carry out its proxy obligations
 to the Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a review of those aspects of the Proxy
 Advisory Firm's policies, procedures, and methodologies for formulating voting recommendations
 that the Advisors consider material to the Proxy Voting Services provided to the Advisors,
 including: (a) those relating to the Proxy Advisory Firm's efforts to identify, address,
 mitigate and disclose actual or potential conflicts of interest, (b) the Proxy Advisory Firm's
 efforts to obtain current, accurate, and complete information in creating recommendations
 and research, and (c) the Proxy Advisory Firm's ability to provide services consistent with ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a requirement that the Proxy Advisory
 Firm notify the Advisors if there is a substantive change in the Proxy Advisory Firm's
 policies and procedures described in (iii) above or otherwise to its business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a review of how and when the Proxy
 Advisory Firm engages with, and receives and incorporates input from, portfolio companies,
 the Proxy Advisory Firm's clients and other third-party information sources as well
 as how and when the Proxy Advisory Firm makes available from portfolio companies, or other
 sources, additional information about a matter to be voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an assessment of how the Proxy Advisory
 Firm considers factors unique to a specific issuer or proposal when evaluating a matter subject
 to a shareholder vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in case of an error made by the Proxy
 Advisory Firm, a discussion of the error with the Proxy Advisory Firm and determination of
 whether (a) the error affected the Proxy Advisory Firm's Proxy Voting Services and
 (b) appropriate corrective and preventive action is being taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an assessment of whether the Proxy
 Advisory Firm appropriately updates its methodologies, guidelines, and voting recommendations,
 including to address any deficiencies, on an ongoing basis and incorporates input from issuers
 and Proxy Advisory Firm clients in the update process.

In evaluating Proxy Advisory Firms, the Advisors may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology and other factors in its discretion.

**Procedures for Voting Proxies**

The Investment Committee at Dimensional is generally responsible for overseeing each Advisor's proxy voting process. The Investment Committee has formed the Investment Stewardship Committee composed of certain officers, directors and other personnel of the Advisors and has delegated to its members authority to (i) oversee the voting of proxies and the Proxy Advisory Firms, (ii) make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with this Policy, (iv) receive reports on the review of the Proxy Advisory Firms as described above, and (v) review this Policy from time to time and recommend changes to the Investment Committee. The Investment Stewardship Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to this Policy and may designate personnel of each Advisor to instruct the vote on proxies on behalf of an Advisor's clients, such as authorized traders of the Advisors (collectively, "Authorized Persons"). The Investment Stewardship Committee will review this policy no less frequently than annually and may recommend changes to this Policy to seek to act in a manner consistent with the best interests of the clients.

Generally, the Advisors analyze relevant proxy materials on behalf of their clients and seek to instruct the vote (or refrain from voting) proxies in accordance with this Policy and the Guidelines. A client may direct an Advisor to vote for such client's account differently than what would occur in applying the Policy and the Guidelines. An Advisor may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations.

Each Advisor seeks to vote (or refrain from voting) proxies for its clients in a manner that the Advisor determines is in the best interests of its clients and which seeks to maximize the value of the client's investments, subject to the standards of legal and regulatory regimes, applicable to the Advisor or the client, and any particular investment or voting guidelines of specific funds or accounts. When voting (or electing to refrain from voting) proxies for clients, subject to ERISA, each Advisor shall seek to consider those factors that may affect the economic value of the ERISA client's investment and not subordinate the interests of the client's participants and beneficiaries on their retirement income or financial benefits under the plan to any other objectives. Irrespective of the foregoing, an Advisor's decision-making to vote or refrain from voting will be made following a cost-benefit analysis described below.

**Determining Whether to Vote Proxies**

In some cases, an Advisor may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. For example, the Advisor will generally refrain from voting proxies where the Adviser anticipates that the costs to the client's account of voting could exceed the expected benefits of voting. In making this assessment, each Advisor applies a general cost formula test for each account, assessing generally anticipated voting costs (*e.g.*, custodian and Proxy Advisor Firm costs for voting) on a country-by-country basis against the Advisor's assumptions regarding the aggregate financial value of voting.<sup>2</sup> Note that securities issued in non-U.S. jurisdictions can be subject both to direct costs and opportunity costs which are not associated with voting U.S. proxies, including costs to: (i) appoint a proxy; (ii) obtain reliable information about the time and location of a meeting; (iii) obtain relevant information about voting procedures for foreign shareholders; (iv) restrict trading securities that are subject to proxy votes (share-blocking periods); (v) arrange for a proxy to vote locally in person; and (vi) charge fees by custody banks for providing certain services with regard to voting proxies. As a result, were an Advisor to refrain from voting proxies, it would be more likely to do so for votes for matters related to non-U.S. issuers rather than U.S. issuers. The Advisors consider updates on proxy voting costs and voting impediments and its overall cost-benefit analysis for each account and country periodically, no less frequently than annually.

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<sup>2</sup> If a client does not share with its Advisor information regarding the cost of voting proxies so that the Advisor can perform a cost-benefit analysis, the Advisor will decide whether to vote proxies considering only the information available to it on such costs, as well as the preferences expressed by the client or its representative(s).

In certain circumstances, for example, for client accounts with a relatively small amount of assets under management that invest significantly in non-U.S. issuers and have a large number of holdings, an Advisor's cost-benefit analysis may result in the Advisor refraining from voting all proxies for an account.

Notwithstanding the foregoing, in the event an Advisor is made aware of and believes that an issue to be voted is likely to materially affect the economic value of a portfolio, that its client's vote is reasonably likely to be determinative of the outcome of the contest, and that the expected benefits to the client of voting a particular proxy vote exceed the expected costs, the Advisor will seek to make reasonable efforts to vote that proxy.

For securities on loan and when the Advisor or an affiliate of the Advisor has agreed to monitor the securities lending program of the client account, the Advisor will balance the revenue-producing value of loans against the difficult-to-assess value of casting votes. It is generally the Advisors' belief that the expected value of casting a vote generally will be less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by an Advisor recalling loaned securities for voting. In certain countries, including the United States, the specific terms of the proposals to be voted on by shareholders will generally not be known until after the record date, which determines the shares eligible to be voted. In this situation, the Advisor may not be aware of the subject of a proxy in time to make a decision as to whether the materiality of the voting proposals warrants recalling a security on loan to vote. In addition, because specific record dates may not be known, if the Advisor were to seek to recall securities on loan, the Advisor would need to estimate the record date which would result in the securities being recalled for a longer period of time than otherwise required and may create a greater potential loss of income. Each Advisor does intend to recall securities on loan if, based upon information in the Advisor's possession, it determines that voting the securities is likely to materially affect the value of a client's investment and that it is in the client's best interests to do so.

In cases where an Advisor does not receive a solicitation or enough information within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor or its service provider may be unable to vote. As part of the vote execution services provided to the Advisors, a Proxy Advisory Firm pre-populates votes in accordance with the Policy and Guidelines. Such votes are automatically submitted unless modified by an Authorized Person prior to submission. The Advisors conduct sampling of select pre-populated votes prior to the final vote submission. For votes on certain issues, the Advisors conduct additional reviews as part of the voting process. If an Advisor becomes aware that a portfolio company or shareholder proponent of a proposal has filed or intends to file additional soliciting material after a Proxy Advisory Firm has pre-populated votes, and the company or proponent makes this material available within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor will assess whether the material could reasonably be expected to impact the Advisor's vote determination and will seek to review and consider any impactful material prior to the proxy-voting deadline.

The Advisors from time to time discuss governance matters with portfolio companies to represent client interests; however, regardless of such conversations, the Advisors acquire securities on behalf of their clients solely for the purpose of investment and not with the purpose or intended effect of changing or influencing the control of any portfolio company. The Advisors do not intend to engage in shareholder activism with respect to a pending vote or matter that an Advisor reasonably expects to be the subject of a shareholder vote in the foreseeable future. If an issuer's management, shareholders or proxy solicitors contact an Advisor with respect to a pending vote, a member of the Investment Stewardship Committee (or its delegee) may listen to such party and discuss this Policy with such party.

**Fixed Income Securities**

Holders of fixed income securities are generally not entitled to an annual vote and therefore do not have such a mechanism to influence an issuer's governance. From time-to-time holders of fixed income securities can receive proxy ballots or corporate action-consents at the discretion of the issuer/custodian. When processed as proxy ballots, Proxy Advisory Firms generally do not provide a voting recommendation on such matters and the service provider's role is limited to election processing and recordkeeping. In such circumstances the Advisor's fixed income portfolio management team is generally responsible for providing recommendations on how to vote proxy ballots and corporation action-consents and they may consult with members of the Investment Stewardship Group, with the aim of applying the same general principles as are set out in the Guidelines.

**Conflicts of Interest**

Occasions may arise where an Authorized Person, one or more members of the Investment Stewardship Committee, an Advisor, or an affiliated person of an Advisor has a potential conflict of interest in connection with the proxy voting process or engagement with portfolio companies. A conflict of interest may exist, for example, if an Advisor is actively soliciting investment advisory business from the company soliciting the proxy. Proxies that the Advisors receive on behalf of their clients generally will be voted in accordance with predetermined guidelines or procedures (or a client's predetermined custom guidelines or procedures), and when proxies are voted consistently with such guidelines or procedures, the Advisors consider such votes not to be affected by any conflicts of interest.

In the limited instances where (i) an Authorized Person is considering voting a proxy contrary to predetermined guidelines or procedures (or in cases for which the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm primarily used by the Advisors to provide voting recommendations), and (ii) the Authorized Person or any member of the Investment Stewardship Committee believes a potential conflict of interest exists, the Authorized Person will disclose the potential conflict to a member of the Investment Stewardship Committee or, in the case of a member of the Investment Stewardship Committee who believes a potential conflict of interest exists, the member will disclose the conflict to the Investment Stewardship Committee. Such disclosure will describe the proposal to be voted upon and disclose any potential conflict of interest including but not limited to any potential personal conflict of interest (e.g., familial relationship with company management) the Authorized Person may have relating to the proxy vote, in which case the Authorized Person will remove himself or herself from the proxy voting process.

If the Investment Stewardship Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to predetermined guidelines or procedures (or in the case where the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm), the Investment Stewardship Committee member will bring the vote to the Investment Stewardship Committee, which will (a) determine how the vote should be cast, keeping in mind the principle of preserving shareholder value or (b) determine to abstain from voting, unless abstaining would be materially adverse to the client's interest.

The Advisors may face a conflict of interest in determining whether to vote or refrain from voting proxies for funds where the Advisor has agreed to assume the costs of a fund's voting expenses because, for such client accounts, the costs of voting proxies are effectively paid by the Advisor. The Advisors believe such conflicts of interest are addressed by applying the same cost-benefit analysis across all of their clients, without regard to whether the Advisor has a conflict, such as by assuming the costs of voting on behalf of a client.

To the extent a conflict arises in connection with a proposed engagement with a portfolio company, the proposed engagement will be brought to the Investment Stewardship Committee for consideration of how to proceed.

To the extent the Investment Stewardship Committee makes a determination regarding how to vote or to abstain for a proxy on behalf of a Dimensional Investment Company in the circumstances described in this paragraph, Dimensional will report annually on such determinations to the respective Board of Directors/Trustees of the Dimensional Investment Company. The Advisors will also consider, where appropriate, other disclosure to clients regarding potential conflicts of interest, dependent upon the agreement with the client.

Voting by Dimensional Funds that hold shares of other Dimensional Funds. To avoid certain potential conflicts of interest, Dimensional generally will employ mirror voting, if possible, when a Dimensional Fund invests in another Dimensional Fund in reliance on any one of Sections 12(d)(1)(E), 12(d)(1)(F) or 12(d)(1)(G) of the Investment Company Act of 1940, as amended, ("1940 Act"), related rules thereunder (including Rule 12d1-1 or Rule 12d1-4 under the 1940 Act), or pursuant to an SEC exemptive order thereunder, unless otherwise required by applicable law or regulation. Mirror voting means that Dimensional will vote the shares in the same proportion as the vote of all of the other holders of the Dimensional Fund's shares. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Section 12(d)(1)(G) of the 1940 Act, related rules thereunder (including Rule 12d1-1 or Rule 12d1-4), or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will vote in accordance with the recommendation of such Dimensional Investment Company's board of trustees or directors, unless otherwise required by applicable law or regulation. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Sections 12(d)(1)(E) or 12(d)(1)(F) of the 1940 Act and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will employ pass-through voting, unless otherwise required by applicable law or regulation. In "pass-through voting," the investing Dimensional Fund will solicit voting instructions from its shareholders as to how to vote on the underlying Dimensional Fund's proposals.

**Availability of Proxy Voting Information and Recordkeeping**

Each Advisor will inform those clients for which it has voting authority how to obtain information from the Advisor about how it voted with respect to client securities. The Advisor will provide those clients with a summary of its proxy voting guidelines, process and policies and will inform the clients how they can obtain a copy of the complete Policy upon request. If an Advisor is registered under the Advisers Act, the Advisor will also: (i) include such information described in the preceding two sentences in Part 2A of its Form ADV and (ii) if and as required, seek to file on Form N-PX its proxy voting record in respect of certain votes no later than August 31 of each year, for the twelve-month period ending June 30 of the current year.

**Recordkeeping**

The Advisors will also keep records of the following items: (i) their proxy voting guidelines, policies and procedures and documentation of their annual reviews of such guidelines, policies and procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (iv) records of written client requests for proxy voting information and an Advisor's responses (whether a client's request was oral or in writing); (v) any documents prepared by an Advisor that were material to making a decision how to vote, or that memorialized the basis for the decision; (vi) a record of any testing conducted on any Proxy Advisory Firm's votes; and (vii) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to the Advisors. The Advisors will maintain these records in an easily accessible place for at least *six years* from the end of the fiscal year during which the last entry was made on such records. For the first two years, each Advisor will store such records at one of its principal offices.

**Disclosure by the Dimensional Investment Companies**

Dimensional shall disclose in the statements of additional information of the Dimensional Investment Companies a summary of procedures which Dimensional uses to determine how to vote proxies relating to portfolio securities of the Dimensional Investment Companies. The disclosure will include a description of the procedures used when a vote presents a conflict of interest between shareholders and Dimensional, DFA Securities LLC ("DFAS") or an affiliate of Dimensional or DFAS.

The semi-annual reports of the Dimensional Investment Companies shall indicate that a description of the policies and procedures that the Dimensional Investment Companies use in voting proxies of portfolio securities is available: (i) without charge, upon request, by calling Dimensional collect; or (ii) on the SEC's website. Any requested description must be sent within three business days by a prompt method of delivery.

Dimensional, on behalf of each Dimensional Investment Company it advises, each applicable Advisor, and as otherwise as required, shall file its proxy voting record with the SEC on Form N-PX no later than August 31 of each year, for the twelve-month period ending June 30 of the current year. Such filings shall contain all information required to be disclosed on Form N-PX by each Dimensional Investment Company and each Advisor, as applicable.

**<u>Exhibit A</u>**

<u>**Summary of Proxy Voting Guidelines**</u>

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>3</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account. <sup>4</sup>

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets.

**Global Evaluation Framework**

Dimensional's Global Evaluation Framework sets out Dimensional's general expectations for all portfolio companies. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;1. There are problematic audit-related practices;

&nbsp;&nbsp;&nbsp;&nbsp;2. There are problematic compensation practices or persistent pay
 for performance misalignment;

&nbsp;&nbsp;&nbsp;&nbsp;3. There are problematic anti-takeover provisions;

&nbsp;&nbsp;&nbsp;&nbsp;4. There have been material failures of governance, risk oversight,
 or fiduciary responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;5. The board has failed to adequately respond to shareholder concerns;

&nbsp;&nbsp;&nbsp;&nbsp;6. The board has demonstrated a lack of accountability to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;7. There is an ineffective board refreshment process <sup>5</sup> ;

------

<sup>3</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>4</sup> For considerations in connection with ERISA-covered clients, see the Policy and its references to requirements under ERISA.

<sup>5</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

&nbsp;&nbsp;&nbsp;&nbsp;1. Board and committee independence;

&nbsp;&nbsp;&nbsp;&nbsp;2. Director attendance: Dimensional generally expects
 directors to attend at least 75% of board and committee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;3. Director capacity to serve;

&nbsp;&nbsp;&nbsp;&nbsp;4. Board composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 processes and procedures by which the portfolio company identifies the key competencies that
 directors should possess in order to ensure the board is able to appropriately oversee the
 risks and opportunities associated with the portfolio company's strategy and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How
 the performance of individual directors and the board as a whole is assessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The alignment
 between the skills and expertise of each board member and the key competencies identified
 in the board assessment process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board refreshment mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director recruitment
 policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent to which
 diversity considerations are incorporated into board assessment and refreshment practices
 and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company's board assessment process meets market best practices in terms of objectiveness,
 rigor, disclosure, and other criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company complies with market best practice with regards to refreshment mechanisms, including
 tenure limits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company has board entrenchment devices, such as a classified board or plurality vote standard.

Dimensional may consider a board's diversity when evaluating the effectiveness of a portfolio company's board refreshment process. Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post- initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

In markets where components of executive remuneration, such as performance rights or options, are required to be subject to a separate shareholder vote, Dimensional will consider these proposals in line with the principles above.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

**<u>Capitalization</u>**

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adoptor maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

Dimensional will typically vote with management on environmental and social (E&S) shareholder proposals. In certain circumstances, including if the E&S matter may have a material impact on the portfolio company, Dimensional may determine a case-by-case analysis is warranted, in which case we will consider if supporting the proposal is likely to provide shareholders with meaningful information about a portfolio company's handling of environmental or social risk through improved board accountability, improved policies or procedures, or improved disclosures.

**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to
 see and hear portfolio company representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to
 ask questions of portfolio company representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to see
 or hear questions submitted to portfolio company representatives by other shareholders, including
 those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such E&S proposals. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of material risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of the process for identifying and prioritizing such risks and how frequently it occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The policies and
 procedures governing the handling of each material risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of
 the management-level roles/groups involved in oversight and mitigation of each material risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of
 the metrics used to assess the effectiveness of mitigating each material risk, and the frequency
 at which performance against these metrics is assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, or where a portfolio company has faced a material controversy in relation to the issue, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board to adopt
 policies and procedures to oversee political and lobbying expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The details of the
 board oversight, including the policies and procedures governing such expenditures, to be
 disclosed publicly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That board oversight
 of political and lobbying activities, such as spending, should include ensuring that the
 portfolio company's publicly stated positions are in alignment with its related activities
 and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The specific risks
 identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The potential
 impact these risks could have on the portfolio company's business, operations, or strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the risks
 are overseen by a specific committee or the full board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The frequency
 with which the board or responsible board committee receives updates on the risks and the
 types of information reviewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 management-level roles/groups responsible for managing these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 metrics used to assess the handling of these risks, how they are calculated, and the reason
 for their selection, particularly when the metrics recommended by a recognized third-party
 framework, such as Task Force for Climate-related Financial Disclosures (TCFD), International
 Sustainability Standards Board (ISSB), or Sustainability Accounting Standards Board (SASB)
 Standards, are not being used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targets
 used by the portfolio company to manage climate-related risks and performance against those
 targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The specific risks
 identified

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The potential
 impact these risks could have on the portfolio company's business, operations, or strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the risks
 are overseen by a specific committee or the full board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 frequency with which the board or responsible board committee receives updates on the risks
 and the types of information reviewed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details
 on how the portfolio company monitors human rights throughout the organization and supply
 chain, including the scope and frequency of audits and how instances of non-compliance are
 resolved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 policies governing human rights throughout the organization and supply chain and the extent
 to which the policy aligns with recognized global frameworks such as the UN's Guiding
 Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details
 of violations of the policy and corrective action taken

**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policies and procedures
 to manage cybersecurity risk and identify cybersecurity incidents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The role of management
 in implementing cybersecurity policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The role of the
 board in overseeing cybersecurity risk and the process by which the board is informed of
 incidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material cybersecurity
 incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

<u>**Director Elections:**</u>

<u>**Uncontested Director Elections**</u>

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The continued service
 of directors who failed to receive the support of a majority of shareholders (regardless
 of whether the portfolio company uses a majority or plurality vote standard).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to adequately
 respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

<u>**Age and Term Limits**</u>

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

<u>**Classified Boards**</u>

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual- class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>**

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholder-nominated
 candidates to disclose information that is not required for new board- nominated candidates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impose unduly
 burdensome disclosure requirements on shareholder proponents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significantly
 limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>**

<u>**Equity-Based Compensation**</u>

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• multi-year guaranteed
 bonuses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excessive severance
 agreements (particularly those that vest without involuntary job loss or diminution of duties
 or those with excise-tax gross-ups)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• single, or the
 same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

<u>**Reincorporation**</u>

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

<u>**Increase Authorized Shares**</u>

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies <u>Continental Europe:</u>**

<u>**Director Election Guidelines**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio
 company boards should be majority independent (excluding shareholder or employee representatives
 as provided by law); however, lower levels of board independence may be acceptable in controlled
 companies and in those markets where local best practice indicates that at least one-third
 of the board be independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 majority of audit and remuneration committee members (excluding shareholder or employee representatives
 as provided by law) should be independent; the committees overall should be at least one-
 third independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Executives
 should generally not serve on audit and remuneration committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 CEO and board chair roles should generally be separate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio
 companies should comply with relevant listing rules, corporate governance codes, and market
 best practices with regards to board composition.

**<u>Remuneration Guidelines</u>**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 amount paid to executives ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Alignment
 between pay and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 targets used for variable incentive plans and the ex-post levels achieved ;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In
 Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment
 of a former CEO as chairman of the board of directors or supervisory board of a portfolio
 company.

**<u>United Kingdom:</u>**

Dimensional expects portfolio companies to follow the applicable requirements of the FCA Listing Rules, the UK Corporate Governance Code, and market best practice with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to board composition.

Dimensional expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

**<u>Ireland:</u>**

Dimensional will consider the recommendations of the Balance for Better Business Review Group with regards to evaluating board composition.

**<u>South Africa:</u>**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**Framework for Evaluating Australia and New Zealand-Listed Companies**

<u>**Uncontested Director Elections**</u>

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

When evaluating portfolio company boards, Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively, with respect to board composition.

**<u>CEO/Chair</u>**

Dimensional expects Australian and New Zealand portfolio companies to separate the CEO and board chair roles, with the board chair being an independent director, in line with the expectations set forth in the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

**<u>Auditors</u>**

Neither Australian nor New Zealand law requires the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee in both markets.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, at Australian and New Zealand portfolio companies, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1 and NZX Listing Rule 4, respectively.

**<u>Share Repurchase</u>**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

**<u>Constitution Amendments</u>**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Dimensional may vote against the granting of equity-based awards, such as performance rights, stock options, and stock appreciation rights, to specific executives, including CEOs and Managing Directors, if also voting against the portfolio company's remuneration report under the analysis set for the in the Executive Remuneration section of the Global Framework.

**Framework for Evaluating Japan-Listed Securities**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to board composition, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**<u>Statutory Auditors</u>**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

<u>**Capital Allocation**</u>

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

**<u>Share Repurchase</u>**

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>**

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**Framework for Evaluating Securities in Other Select Asian Markets <u>Uncontested Director Elections</u>**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 boards of directors of Malaysian portfolio companies should be at least 33% independent.
 Boards of directors of Malaysian "Large Companies" as defined by the Securities
 Commission Malaysia should be majority independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Indian and Singaporean portfolio companies should be at least 50% independent
 if the board chair is not independent. If the board chair is independent, the board of directors
 should be at least 33% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should
 be at least 33% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Taiwanese portfolio companies should have no fewer than two independent directors
 and no less than 20% independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of Commissioners of Indonesian portfolio companies should be at least 30% independent, except
 for banks, insurance companies, and financial institutions which should be 50% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of South Korean portfolio companies should be at least 25% independent. The
 board of directors of Large Companies, as defined by the Commercial Act of South Korea, should
 be majority independent.

**<u>Director Remuneration</u>**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

**<u>Exhibit A</u>**

<u>**Summary of Sustainability Proxy Voting Guidelines**</u>

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>6</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account.

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets for the funds and accounts that incorporate sustainability considerations in their investment guidelines or have made an affirmative election or provided instruction that Dimensional should prioritize such considerations as part of voting (the "Sustainability-Voting Funds and Accounts").

**Global Evaluation Framework – Sustainability**

Dimensional's Global Evaluation Framework – Sustainability sets out Dimensional's general expectations for all portfolio companies in Sustainability-Voting Funds and Accounts. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;1. There are problematic audit-related practices;

&nbsp;&nbsp;&nbsp;&nbsp;2. There are problematic compensation practices or persistent pay
 for performance misalignment;

&nbsp;&nbsp;&nbsp;&nbsp;3. There are problematic anti-takeover provisions;

&nbsp;&nbsp;&nbsp;&nbsp;4. There have been material failures of governance, risk oversight,
 or fiduciary responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;5. The board has failed to adequately respond to shareholder concerns;

&nbsp;&nbsp;&nbsp;&nbsp;6. The board has demonstrated a lack of accountability to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;7. There is an ineffective board refreshment process <sup>7</sup> ;

------

<sup>6</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>7</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

Additionally, Dimensional may vote against directors, committee members, or the full board of portfolio companies in sectors with high greenhouse gas emissions which have not disclosed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scope 1 and 2 greenhouse
 gas emissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targets to reduce greenhouse
 gas emissions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board oversight of
 climate-related policies and procedures.

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

&nbsp;&nbsp;&nbsp;&nbsp;1. Board and committee independence;

&nbsp;&nbsp;&nbsp;&nbsp;2. Director attendance:
 Dimensional generally expects directors to attend at least 75% of board and committee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;3. Director capacity to serve;

&nbsp;&nbsp;&nbsp;&nbsp;4. Board composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 processes and procedures by which the portfolio company identifies the key competencies that
 directors should possess in order to ensure the board is able to appropriately oversee the
 risks and opportunities associated with the portfolio company's strategy and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How
 the performance of individual directors and the board as a whole is assessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The alignment
 between the skills and expertise of each board member and the key competencies identified
 in the board assessment process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board refreshment mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director recruitment
 policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent to which
 diversity considerations are incorporated into board assessment and refreshment practices
 and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company's board assessment process meets market best practices in terms of objectiveness,
 rigor, disclosure, and other criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company complies with market best practice with regards to refreshment mechanisms, including
 tenure limits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company has board entrenchment devices, such as a classified board or plurality vote standard.

Dimensional may consider a board's diversity when evaluating the effectiveness of a portfolio company's board refreshment process. Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post- initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

In markets where components of executive remuneration, such as performance rights or options, are required to be subject to a separate shareholder vote, Dimensional will consider these proposals in line with the principles above.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

<u>**Capitalization**</u>

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Sustainability-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate-related
 risks and greenhouse gas emissions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental
 impact

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate-related
 lobbying activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financing of fossil
 fuel activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workforce gender
 diversity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Human rights risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Factory Farming

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sale and distribution
 of tobacco products

**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to
 see and hear portfolio company representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to ask
 questions of portfolio company representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to see
 or hear questions submitted to portfolio company representatives by other shareholders, including
 those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

Dimensional evaluates shareholder proposals on environmental or social issues by paying particular attention to the portfolio company's current handling of the issue, current disclosures, the financial materiality of the issue, market practices, and regulatory requirements. Dimensional may vote for proposals requesting disclosure of specific environmental and social data, such as information about board oversight, risk management policies and procedures, or performance against a specific metric, if Dimensional believes that the portfolio company's current disclosure is inadequate to allow shareholders to effectively assess the portfolio company's handling of a material issue.

**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of material risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of the process for identifying and prioritizing such risks and how frequently it occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The policies and
 procedures governing the handling of each material risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of
 the management-level roles/groups involved in oversight and mitigation of each material risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of
 the metrics used to assess the effectiveness of mitigating each material risk, and the frequency
 at which performance against these metrics is assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, or where a portfolio company has faced a material controversy in relation to the issue, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board to adopt
 policies and procedures to oversee political and lobbying expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The details of the
 board oversight, including the policies and procedures governing such expenditures, to be
 disclosed publicly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That board oversight
 of political and lobbying activities, such as spending, should include ensuring that the
 portfolio company's publicly stated positions are in alignment with its related activities
 and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The specific risks
 identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The potential
 impact these risks could have on the portfolio company's business, operations, or strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the risks
 are overseen by a specific committee or the full board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The frequency with
 which the board or responsible board committee receives updates on the risks and the types
 of information reviewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The management-level
 roles/groups responsible for managing these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 metrics used to assess the handling of these risks, how they are calculated, and the reason
 for their selection, particularly when the metrics recommended by a recognized third-party
 framework, such as Task Force for Climate-related Financial Disclosures (TCFD), International
 Sustainability Standards Board (ISSB), or or Sustainability Accounting Standards Board (SASB)
 Standards, are not being used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targets
 used by the portfolio company to manage climate-related risks and performance against those
 targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The specific risks
 identified

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The potential impact
 these risks could have on the portfolio company's business, operations, or strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the risks
 are overseen by a specific committee or the full board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 frequency with which the board or responsible board committee receives updates on the risks
 and the types of information reviewed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details
 on how the portfolio company monitors human rights throughout the organization and supply
 chain, including the scope and frequency of audits and how instances of non-compliance are
 resolved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 policies governing human rights throughout the organization and supply chain and the extent
 to which the policy aligns with recognized global frameworks such as the UN's Guiding
 Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details
 of violations of the policy and corrective action taken

**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policies and procedures
 to manage cybersecurity risk and identify cybersecurity incidents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The role of management
 in implementing cybersecurity policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The role of the
 board in overseeing cybersecurity risk and the process by which the board is informed of
 incidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material cybersecurity
 incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

<u>**Director Elections:**</u>

<u>**Uncontested Director Elections**</u>

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The continued service
 of directors who failed to receive the support of a majority of shareholders (regardless
 of whether the portfolio company uses a majority or plurality vote standard).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to adequately
 respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

<u>**Age and Term Limits**</u>

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

<u>**Classified Boards**</u>

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual- class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

<u>**Shareholder Rights Plans (Poison Pills)**</u>

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

<u>**Advance Notice Provisions**</u>

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholder-nominated
 candidates to disclose information that is not required for new board- nominated candidates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impose unduly
 burdensome disclosure requirements on shareholder proponents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significantly
 limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>**

<u>**Equity-Based Compensation**</u>

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• multi-year guaranteed
 bonuses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excessive severance
 agreements (particularly those that vest without involuntary job loss or diminution of duties
 or those with excise-tax gross-ups)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• single, or the
 same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

<u>**Reincorporation**</u>

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

<u>**Increase Authorized Shares**</u>

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Sustainability-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate-related
 risks and greenhouse gas emissions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental
 impact

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate-related
 lobbying activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financing of fossil
 fuel activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workforce gender
 diversity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Human rights risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Factory Farming

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sale and distribution
 of tobacco products

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies** 

**<u>Continental Europe:</u>**

<u>**Director Election Guidelines**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio
 company boards should be majority independent (excluding shareholder or employee representatives
 as provided by law); however, lower levels of board independence may be acceptable in controlled
 companies and in those markets where local best practice indicates that at least one-third
 of the board be independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 majority of audit and remuneration committee members (excluding shareholder or employee representatives
 as provided by law) should be independent; the committees overall should be at least one-
 third independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Executives
 should generally not serve on audit and remuneration committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 CEO and board chair roles should generally be separate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio
 companies should comply with relevant listing rules, corporate governance codes, and market
 best practices with regards to board composition.

**<u>Remuneration Guidelines</u>**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 amount paid to executives ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Alignment
 between pay and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 targets used for variable incentive plans and the ex-post levels achieved ;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In
 Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment
 of a former CEO as chairman of the board of directors or supervisory board of a portfolio
 company.

**<u>United Kingdom:</u>**

Dimensional expects portfolio companies to follow the applicable requirements of the FCA Listing Rules, the UK Corporate Governance Code, and market best practice with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to board composition.

Dimensional expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

**<u>Ireland:</u>**

Dimensional will consider the recommendations of the Balance for Better Business Review Group with regards to evaluating board composition.

**<u>South Africa:</u>**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**Framework for Evaluating Australia- and New Zealand-Listed Companies**

<u>**Uncontested Director Elections**</u>

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

When evaluating portfolio company boards, Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively, with respect to board composition.

**<u>CEO/Chair</u>**

Dimensional expects Australian and New Zealand portfolio companies to separate the CEO and board chair roles, with the board chair being an independent director, in line with the expectations set forth in the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

**<u>Auditors</u>**

Neither Australian nor New Zealand law requires the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee in both markets.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions at Australian and New Zealand portfolio companies, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1 and NZX Listing Rule 4, respectively.

**<u>Share Repurchase</u>**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

**<u>Constitution Amendments</u>**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Dimensional may vote against the granting of equity-based awards, such as performance rights, stock options, and stock appreciation rights, to specific executives, including CEOs and Managing Directors, if also voting against the portfolio company's remuneration report under the analysis set for the in the Executive Remuneration section of the Global Framework.

**Framework for Evaluating Japan-Listed Securities <u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect

portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to board composition, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**<u>Statutory Auditors</u>**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

**<u>Capital Allocation</u>**

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

**<u>Share Repurchase</u>**

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>**

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**Framework for Evaluating Securities in Other Select Asian Markets <u>Uncontested Director Elections</u>**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 boards of directors of Malaysian portfolio companies should be at least 33% independent.
 Boards of directors of Malaysian "Large Companies" as defined by the Securities
 Commission Malaysia should be majority independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Indian and Singaporean portfolio companies should be at least 50% independent
 if the board chair is not independent. If the board chair is independent, the board of directors
 should be at least 33% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should
 be at least 33% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Taiwanese portfolio companies should have no fewer than two independent directors
 and no less than 20% independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of Commissioners of Indonesian portfolio companies should be at least 30% independent, except
 for banks, insurance companies, and financial institutions which should be 50% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of South Korean portfolio companies should be at least 25% independent. The
 board of directors of Large Companies, as defined by the Commercial Act of South Korea, should
 be majority independent.

**<u>Director Remuneration</u>**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

**<u>Exhibit A</u>**

<u>**Summary of Social Proxy Voting Guidelines**</u>

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>8</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account.

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets for the funds and accounts that incorporate sustainability considerations in their investment guidelines or have made an affirmative election or provided instruction that Dimensional should prioritize such considerations as part of voting (the "Social-Voting Funds and Accounts").

**Global Evaluation Framework - Social**

Dimensional's Global Evaluation Framework – Social sets out Dimensional's general expectations for all portfolio companies in Social-Voting Funds and Accounts. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market- specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;1. There are problematic audit-related practices;

&nbsp;&nbsp;&nbsp;&nbsp;2. There are problematic compensation practices or persistent pay
 for performance misalignment;

&nbsp;&nbsp;&nbsp;&nbsp;3. There are problematic anti-takeover provisions;

&nbsp;&nbsp;&nbsp;&nbsp;4. There have been material failures of governance, risk oversight,
 or fiduciary responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;5. The board has failed to adequately respond to shareholder concerns;

&nbsp;&nbsp;&nbsp;&nbsp;6. The board has demonstrated a lack of accountability to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;7. There is an ineffective board refreshment process <sup>9</sup> ;

------

<sup>8</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>9</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

&nbsp;&nbsp;&nbsp;&nbsp;1. Board and committee independence;

&nbsp;&nbsp;&nbsp;&nbsp;2. Director attendance: Dimensional generally expects
 directors to attend at least 75% of board and committee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;3. Director capacity to serve;

&nbsp;&nbsp;&nbsp;&nbsp;4. Board composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 processes and procedures by which the portfolio company identifies the key competencies that
 directors should possess in order to ensure the board is able to appropriately oversee the
 risks and opportunities associated with the portfolio company's strategy and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How
 the performance of individual directors and the board as a whole is assessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The alignment
 between the skills and expertise of each board member and the key competencies identified
 in the board assessment process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board refreshment mechanisms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director recruitment
 policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent to which
 diversity considerations are incorporated into board assessment and refreshment practices
 and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company's board assessment process meets market best practices in terms of objectiveness,
 rigor, disclosure, and other criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company complies with market best practice with regards to refreshment mechanisms, including
 tenure limits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the portfolio
 company has board entrenchment devices, such as a classified board or plurality vote standard.

Dimensional may consider a board's diversity when evaluating the effectiveness of a portfolio company's board refreshment process. Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post- initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

In markets where components of executive remuneration, such as performance rights or options, are required to be subject to a separate shareholder vote, Dimensional will consider these proposals in line with the principles above.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

**<u>Capitalization</u>**

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Social-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate-related
 risks and greenhouse gas emissions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental
 impact

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate-related
 lobbying activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financing of fossil
 fuel activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workforce gender
 diversity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Human rights risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Factory Farming

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sale and distribution
 of tobacco products

In addition, and subject to the foregoing, Dimensional will typically not support on behalf of Social-Voting Funds or Accounts proposals favoring access to abortion.

**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to
 see and hear portfolio company representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to
 ask questions of portfolio company representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to see
 or hear questions submitted to portfolio company representatives by other shareholders, including
 those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

Dimensional evaluates shareholder proposals on environmental or social issues by paying particular attention to the portfolio company's current handling of the issue, current disclosures, the financial materiality of the issue, market practices, and regulatory requirements. Dimensional may vote for proposals requesting disclosure of specific environmental and social data, such as information about board oversight, risk management policies and procedures, or performance against a specific metric, if Dimensional believes that the portfolio company's current disclosure is inadequate to allow shareholders to effectively assess the portfolio company's handling of a material issue.

**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of material risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of the process for identifying and prioritizing such risks and how frequently it occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The policies and
 procedures governing the handling of each material risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of
 the management-level roles/groups involved in oversight and mitigation of each material risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of
 the metrics used to assess the effectiveness of mitigating each material risk, and the frequency
 at which performance against these metrics is assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description
 of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, or where a portfolio company has faced a material controversy in relation to the issue, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board to adopt
 policies and procedures to oversee political and lobbying expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The details of the
 board oversight, including the policies and procedures governing such expenditures, to be
 disclosed publicly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That board oversight
 of political and lobbying activities, such as spending, should include ensuring that the
 portfolio company's publicly stated positions are in alignment with its related activities
 and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The specific risks
 identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The potential
 impact these risks could have on the portfolio company's business, operations, or strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the risks
 are overseen by a specific committee or the full board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The frequency with
 which the board or responsible board committee receives updates on the risks and the types
 of information reviewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The management-level
 roles/groups responsible for managing these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 metrics used to assess the handling of these risks, how they are calculated, and the reason
 for their selection, particularly when the metrics recommended by a recognized third-party
 framework, such as Task Force for Climate-related Financial Disclosures (TCFD), International
 Sustainability Standard Board (ISSB), or Sustainability Accounting Standards Board (SASB)
 Standards, are not being used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targets
 used by the portfolio company to manage climate-related risks and performance against those
 targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The specific risks
 identified

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The potential
 impact these risks could have on the portfolio company's business, operations, or strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the risks
 are overseen by a specific committee or the full board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The frequency with
 which the board or responsible board committee receives updates on the risks and the types
 of information reviewed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details
 on how the portfolio company monitors human rights throughout the organization and supply
 chain, including the scope and frequency of audits and how instances of non-compliance are
 resolved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 policies governing human rights throughout the organization and supply chain and the extent
 to which the policy aligns with recognized global frameworks such as the UN's Guiding
 Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details
 of violations of the policy and corrective action taken

**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policies and procedures
 to manage cybersecurity risk and identify cybersecurity incidents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The role of management
 in implementing cybersecurity policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The role of the
 board in overseeing cybersecurity risk and the process by which the board is informed of
 incidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material cybersecurity
 incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

<u>**Director Elections:**</u>

<u>**Uncontested Director Elections**</u>

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The continued service
 of directors who failed to receive the support of a majority of shareholders (regardless
 of whether the portfolio company uses a majority or plurality vote standard).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to adequately
 respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

<u>**Age and Term Limits**</u>

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

<u>**Classified Boards**</u>

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual- class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>**

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholder-nominated
 candidates to disclose information that is not required for new board- nominated candidates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impose unduly
 burdensome disclosure requirements on shareholder proponents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significantly
 limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>**

<u>**Equity-Based Compensation**</u>

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• multi-year guaranteed
 bonuses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excessive severance
 agreements (particularly those that vest without involuntary job loss or diminution of duties
 or those with excise-tax gross-ups)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• single, or the
 same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

<u>**Reincorporation**</u>

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

<u>**Increase Authorized Shares**</u>

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Social-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing consideration, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate-related
 risks and greenhouse gas emissions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental
 impact

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate-related
 lobbying activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financing of fossil
 fuel activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workforce gender
 diversity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Human rights risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Factory Farming

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sale and distribution
 of tobacco products

In addition, and subject to the foregoing, Dimensional will typically not support on behalf of Social-Voting Funds or Accounts proposals favoring access to abortion.

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies**

<u>**Continental Europe:**</u>

<u>**Director Election Guidelines**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio
 company boards should be majority independent (excluding shareholder or employee representatives
 as provided by law); however, lower levels of board independence may be acceptable in controlled
 companies and in those markets where local best practice indicates that at least one-third
 of the board be independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 majority of audit and remuneration committee members (excluding shareholder or employee representatives
 as provided by law) should be independent; the committees overall should be at least one-
 third independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executives
 should generally not serve on audit and remuneration committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 CEO and board chair roles should generally be separate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio
 companies should comply with relevant listing rules, corporate governance codes, and market
 best practices with regards to board composition.

**<u>Remuneration Guidelines</u>**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 amount paid to executives ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Alignment
 between pay and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 targets used for variable incentive plans and the ex-post levels achieved ;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In
 Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment
 of a former CEO as chairman of the board of directors or supervisory board of a portfolio
 company.

**<u>United Kingdom:</u>**

Dimensional expects portfolio companies to follow the applicable requirements of the FCA Listing Rules, the UK Corporate Governance Code, and market best practice with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to board composition.

Dimensional expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

**<u>Ireland:</u>**

Dimensional will consider the recommendations of the Balance for Better Business Review Group with regards to portfolio company board composition.

**<u>South Africa:</u>**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**Framework for Evaluating Australia- and New-Zealand Listed Companies**

<u>**Uncontested Director Elections**</u>

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

**<u>CEO/Chair</u>**

Dimensional expects Australian and New Zealand portfolio companies to separate the CEO and board chair roles, with the board chair being an independent director, in line with the expectations set forth in the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

**<u>Auditors</u>**

Neither Australian nor New Zealand law requires the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee in both markets.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions at Australian and New Zealand portfolio companies, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1 and NZX Listing Rule 4, respectively.

**<u>Share Repurchase</u>**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

**<u>Constitution Amendments</u>**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Dimensional may vote against the granting of equity-based awards, such as performance rights, stock options, and stock appreciation rights, to specific executives, including CEOs and Managing Directors, if also voting against the portfolio company's remuneration report under the analysis set for the in the Executive Remuneration section of the Global Framework.

**Framework for Evaluating Japan-Listed Securities <u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to board composition, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**<u>Statutory Auditors</u>**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

**<u>Capital Allocation</u>**

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

**<u>Share Repurchase</u>**

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>**

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**Framework for Evaluating Securities in Other Select Asian Markets <u>Uncontested Director Elections</u>**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 boards of directors of Malaysian portfolio companies should be at least 33% independent.
 Boards of directors of Malaysian "Large Companies" as defined by the Securities
 Commission Malaysia should be majority independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Indian and Singaporean portfolio companies should be at least 50% independent
 if the board chair is not independent. If the board chair is independent, the board of directors
 should be at least 33% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should
 be at least 33% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of Taiwanese portfolio companies should have no fewer than two independent directors
 and no less than 20% independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of Commissioners of Indonesian portfolio companies should be at least 30% independent, except
 for banks, insurance companies, and financial institutions which should be 50% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards
 of directors of South Korean portfolio companies should be at least 25% independent. The
 board of directors of Large Companies, as defined by the Commercial Act of South Korea, should
 be majority independent.

**<u>Director Remuneration</u>**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

**APPENDIX D**

**SUBADVISER PROXY VOTING PROCEDURES**

**JPMIM Proxy Voting Policy and Procedures**

As the Funds primarily invest in fixed income securities, it is unlikely that that the Funds will hold voting securities. However, J.P. Morgan Investment Management Inc. (Sub-Adviser), as an investment sub-adviser to the Funds, has been granted the authority to vote the proxies of any voting securities held in each Fund's portfolio. In voting proxies, the Sub-Adviser's objective is to vote proxies in the best interests of its clients. To ensure that the proxies of portfolio companies are voted in the best interests of the Funds, the Fund's Board of Trustees has adopted the Sub-Adviser's detailed proxy voting procedures (the "Procedures") that incorporate guidelines ("Guidelines") for voting proxies on specific types of issues for the Funds.

The Sub-Adviser and its affiliated advisers ("JPMAM") are part of a global asset management organization with the capability to invest in securities of issuers located around the globe. Because the regulatory framework and the business cultures and practices vary from region to region, the Guidelines are customized for each region to take into account such variations. The Sub-Adviser has adopted a separate set of Guidelines that covers the regions each of (1) North America, (2) Europe, Middle East, Africa, Central America and South America ("EMEA"), (3) Asia (ex-Japan) and (4) Japan (each, a "Region"; collectively, the "Regions"). In addition, for each Region, the Sub-Adviser has adopted Sustainable Strategy Proxy Voting Guidelines ("Sustainable Proxy Guidelines") for certain sustainable strategies, which may apply to certain Funds as approved by the Board of Trustees. The Sustainable Proxy Guidelines for those sustainable strategies replace certain sections of the Guidelines for each of the Regions. Proposals for securities held in the sustainable strategies that are not covered by the Sustainable Proxy Guidelines will continue to be voted in accordance with the other provisions of the applicable Guidelines for each of the Regions.

Notwithstanding the variations among the Guidelines, all of the Guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value consistent with each Fund's objectives and strategies. As a general rule, in voting proxies of a particular security, the Sub-Adviser and its affiliated advisers will apply the Guidelines of the Region in which the issuer of such security is organized. Except as noted below, proxy voting decisions will be made in accordance with the Guidelines covering a multitude of both routine and non-routine matters that the Sub-Adviser and its affiliated advisers has encountered globally, based on many years of collective investment management experience.

To oversee the proxy voting process on an ongoing basis, the Sub-Adviser has established a proxy committee ("Proxy Committee") for each global location where proxy voting decisions are made. Each Proxy Committee is composed of members and invitees including a proxy administrator ("Proxy Administrator") and senior officers from among the investment, legal, compliance, and risk management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines annually; (2) providing advice and recommendations on general proxy voting matters, including potential or material conflicts of interest escalated to it from time to time as well as on specific voting issues to be implemented by the Sub-Adviser; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when the Sub-Adviser has identified a material conflict of interest) and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities.

The Guidelines are proprietary to the Sub-Adviser and reflect the Sub-Adviser's views on proxy voting matters as informed by its investment experience and research over many years of proxy voting. Certain guidelines are prescriptive ("Prescribed Guidelines") meaning they specify how the Sub-Adviser will vote a particular proxy proposal except where the Sub-Adviser, pursuant to its procedures, determines to vote in a manner contrary to its Prescribed Guidelines also known as an "Override". Other guidelines contemplate voting on a case-by-case basis. In addition, there will undoubtedly be proxy matters that are not contemplated by the Guidelines. Individual company facts and circumstances vary. In some cases, the Sub-Adviser may determine that, in the best interest of its clients, a particular proxy item should be voted in a manner that is not consistent with the Prescribed Guidelines. Where the Sub-Adviser chooses to vote in a manner contrary to its Prescribed Guideline or where the Proxy Administrator determines that such vote requires further escalation to certain portfolio management teams ("escalated votes"), the procedures include a review and, for certain votes, an attestation process. These processes are designed to identify actual or potential material conflicts of interest (between a Fund on the one hand, and the Fund's Sub-Adviser or an affiliate, on the other hand), ensure that relevant personnel were not in possession of material non-public information ("MNPI"), and ensure that the proxy vote is cast in the best interests of the Fund.

In order to maintain the integrity and independence of the Sub-Adviser's investment processes and decisions, including proxy voting decisions, and to protect the Sub-Adviser's decisions from influences that could lead to a vote other than in the Funds' best interests, JPMC (including the Sub-Adviser) has adopted policies and procedures that (i) address the handling of conflicts, (ii) establish information barriers, and (iii) restrict the use of MNPI. Material conflicts of interest are further avoided by voting in accordance with the Sub-Adviser's Prescribed Guidelines. A material conflict is deemed to exist when the proxy is for JPMorgan Chase & Co. stock or for a J.P. Morgan Fund, or when the Proxy Administrator has actual knowledge indicating that a JPMorgan affiliate is an investment banker or has rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. When such conflicts are identified, the proxy will be voted by an independent third party using its own guidelines; provided, however, that the Sub-Adviser's investment professional(s) may request an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMorgan Chase affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. The applicable proxy committee shall review the Exception Request and shall determine whether the Sub-Adviser should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

Depending on the nature of the conflict, the Sub-Adviser may elect to take one or more of the following measures or other appropriate action: removing certain Sub-Adviser personnel from the proxy voting process or "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; voting in accordance with the applicable Prescribed Guidelines, if any, if the application of the Prescribed Guidelines would objectively result in the casting of a proxy vote in a predetermined manner, or delegating the vote to an independent third party, in which case the proxy will be voted by the independent third party in accordance with its own determination. In the event that the portion of the Fund managed by the Sub-Adviser, in the aggregate with other funds managed by JPMIM, holds more than 25% of the outstanding voting securities of an open-end registered investment company or registered unit investment trust that is not managed by JPMIM (a "Non-J.P. Morgan Fund"), the Fund will vote its respective securities in a Non-J.P. Morgan Fund in the same proportion as the vote of all other holders of such securities.

For securities held in Funds that seek to follow the investment returns of an underlying index, the Sub-Adviser may abstain from voting if it determines that casting a vote would not have a material effect on the value of the Fund's investments based on the size of the Fund's holdings, its ownership in the issuer, and/or its consideration of the importance of the proxy vote.

The following summarizes some of the more noteworthy types of proxy voting policies of the North America Guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser considers votes on director nominees on a case-by-case basis. Votes generally
 will be withheld from directors who: (a) attend less than 75% of board and committee meetings
 without a valid excuse; (b) adopt or renew a poison pill without shareholder approval; (c)
 are affiliated outside directors who serve on audit, compensation or nominating committees
 or are affiliated outside directors and the full board serves on such committees or the company
 does not have such committees; (d) ignore a shareholder proposal that is approved by a majority
 of either the shares outstanding or the votes cast based on a review over a consecutive two
 year time frame; (e) are insiders and affiliated outsiders on boards that are not at least
 majority independent except, in the case of controlled companies, vote for non-independent
 directors who serve on committees other than the audit committee; or (f) are CEOs of publicly-traded
 companies who serve on more than two public boards (besides his or her own board) or for
 all other directors who serve on more than four public company boards. In addition, votes
 are generally withheld for directors who serve on committees in certain cases. For example,
 the Sub-Adviser generally withholds votes from audit committee members in circumstances in
 which there is evidence that there exists material weaknesses in the company's internal
 controls. Votes generally are also withheld from directors when there is a demonstrated history
 of poor performance or inadequate risk oversight or when the board adopts changes to the
 company's governing documents without shareholder approval if the changes materially
 diminish shareholder rights. Votes generally will be withheld from board chair, lead independent
 directors, or governance committee chairs of publicly traded companies where employees have
 departed for significant violation of code of conduct without claw back of compensation.
 In addition, the Sub-Adviser generally votes against the chair of the nominating committee
 if one or more directors remain on the board after having received less than majority of
 votes cast in the prior election.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser generally votes for board declassification proposals and against board classification
 proposals.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser also considers management poison pill proposals on a case-by-case basis, looking
 for shareholder-friendly provisions before voting in favor.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser votes against proposals for a super-majority vote to approve a merger.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser considers proposals to increase common and/or preferred shares and to issue shares
 as part of a debt restructuring plan on a case-by-case basis, taking into account such factors
 as the extent of dilution and whether the transaction will result in a change in control.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser considers vote proposals with respect to stock-based incentive plans on a case-by-case
 basis. The analysis of compensation plans focuses primarily on the transfer of shareholder
 wealth (the dollar cost of pay plans to shareholders) and includes an analysis of the structure
 of the plan and pay practices of other companies in the relevant industry and peer companies.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser also considers on a case-by-case basis proposals to change an issuer's
 state of incorporation, mergers and acquisitions and other corporate restructuring proposals
 and certain social issue proposals.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser generally votes for management proposals which seek shareholder approval to make
 the state of incorporation the exclusive forum for disputes if the company is a Delaware
 corporation; otherwise, the Sub-Adviser votes on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser supports board refreshment, independence, and a diverse skill set for directors
 as an important part of contributing to long-term shareholder value. The Sub-Adviser generally
 supports investee companies' consideration of equal employment opportunity and inclusiveness
 in their general recruitment policies as the Sub-Adviser believes such diversity contributes
 to the effectiveness of boards and further development of sound governance and risk oversight.
 The Sub-Adviser supports investee companies' disclosure of gender, racial and ethnic
 composition of the board so that the Sub-Adviser can include that information as one of the
 many data points used in its holistic assessment of the companies. As with all proxy votes,
 the Sub-Adviser seeks to vote in each Fund's best interests to enhance long-term shareholder
 value.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser will generally vote against a plan and/or withhold its vote from members of the
 compensation committee when there is a disconnect between the chief executive officer's
 pay and performance (an increase in pay and a decrease in performance). The Sub-Adviser reviews
 Say on Pay proposals on a case by case basis with additional review of proposals where the
 issuer's previous year's proposal received a low level of support.

The following summarizes some of the more noteworthy types of proxy voting policies of **Section 12 Social and Environmental Issues** from the North America Guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser generally encourages a level of reporting on environmental matters that is not
 unduly costly or burdensome and which does not place the company at a competitive disadvantage,
 but which provides meaningful information to enable shareholders to evaluate the impact of
 the company's environmental policies and practices on its financial performance. In
 general, the Sub-Adviser supports management disclosure practices that are overall consistent
 with the goals and objective expressed above. Proposals with respect to companies that have
 been involved in controversies, fines or litigation are expected to be subject to heightened
 review and consideration.

&nbsp;&nbsp;&nbsp;&nbsp;• In
 evaluating how to vote environmental proposals, key considerations may include, but are not
 limited to, issuer considerations such as asset profile of the company, including whether
 it is exposed to potentially declining demand for the company's products or services
 due to environmental considerations; cash deployments; cost structure of the company, including
 its position on the cost curve, expected impact of future carbon tax and exposure to high
 fixed operating costs; corporate behavior of the company; demonstrated capabilities of the
 company, its strategic planning process, and past performance; current level of disclosure
 of the company and consistency of disclosure across its industry; and whether the company
 incorporates environmental or social issues in a risk assessment or risk reporting framework.
 The Sub-Adviser may also consider whether adoption of the proposal would inform and educate
 shareholders; have companies that adopted the proposal provided insightful and meaningful
 information that would allow shareholders to evaluate the long-term risks and performance
 of the company; does the proposal require disclosure that is already addressed by existing
 and proposed mandated regulatory requirements or formal guidance at the local, state, or
 national level or the company's existing disclosure practices; and does the proposal
 create the potential for unintended consequences such as a competitive disadvantage.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser votes against the chair of the committee responsible for providing oversight
 of environmental matters and/or risk where the Sub-Adviser believes the company is lagging
 peers in terms of disclosure, business practices or targets. The Sub-Adviser also votes against
 committee members, lead independent director and/or board chair for companies that have lagged
 over several years.

&nbsp;&nbsp;&nbsp;&nbsp;• With
 regard to social issues, among other factors, the Sub-Adviser considers the company's
 labor practices, supply chain, how the company supports and monitors those issues, what types
 of disclosure the company and its peers currently provide, and whether the proposal would
 result in a competitive disadvantage for the company.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser expects boards to provide oversight of human capital management which includes
 the company management of its workforce, use of full time versus part time employees, workforce
 cost, employee engagement and turnover, talent development, retention and training, compliance
 record and health and safety. As an engaged and diverse employee base is integral to a company's
 ability to innovate, respond to a diverse customer base and engage with diverse communities
 and deliver shareholder returns, the Sub-Adviser will generally support shareholder resolutions
 seeking the company to disclose data on workforce demographics, and release of EEO-1 or comparable
 data where such disclosure is deemed by the Sub-Adviser as inadequate.

**Non-U.S. Guidelines.** The following summarizes some of the more noteworthy types of proxy voting policies of the EMEA, Asia (Ex-Japan) and Japan Guidelines (collectively, "Non-U.S. Guidelines"):

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate
 governance procedures differ among the countries. Because of time constraints and local customs,
 it is not always possible for the Sub-Adviser to receive and review all proxy materials in
 connection with each item submitted for a vote. Many proxy statements are in foreign languages.
 Proxy materials are generally mailed by the issuer to the sub-custodian which holds the securities
 for the client in the country where the portfolio company is organized, and there may not
 be sufficient time for such materials to be transmitted to the Sub-Adviser in time for a
 vote to be cast. In some countries, proxy statements are not mailed at all, and in some locations,
 the deadline for voting is two to four days after the initial announcement that a vote is
 to be solicited and it may not always be possible to obtain sufficient information to make
 an informed decision in good time to vote.

&nbsp;&nbsp;&nbsp;&nbsp;• Certain
 markets require that shares being tendered for voting purposes are temporarily immobilized
 from trading until after the shareholder meeting has taken place. Elsewhere, notably emerging
 markets, it may not always be possible to obtain sufficient information to make an informed
 decision in good time to vote. Some markets require a local representative to be hired in
 order to attend the meeting and vote in person on our behalf, which can result in considerable
 cost. The Sub-Adviser also considers the cost of voting in light of the expected benefit
 of the vote. In certain instances, it may sometimes be in the Fund's best interests
 to intentionally refrain from voting in certain overseas markets from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Non-U.S. Guidelines reflect the applicable Region's corporate governance or stewardship
 codes with respect to corporate governance and proxy voting. For example, JPMAM is a signatory
 to the UK Stewardship Code 2020 and believes that its existing stewardship policies meet
 the standards required under the Code. Additionally, for example, the EMEA Guidelines for
 UK companies are based on the revised UK Corporate Governance Code. If a portfolio company
 chooses to deviate from the provisions of the UK Corporate Governance Code, the Sub-Adviser
 takes the company's explanation into account as appropriate, based on the Sub-Adviser's
 overall assessment of the standards of corporate governance evidenced at the company. For
 Continental European markets, the Sub-Adviser expects companies to comply with local Corporate
 Governance Codes, where they exist. In markets where a comparable standard does not exist,
 the Sub-Adviser uses the EMEA Guidelines as the primary basis for voting, while taking local
 market practice into consideration where applicable. The Japan Guidelines reflect the 2020
 revisions to the Japanese Stewardship Code. Likewise, the Asia (Ex-Japan) Guidelines endorse
 the stewardship principles promoted by different regulators and industry bodies in the region
 including the Singapore Stewardship Principles for Responsible Investors supported by Monetary
 Authority of Singapore and Singapore Exchange, the Principles for Responsible Ownership issued
 by the Securities and Futures Commission in Hong Kong, and the Principles of Internal Governance
 and Asset Stewardship issued by the Financial Services Council of Australia.

&nbsp;&nbsp;&nbsp;&nbsp;• Where
 proxy issues concern corporate governance, takeover defense measures, compensation plans,
 capital structure changes and so forth, the Sub-Adviser pays particular attention to management's
 arguments for promoting the prospective change.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Non-U.S. Guidelines encourage transparency and disclosure with respect to remuneration reporting
 as well as processes and policies designed to align compensation with the long-term performance
 of portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;• In
 particular, the EMEA Guidelines indicate that the remuneration policy as it relates to senior
 management should ideally be presented to shareholders for approval with such votes normally
 occurring every third year. In addition, the EMEA Guidelines describe information that the
 Sub-Adviser expects to be included in remuneration reports including disclosure on amounts
 paid to executives, alignment between company performance and pay out to executives, disclosure
 of, among other things, variable incentive targets, levels of achievement and performance
 awards, information on the ratio of CEO pay to median employee pay.

&nbsp;&nbsp;&nbsp;&nbsp;• With
 respect to the Japan Guidelines, the voting decision will be made taking into account matters
 such as recent trends in the company's earnings and performance, with the expectation
 that companies will have a remuneration system comprised of a reasonable mix of fixed and
 variable (based on short term and medium to long term incentives) compensation. Such Guidelines
 also support the introduction of clawback clauses in order to prevent excessive risk taking
 which can negatively impact shareholder value and excessive pay.

&nbsp;&nbsp;&nbsp;&nbsp;• Where
 shareholders are able to exercise a binding vote on remuneration policies, the Asia (Ex-Japan)
 Guidelines reflect the Sub-Adviser's belief that such polices should stand the test
 of time. The Asia (Ex-Japan) Guidelines further encourage companies to provide information
 on the ratio of CEO pay to median employee pay and to explain the reasons for changes to
 the ratio as it unfolds year by year. The Asia (Ex-Japan) Guidelines also highlight information
 that companies should have with regard to gender pay gaps and indicate how this issue is
 being addressed.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser is in favor of a unitary board structure of the type found in the United Kingdom
 as opposed to tiered board structures. Thus, under the EMEA Guidelines, the Sub-Adviser will
 generally vote to encourage the gradual phasing out of tiered board structures, in favor
 of a unitary board structure. However, since tiered boards are still very prevalent in markets
 outside of the United Kingdom, the Non-U.S. Guidelines do not mandate a unitary board structure
 and local market practice will always be taken into account.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser will use its voting powers to encourage appropriate levels of board independence
 and diversity as an important part of contributing to long-term shareholder value, taking
 into account local market practice.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 EMEA Guidelines indicate that the Sub-Adviser expects boards to have a strategy to improve
 female representation in particular. The EMEA Guidelines generally support the target of
 one-third of board positions being held by women, as recommended by the UK Government's
 Women on Boards Report, the Davies Review and the FTSE Women Leaders Review (formerly the
 Hampton-Alexander Review).

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Japan Guidelines include provisions on board diversity and indicate that the Sub-Adviser
 believes directors with diverse backgrounds should make up a majority of a board over time.
 The Japan Guidelines provide that the current policy is to vote against the election of the
 representative directors, such as the president of the company, if there is only one or no
 female directors (at least 30% gender diversity before 2030).

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Asia ex Japan Guidelines reflect, as a minimum standard for all Asia ex Japan markets, that
 JPMAM would expect no single-gender boards and that such boards would have 25% gender diverse
 representation, with 30% gender diverse representation or such higher amounts as reflected
 by local market practice before 2030.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser will usually vote against discharging the board from responsibility in cases
 of pending litigation, or if there is evidence of wrongdoing for which the board must be
 held accountable.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser will vote in favor of increases in capital which enhance a company's long-term
 prospects. The Sub-Adviser will also vote in favor of the partial suspension of preemptive
 rights if they are for purely technical reasons (e.g., rights offers which may not be legally
 offered to shareholders in certain jurisdictions). However, the Sub-Adviser will vote against
 increases in capital which would allow the company to adopt "poison pill" takeover
 defense tactics, or where the increase in authorized capital would dilute shareholder value
 in the long term.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser will vote in favor of proposals which will enhance a company's long-term
 prospects. The Sub-Adviser will vote against an increase in bank borrowing powers which would
 result in the company reaching an unacceptable level of financial leverage, where such borrowing
 is expressly intended as part of a takeover defense, or where there is a material reduction
 in shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser will generally vote against anti-takeover devices.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Sub-Adviser considers social or environmental issues on a case-by-case basis under the Non-U.S.
 Guidelines, keeping in mind at all times the best economic interests of its clients. With
 respect to environmental proposals, the Non-U.S. Guidelines indicate that good corporate
 governance policies should consider the impact of company operations on the environment and
 the costs of compliance with laws and regulations relating to environmental matters, physical
 damage to the environment (including the costs of clean-ups and repairs), consumer preferences
 and capital investments related to climate change. The Non-U.S. Guidelines further
 encourage a level of environmental reporting that is not unduly costly or burdensome and
 which does not place the company at a competitive disadvantage, but which provides meaningful
 information to enable shareholders to evaluate the impact of the company's environmental
 policies and practices on its financial performance. With regard to social issues,
 among other factors, the Sub-Adviser considers the company's labor practices, supply
 chain, how the company supports and monitors those issues, what types of disclosure the company
 and its peers currently provide, and whether the proposal would result in a competitive disadvantage
 for the company.

**North America and Non-U.S. Guidelines.** The following describes certain elements that are common to the North America and Non-U.S. Guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 North America and Non-U.S. Guidelines note that, in certain markets, by-law changes have
 taken place to allow a company to hold virtual or hybrid general shareholder meetings and
 reflect that general shareholder meetings should be fair, constructive and foster dialogue
 between company management and shareholders. In principle, the Sub-Adviser is supportive
 of proposals allowing shareholder meetings to be convened by electronic means so long as
 the flexibility in the format of the meetings contributes to enhancing access to the meetings
 and where shareholder participation rights are protected, regardless of whether physical
 or virtual.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 North America and Non-U.S. Guidelines include climate risk guidelines due to the Sub-Adviser's
 view that climate change has become a material risk to the strategy and financial performance
 of many companies. The Sub-Adviser may vote against directors of companies, that, in the
 Sub-Adviser's opinion, face material climate-related transition or asset risks, where
 such disclosures are not available or where the Sub-Adviser believes such disclosures are
 not meaningful. To provide shareholders with meaningful disclosures on how the company is
 addressing risks related to climate change, the Sub-Adviser encourages disclosure aligned
 with the reporting framework developed by the Task Force on Climate related Financial Disclosures
 ("TCFD"). In addition, for companies in industries where the Sub-Adviser believes
 climate change risks pose material financial risks, the Sub-Adviser encourages more comprehensive
 reporting including scenario analysis to help under the resilience of a company's strategy
 and disclosures of Scope 1 and 2 greenhouse gases ("GHG") emission targets, where
 decarbonization of a company's operations and purchased energy has been identified
 by the company as a key part of a company's strategy to manage climate change risks.
 In addition, for companies who have chosen to set long-term net zero targets, the Sub-Adviser
 encourages the company to make disclosures including scope of emissions included in such
 targets in order to allow the Sub-Adviser to evaluate the long-term credibility of transition
 plans. The Sub-Adviser may vote for shareholder resolutions requesting information where
 disclosure is unavailable or not meaningful.

**Securities Lending**

Proxies for securities that are out on loan normally cannot be voted, as title passes to the borrower of the securities. The Sub-Adviser is not involved in a Fund's securities lending arrangements as it is not a party to a securities lending agreement involving the Fund and does not make the decision to lend a Fund's securities. As a result, to the extent that a Fund engages in securities lending, the Sub-Adviser's will not recall securities of the Fund on loan.

**APPENDIX E**

**DESCRIPTION OF RATINGS**

**Description of Ratings**

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

**Description of Moody's Global Ratings**

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Description of Moody's Global Long-Term Ratings**

**Aaa** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Hybrid Indicator (hyb)**

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Description of Moody's Global Short-Term Ratings**

**P-1** Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

**P-2** Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

**P-3** Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Description of Moody's U.S. Municipal Short-Term Obligation Ratings**

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

**MIG 1** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**Description of Moody's Demand Obligation Ratings**

In the case of variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

**VMIG 1** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**Description of S&P's Issue Credit Ratings**

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise S&P imputes; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

**Description of S&P's Long-Term Issue Credit Ratings\***

**AAA** An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Description of S&P's Short-Term Issue Credit Ratings**

**A-1** A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Description of S&P's Municipal Short-Term Note Ratings**

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

• Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

• Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

**SP-1** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3** Speculative capacity to pay principal and interest.

**D** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**Description of Fitch's Credit Ratings**

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation's documentation).

**Description of Fitch's Long-Term Corporate Finance Obligations Ratings**

**AAA** Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB** Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B** Highly speculative. 'B' ratings indicate that material credit risk is present.

**CCC** Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present.

**CC** Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk.

**C** Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Description of Fitch's Short-Term Ratings**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

**F1** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**F3** Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B** Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C** High short-term default risk. Default is a real possibility.

**RD** Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**SYMMETRY PANORAMIC TRUST**

**PART C**

**Item 28. Exhibits.**

(a) (i) [Certificate of Trust, as filed with the state of Delaware on April 3, 2018, for Symmetry Panoramic Trust (the "Registrant" or the "Trust") is incorporated herein by reference to Exhibit (a)(i) to the Registrant's initial Registration Statement on Form N-1A as filed with the U.S. Securities and Exchange Commission (the "SEC") on April 5, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000434/ex-99ai.htm)

(ii) [Registrant's Agreement and Declaration of Trust, dated April 3, 2018, is incorporated herein by reference to Exhibit (a)(ii) to the Registrant's initial Registration Statement on Form N-1A as filed with the SEC on April 5, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000434/ex-99aii.htm)

(iii) [Amendment No. 1, dated June 18, 2025, to the Registrant's Agreement and Declaration of Trust, dated April 3, 2018 is incorporated herein by reference to Exhibt (a)(iii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on September 3, 2025.](https://www.sec.gov/Archives/edgar/data/1736078/000139834425017436/fp0095226-1_ex9928aiii.htm)

(b) [Registrant's By-Laws, dated April 3, 2018, are incorporated herein by reference to Exhibit (b) to the Registrant's initial Registration Statement on Form N-1A as filed with the SEC on April 5, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000434/ex-99b.htm)

(c) None, other than Exhibits [(a)(ii)](https://www.sec.gov/Archives/edgar/data/1736078/000089843218000434/ex-99aii.htm) and [(b)](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000434/ex-99b.htm) .

(d) (i) [Investment Advisory Agreement between the Registrant and Symmetry Partners, LLC is incorporated herein by reference to Exhibit (d)(i) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2020.](https://www.sec.gov/Archives/edgar/data/1736078/000139834420025210/fp0060477_ex9928di.htm)

(ii) [Amended and Restated Investment Advisory Agreement between the Registrant and Symmetry Partners, LLC. is incorporated herein by reference to Exhibit (d)(ii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on September 3, 2025.](https://www.sec.gov/Archives/edgar/data/1736078/000139834425017436/fp0095226-1_ex9928dii.htm)

(iii) [Investment Subadvisory Agreement between Symmetry Partners, LLC and AQR Capital Management, LLC is incorporated herein by reference to Exhibit (d)(ii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2020.](https://www.sec.gov/Archives/edgar/data/1736078/000139834420025210/fp0060477_ex9928dii.htm)

(iv) [First Amendment to Investment Subadvisory Agreement between Symmetry Partners, LLC and AQR Capital Management, LLC is incorporated herein by reference to Exhibit (d)(iii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2020.](https://www.sec.gov/Archives/edgar/data/1736078/000139834420025210/fp0060477_ex9928diii.htm)

(v) [Investment Subadvisory Agreement between Symmetry Partners, LLC and Dimensional Fund Advisors LP is incorporated herein by reference to Exhibit (d)(iv) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2020.](https://www.sec.gov/Archives/edgar/data/1736078/000139834420025210/fp0060477_ex9928div.htm)

(vi) [First Amendment to Investment Subadvisory Agreement between Symmetry Partners, LLC and Dimensional Fund Advisors LP is incorporated herein by reference to Exhibit (d)(v) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2021.](https://www.sec.gov/Archives/edgar/data/1736078/000139834420025210/fp0060477_ex9928div.htm)

(vii) [Investment Subadvisory Agreement between Symmetry Partners, LLC and J.P. Morgan Investment Management Inc](https://www.sec.gov/Archives/edgar/data/1736078/000139834423023594/fp0086251-1_ex9928dvi.htm) is incorporated herein by reference to Exhibit (d)(vi) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2023.

(viii) [Investment Subadvisory Agreement between Symmetry Partners, LLC and Vident Advisory, LLC. (Filed herein)](fp0096564-1_ex9928dviii.htm)

(ix) [Amended and Restated Schedule A, to the Investment Subadvisory Agreement between Symmetry Partners, LLC and Vident Advisory, LLC (Filed herein)](fp0096564-1_ex9928dix.htm)

(e) (i) [Distribution Agreement between the Registrant and SEI Investments Distribution Co. is incorporated herein by reference to Exhibit (e) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2020.](https://www.sec.gov/Archives/edgar/data/1736078/000139834420025210/fp0060477_ex9928e.htm)

(ii) [Amendment No. 1, dated August 27, 2025, to Distribution Agreement between the Registrant and SEI Investments Distribution Co. is incorporated herein by reference to Exhibit (e)(ii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on September 3, 2025.](https://www.sec.gov/Archives/edgar/data/1736078/000139834425017436/fp0095226-1_ex9928eii.htm)

(f) Bonus, profit sharing or pension plans. (Not applicable)

(g) (i) [Custody Agreement between the Registrant and the Bank of New York Mellon is incorporated herein by reference to Exhibit (g) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on August 3, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000884/ex-99g.htm)

(ii) [Amendment to Custody Agreement between the Registrant and the Bank of New York Mellon dated September 9, 2019 is incorporated herein by reference to Exhibit (g)(ii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on November 13, 2019.](https://www.sec.gov/Archives/edgar/data/1736078/000139834419020123/fp0047503_ex9928gii.htm)

(iii) [Custodian and Transfer Agent Agreement between the Registrant and Brown Brothers Harriman & Co. is incorporated herein by reference to Exhibit (g)(iii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on September 3, 2025.](https://www.sec.gov/Archives/edgar/data/1736078/000139834425017436/fp0095226-1_ex9928giii.htm)

(h) (i) [Transfer Agency and Service Agreement between the Registrant and Atlantic Shareholder Services, LLC is incorporated herein by reference to Exhibit (h)(i) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on August 3, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000884/ex-99hi.htm)

(ii) [Administration Agreement between the Registrant and SEI Investment Global Funds Services is incorporated herein by reference to Exhibit (h)(ii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on August 3, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000884/ex-99hii.htm)

(iii) Amendment, dated [Date], to Administration Agreement between the Registrant and SEI Investments Global Funds Services. (To be filed by subsequent amendment)

(iv) [Compliance Services Agreement between the Registrant and Atlantic Consulting Services, LLC is incorporated herein by reference to Exhibit (h)(iii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on August 3, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000884/ex-99hiii.htm)

(v) [Amended and Restated Advisory Fee Waiver Agreement between the Registrant and Symmetry Partners, LLC is incorporated herein by reference to Exhibit (h)(iv) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 27, 2024.](https://www.sec.gov/Archives/edgar/data/1736078/000139834424023681/fp0091440-1_ex9928hiv.htm)

(vi) [Third Amended and Restated Operating Expenses Limitation Agreement between the Registrant and Symmetry Partners, LLC (Filed herein)](fp0096564-1_ex9928hvi.htm)

(vii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and American Century ETF Trust is incorporated herein by reference to Exhibit (h)(vii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hvii.htm)

(viii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and AQR Funds is incorporated herein by reference to Exhibit (h)(viii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hviii.htm)

(ix) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., and iShares U.S. ETF Trust is incorporated herein by reference to Exhibit (h)(ix) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hviii.htm)

(x) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc., and Dimensional ETF Trust is incorporated herein by reference to Exhibit (h)(x) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hx.htm)

(xi) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and Goldman Sachs Trust, Goldman Sachs Trust II, Goldman Sachs Variable Insurance Trust, and Goldman Sachs ETF Trust is incorporated herein by reference to Exhibit (h)(xi) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hxi.htm)

(xii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and J.P. Morgan Exchange-Traded Fund Trust is incorporated herein by reference to Exhibit (h)(xii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hxii.htm)

(xiii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and Schwab Strategic Trust is incorporated herein by reference to Exhibit (h)(xiii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hxiii.htm)

(xiv) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and The Select Sector SPDR Trust is incorporated herein by reference to Exhibit (h)(xiv) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hxiv.htm)

(xv) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and SPDR Series Trust, SPDR Index Shares Funds, and SSGA Active Trust is incorporated herein by reference to Exhibit (h)(xv) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hxv.htm)

(xvi) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and SPDR S&P 500 ETF Trust, and SPDR Dow Jones Industrial Average ETF Trust is incorporated herein by reference to Exhibit (h)(xvi) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hxvi.htm)

(xvii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and Vanguard Funds is incorporated herein by reference to Exhibit (h)(xvii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2022.](https://www.sec.gov/Archives/edgar/data/1736078/000139834422025206/fp0081208-1_ex9928hxvii.htm)

(i) [Opinion and Consent of Counsel. (Filed herein)](fp0096564-1_ex9928i.htm)

(j) [Consent of Independent Registered Public Accounting Firm. (Filed herein)](fp0096564-1_ex9928i.htm)

(k) Omitted Financial Statements. (None)

(l) [Letter of Investment Intent is incorporated herein by reference to Exhibit (l) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on November 13, 2019.](https://www.sec.gov/Archives/edgar/data/1736078/000139834419020123/fp0047503_ex9928l.htm)

(m) [Plan Pursuant to Rule 12b-1 under the 1940 Act with respect to shares of the Symmetry Panoramic Sector Momentum ETF is incorporated herein by reference to Exhibit (m) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on September 3, 2025.](https://www.sec.gov/Archives/edgar/data/1736078/000139834425017436/fp0095226-1_ex9928m.htm)

(n) Plan Pursuant to Rule 18f-3 under the 1940 Act. (Not applicable)

(o) Reserved.

(p) (i) [Code of Ethics of the Registrant is incorporated herein by reference to Exhibit (p)(i) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on August 3, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000884/ex-99pi.htm)

(ii) [Code of Ethics of Symmetry Partners, LLC is incorporated herein by reference to Exhibit (p)(ii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on August 3, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000884/ex-99pii.htm)

(iii) [Code of Ethics of AQR Capital Management, LLC (Filed herein)](fp0096564-1_ex9928piii.htm)

(iv) [Code of Ethics of SEI Investments Distribution Co. is incorporated herein by reference to Exhibit (p)(iv) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on August 3, 2018.](http://www.sec.gov/Archives/edgar/data/1736078/000089843218000884/ex-99piv.htm)

(v) [Code of Ethics of Dimensional Fund Advisors LP is incorporated herein by reference to Exhibit (p)(v) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2020.](https://www.sec.gov/Archives/edgar/data/1736078/000139834420025210/fp0060477_ex9928pv.htm)

(vi) Code of Ethics of J.P. Morgan Investment Management Inc is incorporated herein by reference to Exhibit (p)(vi) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2023.

(vii) [Code of Ethics of Vident Advisory, LLC. is incorporated herein by reference to Exhibit (p)(vii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on September 3, 2025.](https://www.sec.gov/Archives/edgar/data/1736078/000139834425017436/fp0095226-1_ex9928pvii.htm)

(q) (i) [Power of Attorney for William M. Doran, Jon C. Hunt, Thomas P. Lemke, Nichelle Maynard-Elliott, Jay C. Nadel, Randall S. Yanker, Michael Beattie and Andrew Metzger](https://www.sec.gov/Archives/edgar/data/1736078/000139834423023594/fp0086251-1_ex9928qi.htm) is incorporated herein by reference to Exhibit (q)(i) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2023.

(iii) [Resolution Adopted by the Board of Trustees of the Registrant on December 27, 2023](https://www.sec.gov/Archives/edgar/data/1736078/000139834423023594/fp0086251-1_ex9928qii.htm) is incorporated herein by reference to Exhibit (q)(ii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on December 29, 2023.

(iii) [Power of Attorney for John G. Alshefski is incorporated herein by reference to Exhibit (q)(iii) to the Registrant's Registration Statement on Form N-1A as filed with the SEC on June 20, 2025.](https://www.sec.gov/Archives/edgar/data/1736078/000139834425011991/fp0093976-1_ex9928qiii.htm)

**Item 29. Persons Controlled by or Under Common Control with the Fund.**

None.

**Item 30. Indemnification.**

*Registrant's Administration Agreement states:*

 

Trust shall indemnify, defend and hold harmless the Administrator from and against and the Administrator shall have no liability in connection with any and all actions, suits and claims, whether groundless or otherwise and from and against any and all losses, damages, costs, charges. reasonable counsel fees and disbursements, payments, expenses and liabilities (including reasonable investigation expenses) arising directly or indirectly out of: (i) any act or omission of the Administrator in carrying out its duties hereunder or as a result of the Administrator's reliance upon any instructions, notice or instrument that the Administrator believes is genuine and signed or presented by an authorized Person of Trust; provided that this indemnification shall not apply if any such loss, damage or expense is caused by or arises from the Administrator's bad faith , fraud. Gross Negligence, willful misconduct or criminal misconduct in the performance of the Services; (ii) any violation by Trust or Trust's sponsor of any applicable investment policy, law or regulation, (iii) any misstatement or omission in the Trust Materials or any Trust Data; (iv) any breach by Trust of any representation , warranty or agreement contained in this Agreement; (v) any act or omission of Trust, the Trust's former administrator, a Special Third Party Vendor, the Trust's other service providers (such as custodians, prime brokers, transfer agents, investment advisors and sub-advisers); (vi) any pricing error caused by the failure of the Trust's investment adviser or sub-adviser to provide a trade ticket or for incorrect information included in any trade ticket; or (vii) any act or omission of the Administrator as a result of the Administrator's compliance with the Regulations, Including, but not limited to returning an investor's Investment or restricting the payment of redemption proceeds; provided however that the indemnification under this Section 5.03 shall not apply to the extent any such loss, damage or expense is caused by the Administrator's bad faith, fraud or criminal conduct in the performance of the Services under this Agreement.

*Registrant's Agreement and Declaration of Trust states:*

 

Section 7.5 Indemnification.

(a) Subject to the exceptions and limitations contained in subsection (b) below:

(i) every person who is, or has been, a Trustee or an officer or employee of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust and each Series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof.

(ii) as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever.

(b) To the extent required under the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person:

(i) who shall have been adjudicated by a court or body before which the proceeding was brought to be liable to the Trust, a Series or any Shareholder by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office as described herein; or

(ii) in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office as described herein: (A) by the court or other body approving the settlement; (B) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.

(d) To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the Person or Persons making the determination as provided herein shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

(e) To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in subsection (a) of this Section 7.5 shall be paid by the Trust and each Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or applicable Series if it is ultimately determined that he or she is not entitled to indemnification under this Section; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission. The advancement of any expenses pursuant to this Section 7.5(e) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002, as amended from time to time, or for any other reason.

(f) Any repeal or modification of this Article VII or adoption or modification of any other provision of this Declaration of Trust inconsistent with this Article shall be prospective only to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification or right to advancement of expenses available to any Covered Person with respect to any act or omission that occurred prior to such repeal, modification or adoption.

(g) Notwithstanding any other provision in this Declaration of Trust to the contrary, any liability and/or expense against which any Covered Person is indemnified under this Section 7.5 and any advancement of expenses that any Covered Person is entitled to be paid under Section 7.5(e) shall be deemed to be joint and several obligations of the Trust and each Series, and the assets of the Trust and each Series shall be subject to the claims of any Covered Person therefor under this Article VII; provided that any such liability, expense or obligation may be allocated and charged by the Trustees between or among the Trust and/or any one or more Series (and Classes) in such manner as the Trustees in their sole discretion deem fair and equitable.

Section 7.6 Further Indemnification. Nothing contained herein shall affect any rights to indemnification to which any Covered Person or other Person may be entitled by contract or otherwise under law or prevent the Trust on its own behalf or on behalf of any Series from entering into any contract to provide indemnification to any Covered Person or other Person. Without limiting the foregoing, the Trust or a Series may, in connection with any transaction permitted by this Declaration of Trust, including the acquisition of assets subject to liabilities or a merger or consolidation pursuant to Section 8.3 hereof, assume the obligation to indemnify any Person, including a Covered Person or otherwise contract to provide such indemnification, and such indemnification shall not be subject to the terms of this Article VII.

*The Investment Sub-Advisory Agreement between Symmetry Partners, LLC and AQR Capital Management, LLC states:*

 

11. Liability and Indemnification. Neither the Sub-Adviser nor its officers, directors, employees, affiliates, agents or controlling persons shall be liable to the Adviser, the Trust, a Fund, its shareholders and/or any other person for the acts, omissions, errors of judgment and/or mistakes of law of any other adviser, sub-Adviser, fiduciary and/or other person with respect to the Fund.

Neither the Sub-Adviser nor its officers, directors, employees, affiliates, agents or controlling persons or assigns shall be liable for any act, omission, error of judgment or mistake of law by them (whether or not deemed a breach of this Agreement) and/or for any loss suffered by the Adviser, the Trust, a Fund, its shareholders and/or any other person in connection with the matters to which this Agreement relates; provided that no provision of this Agreement shall be deemed to protect the Sub-Adviser against any liability to the Adviser, the Trust or the Fund arising as a result of any willful misfeasance, bad faith or gross negligence in the performance of Sub-Adviser's duties or the reckless disregard of its obligations and duties under this Agreement.

The Adviser and the Trust, on behalf of the Funds, each, as applicable, hereby agrees to indemnify and hold harmless the Sub-Adviser, its directors, officers, employees, affiliates, agents and controlling persons (each an "Indemnified Party") against any and all losses, claims, damages or liabilities (including reasonable attorneys fees and expenses), joint or several, relating to the Agreement, the Trust or a Fund, to which any such Indemnified Party may become subject under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, the Advisers Act, or other federal or state statutory law or regulation, at common law, through a civil suit or otherwise. It is understood, however, that nothing in this paragraph 11 shall protect any Indemnified Party against, or entitle any Indemnified Party to, indemnification against any liability to which such Indemnified Party would otherwise be subject, as a result of its willful misconduct, bad faith or gross negligence in the performance of its duties, or by reason of any reckless disregard of its obligations and duties under this Agreement. The indemnification in this Section 11 shall survive the termination of this Agreement.

The Sub-Adviser shall indemnify each of the Adviser, the Trust and the Funds, and their respective directors, officers, employees, affiliates, agents and controlling persons against any and all losses, claims, damages or liabilities (including reasonable attorneys fees and expenses), arising from the Sub-Adviser's willful misconduct, bad faith or gross negligence in the performance of its duties under this Agreement, or by any reason of any reckless disregard of its obligations and duties under this Agreement.

*The Investment Sub-Advisory Agreement between Symmetry Partners, LLC and Dimensional Fund Advisors LP states:*

 

6. LIABILITY AND INDEMNIFICATION

A. Sub-Adviser. Except as may otherwise be provided by the Investment Company Act or any other federal securities law (whose provisions may not be waived or altered by contract), the Sub-Adviser and its officers, directors, employees, agents or affiliates shall not be liable for any losses, claims, damages, liabilities or litigation (including reasonable attorneys fees) incurred or suffered by the Fund(s), the Trust or the Adviser or any shareholders, directors, officers, employees, agents or affiliates thereof as a result of any error of judgment, mistake of law, or other action or omission by the Sub Adviser either in connection with the performance of Sub-Adviser's duties under this Agreement or its failure to perform due to events beyond the reasonable control of the Sub-Adviser; provided, however, that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Adviser and the Trust, all affiliated persons thereof (as defined in Section 2(a)(3) of the Investment Company Act) and all controlling persons thereof (as described in Section 15 of the Securities Act) (collectively, "Adviser Indemnitees") against, any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Adviser Indemnitees may become subject under the Securities Act, the Investment Company Act, the Advisers Act or any other statute, or at common law or otherwise, arising directly out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Fund(s), the Trust or the Adviser, or the omission to state therein a material fact known to the Sub Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser Indemnitees (as defined below) for use therein.

In no event shall Sub-Adviser be liable for consequential, incidental, special, exemplary, indirect or punitive damages.

The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Fund(s) or that a Fund will perform comparably with any standard or index, including other clients of the Sub-Adviser, whether public or private. The Sub-Adviser shall not be deemed to have breached this Agreement or any investment restrictions or policies applicable to the Fund(s) in connection with fluctuations arising from market movements and other events outside the control of the Sub-Adviser.

The Sub-Adviser shall not be liable to the Fund(s), the Trust or the Adviser or any shareholders, directors, officers, employees, agents or affiliates thereof for any action taken or failure to act in good faith reliance upon: (i) information, directions, instructions or requests, whether oral or written, made to the Sub-Adviser by a duly authorized officer of the Adviser or the Trust; (ii) the advice of counsel to the Trust; or (iii) any written instruction or certified copy of any resolution of the Board.

B. Adviser. Except as may otherwise be provided by the Investment Company Act or any other federal securities law (whose provisions may not be waived or altered by contract), the Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including reasonable attorneys fees) incurred or suffered by the Sub Adviser as a result of any error of judgment, mistake of law, or other action or omission by the Adviser; provided, however, that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser for, and the Adviser shall indemnify and hold harmless the Sub Adviser, all affiliated persons thereof (as defined in Section 2(a)(3) of the Investment Company Act) and all controlling persons thereof (as described in Section 15 of the Securities Act) (collectively, "Sub-Adviser Indemnitees") against, any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub Adviser Indemnitees may become subject under the Securities Act, the Investment Company Act, the Advisers Act or any other statute, or at common law or otherwise, arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Fund(s), the Trust or the Adviser, or the omission to state therein a material fact known to the Adviser that was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser Indemnitees; provided, however, that Sub-Adviser has had a reasonable opportunity to review the relevant Prospectus, proxy materials, reports, advertisements, sales literature or other materials.

*The Investment Sub-Advisory Agreement between Symmetry Partners, LLC and J.P. Morgan Investment Management Inc. states:* 

6. LIABILITY AND INDEMNIFICATION

A. <u>Sub-Adviser</u>. Except as may otherwise be provided by the Investment Company Act or any other federal securities law (whose provisions may not be waived or altered by contract), the Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including reasonable attorneys' fees) incurred or suffered by the Fund(s), the Trust or the Adviser as a result of any error of judgment, mistake of law, or other action or omission by the Sub-Adviser; provided, however, that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Adviser and the Trust, all affiliated persons thereof (as defined in Section 2(a)(3) of the Investment Company Act) and all controlling persons thereof (as described in Section 15 of the Securities Act) (collectively, "Adviser Indemnitees") against, any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Adviser Indemnitees may become subject under the Securities Act, the Investment Company Act, the Advisers Act or any other statute, or at common law or otherwise, arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus, proxy materials, or other regulatory filings of or for the Fund(s) or the Trust, and quarterly fact sheets for the Fund(s) to the extent the Sub-Adviser had the opportunity to review prior to its use or dissemination, or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser Indemnitees (as defined below) for use therein, unless such statement or omission was made in reasonable reliance upon information furnished to the Sub-Adviser by the Adviser Indemnitees.

B. <u>Adviser</u>. Except as may otherwise be provided by the Investment Company Act or any other federal securities law (whose provisions may not be waived or altered by contract), the Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including reasonable attorneys' fees) incurred or suffered by the Sub-Adviser as a result of any error of judgment, mistake of law, or other action or omission by the Adviser; provided, however, that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser for, and the Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof (as defined in Section 2(a)(3) of the Investment Company Act) and all controlling persons thereof (as described in Section 15 of the Securities Act) (collectively, "Sub-Adviser Indemnitees") against, any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the Securities Act, the Investment Company Act, the Advisers Act or any other statute, or at common law or otherwise, arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus, proxy materials, or other regulatory filings of or for the Fund(s) or the Trust, and quarterly fact sheets for the Fund(s) to the extent the Adviser had the opportunity to review prior to its use or dissemination, or the omission to state therein a material fact known to the Adviser that was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser Indemnitees.

*The Investment Sub-Advisory Agreement between Symmetry Partners, LLC and Vident Advisory, LLC states:* 

 

14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Liability of the Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Subadviser shall have responsibility for the accuracy and completeness (and liability for the lack thereof) of statements in a Fund's Disclosure Documents relating to the Subadviser and the Subadviser's affiliates and other information supplied by the Subadviser for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Subadviser shall be liable to a Fund for any loss (including transaction costs) incurred by the Fund as a result of any investment or trade error made by the Subadviser in contravention of: (i) any investment policy, guideline, or restriction set forth in the Registration Statement or as approved by the Board from time to time and provided to the Subadviser; or (ii) applicable law, including, but not limited to, the 1940 Act (the investments described in this subsection (b) collectively are referred to as "Improper Investments").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Subadviser shall indemnify and hold harmless each of (i) the Trust, each affiliated person of the Trust within the meaning of Section 2(a)(3) of the 1940 Act, and each person who controls the Trust within the meaning of Section 15 of the 1933 Act (any said person, a "Trust Indemnified Party"), and (ii) the Adviser, each affiliated person of the Adviser within the meaning of Section 2(a)(3) of the 1940 Act, and each person who controls the Adviser within the meaning of Section 15 of the 1933 Act (any said person, an "Adviser Indemnified Party") (said Trust Indemnified Parties and said Adviser Indemnified Parties hereinafter referred to collectively as the "Indemnified Parties"), against any and all losses, claims, damages, expenses, or liabilities (including the reasonable cost of investigating and defending any alleged loss, claim, damage, expense, or liability and reasonable counsel fees incurred in connection therewith) to which any said person may become subject under the 1933 Act, the 1934 Act, the 1940 Act, or other federal or state statutory law or regulation, at common law or otherwise, insofar as said losses, claims, damages, expenses, or liabilities (or actions in respect thereof) arise out of or are based upon: (i) a material breach by the Subadviser of this Agreement or of the representations and warranties made by the Subadviser herein; (ii) any Improper Investment; (iii) any untrue statement of a material fact by the Subadviser contained in any Disclosure Document relating to the Subadviser and the Subadviser's affiliates and other information supplied by Subadviser for inclusion therein, or the omission by the Subadviser from a Disclosure Document of a material fact regarding the Subadviser or the Subadviser's investment program required to be stated therein or necessary to make the statements therein not misleading; or (iv) the Subadviser's performance or non-performance of the Subadviser's duties hereunder; *provided*, *however*, that: (i) nothing herein shall be deemed to protect any Adviser Indemnified Party against any liability to the Subadviser to which said Adviser Indemnified Party otherwise would be subject by reason or willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of said person related to the services contemplated under this Agreement; and (ii) that nothing herein shall be deemed to protect any Indemnified Party who is a Trustee or officer of the Trust against any liability to the Trust or to the Trust's shareholders to which said Indemnified Party otherwise would be subject by reason or willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of said person's office with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The Adviser shall indemnify and hold harmless the Subadviser, each affiliated person of the Subadviser within the meaning of Section 2(a)(3) of the 1940 Act, and each person who controls the Subadviser within the meaning of Section 15 of the 1933 Act (any said person, a "Subadviser Indemnified Party") against any and all losses, claims, damages, expenses, or liabilities (including the reasonable cost of investigating and defending any alleged loss, claim, damage, expense, or liability and reasonable counsel fees incurred in connection therewith) to which any said person may become subject under the 1933 Act, the 1934 Act, the 1940 Act, or other federal or state statutory law or regulation, at common law or otherwise, insofar as said losses, claims, damages, expenses, or liabilities (or actions in respect thereof) arise out of or are based upon: (i) a material breach by the Adviser of this Agreement or of the representations and warranties made by the Adviser herein; (ii) any untrue statement of a material fact by the Adviser contained in any Disclosure Document relating to the Adviser and the Adviser's affiliates and other information supplied by Adviser for inclusion therein, or the omission by the Adviser from a Disclosure Document of a material fact regarding the Adviser required to be stated therein or necessary to make the statements therein not misleading; or (iv) the Adviser's performance or non-performance of the Adviser's duties hereunder; *provided*, *however*, that nothing herein shall be deemed to protect any Subadviser Indemnified Party against any liability to the Adviser to which said Subadviser Indemnified Party otherwise would be subject by reason or willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of said person related to the services contemplated under this Agreement.

*The Registrant's Custody Agreement with the Bank of New York Mellon states:*

Indemnification by the Fund. The Fund shall indemnify and hold harmless the Custodian from and against all Losses, including reasonable counsel fees and expenses in third party suits and in a successful defense of claims asserted by the Fund, relating to or arising out of the performance of the Custodian's obligations under this Agreement, except to the extent resulting from the Custodian's negligence (based upon the standard of care as set forth in Section 9.1) or willful misconduct.

*The Registrant's Custodian and Transfer Agent Agreement with Brown Brothers Harriman & Co. states:* 

*<u>Indemnification.</u>* The Fund hereby indemnifies BBH&Co. as TA and Custodian (and each Subcustodian), and their respective Agents, nominees and the partners, employees, officers and directors, and agrees to hold each of them harmless from and against all claims and liabilities, including counsel fees and taxes, incurred or assessed against any of them in connection with the performance of this Agreement and any Instruction. If a Subcustodian or any other person indemnified under the preceding sentence, gives written notice of claim to the Custodian, the Custodian shall promptly give written notice to the Fund.

*The Registrant's Distribution Agreement states:*

<u>Indemnification of Distributor</u>. The Trust agrees to indemnify, defend and hold harmless, the Distributor, each of its directors, officers, employees and each person, if any, who controls, is controlled by or is under common control with, the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "<u>Distributor Indemnified Parties</u>") from and against any and all losses, claims, damages or liabilities, joint or several, whatsoever (including any investigation, legal or other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Distributor Indemnified Parties may become subject, arising out of or based upon (i) any untrue statement of a material fact contained in any Prospectus or any document incorporated by reference therein or filed as an exhibit thereto, or any marketing literature or materials distributed on behalf of the Trust with respect to the securities covered by the Prospectus (the "<u>Covered Documents</u>") or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Distributor for any legal or other expenses reasonably incurred by the Distributor in connection with investigating or defending any such action or claim as such expenses are incurred; (ii) any claims of infringement or misappropriation of the intellectual property rights of a third party against the Distributor arising out of or based on the use by the Distributor of any intellectual property of such third party, including, without limitation, indexes, strategies or trademarks that serve as the basis for the Funds or are used by the Funds (the "<u>Intellectual Property</u>") in connection with its duties as Distributor pursuant to this Agreement, regardless of whether such third party's rights or claims of rights to such Intellectual Property were disclosed to Distributor and (iii) any breach of any representation, warranty or covenant made by the Trust in this Agreement; provided, however, that the Trust shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Covered Documents about the Distributor in reliance upon and in conformity with written information furnished to the Trust by the Distributor expressly for use therein.

*The Registrant's Transfer Agency Services Agreement with Atlantic Shareholder Services, LLC states:*

 

The Trust agrees to indemnify and hold harmless Atlantic. its employees, agents, subcontractors. directors. officers and managers and any Person who controls Atlantic within the meaning of section 15 of the Securities Act or section 20 of the Securities Exchange Act of 1934, as amended, ("Atlantic Indemnitees") against and from any and all claims, demands, actions, suits, judgments, liabilities, losses. damages, costs. charges, reasonable counsel fees and other expenses of every nature and character arising out of or in any way related to a claim from a third party and arising directly out of (A) Atlantic's actions taken or failures to act with respect to a Fund or (B) incident to the delivery of the Services except those actions or failures to act for which Atlantic Indemnitee would otherwise be liable under Section 3(a) and (b).

**Item 31. Business and Other Connections of the Investment Adviser.**

Symmetry Partners, LLC is a registered investment adviser and serves as investment adviser for all funds of the Registrant. The descriptions of Symmetry Partners, LLC and the sub-advisers, as applicable, under the caption "Management" in the Prospectus and under the captions "Investment Adviser and Sub-Advisers" in the Statement of Additional Information constituting Parts A and B, respectively, of Symmetry Panoramic Trust's Registration Statement are incorporated herein by reference.

The information as to the directors and officers of Symmetry Partners, LLC is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-61342) and is incorporated herein by reference.

Symmetry Partners, LLC, with the approval of the Registrant's Board of Trustees, selects sub-advisers for certain funds of the Registrant. The following companies, which are registered investment advisers, serve as sub-adviser for one or more funds as described in Parts A and B of this Registration Statement.

The information for AQR Capital Management LLC is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-55543) and is incorporated herein by reference.

The information for Dimensional Fund Advisors LP is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-16283) and is incorporated herein by reference.

The information for J.P. Morgan Investment Management Inc. is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-21011) and is incorporated herein by reference.

The information for Vident Advisory, LLC is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-114538) and is incorporated herein by reference.

**Item 32. Principal Underwriters.**

(a) Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for:

---

| |
|:---|
| SEI Daily Income Trust |
| SEI Tax Exempt Trust |
| SEI Institutional Managed Trust |
| SEI Institutional International Trust |
| The Advisors' Inner Circle Fund |
| The Advisors' Inner Circle Fund II |
| Bishop Street Funds |
| SEI Asset Allocation Trust |
| SEI Institutional Investments Trust |
| City National Rochdale Funds (f/k/a CNI Charter Funds) |
| Causeway Capital Management Trust |
| SEI Offshore Opportunity Fund II |
| ProShares Trust |
| Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund) |
| SEI Offshore Advanced Strategy Series SPC |
| SEI Structured Credit Fund, LP |
| Global X Funds |
| ProShares Trust II |
| SEI Special Situations Fund, Ltd. |
| Exchange Traded Concepts Trust (f/k/a FaithShares Trust) |
| Schwab Strategic Trust |
| RiverPark Funds Trust |
| Adviser Managed Trust |
| SEI Core Property Fund, LP |
| New Covenant Funds |
| KraneShares Trust |
| The Advisors' Inner Circle Fund III |
| SEI Catholic Values Trust |
| SEI Hedge Fund SPC |
| SEI Energy Debt Fund, LP |
| Gallery Trust |
| Schroder Series Trust |
| City National Rochdale Select Strategies Fund |
| City National Rochdale Strategic Credit Fund |
| Frost Family of Funds |
| Wilshire Private Assets Fund |
| SEI Vista Fund, Ltd. |
| Catholic Responsible Investments Funds |
| SEI Exchanged Traded Funds |
| SEI Global Private Assets VI, L.P. |
| Quaker Investment Trust |
| SEI Alternative Income Fund |
| Global X Venture Fund |

---

The Distributor provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink").

(b) Set forth below is information with respect to each director and officer of the Distributor. Unless otherwise noted, the business address of each director or officer is One Freedom Valley Drive, Oaks, PA 19456.

---

| | | |
|:---|:---|:---|
| Name | Position and Office<br> with Underwriter | Positions and Offices<br> with Registrant |
| Paul F. Klauder | President, Chief Executive Officer & Director | -- |
| John C. Munch | General Counsel & Secretary | -- |
| William M. Doran | Director | Trustee |
| John Alshefski | Director | Trustee |
| Kevin Crowe | Director | -- |
| Jason McGhin | Vice President & Chief Operations Officer | -- |
| John P. Coary | Vice President, Chief Financial Officer & Treasurer | -- |
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary & Anti-Money Laundering Officer | -- |
| William M. Martin | Vice President | -- |
| Christopher Rowan | Vice President | -- |
| Judith A. Rager | Vice President | -- |
| Gary Michael Reese | Vice President | -- |
| Robert M. Silvestri | Vice President | -- |

---

(c) Not applicable.

**Item 33. Location of Accounts and Records.**

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules promulgated thereunder, are maintained as follows:

Registrant:

Symmetry Panoramic Trust

1 Freedom Valley Drive

Oaks, Pennsylvania 19456

Adviser:

Symmetry Partners, LLC

151 National Drive

Glastonbury, Connecticut 06033

Sub-Advisers:

AQR Capital Management, LLC

Two Greenwich Plaza, 3rd Floor

Greenwich, CT 066830

Dimensional Fund Advisors LP

6300 Bee Cave Road, Building One

Austin, TX 78746

J.P. Morgan Investment Management Inc.

383 Madison Avenue

New York, NY 10179

Vident Advisory, LLC

1125 Sanctuary Parkway, Suite 515

Alpharetta, GA 30009

Administrator:

SEI Investments Global Funds Services

1 Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor:

SEI Investments Distribution Co.

1 Freedom Valley Drive

Oaks, Pennsylvania 19456

Custodians:

Bank of New York Mellon

225 Liberty Street

New York, New York 10286

Brown Brothers Harriman & Co.

40 Water Street

Boston, Massachusetts 02109

**Item 34. Management Services.**

Not applicable.

**Item 35. Undertakings.**

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended ("Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under Securities Act and has duly caused this Post-Effective Amendment No. 13 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Oaks, Commonwealth of Pennsylvania, on the 29<sup>th</sup> day of December 2025.

---

| | |
|:---|:---|
| SYMMETRY PANORAMIC TRUST | SYMMETRY PANORAMIC TRUST |
| By: | /s/ Michael Beattie |
| Name: | Michael Beattie |
| Title: | President |

---

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment has been signed below by the following persons in the capacity and on the date indicated.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| /s/ John G. Alshefski | Trustee | December 29, 2025 |
| John G. Alshefski\* |  |  |
| /s/ Jon C. Hunt | Trustee | December 29, 2025 |
| Jon C. Hunt\* |  |  |
| /s/ Thomas P. Lemke | Trustee | December 29, 2025 |
| Thomas P. Lemke\* |  |  |
| /s/ Nichelle Maynard-Elliott | Trustee | December 29, 2025 |
| Nichelle Maynard-Elliott\* |  |  |
| /s/ Jay C. Nadel | Trustee | December 29, 2025 |
| Jay C. Nadel\* |  |  |
| /s/ Randall S. Yanker | Trustee | December 29, 2025 |
| Randall S. Yanker\* |  |  |
| /s/Michael Beattie | President | December 29, 2025 |
| Michael Beattie\* |  |  |
| /s/ Andrew Metzger | Treasurer, Controller & Chief Financial Officer | December 29, 2025 |
| Andrew Metzger\* | Treasurer, Controller & Chief Financial Officer |  |

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| | |
|:---|:---|
| \* Signatures affixed by: | /s/ Matthew M. Maher |
|  | Matthew M. Maher |
|  | Attorney-in-fact |

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**<u>EXHIBIT INDEX</u>**

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| | |
|:---|:---|
| [(d)(viii)](fp0096564-1_ex9928dviii.htm) | [Investment Subadvisory Agreement between Symmetry Partners, LLC and Vident Advisory, LLC.](fp0096564-1_ex9928dviii.htm) |
| [(d)(ix)](fp0096564-1_ex9928dix.htm) | [Amended and Restated Schedule A, to the Investment Subadvisory Agreement between Symmetry Partners, LLC and Vident Advisory, LLC.](fp0096564-1_ex9928dix.htm) |
| [(h)(vi)](fp0096564-1_ex9928hvi.htm) | [Third Amended and Restated Operating Expenses Limitation Agreement between the Registrant and Symmetry Partners, LLC.](fp0096564-1_ex9928hvi.htm) |
| [(i)](fp0096564-1_ex9928i.htm) | [Opinion and Consent of Counsel.](fp0096564-1_ex9928i.htm) |
| [(j)](fp0096564-1_ex9928j.htm) | [Consent of Independent Registered Public Accounting Firm](fp0096564-1_ex9928j.htm) |
| [(p)(iii)](fp0096564-1_ex9928piii.htm) | [Code of Ethics of AQR Capital Management, LLC](fp0096564-1_ex9928piii.htm) |

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## Exhibit 99.28

**INVESTMENT SUBADVISORY AGREEMENT**

**INVESTMENT SUBADVISORY AGREEMENT** (the "Agreement") made as of this 28<sup>th</sup> day of August, 2025, by and between Symmetry Partners, LLC (the "Adviser"), a limited liability company organized under the laws of the State of Delaware, with the Adviser's principal place of business at 151 National Drive, Glastonbury, Connecticut 06033, and Vident Advisory, LLC (the "Subadviser"), a limited liability company organized under the laws of the State of Delaware, with the Subadviser's principal place of business at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009.

**W I T N E S S E T H**

**WHEREAS,** pursuant to authority granted to the Adviser by the Board of Trustees (the "Board") of the Symmetry Panoramic Trust (the "Trust"), a Delaware statutory trust registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), on behalf of the series set forth on Schedule A to this Agreement (each, a "Fund," and, collectively, the "Funds"), and pursuant to the provisions of the Investment Advisory Agreement, dated as of August 28, 2025, by and between the Adviser and the Trust (the "Management Agreement"), the Adviser has selected the Subadviser to act as sub-investment adviser of each Fund and to provide certain related services, as more fully set forth below, and to perform these services under the terms and conditions hereinafter set forth; and

**WHEREAS,** each of the Adviser and the Subadviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

**WHEREAS,** the Management Agreement contemplates that the Adviser may appoint a subadviser to perform some or all of the services for which the Adviser is responsible thereunder; and

**WHEREAS,** the Subadviser is willing to furnish these services to the Adviser and each Fund listed in Schedule A to this Agreement, as said Schedule may be amended from time to time upon mutual agreement of the parties.

**NOW, THEREFORE,** in consideration of the mutual covenants and benefits set forth herein, the parties do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>The Subadviser's Services</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>Discretionary Investment Management Services</u>.** The Subadviser shall act as sub-investment adviser with respect to each Fund in regard to those Fund assets as may be allocated by the Adviser to the Subadviser (the "Assets"). In said capacity, the Subadviser, subject to the supervision of the Adviser and the Board, regularly shall provide the Fund with investment research, advice, and supervision and shall furnish continuously an investment program, consistent with the investment objectives and policies of the Fund. The Subadviser shall determine, from time to time, what securities shall be purchased for the Fund, what securities shall be held or sold by the Fund, and what portion of the Fund's assets shall be held uninvested in cash, subject always to the provisions of the Trust's Agreement and Declaration of Trust, the Trust's By-Laws, and the Trust's registration statement on Form N-1A (the "Registration Statement") under the 1940 Act, and under the Securities Act of 1933, as amended (the "1933 Act"), covering Fund shares, as filed with the Securities & Exchange Commission (the "Commission"), and to the investment objectives, policies, and restrictions of the Fund, as each of the same from time to time shall be in effect. To carry out these obligations, the Subadviser shall exercise full discretion and act for the Fund in the same manner and with the same force and effect as the Fund itself might or could do with respect to purchases, sales, or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of said purchases, sales, or other transactions. No reference in this Agreement to the Subadviser having full discretionary authority over the Fund's investments in any way shall limit the right of either the Adviser or the Board, in either the Adviser's or the Board's respective sole discretion, to establish or revise policies in connection with the management of the Fund's assets or to otherwise exercise either the Adviser's or the Board's respective right to control the overall management of the Fund's assets. As applicable and appropriate, and without limiting the generality of the foregoing, the Subadviser has the authority to enter into trading agreements on behalf of the Fund and to adhere on the Fund's behalf to the applicable International Swaps & Derivatives Association ("ISDA") over-the-counter ("OTC") derivatives transaction protocols and to enter into client agency agreements or other documents that may be required to effect OTC derivatives transaction through swap execution facilities (*i.e.*, "SEFs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Compliance</u>.** The Subadviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "1934 Act"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, as well as with all other applicable federal and state laws, rules, regulations, and case law that relate to the services and relationships described hereunder and to the conduct of the Subadviser's business as a registered investment adviser. The Subadviser also agrees to comply with the objectives, policies, and restrictions set forth in the Registration Statement, as amended or supplemented, of each Fund, and with any policies, guidelines, instructions, and procedures approved by the Board or the Adviser and provided to the Subadviser. The Subadviser shall maintain compliance procedures that the Subadviser believes are reasonably designed to ensure compliance with the foregoing applicable to the services provided by the Subadviser contemplated by this Agreement. No supervisory activity undertaken by the Adviser or by the Board shall limit the Subadviser's full responsibility for any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) <u>Proxy Voting</u>.** Pursuant to Board authority, the Adviser shall retain proxy voting authority with respect to each Fund and shall not delegate said authority to the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) <u>Recordkeeping</u>.** The Subadviser shall not be responsible for the provision of administrative, bookkeeping, or accounting services to each Fund, except as otherwise provided herein or as may be necessary for the Subadviser to supply to the Adviser, the Trust, or the Trust's Board the information required to be supplied under this Agreement.

The Subadviser shall maintain separate books and detailed records of all matters pertaining to the Fund's Assets advised by the Subadviser required by Rule 31a-1 under the 1940 Act (other than those records being maintained by the Trust, Adviser, or any administrator, custodian, or transfer agent appointed by the Trust) relating to the Subadviser's responsibilities provided hereunder with respect to the Fund, and shall preserve said records for the periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act (hereinafter, the "Fund Books and Records"). The Fund Books and Records shall be available to the Adviser and the Board at any time upon request, shall be delivered to the Trust upon the termination of this Agreement, and shall be available without delay during any day the Trust is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) <u>Holdings Information and Pricing</u>.** The Subadviser shall provide regular reports regarding each Fund's holdings, and, on the Subadviser's own initiative, may furnish the Adviser, the Trust, and the Trust's Board from time to time with whatever information the Subadviser believes is appropriate for this purpose. The Subadviser agrees to notify the Adviser and the Board promptly if the Subadviser reasonably believes that the value of any security held by a Fund may not reflect fair value. The Subadviser agrees to provide, upon reasonable request, any pricing information of which the Subadviser is aware to the Adviser, Trust, the Trust's Board, and/or any Fund pricing agent to assist in the determination of the fair value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act or the Trust's valuation procedures for the purpose of calculating the Fund's net asset value in accordance with procedures and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) <u>Cooperation With Agents of the Adviser and the Trust</u>.** The Subadviser agrees to cooperate with and provide reasonable assistance to the Adviser, the Trust, any Trust custodian or foreign sub-custodians, any Trust pricing agents, and all other agents and representatives of the Adviser and the Trust with respect to such information regarding each Fund as said entities reasonably may request from time to time in the performance of said entities' obligations, to provide prompt responses to reasonable requests made by said persons, and to establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) <u>Consultation With Other Subadvisers</u>.** In performance of the Subadviser's duties and obligations under this Agreement, the Subadviser shall not consult with any other subadviser to a Fund or a subadviser to a portfolio that is under common control with the Fund concerning transactions for the Fund, except as permitted by the policies and procedures of the Fund. The Subadviser shall not provide investment advice with respect to any assets of the Fund other than the Assets managed by the Subadviser.

**2. <u>Code of Ethics</u>.**

The Subadviser has adopted a written code of ethics that the Subadviser reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act ("Rule 17j-1"), which the Subadviser has provided to the Adviser and the Trust. The Subadviser shall ensure that the Subadviser's "Access Persons" (as that term is defined in the Subadviser's Code of Ethics) are required to comply in all material respects with the Subadviser's Code of Ethics, as in effect from time to time. Upon request, the Subadviser shall provide the Adviser and the Trust with (i) a copy of the Subadviser's current Code of Ethics, as in effect from time to time, and (ii) a certification that the Subadviser has adopted procedures reasonably designed to prevent Access Persons from engaging in any conduct prohibited by the Subadviser's Code of Ethics. Annually, the Subadviser shall furnish a written report to the Adviser and the Trust's Board concerning the Subadviser's Code of Ethics, which annual report shall comply with the requirements of Rule 17j-1. The Subadviser shall respond to requests for information from the Adviser and the Trust as to violations of the Code by Access Persons and the sanctions imposed by the Subadviser. The Subadviser shall notify the Adviser and the Trust promptly (or in a time and manner as might otherwise by requested by said Chief Compliance Officers) of any material violation of the Code, whether or not said violation relates to a security held by a Fund.

**3. <u>Information and Reporting</u>.**

The Subadviser shall provide the Adviser, the Trust, and the Adviser's and the Trust's respective officers with such periodic reports concerning the obligations that the Subadviser has assumed under this Agreement as the Adviser and the Trust from time to time reasonably may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>Notification of Breach / Compliance Reports</u>.** The Subadviser shall notify the Trust's Chief Compliance Officer and Adviser's Chief Compliance Officer promptly (or in a time and manner as might otherwise by requested by said Chief Compliance Officers) upon detection of: (i) any material failure to manage a Fund in accordance with the Fund's investment objectives and policies or any applicable law; or (ii) any material breach of any of the Fund's or the Subadviser's policies, guidelines, or procedures. In addition, to the extent all of the Fund's assets are allocated to be managed by the Subadviser, the Subadviser shall provide a quarterly report regarding each Fund's compliance with the Fund's investment objectives and policies, applicable law, including, but not limited to, the 1940 Act and Subchapter M of the Code, and the Fund's and the Adviser's policies, guidelines, or procedures as applicable to the Subadviser's obligations under this Agreement. The Subadviser acknowledges and agrees that the Adviser, in the Adviser's discretion, may provide these quarterly compliance certifications to the Board. The Subadviser agrees to correct any said failure promptly and to take any action that the Board and/or the Adviser reasonably may request in connection with any said breach. Upon request, the Subadviser also shall provide the officers of the Trust with supporting certifications relating to the Subadviser's services in connection with such certifications of Fund financial statements and disclosure controls pursuant to the Sarbanes-Oxley Act of 2002, as amended. The Subadviser promptly shall notify the Trust and the Adviser in the event that: (i) the Subadviser is served or otherwise receives notice of any action, suit, proceeding, inquiry, or investigation, at law or in equity, before or by any court, public board, or body, involving the affairs of the Trust (excluding class action suits in which a Fund is a member of the plaintiff class by reason of the Fund's ownership of shares in the defendant) or the compliance by the Subadviser with the federal or state securities laws related to the Subadviser's ability to provide services under this Agreement; or (ii) an actual change in control of the Subadviser resulting in an "assignment" (as that term is defined in the 1940 Act) has occurred or otherwise is proposed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Inspection</u>.** Upon reasonable request, the Subadviser agrees to make the Subadviser's records and premises (including the availability of the Subadviser's employees for interviews) -- to the extent that these records relate to the conduct of services provided to each Fund or the Subadviser's conduct of the Subadviser's business as an investment adviser -- reasonably available for compliance audits by the Adviser and/or the Trust's officers, employees, accountants, or counsel; in this regard, the Trust and the Adviser acknowledge that the Subadviser shall have no obligation to make available proprietary information unrelated to the services provided by the Subadviser to the Fund or any information related to other clients of the Subadviser, except to the extent necessary for the Adviser to confirm the absence of any conflict of interest and compliance with any laws, rules, or regulations in the Subadviser's management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) <u>Board and Filings Information</u>.** The Subadviser shall provide the Adviser and the Trust with any information reasonably requested regarding the Subadviser's management of each Fund required for any meeting of the Board, or for any shareholder report, Form N-CSR, Form N-PX, Form N-CEN, Form N-PORT, amended registration statement, proxy statement, or prospectus supplement to be filed by the Trust with the Commission. The Subadviser shall make the Subadviser's officers and employees available to meet with the Board from time to time on due notice to review the Subadviser's investment management services to the Fund in light of current and prospective economic and market conditions and shall furnish to the Board such information as may reasonably be necessary in order for the Board to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) <u>Transaction Information</u>.** The Subadviser shall furnish to the Adviser and the Trust such information concerning portfolio transactions as may be necessary to enable the Adviser, the Trust, or the Adviser's or the Trust's respective designated agents to perform such compliance testing on each Fund and the Subadviser's services as the Adviser and the Trust, in the Adviser's or the Trust's respective sole discretion, may determine to be appropriate. The provision of said information by the Subadviser to the Adviser, the Trust, or the Adviser's or the Trust's respective designated agents in no way relieves the Subadviser of the Subadviser's own responsibilities under this Agreement.

**4. <u>Brokerage.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>Principal Transactions</u>.** In connection with purchases or sales of securities for the account of a Fund, neither the Subadviser nor any of the Subadviser's directors, officers, or employees shall act as a principal or agent or receive any commission except as permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Placement of Orders</u>.** The Subadviser shall arrange for the placing of all orders for the purchase and sale of securities for each Fund's account with brokers or dealers selected by the Subadviser. The Subadviser shall place these orders with or through such persons, brokers, or dealers chosen by the Subadviser to carry out the policy with respect to brokerage set forth in the Fund's Prospectus or as the Board or the Adviser may direct in writing from time to time, in conformity with all Federal securities laws and subject to the provisions of Section 4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) <u>Best Execution</u>.** In executing Fund transactions and selecting brokers or dealers, the Subadviser is directed at all times to use the Subadviser's best efforts to seek on behalf of each Fund the most-favorable execution, net price, and best overall terms available under the circumstances. In assessing the best overall terms available for any transaction, the Subadviser shall consider all factors that the Subadviser deems relevant, including, among other factors, the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. The Subadviser shall have the express authority to negotiate, open, continue, and terminate brokerage accounts and other trading arrangements with respect to all portfolio transactions entered into by the Subadviser for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) <u>Access To Brokerage and Research</u>.** It also is understood that it is desirable for each Fund that the Subadviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers, consistent with Section 28(e) of the 1934 Act and any Commission staff interpretations thereof. The Subadviser, therefore, is authorized to place orders for the purchase and sale of securities for the Fund with these brokers, subject to review by the Adviser and the Board from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by these brokers may be useful to the Subadviser in connection with the Subadviser's or the Subadviser's affiliates' services to other clients.

In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Subadviser, therefore, also may consider the "brokerage and research services" provided (as this term is defined in Section 28(e) of the 1934 Act). Consistent with any guidelines established by the Board and Section 28(e) of the 1934 Act, the Subadviser is authorized to pay to a broker or dealer who provides said brokerage and research services a commission for executing a portfolio transaction for a Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Subadviser in good faith determines that this commission was reasonable in relation to the value of the brokerage and research services provided by the broker or dealer viewed in terms of that particular transaction or in terms of the overall responsibilities of the Subadviser to the Subadviser's discretionary clients, including the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) <u>Affiliated Brokers</u>.** The Subadviser or any of the Subadviser's affiliates may act as broker in connection with the purchase or sale of securities or other investments for a Fund, subject to: (i) the requirement that the Subadviser seek to obtain best execution and price within the policy guidelines determined by the Board and set forth in the Fund's current Registration Statement; (ii) the provisions of the 1940 Act; (iii) the provisions of the Advisers Act; (iv) the provisions of the 1934 Act; and (v) other provisions of applicable law. These brokerage services are not within the scope of the duties of the Subadviser under this Agreement. Subject to the requirements of applicable law and any procedures adopted by the Board, the Subadviser or the Subadviser's affiliates may receive brokerage commissions, fees, or other remuneration from a Fund for these services in addition to the Subadviser's fees for services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) <u>Aggregated Transactions</u>.** The Subadviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser, the Subadviser, or the Trust's principal underwriter) if the Subadviser believes that the quality of the transaction and the commission are comparable to what these would be with other qualified firms. On occasions when the Subadviser deems the purchase or sale of a security to be in the best interest of a Fund as well as other clients of the Subadviser, the Subadviser, to the extent permitted by applicable law and regulations, may aggregate the order for securities to be sold or purchased. In said event, the Subadviser shall allocate securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, in the manner the Subadviser reasonably considers to be equitable and consistent with the Subadviser's fiduciary obligations to the Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) <u>Reporting of Transactions</u>.** The Subadviser shall provide each Fund's custodian on each business day with information relating to all transactions concerning the Assets and shall provide the Adviser with such information upon request of the Adviser and shall otherwise shall cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodians and foreign custodians, the Trust's transfer agent and pricing agents, and all other agents and representatives of the Trust.

**5. <u>Custody</u>.**

Nothing in this Agreement shall permit the Subadviser to take or receive physical possession of cash, securities, or other investments of a Fund.

**6. <u>Allocation of Charges and Expenses</u>.**

The Subadviser shall bear the Subadviser's own costs of providing services hereunder. Other than as herein specifically indicated, the Subadviser shall not be responsible for a Fund's or the Adviser's expenses, including brokerage and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments.

**7. <u>Representations, Warranties, and Covenants</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>Properly Registered</u>.** The Subadviser is registered as an investment adviser under the Advisers Act, and shall remain so registered for the duration of this Agreement. The Subadviser is not prohibited by the Advisers Act or the 1940 Act from performing the services contemplated by this Agreement, and, to the best knowledge of the Subadviser, there is no proceeding or investigation that reasonably is likely to result in the Subadviser being prohibited from performing the services contemplated by this Agreement. The Subadviser agrees promptly to notify the Trust of the occurrence of any event that would disqualify the Subadviser from serving as an investment adviser to an investment company. The Subadviser is in compliance in all material respects with all applicable Federal and state laws in connection with the Subadviser's investment management operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>ADV Disclosure</u>.** The Subadviser has provided the Adviser and the Trust with a complete copy of Part 1 of the Subadviser's Form ADV, as most-recently filed with the Commission, and with a complete copy of Part 2 of the Subadviser's Form ADV, as most-recently updated, and, promptly after filing any amendment to the Subadviser's Form ADV with the Commission or updating Part 2 of the Subadviser's Form ADV, shall furnish a complete copy of said amendments or updates to the Adviser and the Trust. The information contained in the Adviser's Form ADV is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which said statements were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) <u>Fund Disclosure Documents</u>.** With respect to disclosure of information regarding the Subadviser and the Subadviser's services under this Agreement, the Subadviser has reviewed, and in the future shall review, the Registration Statement, summary prospectus, prospectus, statement of additional information, periodic reports to shareholders, reports and schedules filed with the Commission (including any amendment, supplement, or sticker to any of the foregoing), and advertising and sales material relating to each Fund (collectively the "Disclosure Documents"), and represents and warrants that said disclosure in said Disclosure Documents shall contain no untrue statement of any material fact and do not and shall not omit any statement of material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) <u>Use of the Names "Symmetry" and "Symmetry Panoramic"</u>.** Subject to the terms set forth in Section 8(a) of this Agreement, the Subadviser has the right to use the names "Symmetry" and "Symmetry Panoramic" in connection with the Subadviser's services to the Trust, and the Trust shall have the right to use the names "Symmetry" and "Symmetry Panoramic" in connection with the management and operation of each Fund until this Agreement is terminated as set forth herein. The Adviser is not aware of any threatened or existing actions, claims, litigation, or proceedings that adversely would affect or prejudice the rights of the Subadviser or the Trust to use the names "Symmetry" and "Symmetry Panoramic."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) <u>Insurance</u>.** The Subadviser maintains errors and omissions insurance coverage in an appropriate amount as determined by the Subadviser and shall provide prior written notice to the Trust: (i) of any material changes in the Subadviser's insurance policies or insurance coverage; or (ii) if any material claims related to the Subadviser's services under this Agreement shall be made on the Subadviser's insurance policies. Furthermore, the Subadviser, upon reasonable request, shall provide the Trust with any information that the Subadviser reasonably may require concerning the amount of or scope of said insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) <u>No Detrimental Agreement</u>.** The Subadviser represents and warrants that the subadviser has no arrangement or understanding with any party, other than the Adviser and the Trust, that would influence the decision of the Subadviser with respect to the Subadviser's selection of securities for a Fund, and that all selections shall be done in accordance with what is in the best interest of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) <u>Conflicts</u>.** The Subadviser shall act honestly, in good faith, and in the best interests of the Trust, including requiring any of the Subadviser's personnel with knowledge of Fund activities to place the interest of each Fund first, ahead of said personnel's own interests, in all personal trading scenarios that may involve a conflict of interest with the Fund, consistent with the Subadviser's fiduciary duties under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) <u>Compliance Program of the Subadviser</u>.** The Subadviser represents and warrants that: (a) in accordance with Rule 206(4)-7 under the Advisers Act, the Subadviser has adopted and implemented and shall maintain written policies and procedures reasonably designed to prevent violation by the Subadviser and the Subadviser's supervised persons (as this term is defined in the Advisers Act) of the Advisers Act and the rules that the Commission has adopted under the Advisers Act; and (b) to the extent that the Subadviser's activities or services reasonably could be expected materially to affect a Fund, the Subadviser has adopted and implemented and shall maintain written policies and procedures that the Trust's chief compliance officer determines are reasonably designed to prevent violation of the "federal securities laws" (as this term is defined in Rule 38a-1 under the 1940 Act) by the Subadviser with respect to each Fund (the policies and procedures referred to in this Section 7(h) are referred to herein as the Subadviser's "Compliance Program").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) <u>Representations</u>.** The representations and warranties in this Section 7 shall be deemed to be made on the date that this Agreement is executed and at the time of delivery of the quarterly compliance report required by Section 3(a) of this Agreement, whether or not specifically referenced in said report.

**8. <u>Use of Names</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>The Names "Symmetry" and "Symmetry Panoramic"</u>.** The Adviser grants to the Subadviser a non-exclusive sub-license to use the names "Symmetry" and "Symmetry Panoramic" (each, the "Name"). The foregoing authorization by the Adviser to the Subadviser to use each Name is not exclusive of the right of the Adviser itself to use, or to authorize others to use, that Name; the Subadviser acknowledges and agrees that, as between the Subadviser and the Adviser, the Adviser has the right to use, or authorize others to use, that Name. The Subadviser shall use each Name only in a manner consistent with uses approved by the Adviser. Notwithstanding the foregoing, neither the Subadviser nor any affiliate or agent of the subadviser shall make reference to or use the Name or any of Adviser's respective affiliates or clients names without the prior approval of Adviser, which approval shall not be unreasonably withheld or delayed; *provided*, that the Subadviser is authorized to disclose the Name and the Adviser's and each Fund's identities as clients of the Subadviser in any representative client list prepared by the Subadviser for use in marketing materials. The Adviser has obtained all licenses and permissions necessary for the Subadviser to use any index data provided to the Subadviser by the Adviser or Adviser's agent under this Agreement and the Subadviser is not required to obtain any said licenses or permissions itself .

The Trust grants to the Subadviser a sub-license to use a Fund's name or the Funds' names (collectively, a "Fund Name"). The foregoing authorization by the Trust to the Subadviser to use a Fund Name is not exclusive of the right of the Adviser itself to use, or to authorize others to use, a Fund Name. The Subadviser shall use a Fund Name only in a manner consistent with uses approved by the Trust. The Subadviser hereby agrees to make all reasonable efforts to cause any affiliate or agent of the Subadviser to satisfy the foregoing obligation in connection with any services said affiliates or agents provide to the Subadviser or to a Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>The Name "Vident Advisory"</u>.** The Subadviser grants to the Adviser and Trust a non-exclusive sub-license to use the name "Vident Advisory" (the "Subadviser Name") in connection with the Funds. The foregoing authorization by the Subadviser to the Adviser to use the Subadviser Name is not exclusive of the right of the Subadviser itself to use, or for the Subadviser to authorize others to use, the Subadviser Name; the Adviser acknowledges and agrees that, as between the Adviser and the Subadviser, the Subadviser has the right to use, or authorize others to use, the Subadviser Name. The Adviser shall use the Subadviser Name only in a manner consistent with uses approved by the Subadviser. Notwithstanding the foregoing, neither the Adviser nor any affiliate or agent of the Adviser shall make reference to or use the Subadviser Name or any of the Subadviser's respective affiliates or clients names without the prior approval of the Subadviser, which approval shall not be unreasonably withheld or delayed. The Adviser hereby agrees to make all reasonable efforts to cause the Trust and any affiliate or agent of the Adviser to satisfy the foregoing obligation. The sub-license granted herein in regard to a Fund shall terminate in the event that the Subadviser no longer is a subadviser to the Fund.

**9. <u>Subadviser's Compensation</u>.**

The Adviser shall pay to the Subadviser, as compensation for the Subadviser's services hereunder, a fee, determined as described in Schedule A that is attached hereto and made a part hereof. Said fee shall be computed daily and paid not less than monthly in arrears by the Adviser. A Fund shall have no responsibility for any fee payable to the Subadviser except as may be required pursuant to a Fund liquidation.

The Subadviser shall be compensated based on the portion of Fund Assets allocated to the Subadviser by the Adviser. The method for determining net assets of a Fund for purposes hereof shall be the same as the method for determining net assets for purposes of establishing the offering and redemption prices of Fund shares as described in the Fund's prospectus. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in said month.

**10. <u>Independent Contractor</u>.**

In the performance of the Subadviser's duties hereunder, the Subadviser is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust, or the Adviser in any way or otherwise be deemed to be an agent of the Fund, the Trust, or the Adviser. If any occasion should arise in which the Subadviser gives any advice to the Subadviser's clients concerning the shares of a Fund, the Subadviser shall act solely as investment counsel for said clients and not in any way on behalf of the Fund.

**11. <u>Assignment and Amendments</u>.**

This Agreement automatically shall terminate, without the payment of any penalty, either: (i) in the event of the Agreement's "assignment" (as that term is defined in Section 2(a)(4) of the 1940 Act); or (ii) in the event of the termination of the Management Agreement; *provided*, that said termination shall not relieve the Adviser or the Subadviser of any liability incurred hereunder.

This Agreement may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto and in accordance with the 1940 Act, when applicable.

 **12. <u>Duration and Termination.</u>**

This Agreement shall become effective as of the date executed and shall remain in full force and effect continually thereafter, subject to renewal as provided in Section 12(c) hereof and unless terminated automatically as set forth in Section 11 hereof or until terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may cause this Agreement to terminate either (i) by vote of the Trust's Board or (ii) with respect to a Fund, upon the affirmative vote of a majority of the outstanding voting securities of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser at any time may terminate this Agreement by not more than sixty **(60)** days' nor less than thirty **(30)** days' written notice delivered or mailed by registered mail, postage prepaid, to the Subadviser and the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser at any time may terminate this Agreement by not more than sixty **(60)** days' nor less than thirty **(30)** days' written notice delivered or mailed by registered mail, postage prepaid, to the Adviser and the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement automatically shall terminate two (**2**) years from the date of the Agreement's execution unless the Agreement's renewal specifically is approved at least annually thereafter by: (i) a majority vote of the Trustees, including a majority vote of said Trustees who are not interested persons of the Trust, the Adviser, or the Subadviser, at a meeting called for the purpose of voting on said approval; or (ii) the vote of a majority of the outstanding voting securities of the Fund; *provided*, *however*, that, if the continuance of this Agreement is submitted to the shareholders of the Fund for the shareholders' approval and said shareholders fail to approve said continuance of this Agreement as provided herein, the Subadviser may continue to serve hereunder as to the Fund in a manner consistent with the 1940 Act and the rules and regulations thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination of this Agreement pursuant to this Section shall be without payment of any penalty.

In the event of termination of this Agreement for any reason, the Subadviser, promptly upon notice of termination or on such later date as may be specified in said notice, shall cease all activity on behalf of a Fund and with respect to any of the Fund's assets, except as expressly directed by the Adviser or as otherwise required by any fiduciary duties of the Subadviser under applicable law. In addition, the Subadviser shall deliver the Fund's Books and Records to the Adviser and the Trust by such means and in accordance with such schedule as the Adviser and the Trust, respectively, shall direct and otherwise shall cooperate, as reasonably directed by the Adviser and the Trust, in the transition of portfolio asset management to any successor of the Subadviser, including the Adviser. Notwithstanding the foregoing, the Subadviser shall retain Fund's Books and Records required to be retained under applicable law.

**13. <u>Certain Definitions</u>.**

For the purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Affirmative vote of a majority of the outstanding voting securities of the Fund" shall have the meaning as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the Commission under the 1940 Act or any interpretations of the Commission staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Interested persons" and "Assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the Commission under the 1940 Act or any interpretations of the Commission staff.

**14. <u>Liability of the Subadviser</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadviser shall have responsibility for the accuracy and completeness (and liability for the lack thereof) of statements in a Fund's Disclosure Documents relating to the Subadviser and the Subadviser's affiliates and other information supplied by the Subadviser for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser shall be liable to a Fund for any loss (including transaction costs) incurred by the Fund as a result of any investment or trade error made by the Subadviser in contravention of: (i) any investment policy, guideline, or restriction set forth in the Registration Statement or as approved by the Board from time to time and provided to the Subadviser; or (ii) applicable law, including, but not limited to, the 1940 Act (the investments described in this subsection (b) collectively are referred to as "Improper Investments").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall indemnify and hold harmless each of (i) the Trust, each affiliated person of the Trust within the meaning of Section 2(a)(3) of the 1940 Act, and each person who controls the Trust within the meaning of Section 15 of the 1933 Act (any said person, a "Trust Indemnified Party"), and (ii) the Adviser, each affiliated person of the Adviser within the meaning of Section 2(a)(3) of the 1940 Act, and each person who controls the Adviser within the meaning of Section 15 of the 1933 Act (any said person, an "Adviser Indemnified Party") (said Trust Indemnified Parties and said Adviser Indemnified Parties hereinafter referred to collectively as the "Indemnified Parties"), against any and all losses, claims, damages, expenses, or liabilities (including the reasonable cost of investigating and defending any alleged loss, claim, damage, expense, or liability and reasonable counsel fees incurred in connection therewith) to which any said person may become subject under the 1933 Act, the 1934 Act, the 1940 Act, or other federal or state statutory law or regulation, at common law or otherwise, insofar as said losses, claims, damages, expenses, or liabilities (or actions in respect thereof) arise out of or are based upon: (i) a material breach by the Subadviser of this Agreement or of the representations and warranties made by the Subadviser herein; (ii) any Improper Investment; (iii) any untrue statement of a material fact by the Subadviser contained in any Disclosure Document relating to the Subadviser and the Subadviser's affiliates and other information supplied by Subadviser for inclusion therein, or the omission by the Subadviser from a Disclosure Document of a material fact regarding the Subadviser or the Subadviser's investment program required to be stated therein or necessary to make the statements therein not misleading; or (iv) the Subadviser's performance or non-performance of the Subadviser's duties hereunder; *provided*, *however*, that: (i) nothing herein shall be deemed to protect any Adviser Indemnified Party against any liability to the Subadviser to which said Adviser Indemnified Party otherwise would be subject by reason or willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of said person related to the services contemplated under this Agreement; and (ii) that nothing herein shall be deemed to protect any Indemnified Party who is a Trustee or officer of the Trust against any liability to the Trust or to the Trust's shareholders to which said Indemnified Party otherwise would be subject by reason or willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of said person's office with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall indemnify and hold harmless the Subadviser, each affiliated person of the Subadviser within the meaning of Section 2(a)(3) of the 1940 Act, and each person who controls the Subadviser within the meaning of Section 15 of the 1933 Act (any said person, a "Subadviser Indemnified Party") against any and all losses, claims, damages, expenses, or liabilities (including the reasonable cost of investigating and defending any alleged loss, claim, damage, expense, or liability and reasonable counsel fees incurred in connection therewith) to which any said person may become subject under the 1933 Act, the 1934 Act, the 1940 Act, or other federal or state statutory law or regulation, at common law or otherwise, insofar as said losses, claims, damages, expenses, or liabilities (or actions in respect thereof) arise out of or are based upon: (i) a material breach by the Adviser of this Agreement or of the representations and warranties made by the Adviser herein; (ii) any untrue statement of a material fact by the Adviser contained in any Disclosure Document relating to the Adviser and the Adviser's affiliates and other information supplied by Adviser for inclusion therein, or the omission by the Adviser from a Disclosure Document of a material fact regarding the Adviser required to be stated therein or necessary to make the statements therein not misleading; or (iv) the Adviser's performance or non-performance of the Adviser's duties hereunder; *provided*, *however*, that nothing herein shall be deemed to protect any Subadviser Indemnified Party against any liability to the Adviser to which said Subadviser Indemnified Party otherwise would be subject by reason or willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of said person related to the services contemplated under this Agreement.

**15. <u>Confidentiality</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, a party may disclose, exchange, or make available, the party's "Confidential Information" (as that term is defined below) to the other parties. For purposes of this Agreement, "Confidential Information" shall mean any information, data, or materials pertaining to a party's (the "Discloser") or the party's affiliates' or subsidiaries' business, financial, or internal plans or affairs, regardless of form of communication (whether oral, in hard copy, electronic, or any other medium whatsoever), and whether furnished before, on, or after the date of this Agreement, that is not currently available to the general public, and for which the owning party derives actual or potential value from said unavailability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Confidential Information shall NOT include: (i) any information that is or becomes generally available to the public through no breach of this Agreement by recipient (the "Recipient"); (ii) any information that is disclosed to the Recipient on a non-confidential basis by a third party who, to the Recipient's knowledge after due inquiry, has legitimate possession thereof and the unrestricted right to make this disclosure; and (ii) any information developed by the Recipient independently of, and without reference to, any Confidential Information disclosed by the Discloser to the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Recipient acknowledges that any Confidential Information provided by the Discloser to the Recipient shall be used by the Recipient solely for purposes related to the Agreement, and, except as provided in a subsequent written agreement between the parties, the provision of Confidential Information shall not be construed as creating any express or implied license to develop or otherwise use the Confidential Information in any manner. The Recipient agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to take reasonable steps to safeguard the Confidential Information from theft, piracy, or unauthorized access, and to hold the Confidential Information in strict confidence and secrecy using at least the same level of care and protection against disclosure as the Recipient uses in protecting the Recipient's own confidential and proprietary information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) not to use the Confidential Information for any purpose other than those purposes related to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) not to reveal or disclose the Confidential Information to any individual, firm, or entity without the prior written consent of the Discloser, other than as set forth in (v) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) to inform third-party recipients of the confidential nature of the Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) to disclose Confidential Information to the Recipient's officers, directors, representatives, agents, or employees only on a "need-to-know" basis and to inform these individuals of the obligations of these individuals under this Agreement, taking such steps as may be reasonable in the circumstances, or as may be reasonably requested by the Discloser, to prevent any unauthorized disclosure, copying, or use of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the Discloser nor any of the Discloser's officers, directors, employees, or controlling persons make any express or implied representation or warranty as to the completeness and accuracy of any Confidential Information, and the Recipient agrees that none of these persons shall have any liability to the Recipient or any of the Recipient's representatives and agents relating to or arising from the use of any Confidential Information or for any errors therein or omissions therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Recipient acknowledges that any Confidential Information provided pursuant to this Agreement constitutes unique, valuable, and special business of the Discloser. The Recipient agrees that a violation of any material provision of this Agreement may cause the Discloser irreparable injury for which the Discloser would have no adequate remedy at law, and agrees that the Discloser may be entitled to seek immediate injunctive relief prohibiting said violation, without bond, in addition to any other rights and remedies available to the Discloser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither party shall be liable for disclosure of Confidential Information made to any court of proper jurisdiction, regulatory, self-regulatory, governmental agency or examining authority having jurisdiction over either party and pursuant to subpoena, court order, or other legal process or as otherwise required by law or regulation. The Recipient shall provide the Discloser with prompt written notice of said request or requirement for disclosure, unless prevented by applicable law or regulation. If requested, the Recipient shall reasonably cooperate at the Discloser's expense in defending against any said court or administrative order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It is understood and agreed that regulators having jurisdiction over any of the parties shall have unrestricted access to all books, records, files, and other materials in a party's possession, including the Confidential Information, and disclosure of the Confidential Information to these persons solely for purposes of supervision or examination may occur without written notice to or authorization from the Discloser.

**16. <u>Enforceability</u>.**

Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall be ineffective, as to said jurisdiction, to the extent of said invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

**17. <u>Limitation of Liability</u>.**

The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever shall be satisfied solely out of the assets of a Fund and that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any of the foregoing liabilities.

**18. <u>Change In the Subadviser's Ownership</u>.**

The Subadviser agrees that the Subadviser shall notify the Trust of any anticipated or otherwise reasonably foreseeable change in the ownership of the Subadviser that could (i) materially impact the services provided by the Subadviser to a Fund, or (ii) that could result in a change of control of the Subadviser under Section 15(a)(4) of the 1940 Act, within a reasonable time prior to said change being effected.

**19. <u>Jurisdiction</u>.**

This Agreement shall be governed by and construed in accordance with the substantive laws of the State of Delaware, and the Subadviser consents to the jurisdiction of courts, both state and federal, in Delaware, with respect to any dispute under this Agreement.

**20. <u>Paragraph Headings</u>.**

The headings of paragraphs contained in this Agreement are provided for convenience only, form no part of this Agreement, and shall not affect this Agreement's construction.

**21. <u>Counterparts</u>.**

This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**22. <u>Subadviser CFTC Disclosure</u>.**

**PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.**

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the date first above written.

**SYMMETRY PARTNERS, LLC**

---

| | |
|:---|:---|
| By: | /s/ David E. Connelly, Jr. |
| Name: | David E. Connelly, Jr. |
| Title: | Principal and CEO |

---

**VIDENT ADVISORY, LLC**

---

| | |
|:---|:---|
| By: | /s/ Amrita Nandakumar |
| Name: | Amrita Nandakumar |
| Title: | President |

---

**ACKNOWLEDGED & ACCEPTED BY:**

**SYMMETRY PANORAMIC TRUST**,

on behalf of the Fund(s) listed on Schedule A

---

| | |
|:---|:---|
| By: | /s/ Michael G. Beattie |
| Name: | Michael G. Beattie |
| Title: | President |

---

**SCHEDULE A**

**to the**

**INVESTMENT SUBADVISORY AGREEMENT**

**dated August 28, 2025, between**

**SYMMETRY PARTNERS, LLC**

**and**

**VIDENT ADVISORY, LLC**

The Adviser shall pay to the Subadviser as compensation for the Subadviser's services rendered, a fee, computed daily at an annual rate based on the average daily net assets of the respective Fund as may be allocated by the Adviser to the Subadviser from time to time in accordance with the following fee schedule:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Rate</u>** |
| Symmetry Sector Momentum ETF | [Redacted] |

---

[Redacted]

The fee of the Subadviser shall accrue and be payable monthly in arrears. The Adviser shall pay the Subadviser the amount payable pursuant to any invoice not later than: (i) ten (10) days after the last day of the month during which the services for the payment of which the fee is payable were rendered; or (ii) ten (10) days after receipt by the Adviser of the Subadviser's invoice with respect to that month.

## Exhibit 99.28

**AMENDED AND RESTATED SCHEDULE A** 

**Dated December 12, 2025**

**to the**

**INVESTMENT SUBADVISORY AGREEMENT**

**dated August 28, 2025, between**

**SYMMETRY PARTNERS, LLC**

**and**

**VIDENT ADVISORY, LLC**

The Adviser shall pay to the Subadviser as compensation for the Subadviser's services rendered, a fee, computed daily at an annual rate based on the average daily net assets of the respective Fund as may be allocated by the Adviser to the Subadviser from time to time in accordance with the following fee schedule:

---

| | |
|:---|:---|
| **Exchange-Traded Funds** | **Rate** |
| Symmetry Sector Momentum ETF | [Redacted] |

---

---

| | |
|:---|:---|
| **Mutual Funds** | **Rate** |
| Symmetry Panoramic U.S. Equity Fund<br>| [Redacted] |
| Symmetry Panoramic International Equity Fund<br>| [Redacted] |
| Symmetry Panoramic Global Equity Fund<br>| [Redacted] |
| Symmetry Panoramic Tax-Managed Global Equity Fund<br>| [Redacted] |
| Symmetry Panoramic Municipal Fixed-Income Fund  | [Redacted] |
| Symmetry Panoramic Alternatives Fund | [Redacted] |

---

[Redacted]

The fee of the Subadviser shall accrue and be payable monthly in arrears. The Adviser shall pay the Subadviser the amount payable pursuant to any invoice not later than: (i) ten (10) days after the last day of the month during which the services for the payment of which the fee is payable were rendered; or (ii) ten (10) days after receipt by the Adviser of the Subadviser's invoice with respect to that month.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the date first above written.

**SYMMETRY PARTNERS, LLC**

---

| | |
|:---|:---|
| By: | /s/ David E. Connelly, Jr. |
| Name: | David E. Connelly, Jr. |
| Title: | President |

---

**VIDENT ADVISORY, LLC**

---

| | |
|:---|:---|
| By: | /s/ Amrita Nandakumar |
| Name: | <br> Amrita Nandakumar |
| Title: | President |

---

**ACKNOWLEDGED AND ACCEPTED BY:**

**SYMMETRY PANORAMIC TRUST,**

on behalf of the Fund(s) listed on Schedule A

---

| | |
|:---|:---|
| By: | /s/ Michael Beattie |
| Name: | Michael Beattie |
| Title: | <br>President |

---

## Exhibit 99.28

**OPERATING EXPENSES LIMITATION AGREEMENT**

This OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is effective as of December 31, 2025 by and between Symmetry Panoramic Trust, a Delaware statutory trust (the "Trust"), on behalf of the series of the Trust listed on Appendix A hereto, as such Appendix may be amended from time to time (the "Funds"), and Symmetry Partners, LLC (the "Adviser"), the investment adviser to the Funds.

**RECITALS:**

**WHEREAS**, the Adviser renders advice and services to the Funds pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Adviser dated August 9, 2018 (the "Advisory Agreement"); and

**WHEREAS**, the Funds are responsible for payment of their expenses that have not been assumed by the Adviser pursuant to the Advisory Agreement or by another person; and

**WHEREAS,** the Adviser and the Trust previously agreed, pursuant to that certain Second Amended and Restated Operating Expenses Limitation Agreement dated December 31, 2024 (the "Prior Expenses Limitation Agreement"), that the Adviser would limit each Fund's Operating Expenses (as that term was defined in Prior Expenses Limitation Agreement) to the levels provided in the Prior Expenses Limitation Agreement; and

**WHEREAS,** the Adviser terminated the Prior Expenses Limitation Agreement in accordance with the provisions thereof, effective as of December 31, 2025;

**WHEREAS**, (i) the Adviser desires to limit each Fund's Operating Expenses (as that term is defined in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, including the new Annual Limits (as that term is defined in Paragraph 1 of this Agreement) listed in Appendix A hereof, and (ii) the Trust (on behalf of each Fund) desires to allow the Adviser to implement those limits; and

**WHEREAS,** the Adviser and the Trust agree that this Agreement will supersede the Prior Expenses Limitation Agreement.

**NOW THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Limit on Operating Expenses</u>**. The Adviser hereby agrees 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 Appendix A (the "Annual Limit"). In the event that the current Operating Expenses of the Fund, as accrued each month and annualized, exceed its Annual Limit, the Adviser will waive its advisory or other fees or make a payment to the Funds, on a monthly basis, in an amount equal to the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a "Fund Reimbursement Payment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Definition</u>**. For purposes of this Agreement, the term "Operating Expenses" with respect to the Funds is defined to include all expenses necessary or appropriate for the operation of a Fund and including the Adviser's investment advisory or management fee detailed in the Advisory Agreement, any Rule 12b-l fees and/or shareholder services fees and other expenses described in the Advisory Agreement, but does not include: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iii) borrowing costs (such as interest and dividend expense on securities sold short); (iv) taxes; and (v) 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)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Reimbursement of Fees and Expenses</u>**. The Adviser retains its right to receive in future years on a rolling three year basis, reimbursement from a Fund of any Fund Reimbursement Payments made by the Adviser pursuant to this Agreement and the Prior Expenses Limitation Agreement, if such reimbursement can be achieved within the lower of (i) the Annual Limits listed in Appendix A of this Agreement or (ii) the Annual Limits that were in effect at the time of the Fund Reimbursement Payment, if different.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Term</u>**. This Agreement shall continue in effect with respect to the Funds until the date indicated on Appendix A ("Initial Term End Date") and thereafter shall continue in effect from year to year for successive one-year periods (each, a "Successive Expense Limitation Period"); unless sooner terminated as provided in Paragraph 5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Termination</u>**. This Agreement may be terminated at any time, and without payment of any penalty, by the Trust's Board of Trustees, on behalf of the Funds, upon sixty (60) days' written notice to the Adviser. This Agreement may be terminated by the Adviser upon sixty (60) days' written notice to the Trust, effective as of the close of business on the Initial Term End Date or as of the close of business on the last day of the then-current Successive Expense Limitation Period. This Agreement may not otherwise be terminated by the Adviser without the consent of the Trust's Board of Trustees. This Agreement will automatically terminate, with respect to a Fund listed in Appendix A, if the Advisory Agreement for the Fund is terminated, with such termination effective upon the effective date of the Advisory Agreement's termination for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Assignment</u>**. This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Severability</u>**. If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Governing Law</u>**. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940 and the Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Counterparts.</u>** This Agreement may be executed and delivered by each party hereto via facsimile and in separate counterparts, each of which when so delivered shall be deemed an original and all of which taken together shall constitute but one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Further Assurances.</u>** Each of the parties hereto hereby agrees that, at any time and from time to time, upon the request of any other party, said party shall promptly execute and deliver any and all further instruments and documents and take such further action as such other party may reasonably request to effectuate the purposes of this Agreement.

[*Signature Page Follows*]

 **IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
|  | **SYMMETRY PANORAMIC TRUST,** |  | **SYMMETRY PARTNERS, LLC** |
|  | **on behalf of the Funds** |  |  |
| By: | /s/ Michael Beattie | By: | /s/ David E. Connelly, Jr. |
| Name: | Michael Beattie | Name: | David E. Connelly, Jr. |
| Title: | President | Title: | Chief Executive Officer |

---

*– Signature Page –*

*Operating Expenses Limitation Agreement*

**Appendix A**

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Annual Limit (as a percentage of <br> average daily net assets)</u>** | **<u>Initial Term End Date</u>** |
| Symmetry Panoramic US Equity Fund | 0.58% | December 31, 2026 |
| Symmetry Panoramic International Equity Fund | 0.63% | December 31, 2026 |
| Symmetry Panoramic Global Equity Fund | 0.66% | December 31, 2026 |
| Symmetry Panoramic Tax-Managed Global Equity Fund | 0.50% | December 31, 2026 |
| Symmetry Panoramic US Systematic Fixed Income Fund | 0.50% | December 31, 2026 |
| Symmetry Panoramic Municipal Fixed Income Fund | 0.39% | December 31, 2026 |
| Symmetry Panoramic Global Systematic Fixed Income Fund | 0.58% | December 31, 2026 |
| Symmetry Panoramic Alternatives Fund | 0.50% | December 31, 2026 |

---

## Exhibit 99.28

![](ml_logo.jpg)

December 29, 2025

Symmetry Panoramic Trust

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No. 13 to the Registration Statement filed on Form N-1A under the Securities Act of 1933 (File No. 333-224164)</u>

Ladies and Gentlemen:

We have acted as counsel to Symmetry Panoramic Trust (the "Trust"), a Delaware statutory trust, in connection with the above-referenced registration statement (as amended, the "Registration Statement"), which relates to the Trust's units of beneficial interest, with no par value per share (collectively, the "Shares"), of the following portfolios of the Trust: 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 Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund and Symmetry Panoramic Alternatives Fund (each, a "Fund" and together, the "Funds"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 13 to the Registration Statement (the "Amendment") with the U.S. Securities and Exchange Commission pursuant to Rule 485(b) under the Securities Act of 1933, as amended (the "1933 Act"). With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have reviewed, among other things, copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of the State of Delaware certifying that the Trust is validly existing under the laws of
the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust's Agreement and Declaration of Trust dated April 3, 2018, as amended June 18, 2025 (the
"Declaration of Trust") and By-Laws dated April 3, 2018 (the "By-Laws");

---

| | |
|:---|:---|
| **Morgan, Lewis & Bockius llp**<br>2222 Market Street<br> Philadelphia, PA 19103-3007<br> United States | ![](ml_t.jpg) +1.215.963.5000<br> ![](ml_f.jpg) +1.215.963.5001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate executed by Matthew M. Maher, the Assistant Secretary of the Trust, certifying as to,
and attaching copies of, the Declaration of Trust and By-Laws and certain resolutions adopted by the Board of Trustees of the Trust authorizing
the issuance of the Shares of the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a printer's proof of the Amendment.

In our capacity as counsel to the Trust, we have examined the originals, or certified, conformed or reproduced copies, of all records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all original or certified copies, and the conformity to original or certified copies of all copies submitted to us as conformed or reproduced copies. As to various questions of fact relevant to such opinion, we have relied upon, and assume the accuracy of, certificates and oral or written statements of public officials and officers and representatives of the Trust. We have assumed that the Amendment, as filed with the U.S. Securities and Exchange Commission, will be in substantially the form of the printer's proof referred to in paragraph (d) above.

Based upon, and subject to, the limitations set forth herein, we are of the opinion that the Shares, when issued and sold in accordance with the terms of purchase described in the Registration Statement, will be legally issued, fully paid and non-assessable under the laws of the State of Delaware.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

Very truly yours,

/s/ Morgan, Lewis & Bockius LLP<br>

## Exhibit 99.28

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated October 29, 2025, relating to the financial statements and financial highlights of Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Systematic Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Systematic Fixed Income Fund, and Symmetry Panoramic Alternatives Fund, each a series of Symmetry Panoramic Trust, which are included in Form N-CSR for the year ended August 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Policies and Procedures for Disclosure of Portfolio Holdings" and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 29, 2025

![](fp0096564-2_iv.jpg)

## Exhibit 99.28

**AQR Capital Management, LLC**

Code of Ethics

AS AMENDED: MARCH 2024 \| LAST REVIEWED: AUGUST 2025

This Code of Ethics is the property of AQR Capital Management, LLC and AQR Arbitrage, LLC (collectively, "**AQR**" or the "**Firm**"). The contents of this manual are confidential and should not be shared with any third parties without the prior permission of the Global Head of Compliance (the "**CCO**") or his designee.

**AQR Capital Management, LLC \|** Code of Ethics 1

**Table of Contents**

**I.** **Code of Ethics** **1** 

1.1 Compliance with Applicable Federal and Other Securities Laws 1

1.2 Fiduciary Obligations 1

1.3 Protecting Confidential Information 1

1.4 Policy to Prevent Insider Trading 2

(a) Insider Trading 2

(b) Recognizing MNPI 3

(c) Reporting Requirements 4

(d) Restricted List 4

(e) Expert Networks, Political Intelligence Firms, and Similar Industry Consultants 5

(f) Alternative Data 5

1.5 Personal Trading Policy 5

(a) General Policy 5

(b) Personal Accounts 6

(c) Reporting Requirements 6

(d) Pre-Clearance Requirements 7

(e) Seven-Day Blackout Period 9

(f) Required Holding Period 9

(g) Prohibited and Limited Transactions 9

(h) Third-Party Managed Accounts 10

(i) Trading Activity 11

(j) Personal Trading Violations 11

(k) Bitcoin and Other Cryptocurrencies 12

1.6 Violations and Sanctions 12

1.7 Whistleblower Policy 12

(a) Duty to Report Violations and Cooperate with Firm Investigations 12

(b) Non-Retaliation Statement 13

1.8 Legal and Regulatory Inquiries 13

**II.** **Definitions** **14** 

**AQR Capital Management, LLC \|** Code of Ethics 2

&nbsp;&nbsp;&nbsp;&nbsp;I. Code of Ethics <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Compliance with Applicable Federal and Other Securities Laws

Employees are required to comply with all federal and other securities laws, rules and regulations applicable to the business of AQR. Policies concerning these laws are discussed in this Manual and in other policies and procedures adopted by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Fiduciary Obligations

The Firm is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment adviser under the Advisers Act and owes a fiduciary duty to its Clients. The SEC's interpretation regarding the standard of conduct for investment advisers under the Advisers Act describes the nature and scope of these obligations. The Firm's fiduciary duty is broad and applies to the entire adviser-Client relationship and obligates the Firm to act in the best interest of Clients at all times, meaning the Firm cannot place its own interests ahead of the interests of its Clients.

Fundamental to the fiduciary standard are the duties of loyalty and care. The duty of loyalty requires the Firm to not put its own interests ahead of its Clients' interests. To meet its duty of loyalty, the Firm must provide full and fair disclosure to its Clients of all material facts relating to the advisory relationship and all conflicts of interest that might incline an investment adviser (consciously or unconsciously) to render advice that is not disinterested.

The duty of care includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to provide investment advice that is in the best interest of the Client (based on a reasonable
understanding of the Client's objectives and the investment mandate and any applicable investment guidelines), which includes a
duty to provide advice that is suitable for the Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to reasonably ensure that investment advice is based on materially accurate and complete information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to seek best execution of a Clients' transactions where the Firm has the responsibility
to select broker-dealers to execute Client transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to provide advice and monitoring at a frequency that is in the best interest of the Client, taking
into account the scope of the agreed relationship

All employees involved in the investment process must refrain from engaging in any personal business activity that could conflict with the proper execution and management of any fund, product, or strategy over which the Firm has discretionary investment authority, or that could impair the employee's or the Firm's ability to make impartial decisions with respect to the Firm's investment program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Protecting Confidential Information

Employees should take special caution to safeguard the Firm's **Confidential Information**. Such information includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the identity of the Firm's Clients and information related to Client accounts, including but not
limited to fees, securities holdings, and transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee personal information, including performance reviews and compensation information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information related to the Firm's investment process, research, code, signals, operational or organizational
structure, Human Resources Department files, controls, performance, financial assets, net worth, revenues or net income

<sup>1</sup> All employees are subject to the Code of Ethics. The CCO may, at the CCO's sole discretion, subject certain third-party service providers and contractors to this Code of Ethics or a modified version hereof, depending on the facts and circumstances of the engagement.

**AQR Capital Management, LLC \|** Code of Ethics 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information related to the Firm's portfolios, securities recommendations, trading and/or execution strategies, holdings, executed trades,
or pending orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• software, algorithms, models, or programs developed by the Firm

Employees should not circulate or discuss Confidential Information inside or outside of the Firm with unauthorized individuals. Employees also should not access, use, disclose, or divulge any Confidential Information except as may otherwise be required in connection with performance of their duties for the Firm.

It is essential to be vigilant and informed about Confidential Information and data security, whether working in the office or at home. In addition, it is your duty as an employee to identify and avoid potential security risks in any location that you are working. Employees are required to have an appropriate dedicated working space which includes, but is not limited to, strong and secure Wi-Fi and a home network with functioning and enabled security features. Employees should also ensure that their work computer and any other AQR-issued equipment is kept in a secure location and not shared with or used by others. Always be mindful of your surroundings and avoid working in public spaces. Remember to lock or log out of your computer when you step away, just as you are expected to do in the office.

Moreover, employees are prohibited from sending any Confidential information to their non-AQR email accounts, such as personal or academic email accounts. If you believe that there is a business need to send Firm work product to your non-AQR email account, you must obtain pre-approval from Compliance (**Esurveillance@aqr.com**) before sending.

Employees must promptly report to the Compliance Department if: (1) they become aware that Confidential Information is not secured or may appear to be generally accessible (*e.g.*, on a shared drive); or (2) they have inadvertently received or disclosed Confidential Information.

Other than in the ordinary course of the employee's duties for the Firm, during and subsequent to the employee's employment, the employee shall not copy, take pictures of, remove or forward from the Firm's premises or systems, either directly or indirectly, any drawings or whiteboards, writings, prints, documents, telephone/address directories (whether in hard copy or digital), computer screens or other screen shots, hard drives, thumb or flash drives, cloud systems or anything else containing, embodying, or disclosing any Confidential Information without the prior permission of the CCO or his designee. Upon the termination or resignation of an employee's employment with the Firm for any reason, the employee is expected to immediately return any such items to the Firm. Please contact Compliance at **Esurveillance@aqr.com** if you have questions about this policy.

Confidential Information may be made available to certain employees for Compliance surveillance monitoring and other purposes as necessary to perform their duties for the Firm. Confidential Information may also be provided to third-party service providers as necessary to perform their contracted services for the Firm.

In addition, Confidential Information may be disclosed to government, regulatory or self-regulatory organizations to fulfill the Firm's various regulatory obligations, or otherwise when disclosure is required by law, or is necessary for the purpose of, or in connection with, legal proceedings or to defend legal rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Policy to Prevent Insider Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Insider Trading

It is a criminal violation of law and a violation of Firm policy to engage in insider trading. Insider trading is defined as trading in securities on the basis of material nonpublic information ("**MNPI**") in breach of a duty of trust or confidence. Employees are also prohibited from passing along MNPI or tipping anyone to buy or sell securities while in possession of MNPI relating to those securities. A violation of these restrictions could have severe consequences for both the Firm and its employees. Any employee engaging in activity in violation of the provisions set forth in this section may be subject to disciplinary action, including termination of employment or referral of the matter to the appropriate regulatory agency for civil or criminal investigation. Any employee who learns of any actual or potential violation of the law or provisions of this section must promptly notify the CCO or any member of the Compliance Department.

Federal, state and international securities laws and regulations prohibit securities transactions while in possession of MNPI under certain circumstances, including, but not limited to:

**AQR Capital Management, LLC \|** Code of Ethics 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "misappropriated" information or information improperly obtained by the purchaser or seller

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information provided by a corporate insider to the purchaser or seller in exchange for a monetary or non-monetary consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual prohibited from trading under the items referenced above "tips" the information to the purchaser or seller

A violation of insider trading laws could result in civil and/or criminal penalties under both federal and state securities laws, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may be subject to criminal prosecution and, if convicted, significant monetary fines and imprisonment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm may face SEC action (or other actions pursuant to a non-U.S. law or regulation) seeking monetary and administrative sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may be subject to lawsuits by private plaintiffs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may face suspension, revocation or termination of their registrations or memberships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognizing MNPI

Information is considered "**material**" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision. Generally, this includes any information the disclosure of which is reasonably likely to have a meaningful effect on the price of an outstanding security. Information may be material even if it relates to speculative or contingent events.

The assessment of materiality is highly fact specific. When in doubt, employees should err on the side of caution and bring the information in question to the attention of the CCO or the Compliance Department for further consideration.

Information is considered "**nonpublic**" if such information has not been broadly disseminated to investors in the marketplace, such as an issuer releasing the information over the news wires, disclosing it in public filings made with a regulatory agency (*e.g.,* Forms 10-K or 10-Q) or otherwise disseminating the information in a manner that makes it fully available to investors in the marketplace. The fact that nonpublic information is reflected in rumors in the marketplace does not necessarily mean that the information has been publicly disseminated. Even when some information regarding a matter has been made public, other aspects of the matter may remain nonpublic.

Examples of where MNPI may arise, depending on the circumstances, include, but are not limited to, the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impending or potential mergers, acquisitions, tender offers, joint ventures or changes in assets, such as large disposal of the same

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings or revenue information and changes in previously disclosed financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity issues or impending bankruptcy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events regarding the issuer's securities (*e.g.*, advance knowledge of a ratings downgrade,
defaults on securities, calls of securities for redemption, public or private sales of additional securities, stock splits or changes
in dividends, repurchase plans or changes to the rights of security holders)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new products or discoveries, or developments regarding clients or suppliers (*e.g.,* the acquisition
or loss of a major contract)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major government action involving the issuer (*e.g.,* FDA decision on a new drug)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant changes in control or management

**AQR Capital Management, LLC \|** Code of Ethics 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• content of forthcoming brokerage research reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in auditors or auditor notification that the issuer may no longer rely on an auditor's report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or threatened litigation or regulatory actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information relating to the market for an issuer's securities, such as a large order to purchase or sell securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepublication of information regarding articles or reports in the financial press

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reporting Requirements

Any employee who believes that they may be in possession of MNPI must promptly report the information to the CCO or any member of the Compliance Department.

Unless specifically permitted by the CCO or his designee, such employee must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transact in the securities of the relevant issuer in any account (either personal accounts or accounts managed by the Firm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discuss the information with anyone inside or outside of the Firm except for the CCO or any member of the Compliance Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facilitate the use or disclosure of MNPI by others—including another AQR employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted List

The Firm's **Restricted List** is maintained by the Compliance Department and is a list of issuers whose securities are subject to partial or complete trading prohibitions for personal and Firm trading, except as pre-approved by the CCO or his designee. Issuers are placed on the Restricted List for a variety of business or legal reasons, including to comply with the terms of confidentiality and other agreements, to prevent violations of the securities laws, and to avoid the appearance of misuse of Confidential Information by the Firm.

Employees should not speculate as to why an issuer was placed on the Restricted List. The Restricted List is highly confidential to the Firm and should not be disclosed externally without the Compliance Department's permission.

If a particular issuer is placed on the Restricted List, trading is generally prohibited in all securities related to the issuer, including: equity, options, rights, swaps, debt, warrants, convertible securities, and any other derivative whose market value is determined principally with reference to those securities. In some instances, the Compliance Department may determine that a partial trading prohibition is appropriate. The Restricted List generally does not prohibit trading in exchange traded funds ("**ETFs**"), broad-based indices, diversified baskets, or similar instruments containing the issuer's securities.

Absent prior approval of the CCO or his designee, all employees are prohibited from engaging in any trade that is subject to a Restricted List prohibition, including for any personal account or any account managed by the Firm.

The effectiveness of the Restricted List depends to a large extent on employees' notifying the Compliance Department on a timely basis of events that may require the placement of an issuer on the Restricted List. For that reason, it is critical that an employee notify the Compliance Department immediately if an employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• believes he or she has obtained or may obtain MNPI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receives a request to sign a non-disclosure agreement ("NDA") or confidentiality agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has been asked to join a formal or informal creditors committee or board of directors

An issuer will ordinarily be removed from the Restricted List when the Compliance Department determines that any MNPI in the Firm's possession has been publicly disclosed or is no longer material and/or the term of the applicable NDA or confidentiality agreement has expired. In some cases, nonpublic information may continue to be material long after the conclusion of the transaction or relationship that led to the receipt of the information.

**AQR Capital Management, LLC \|** Code of Ethics 6

Any employee may request to add or remove issuers from the Restricted List by contacting the Compliance Department, which has ultimate authority to decide when an issuer should be added to or removed from the Restricted List.

The Compliance Department will maintain a record of all Restricted List entries, including the relevant dates and reasons for placing an issuer on and taking it off the Restricted List and the scope of the trading prohibitions. The Compliance Department will also monitor all personal accounts and all accounts managed by the Firm for trading in Restricted List securities.

If an employee is uncertain as to whether an issuer should be placed on or taken off the Restricted List, he or she should consult the Compliance Department, which will also address any questions or requests for exceptions to the prohibition against trading securities of issuers on the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Expert Networks, Political Intelligence Firms, and Similar Industry Consultants

Another possible source of MNPI involves the use of expert networks, political intelligence firms, or similar industry consultants to provide information, advice, analysis, market or industry expertise for use in formulating investment views and decisions. Expert network firms provide specialized information about companies and industries to asset managers, mutual funds and other investment firms in exchange for fees. Political and/or economic intelligence firms collect intelligence—*e.g.,* information or analysis about fiscal or monetary policy decisions, legislative developments, political or regulatory actions—from current or former insiders, including members of Congress, their staffers, employees of regulatory agencies, and other Federal employees, and sell the information to asset managers, mutual funds and other investment firms whose businesses are affected by Federal legislations, regulation, policy changes, etc. Such service providers may have confidential information and/or MNPI by having relationships with, among others: (1) current or recent employees of public companies; (2) known significant suppliers or distributors to public companies; (3) attorneys, accountants and consultants engaged by public companies; (4) government officials; or (5) doctors serving on data safety monitoring boards for clinical trials.

**The use of expert networks, political intelligence firms, or similar industry consultants must be pre-approved by the Compliance Department.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Alternative Data

The Firm uses various types of data for investment research. Data obtained from non-traditional sources (*e.g.,* consumer transactions, social media mentions) is sometimes referred to as "**alternative data**". Such data may contain potential MNPI or personal information depending on the nature and origin of the data.

**The use of alternative data must be pre-approved by the Compliance Department.**

Any questions concerning whether a particular data set constitutes alternative data and is subject to Compliance pre-approval should be raised with Compliance. Please refer to the Alternative Data Policy for additional information, accessible in Policy Hub via the Compliance home page on the intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Personal Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General Policy

The Personal Trading Policy governs the personal trading and investments of all AQR employees globally and their **Household Members**. All employees are obligated to ensure that their **Household Members** are aware of all requirements of the Personal Trading Policy.<sup>2</sup> As an employee, you are prohibited from putting your own interests ahead of the interests of Clients and you must avoid transactions, activities, and relationships that might interfere with making decisions in the best interests of Clients. For example, employees may not execute transactions with the same individual employee at a broker-dealer firm with whom AQR conducts business.<br>

<sup>2</sup> As an additional resource, please refer to the Firm's Personal Trading – Quick Reference Guide located on Compliance's home page of the Firm's intranet, which includes a list of all firm-approved brokers and a summary of the Firm's Personal Trading Policy.

**AQR Capital Management, LLC \|** Code of Ethics 7

All exceptions to this Personal Trading Policy must be approved by the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Personal Accounts

Employees must disclose in the **Compliance System** all brokerage or other investment accounts, including trusts or investment clubs, in which the employee has direct or indirect influence or control (such as joint ownership, trading authorization, or the authority to exercise investment discretion) or a direct or indirect **Beneficial Interest**. Employees are presumed to have a Beneficial Interest in any account or securities held by their spouses, domestic partners, dependent children. The Personal Trading Policy applies equally to all accounts for Household Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Exempt Accounts – No Disclosure Required

Employees are <u>not</u> required to disclose the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) and 403(b) retirement plan accounts that only hold U.S. registered open-end mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts held directly at U.S. registered mutual fund companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o However, you must disclose any accounts holding AQR Mutual Funds (unless held in

AQR's 401(k) plan) (see footnote **5**)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 college savings plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuity contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Approved Broker Requirements

As a general rule, all employees (and their **Household Members**) are required to conduct their personal trading through a broker listed on the Approved Broker List (an "**Approved Broker**"). Approved Brokers generally provide an electronic feed of transactions and holdings directly to AQR.<sup>3</sup> Any exception to this requirement to maintain accounts at an Approved Broker must be approved by the CCO or his designee.

The list of Firm-approved brokers is subject to change and is maintained by the Compliance Department. The current list of Approved Brokers is available in the Personal Trading Quick Reference Guide, which is available on the Compliance Page (**Go/Compliance**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reporting Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Reporting Account Information** 

Employees are required to complete an initial Compliance certification and disclose via the Firm's Compliance System all accounts (other than those noted in Section **1.5(b)(i)**, above) no later than **ten days** after beginning their employment or being designated as subject to the Code of Ethics (both referred to as their "start date"). All new employees (and their Household Members) must agree to close or move their existing accounts to one of the Approved Brokers within **45 days** of their start date unless an exception or extension has been received from the CCO or his designee.

Employees also must promptly report via the Compliance System any changes in their accounts, including the opening of any new accounts and closing of any existing accounts. It is the employee's responsibility to promptly update the Compliance System with this information.

**Note—When opening a new account (including accounts at an Approved Broker), the employee must report the account in the Compliance System and obtain approval before transacting in the account.**

<sup>3</sup> In order to maintain personal securities accounts, employees and their Household Members are required to provide consent for their broker(s) to provide AQR their personal trading activity.

**AQR Capital Management, LLC \|** Code of Ethics 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities Exempt from the Personal Trading Policy

The following is a list of securities that are exempt from the Personal Trading Policy, including all reporting and pre-clearance requirements (the "**Exempt Securities**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the Government of the United States (*i.e.*, treasury bills, treasury bonds and U.S. savings bonds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers' acceptances, bank certificates of deposit, commercial paper, and **High Quality Short-Term Debt Instruments**, including
short term municipal bonds and repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by U.S. registered open-end funds (*i.e.,* mutual funds)  ***other than*** AQR Mutual Funds and ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by unit investment trusts (other than ETFs) that are invested exclusively in unaffiliated
mutual funds

All other types of securities, which include any common or preferred stock, debt securities, ETFs, AQR Mutual Funds, shares issued by a close-end investment company or non-U.S. registered mutual fund, and **Private Placements** (collectively referred to as "**Reportable Securities**") are subject to the Personal Trading Policy and requirements set forth below.

If you have questions as to whether a type of security is exempt, please contact the Compliance Department at **CoreCompliance@aqr.com**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Holdings Reports

As part of the initial Compliance certification, employees are required to disclose via the Firm's Compliance System all holdings in Reportable Securities no later than **ten days** after their start date.<sup>4</sup> At least annually, all employees are required to certify to and update as necessary their holdings in Reportable Securities.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Transaction Reports

On a quarterly basis, each employee is required to certify that all transactions in Reportable Securities that occurred during the prior quarter have been accurately reported in the Compliance System or provide any necessary updates. All employees are required to complete the quarterly and annual Compliance certifications, even if they do not hold any accounts and did not enter into any transactions in Reportable Securities during the reporting period.

The Compliance Department will review these reports and any issues or potential violations will be escalated to the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pre-Clearance Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **General** 

Unless explicitly exempted below, employees are required to submit a trade request in the Compliance System and receive an approval before undertaking any personal transactions in Reportable Securities. This includes, among others, all equity and debt securities, all transactions in Private Placements,<sup>6</sup> and any loan on behalf of employees (or their Household Members) with a financial institution that will be collateralized by Reportable Securities.<sup>7</sup>

<sup>4</sup> The initial holdings report must be current as of a date not more than 45 days prior to their start date. This requirement also applies to Private Placements and all Reportable Securities not held at a broker-dealer.

<sup>5</sup> Holdings information must be current as of a date no more than 45 days prior to the date each subsequent annual report is submitted. AQR Mutual Funds holdings in the AQR 401k Plan at Merrill Lynch do not require reporting to the Compliance Department.

<sup>6</sup> Employees are required to pre-clear all transactions (*i.e.*, initial investment, additional funding to an existing investment or redemption/liquidating transactions) in a Private Placement.

<sup>7</sup> For pre-clearance requests involving collateralized loans, employees will be required to provide the name of the financial institution, the Reportable Securities used as collateral and a description of the loan's purpose.

**AQR Capital Management, LLC \|** Code of Ethics 9

Employees are responsible for understanding and monitoring any margin activity (*e.g.,* pro-active funding, capital requirements, Portfolio/Regulation T margin calls) in their personal accounts and pre-clear any liquidation sales related to a margin call. Failure to pre-clear any liquidation sales related to a margin call, including those transactions executed by a broker without the employee's knowledge or direction, may result in a violation of the Code of Ethics and the potential imposition of a sanction. The Firm reserves the right to require that an employee must close their margin account, or disable margin capability in the account, in the event of Personal Trading Policy violations.

**Note—The Compliance Department reserves the right to deny any pre-clearance request for any reason and the reasons for any such denial may not be shared with the employee.**

---

| | |
|:---|:---|
| **Q:** | **You submitted pre-clearance requests throughout a one week period to sell one of your holdings and you received system denials for the requested sell transactions. Why is this happening?** |
| **A:** | Denials for individual personal trading requests may be due to (i) Firm trading activity, (ii) the Firm's restricted list, (iii) holding period requirements, (iv) restricted security/transaction types (e.g., options, short selling), or (v) excessive trading (as determined in Compliance's sole discretion). Compliance does not provide reasons for denial of a personal trading request. |
| **Q:** | **You and your spouse are buying a house and need to liquidate a large portion of your portfolio to pay for it, can Compliance help?** |
| **A:** | Yes, this would be classified as a liquidity need. Please reach out to Core Compliance (CoreCompliance@aqr.com) in advance and we can assist in setting up a trading schedule to approve the required transactions. Please submit the request to Core Compliance at<br> least three (3) weeks prior to the desired liquidation date. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Approval Period** 

If a pre-clearance request is approved, the approval is effective until local market close on the date of approval; provided, however, the CCO or his designee may shorten or rescind any approval if it is deemed appropriate to do so. Transactions also may not exceed the quantity of shares approved in the pre-clearance request.

Note—Facts and circumstances may occur, post pre-clearance approval, which may result in the Compliance Department requiring a reversal of the trade and disgorgement of any resulting gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Transactions Exempt from Pre-Clearance

Employees are <u>not</u> required to obtain prior approval to transact in the following Reportable Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs (Important caveat: transactions in <u>single-stock ETFs are prohibited—see Section 2.5(g) below</u>)<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AQR Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-US registered open-end funds (*e.g.*, Non-U.S. mutual funds, UCITs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal Bonds

<sup>8</sup> Single-stock ETFs are leveraged ETFs whose performance is related to the daily return of an individual stock. These include leveraged long single-stock ETFs, short single-stock ETFs, leveraged short single-stock ETFs and hedged single-stock ETFs. If you have any questions regarding an ETF classification, please reach out to CoreCompliance@aqr.com to confirm.

**AQR Capital Management, LLC \|** Code of Ethics 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities acquired through corporate actions, such as stock splits, reverse stock splits, mergers, consolidations,
spin-offs, and other similar corporate reorganizations generally involving all holders of the same class of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary sales due to a company exercising a call provision on its outstanding debt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions involving the exercise and/or purchase of securities pursuant to an employer stock option
plan and any other similar plans. **Any subsequent sale of Reportable Securities received from such plans must be pre-cleared** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased pursuant to an automatic investment plan, including a dividend reinvestment plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by an exercise of rights to the holders of a class of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in direct obligations of non-U.S. Governments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Seven-Day Blackout Period

Employees may not purchase or sell any Reportable Security, subject to certain *de minimis* thresholds, during the seven-calendar day period before or after either a buy or sell order for a Client's account is executed or while a Client order is pending for the same or related security (such as securities convertible into the security). The existence of recent Client trades and pending orders will be checked as part of the pre-clearance process described above, and pre-clearance may be denied if the Compliance Department determines it is inconsistent with the best interests of any Client.

**Note—Employees may not knowingly trade parallel to or against a Client in a Reportable Security at any time or in any amount.**

This prohibition does not apply to **Third-Party Managed Accounts** (discussed in Section **1.5(h)** below) or to securities and transactions that are not subject to the pre-clearance requirements (discussed in Section **1.5(d)(iii)** above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Required Holding Period

An employee may not purchase and sell, or sell and purchase, the same security within 30 calendar days. This provision extends across all accounts (*e.g.*, if you purchase a security in one account, you cannot sell that same security in less than 30 calendar days in a different brokerage account).

This prohibition does not apply to Third-Party Managed Accounts (discussed in Section **1.5(h)** below) or to securities and transactions that are not subject to the pre-clearance requirements (discussed in Section **1.5(d)(iii)** above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prohibited and Limited Transactions

The following table lists additional prohibitions and restrictions on transactions and holdings in Reportable Securities. Other than the restrictions on Initial Public Offerings, the below prohibitions do not apply to Third-Party Managed Accounts (discussed in Section **1.5(h)** below).

---

| | |
|:---|:---|
| **Transaction Types** | &nbsp;&nbsp;&nbsp;**Prohibition or Limitation** |
| **Initial Public Offerings / Initial Token Offerings** | &nbsp;&nbsp;&nbsp;Participation in an Initial Public Offering or any Initial Token Offering (as defined in Section **1.5(k)** below) is prohibited. |
| **Single-Stock ETFs** | &nbsp;&nbsp;&nbsp;Transactions in single-stock ETFs are prohibited. Please contact CoreCompliance@aqr.com if you have any questions regarding an ETF classification; see also footnote 10 for the definition of single-stock ETFs. |
| **Restricted List** | &nbsp;&nbsp;&nbsp;Transactions in securities on the Firm's Restricted List are prohibited. |

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**AQR Capital Management, LLC \|** Code of Ethics 11

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| | |
|:---|:---|
| &nbsp;&nbsp;**Transaction Types** | &nbsp;&nbsp;**Prohibition or Limitation** |
| &nbsp;&nbsp;&nbsp; **Affiliated Managers Group,**<br> **Inc. ("AMG") Securities** | &nbsp;&nbsp;Transactions in securities issued by Affiliated Managers Group, Inc. securities (ticker: AMG) are prohibited.9 |
| &nbsp;&nbsp;**Short Sales** | &nbsp;&nbsp;Short selling securities is prohibited. Pre-existing short positions must be exited within 30 days of start date (subject to the pre-clearance requirements). |
| &nbsp;&nbsp;**Derivatives** | &nbsp;&nbsp;All derivatives, including options, warrants, swaps, futures and forward contracts are prohibited. Pre-existing positions must be exited within 30 days of start date (subject to the pre-clearance requirements) or held until expiration unless an exception has been approved by the CCO or his designee. |
| &nbsp;&nbsp;**Good until Cancelled / Limit Orders** | &nbsp;&nbsp;"Good until cancelled" orders and limit orders other than a "same-day" limit order generally should be avoided. Such orders are difficult to pre-clear and can cause inadvertent pre-clearance violations. |

---

**The below chart contains additional investment activities that are prohibited.**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Activity** | &nbsp;&nbsp;&nbsp;**Prohibition** |
| &nbsp;&nbsp;&nbsp;**Front-Running** | &nbsp;&nbsp;&nbsp;Front-Running is taking a position (or selling a position) in a security or interest in a personal account with knowledge that the Firm will soon take a position (or sell a position) in the same security or interest. Front-Running is an illegal activity and prohibited for all trading, whether for personal accounts or trading on behalf of the Firm. |
| &nbsp;&nbsp;&nbsp;**Scalping** | &nbsp;&nbsp;&nbsp;Scalping refers to taking improper advantage of a Client's trading for the benefit of an employee's personal account. Scalping is an illegal activity and prohibited. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Third-Party Managed Accounts

Transactions within approved **Third-Party Managed Accounts** are **exempt** from the pre-clearance requirements and trading restrictions set forth in the Personal Trading Policy if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager has exclusive, discretionary investment authority over the account and the employee
(and their Household Members) have no direct or indirect influence or control over the account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager is independent and not affiliated with or related to the employee (or their Household
Members)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager provides written
 confirmation that (1) the investment manager has been granted exclusive, discretionary investment
 authority, and (2) the account holder does not exercise investment discretion or otherwise
 have direct or indirect influence or control over the investment decisions<sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the account will not purchase any security issued in an initial public offering

<sup>9</sup> Please note the Firm's portfolio management teams are also prohibited from purchasing or selling AMG securities in Client Accounts.

<sup>10</sup> The written confirmation must be in a form acceptable to the Compliance Department and the manager, investment adviser or trustee may be asked to periodically provide an updated confirmation.

**AQR Capital Management, LLC \|** Code of Ethics 12

**Note—Robo-advised accounts are <u>not</u> considered Third-Party Managed Accounts.<sup>11</sup> As such, the transactions in these accounts must be limited to securities that are <u>exempt</u> from the Firm's pre-clearance requirements, such as ETFs and mutual funds, and adhere to all reporting requirements.**

---

| | |
|:---|:---|
| **Q:** | &nbsp;&nbsp;&nbsp;**You plan to open a 529 College Savings Plan account for your child. Do you need to report this?** |
| **A:** | &nbsp;&nbsp;&nbsp;No, 529 plans are considered exempt from our Personal Trading Policy, so no need to declare this account and no other compliance restrictions/reporting requirements to be |
| **Q:** | &nbsp;&nbsp;&nbsp;**You just got married and your spouse has brokerage accounts. Are you required to report these?** |
| **A:** | &nbsp;&nbsp;&nbsp;Yes, brokerage accounts for your spouse must be disclosed to Compliance within 10 business days of your marriage. If your spouse has any accounts at non-firm approved brokers, your spouse will be required to close these accounts and can transfer the holdings to a firm approved broker or sell them, subject to AQR's pre-clearance requirements. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Trading Activity

Employees are discouraged from engaging in a pattern of investment transactions that either: (1) is so frequent as to potentially impact their ability to carry out their assigned responsibilities; (2) gives rise to conflicts or perceived conflicts with the best interest of AQR's Clients; or (3) uses company resources or information learned during the course of their association with AQR for personal gain.

**Note—The use of trading algorithms that operate autonomously for personal trading is prohibited. Employees are also strictly prohibited from buying or selling any funds managed by AQR (including AQR Mutual Funds) on the basis of material non-public information learned during the course of their association with AQR.**

The Compliance Department monitors the frequency of personal trading and reserves the right to subjectively determine what constitutes excessive trading. The Compliance Department may restrict personal trading for a particular employee (and their Household Members) or for all employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Personal Trading Violations

The CCO or his designee reserves the right to prohibit an employee's personal trading at any time and for any reason. If an employee does not comply with the Personal Trading Policy, the Firm may require the employee to trade out of the applicable position and/or disgorge any resulting gains. Each employee agrees to exit or liquidate upon instructions from the CCO or his designee, with the understanding that no explanation is required if such instruction is given, and no liability will accrue to the Firm as a result of any losses arising out of such exit or liquidation.

Personal trading violations may lead to disciplinary or other action, including but not limited to: (1) a requirement that a trade/transaction be reversed (even if a loss is incurred in doing so) in the event that an employee does not receive pre-approval from Compliance prior to transacting; (2) the suspension of personal trading privileges; (3) other employment-related action, including termination of employment; or (4) referral of the matter to the appropriate regulatory or government agency.

---

| | |
|:---|:---|
| **Q:** | &nbsp;&nbsp;&nbsp;**You are currently under a trading suspension for a transaction that you forgot to pre-clear. Can your spouse still trade?** |

---

<sup>11</sup> Robo-advisers are digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. A robo-advised account is an account offered by a robo-adviser on its digital platform.

**AQR Capital Management, LLC \|** Code of Ethics 13

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| | |
|:---|:---|
| **A:**  | No, Employees and their **Household Members** are not permitted to trade **Reportable Securities** for the duration of the trading suspension. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Bitcoin and Other Cryptocurrencies

The trading of Bitcoin and other cryptocurrencies (collectively, "**Cryptocurrencies**") is permitted, but may be subject to additional review and restrictions by the Compliance Department based on regulatory guidance. As noted above, Employees (and their Household Members) are prohibited from participating in or fundraising for any initial token offerings, including but not limited to an initial coin offering (ICO), security token offering (STO), initial exchange offering (IEO), or initial dex offering (IDO) (collectively, "**Initial Token Offerings**"). As noted above, employees (and their Household Members) are also prohibited from engaging in derivative transactions, which includes futures and options on cryptocurrencies.

**Note—As stated above, the use of trading algorithms that operate autonomously for personal trading, including for trading cryptocurrencies, is prohibited.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Violations and Sanctions

A failure to comply with the Manual or the Firm's other policies and procedures may not necessarily amount to a violation. The CCO or his designee makes the determination as to what constitutes a violation and, where applicable, will work with the Human Resources Department and/or the employee's supervisor to determine the appropriate disciplinary action, if any. When evaluating the appropriate disciplinary action for a Code of Ethics violation, if any, relevant facts and circumstances are considered, including, but not limited to, the frequency of occurrence and length of time since any previous violation by the employee.

Violations that demonstrate a lack of respect for the Firm's commitment to adhere to high ethical, integrity and business conduct standards may result in disciplinary action, including termination of employment. Additionally, a violation of law may lead to disciplinary action that may include termination of employment and/or referral of the matter to the appropriate regulatory or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 Whistleblower Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Duty to Report Violations and Cooperate with Firm Investigations

Employees are required to report promptly any known or suspected violations of the Manual, any Firm policy or procedure, or any law or regulatory requirement related to our business, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations of any applicable securities laws or regulatory requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breach of fiduciary duty arising under any applicable laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations of any similar laws or regulations by the Firm or any of its employees or agents

As detailed below, the Firm has processes to ensure that whistleblowers do not face retaliation for good faith reporting of potential improper conduct. Reporting can be made to a manager, the CCO, any member of the Compliance Department or anonymously via the AQR Hotline.<sup>12</sup> Managers and members of the Compliance Department have an obligation to escalate any such reports to the CCO or his designee, who will determine how to proceed and whether a matter should be reported to any regulatory authority.

Employees (and former employees as needed) must also cooperate as requested by the Firm with any investigation, inquiry, internal review, examination or litigation related to the Firm's business or potential misconduct.

**Note—Notwithstanding anything herein to the contrary, this Manual will not be interpreted or applied in any manner that would violate an employee's legal rights as an employee under applicable law. For example, nothing in this Manual prohibits or in any way restricts any employee from reporting possible violations of law or regulation to, otherwise communicating directly with,**

<sup>12</sup> The telephone numbers for the Hotline are located on the Compliance home page on the Firm's intranet (**Go/Compliance**).

**AQR Capital Management, LLC \|** Code of Ethics 14

**cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. An employee does not need prior authorization from AQR before taking any such action and an employee is not required to inform AQR if he or she chooses to take such action. Nothing in this Manual limits an employee's right to receive an award from governmental authorities in connection with providing information to governmental authorities.**

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Retaliation Statement

The Firm strictly prohibits intimidation or retaliation against anyone who (i) makes a good faith report about a known or suspected violation of the Manual or any Firm policy or procedure, or any law or regulation, or (ii) assists with any inquiry or investigation of any such violation.

The Firm will endeavor to maintain the confidentiality of any report of potential wrongdoing to the extent practicable and ensure that no employee will face any unlawful retaliatory action for making such report. Information provided will be handled discreetly and shared only with those individuals that the Firm has a need to inform, such as regulators and those who are involved in investigating, resolving and, if necessary, remediating the issue. Employees who have concerns about or are aware of possible retaliatory action must report it, either to their manager, a Human Resources representative, or the Hotline.

&nbsp;&nbsp;&nbsp;&nbsp;1.8 Legal and Regulatory Inquiries

The financial markets in which AQR participates are highly regulated and, as a result, the Firm and/or its employees may from time to time be involved in certain legal or regulatory matters. Any employee who receives a legal or regulatory inquiry or request for information (relating to AQR or any other entity or person) from entities including, but not limited to, a regulator, government agency, self-regulatory organization, supervisory authority, legislative body, market exchange or litigant should immediately contact the CCO or his designee.

Employees may not reach out to government agencies, regulators or self-regulatory organizations for routine guidance or questions on AQR business, legal or regulatory matters without pre-approval from the CCO or his designee. Nothing in this section shall interfere with an employee's legal rights as an employee under applicable law, as discussed above.

Nothing in this Manual shall prohibit or restrict an employee from participating, cooperating, or testifying in any action, investigation, or proceeding with, or providing information to, any governmental agency, legislative body, or any self-regulatory organization, provided that, to the extent permitted by law, upon an employee's receipt of any subpoena, court order or other legal process compelling the disclosure of any such information, documents, or testimony, an employee shall give prompt prior written notice to the CCO or the Compliance Department in order to provide the Firm reasonable opportunity to take appropriate steps to protect its Confidential Information.

**AQR Capital Management, LLC \|** Code of Ethics 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **AQR Mutual Funds:** U.S. registered investment companies advised or sub-advised by AQR Capital Management,
LLC or AQR Arbitrage, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Beneficial Interest:** Having or sharing a direct or indirect pecuniary interest in a security through
any contract, arrangement, understanding, relationship or otherwise. Pecuniary interest means the opportunity, directly or indirectly,
to profit or share in any profit derived from a transaction in the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Client:** A person or entity with an advisory or sub-advisory agreement with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compliance System:** The Firm's Compliance Pre-clearance, Reporting and Certification System,
which is currently Star Compliance and can be accessed on **AQRLive** under Quick Links or on the Compliance Page (**Go/Compliance**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Confidential Information:** Any non-public information, records, files, documents, correspondence
or other material regarding the Firm, employees, Clients, or the business of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **High Quality Short-Term Debt Instruments:** Any instrument having a maturity at issuance of less
than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization,
or which is unrated but is of comparable quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Household Members:** Persons who share a residence and personal assets with an employee (*e.g.,* spouse, domestic partner, dependent children), or those that directly or indirectly provide to or receive from an employee material
support (*i.e.,* more than 25% annual income).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Private Placements:** An offering of unregistered securities to a limited pool of investors (*e.g.,* hedge fund, private equity fund, venture capital fund, real estate fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Reportable Securities:** Common or preferred stock, debt securities, ETFs, shares issued by a close-end
investment company, AQR Mutual Funds or non-U.S. registered mutual funds, or any other security other than those that are exempt from
the reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Restricted List:** The Firm's list of securities for which personal and Firm trading is either
partially or wholly prohibited unless pre-approved by the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Third-Party Managed Account:** An account that is managed by an independent investment manager who
has exclusive discretionary authority over all investment decisions in the account.

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**AQR Capital Management, LLC** \| One Greenwich Plaza \| Suite 130 \| Greenwich, CT 06830 \| U.S. \| **p:** +1.203.742.3600 \| **f:** +1.203.742.3100 \| **w:** aqr.com