Panoramic Mutual Funds


Municipal Fixed Income Fund

Fund Ticker




Initial Minimum Investment


Gross Expense Ratio 1


Net Expense Ratio 1


¹ The gross and net expense ratio as of most recent prospectus. Waivers are contractual. Please see important disclosure below.


Investment Objective

The Fund seeks to provide current income that is exempt from federal personal income tax.

Investment Strategy

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 Partners, LLC, believes have the potential to produce attractive returns over time.


S&P Short Term National AMT-Free Municipal Bond Index

Types of Investments

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 will invest in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) that invest in long-term, intermediate and short-term municipal bonds. The underlying funds may also be invested in short-term municipal money market fund securities. 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. The Fund does not seek to maintain any particular weighted average maturity or duration, and may invest in Underlying Funds that hold fixed-income instruments of any maturity or duration. The Fund may also invest a portion of its assets directly in fixed income securities.

Investor Profile

Typical investors in this fund are seeking a conservative fixed income solution that offers income exempt from federal income tax and are willing to accept some share price volatility.

Investment Providers

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Portfolio Managers


The fund’s adviser has contractually agreed to waive its management fee until at least December 31, 2024 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, 2024 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 0.41% of average daily net assets of the Fund. This agreement may be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the Adviser. 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) if such recoupment can be achieved without exceeding the foregoing expense limits.

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