Lord Asset Management Trust NPORT-P Thomas White American Opportunities Fund (Jan 2022 report)

Thomas White American Opportunities Fund
Investment Portfolio (Unaudited)	January 31, 2022

Industry			Issue	Shares		Value
COMMON STOCKS (89.5%)
AUTOMOBILES & COMPONENTS (1.5%)
			Ford Motor Co.	15,700	$	318,710
BANKS (3.8%)
			Citizens Financial Group, Inc.	6,600		339,702
			Regions Financial Corporation	20,990		481,511
						821,213
CAPITAL GOODS (9.2%)
			Carlisle Companies Incorporated	1,320		294,941
			Cummins Inc.	1,040		229,715
			The Middleby Corporation *	1,300		240,760
			Otis Worldwide Corp.	2,170		185,383
			Parker-Hannifin Corporation	990		306,910
			Sensata Technologies Holding PLC*^	2,770		158,887
			Trane Technologies PLC ^	1,900		328,890
			W.W. Grainger, Inc.	520		257,457
						2,002,943
COMMERCIAL & PROFESSIONAL SERVICES (3.8%)
			IHS Markit Ltd. ^	2,480		289,639
			Republic Services, Inc.	2,290		292,341
			TransUnion	2,290		236,145
						818,125
CONSUMER DURABLES & APPAREL (2.6%)
			Brunswick Corporation	2,985		271,008
			Lennar Corporation - Class A	3,150		302,747
						573,755
CONSUMER SERVICES (3.7%)
			Darden Restaurants, Inc.	1,300		181,831
			Marriott International Inc. - Class A *	1,210		194,955
			Service Corporation International	3,440		212,317
			Vail Resorts, Inc.	740		205,054
						794,157
DIVERSIFIED FINANCIALS (3.4%)
			Ameriprise Financial, Inc.	1,380		419,948
			State Street Corp.	3,430		324,135
						744,083
ENERGY (4.2%)
			Diamondback Energy, Inc.	4,460		562,674
			Pioneer Natural Resources Co.	1,570		343,657
						906,331
FOOD, BEVERAGE & TOBACCO (1.7%)
			The Hershey Company	1,900		374,433
HEALTH CARE EQUIPMENT & SERVICES (7.6%)
			Boston Scientific Corporation *	5,180		222,222
			Centene Corporation *	2,179		169,439
			The Cooper Companies, Inc.	440		175,252
			Laboratory Corporation of America Holdings *	1,205		326,989
			Molina Healthcare, Inc. *	740		214,955
			STERIS PLC ^	835		187,374
			Teleflex, Inc.	390		120,974
			Zimmer Biomet Holdings, Inc.	1,810		222,666
						1,639,871
HOUSEHOLD & PERSONAL PRODUCTS (2.0%)
			Church & Dwight Co., Inc.	4,290		440,369
INSURANCE (5.3%)
			Arch Capital Group Ltd. *^	6,870		318,218
			Assurant, Inc.	1,810		276,043
			Everest Re Group, Ltd.  ^	1,040		294,736
			The Hartford Financial Services Group, Inc.	3,540		254,420
						1,143,417
MATERIALS (6.5%)
			Ball Corporation	2,940		285,474
			Corteva, Inc.	5,430		261,074
			Martin Marietta Materials, Inc.	830		322,970
			PPG Industries, Inc.	1,710		267,102
			Steel Dynamics, Inc.	4,810		267,051
						1,403,671
MEDIA & ENTERTAINMENT (1.5%)
			Match Group, Inc. *	1,810		203,987
			Twitter, Inc. *	3,410		127,909
						331,896
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (3.4%)
			Agilent Technologies, Inc.	2,970		413,781
			Charles River Laboratories International, Inc. *	965		318,218
						731,999
RETAILING (3.1%)
			AutoZone, Inc. *	254		504,533
			Ross Stores, Inc.	1,720		168,130
						672,663
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.3%)
			Analog Devices, Inc.	900		147,573
			KLA Corporation	1,210		471,017
			Lam Research Corporation	540		318,557
						937,147
SOFTWARE & SERVICES (9.6%)
			Akamai Technologies, Inc. *	2,330		266,901
			ANSYS, Inc. *	450		153,005
			Cadence Design Systems, Inc. *	2,285		347,640
			EPAM Systems, Inc. *	350		166,649
			Fortinet, Inc. *	1,250		371,550
			Global Payments, Inc.	2,005		300,509
			Synopsys, Inc. *	1,520		471,960
						2,078,214
TECHNOLOGY HARDWARE & EQUIPMENT (4.2%)
			Arista Networks, Inc. *	3,120		387,847
			Keysight Technologies, Inc. *	1,880		317,381
			Motorola Solutions, Inc.	940		218,024
						923,252
TRANSPORTATION (3.1%)
			Canadian Pacific Railway Ltd. ^	2,999		214,129
			GXO Logistics, Inc. *	2,210		179,474
			Old Dominion Freight Line, Inc.	915		276,266
						669,869
UTILITIES (5.0%)
			Alliant Energy Corporation	3,770		225,672
			Ameren Corporation	3,220		285,743
			CMS Energy Corporation	1,930		124,253
			DTE Energy Company	1,750		210,753
			Xcel Energy, Inc.	3,420		238,237
						1,084,658
Total Common Stocks				(Cost $10,841,558)		19,410,776
REAL ESTATE INVESTMENT TRUSTS (REITs) (8.5%)
REAL ESTATE (8.5%)
			AvalonBay Communities, Inc.	1,105		269,874
			Boston Properties, Inc.	1,585		177,647
			Digital Realty Trust, Inc.	1,330		198,476
			Duke Realty Corp.	7,950		459,351
			EastGroup Properties, Inc.	1,225		244,889
			Medical Properties Trust, Inc.	10,500		238,980
			SBA Communications Corp.	825		268,488
						1,857,705
Total Real Estate Investment Trusts (REITs)				(Cost $1,538,462)		1,857,705
Total Investments		98.0%		(Cost $12,380,020)	$	21,268,481
Other Assets, Less Liabilities		2.0%				425,775
Total Net Assets:		100.0%			$	21,694,256
Percentages are stated as a percent of net assets.
PLC	- Public Limited Company
*	Non-Income Producing Securities
^	Foreign Issued Securities

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification

Standards (GICS^®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

The following table summarizes the inputs used, as of January 31, 2022, in valuing the Fund's assets:

Securities listed or traded on a recognized national or foreign stock exchange or NASDAQ are valued at the last reported sales price on the principal exchange on which the securities are traded. NASDAQ National Market securities are valued at the NASDAQ official closing price. Over-the-counter securities and listed securities for which no closing sale price is reported are valued at the mean between the last current bid and ask price. Securities for which market quotations are not readily available are valued at fair value under the Trust's Valuation Procedures as determined by management and approved in good faith by the Board of Trustees. As of January 31, 2022, all securities within the Fund's portfolio were valued at the last reported sales price on the principal exchange on which the securities are traded and adjusted by a fair value factor when necessary and as further described below. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for changes in value that may occur between the close of the foreign exchange and the time which Fund shares are priced. Short term investments are valued at original cost, which combined with accrued interest, approximates market value.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. A three-tiered fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by generally requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets.

Level 2 - Valuations based on quoted prices for similar securities or in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

	Level 1		Level 2		Level 3		Total
Common Stocks
Automobiles & Components	$	318,710	$	–	$	–	$	318,710
Banks		821,213		–		–		821,213
Capital Goods		2,002,943		–		–		2,002,943
Commercial & Professional Services		818,125		–		–		818,125
Consumer Durables & Apparel		573,755		–		–		573,755
Consumer Services		794,157		–		–		794,157
Diversified Financials		744,083		–		–		744,083
Energy		906,331		–		–		906,331
Food, Beverage & Tobacco		374,433		–		–		374,433
Health Care Equipment & Services		1,639,871		–		–		1,639,871
Household & Personal Products		440,369		–		–		440,369
Insurance		1,143,417		–		–		1,143,417
Materials		1,403,671		–		–		1,403,671
Media & Entertainment		331,896		–		–		331,896
Pharmaceuticals, Biotechnology & Life Sciences		731,999		–		–		731,999
Retailing		672,663		–		–		672,663
Semiconductors & Semiconductor Equipment		937,147		–		–		937,147
Software & Services		2,078,214		–		–		2,078,214
Technology Hardware & Equipment		923,252		–		–		923,252
Transportation		669,869		–		–		669,869
Utilities		1,084,658		–		–		1,084,658
Total Common Stocks	$	19,410,776	$	–	$	–	$	19,410,776
REITs
Real Estate	$	1,857,705	$	–	$	–	$	1,857,705
Total REITs	$	1,857,705	$	–	$	–	$	1,857,705
Total Investments	$	21,268,481	$	–	$	–	$	21,268,481
There were no transfers into or out of Level 3 during the reporting period, as compared to their classification from the prior annual report.

Portfolio Industry Allocation and Market Capitalization as of January 31, 2022 (Unaudited)
Industry Allocation	% of TNA	Portfolio Market Cap Mix	% of TNA
Automobiles & Components	1.5%	Large Cap (over $46.4 billion)	15.5%
Banks	3.8%	Mid Cap ($3.6 - $46.4 billion)	82.5%
Capital Goods	9.2%	Cash & Other	2.0%
Commercial & Professional Services	3.8%
Consumer Durables & Apparel	2.6%	Total	100.0%
Consumer Services	3.7%
Diversified Financials	3.4%
Energy	4.2%
Food, Beverage & Tobacco	1.7%
Health Care Equipment & Services	7.6%
Household & Personal Products	2.0%
Insurance	5.3%
Materials	6.5%
Media & Entertainment	1.5%
Pharmaceuticals, Biotechnology & Life Sciences	3.4%
Retailing	3.1%
Semiconductors & Semiconductor Equipment	4.3%
Software & Services	9.6%
Technology Hardware & Equipment	4.2%
Transportation	3.1%
Utilities	5.0%
REITs	8.5%
Cash & Other	2.0%
Total	100.0%
TNA - Total Net Assets
Fund holdings and industry allocations are subject to change and should not be considered a recommendation to buy or sell any securities.  For a complete list of Fund holdings, please refer to the Investment Portfolio section of this report.