Lord Asset Management Trust NPORT-P Thomas White International Fund (Jul 2022 report)

Thomas White International Fund
Investment Portfolio (Unaudited)	July 31, 2022

Country		Issue	Industry	Shares		Value (US$)
COMMON STOCKS (95.2%)
AUSTRALIA (1.4%)
		CSL Limited +	Pharmaceuticals, Biotechnology & Life Sciences	4,850	$	984,965
AUSTRIA (0.9%)
		OMV AG +	Energy	15,000		636,483
BRAZIL (5.1%)
		JBS SA	Food, Beverage & Tobacco	224,900		1,387,451
		Petroleo Brasileiro SA - ADR	Energy	71,100		1,015,308
		Vale SA	Materials	91,400		1,233,010
						3,635,769
CANADA (7.1%)
		Brookfield Asset Management, Inc. - Class A	Diversified Financials	22,900		1,136,282
		Canadian Imperial Bank of Commerce #	Banks	13,800		698,142
		Royal Bank of Canada	Banks	10,800		1,053,054
		Suncor Energy, Inc. #	Energy	25,800		875,652
		West Fraser Timber Co. Ltd.	Materials	14,100		1,320,096
						5,083,226
CHINA (8.1%)
		Alibaba Group Holding Ltd. - ADR *	Retailing	10,700		956,259
		Baidu, Inc. - Class A *+	Media & Entertainment	34,000		582,225
		BYD Co. Ltd. +	Automobiles & Components	22,000		806,291
		China Merchants Port Holdings Co. Ltd. +	Transportation	32,000		51,679
		JD.com, Inc. - ADR	Retailing	8,200		487,900
		JD.com, Inc. - Class A +	Retailing	776		23,107
		Meituan - ADR *#	Retailing	10,400		465,504
		Pinduoduo, Inc. - ADR *	Retailing	12,700		622,427
		Tencent Holdings Limited +	Media & Entertainment	23,300		916,570
		Wuxi Biologics Cayman, Inc. *+	Pharmaceuticals, Biotechnology & Life Sciences	85,000		813,289
						5,725,251
FRANCE (5.4%)
		Cie de Saint-Gobain +	Capital Goods	20,400		951,611
		Credit Agricole SA +	Banks	88,500		814,036
		LVMH Moet Hennessy Louis Vuitton SE +	Consumer Durables & Apparel	2,000		1,391,208
		Sanofi - ADR	Pharmaceuticals, Biotechnology & Life Sciences	14,400		715,680
						3,872,535
GERMANY (6.2%)
		Deutsche Telekom AG +	Telecommunication Services	81,200		1,536,076
		Mercedes-Benz Group AG +	Automobiles & Components	21,200		1,240,357
		Siemens AG +	Capital Goods	10,000		1,110,308
		Volkswagen AG +	Automobiles & Components	2,700		530,507
						4,417,248
GREECE (1.7%)
		Star Bulk Carriers Corp. #	Transportation	47,500		1,236,188
HONG KONG (1.3%)
		Techtronic Industries Company Limited +	Capital Goods	81,500		909,469
INDIA (4.2%)
		HDFC Bank Ltd. - ADR	Banks	17,100		1,073,880
		ICICI Bank Ltd. - ADR	Banks	63,000		1,309,140
		Tata Motors Limited - ADR *#	Automobiles & Components	22,000		627,440
						3,010,460
IRELAND (2.3%)
		CRH PLC +	Materials	21,390		819,467
		Linde PLC	Materials	2,600		785,200
						1,604,667
ITALY (2.2%)
		Intesa Sanpaolo SpA +	Banks	534,200		953,361
		Poste Italiane SpA +	Insurance	6,700		56,393
		UniCredit SpA +	Banks	59,000		584,222
						1,593,976
JAPAN (14.3%)
		Hitachi Ltd. +	Capital Goods	22,700		1,151,884
		Hoya Corp.	Health Care Equipment & Services	7,700		770,539
		Marubeni Corp. +	Capital Goods	64,400		599,919
		MS&AD Insurance Group Holdings, Inc. +	Insurance	22,900		740,972
		Murata Manufacturing Co. Ltd. +	Technology Hardware & Equipment	14,200		831,135
		Nomura Research Institute Ltd. +	Software & Services	3,000		90,356
		Recruit Holdings Co. Ltd. +	Commercial & Professional Services	23,000		863,861
		Renesas Electronics Corp. *+	Semiconductors & Semiconductor Equipment	111,500		1,074,204
		Shin-Etsu Chemical Co. Ltd. +	Materials	5,500		705,344
		SMC Corp. +	Capital Goods	1,800		890,821
		Sony Group Corp. +	Consumer Durables & Apparel	11,600		992,958
		Sumitomo Mitsui Financial Group, Inc. +	Banks	23,800		745,896
		Toyota Motor Corporation +	Automobiles & Components	44,100		713,850
						10,171,739
MEXICO (0.2%)
		America Movil SAB de CV - Series L	Telecommunication Services	135,200		128,465
NETHERLANDS (5.2%)
		Airbus SE +	Capital Goods	7,150		773,182
		ArcelorMittal SA+	Materials	39,900		980,349
		ASML Holding NV +	Semiconductors & Semiconductor Equipment	2,010		1,154,058
		ING Groep NV +	Banks	80,000		777,470
						3,685,059
SINGAPORE (2.3%)
		DBS Group Holdings Ltd. - ADR	Banks	8,100		739,611
		Kulicke & Soffa Industries, Inc.	Semiconductors & Semiconductor Equipment	18,300		880,596
						1,620,207
SOUTH KOREA (5.4%)
		Hyundai Motor Company +	Automobiles & Components	5,800		880,765
		KB Financial Group, Inc. +	Banks	30,130		1,121,964
		Korea Zinc Co. Ltd. +	Materials	180		66,144
		LG Chem Ltd. +	Materials	1,425		664,659
		POSCO Holdings, Inc. +	Materials	3,525		660,221
		SK Telecom Co. Ltd. +	Telecommunication Services	11,463		474,040
						3,867,793
SPAIN (1.0%)
		Iberdrola SA - ADR	Utilities	16,300		696,744
SWEDEN (0.7%)
		Volvo AB - B Shares +	Capital Goods	28,100		503,720
SWITZERLAND (5.8%)
		Lonza Group AG +	Pharmaceuticals, Biotechnology & Life Sciences	1,050		639,913
		Nestle SA +	Food, Beverage & Tobacco	13,800		1,694,933
		Roche Holding AG +	Pharmaceuticals, Biotechnology & Life Sciences	3,500		1,162,283
		UBS Group AG +	Diversified Financials	39,000		638,737
						4,135,866
TAIWAN (3.4%)
		Taiwan Semiconductor Manufacturing Company Ltd. - ADR	Semiconductors & Semiconductor Equipment	27,600		2,442,048
UNITED KINGDOM (11.0%)
		Anglo American PLC +	Materials	21,800		787,437
		Ashtead Group PLC +	Capital Goods	18,000		1,014,949
		AstraZeneca PLC +	Pharmaceuticals, Biotechnology & Life Sciences	8,150		1,071,321
		Barclays PLC +	Banks	683,200		1,314,230
		Diageo PLC +	Food, Beverage & Tobacco	29,900		1,421,166
		Glencore PLC +	Materials	242,800		1,372,168
		Shell PLC - ADR	Energy	15,200		811,376
						7,792,647
Total Common Stocks			(Cost $67,110,655)			67,754,525
PREFERRED STOCKS (1.0%)
BRAZIL (0.1%)
		Gerdau SA - ADR (Perpetual, 11.31%) #^	Materials	12,975		61,242
GERMANY (0.9%)
		Volkswagen AG (Perpetual, 5.13%) +^	Automobiles & Components	4,700		659,931
Total Preferred Stocks			(Cost $919,025)			721,173
HELD AS COLLATERAL FOR SECURITIES LENDING (2.3%)
SHORT TERM INVESTMENT (2.3%)
MONEY MARKET FUND (2.3%)
		Northern Institutional Liquid Assets Portfolio, 2.01% (a)		1,665,630		1,665,630
Total Held as Collateral for Securities Lending			(Cost $1,665,630)			1,665,630
Total Investments	98.5%		(Cost $69,695,310)		$	70,141,328
Other Assets, Less Liabilities	1.5%					1,050,720
Total Net Assets:	100.0%				$	71,192,048

Percentages are stated as a percent of net assets.
*	Non-Income Producing Securities
#	All or a portion of securities on loan at July 31, 2022. The market value of the securities loaned was $3,566,131. The loaned securities were secured with cash collateral of $1,665,630 and non-cash collateral with a value of $1,934,988. The non-cash collateral received consists of U.S. Treasuries, and is held for the benefit of the Fund at the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices.
^	Maturity Date and Dividend Rate of Preferred Stock
+	Fair Valued Security
(a)	7-Day Effective Yield as of July 31, 2022.
ADR	- American Depositary Receipt
PLC	- Public Limited Company
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 July 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 July 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
Australia	$	–	$	984,965	$	–	$	984,965
Austria		–		636,483		–		636,483
Brazil		3,635,769		–		–		3,635,769
Canada		5,083,226		–		–		5,083,226
China		2,532,090		3,193,161		–		5,725,251
France		715,680		3,156,855		–		3,872,535
Germany		–		4,417,248		–		4,417,248
Greece		1,236,188				–		1,236,188
Hong Kong		–		909,469		–		909,469
India		3,010,460		–		–		3,010,460
Ireland		785,200		819,467		–		1,604,667
Italy		–		1,593,976		–		1,593,976
Japan		770,539		9,401,200		–		10,171,739
Mexico		128,465		–		–		128,465
Netherlands		–		3,685,059		–		3,685,059
Singapore		1,620,207		–		–		1,620,207
South Korea		–		3,867,793		–		3,867,793
Spain		696,744		–		–		696,744
Sweden		–		503,720		–		503,720
Switzerland		–		4,135,866		–		4,135,866
Taiwan		2,442,048		–		–		2,442,048
United Kingdom		811,376		6,981,271		–		7,792,647
Total Common Stocks	$	23,467,992	$	44,286,533	$	–	$	67,754,525
Preferred Stocks
Brazil	$	61,242	$	–	$	–	$	61,242
Germany		–		659,931		–		659,931
Total Preferred Stocks	$	61,242	$	659,931	$	–	$	721,173
Short Term Investments	$	1,665,630	$	–	$	–	$	1,665,630
Total Investments	$	25,194,864	$	44,946,464	$	–	$	70,141,328

The Fund’s assets assigned to Level 2 include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. 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 Country and Industry Allocation as of July 31, 2022 (Unaudited)
Country Allocation	% of TNA	Industry Allocation	% of TNA
Australia	1.4%	Automobiles & Components	7.7%
Austria	0.9%	Banks	15.7%
Brazil	5.2%	Capital Goods	11.1%
Canada	7.1%	Commercial & Professional Services	1.2%
China	8.1%	Consumer Durables & Apparel	3.3%
France	5.4%	Diversified Financials	2.5%
Germany	7.1%	Energy	4.7%
Greece	1.7%	Food, Beverage & Tobacco	6.3%
Hong Kong	1.3%	Health Care Equipment & Services	1.1%
India	4.2%	Insurance	1.1%
Ireland	2.3%	Materials	13.3%
Italy	2.2%	Media & Entertainment	2.1%
Japan	14.3%	Pharmaceuticals, Biotechnology & Life Sciences	7.6%
Mexico	0.2%	Retailing	3.6%
Netherlands	5.2%	Semiconductors & Semiconductor Equipment	7.8%
Singapore	2.3%	Software & Services	0.1%
South Korea	5.4%	Technology Hardware & Equipment	1.2%
Spain	1.0%	Telecommunication Services	3.0%
Sweden	0.7%	Transportation	1.8%
Switzerland	5.8%	Utilities	1.0%
Taiwan	3.4%	Cash & Other	3.8%
United Kingdom	11.0%	Total	100.0%
Cash & Other	3.8%
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.