Complete Panorama adjustable, but somewhat tricky

for the price a successful product. The punch is completely adjustable (although there is a small gap that you can not use, but that is not relevant to Organizer). Unfortunately, the adjustment is somewhat tricky, and there is no marks for certain hole locations. You have to measure on paper or on the folder, such as the distance between holes should be and then try a little. I have looked in various positions with a permanent marker to re-measure not repeatedly for different systems must Organizer.