Lord Asset Management Trust NCSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on July 10, 2017

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08348

LORD ASSET MANAGEMENT TRUST

(Exact name of Registrant as specified in charter)

440 South LaSalle Street

Chicago, Illinois 60605-1028

(Address of principal executive offices) (Zip code)

Thomas S. White, Jr.

Thomas White International, Ltd.

440 South LaSalle Street

Chicago, Illinois 60605-1028

(Name and address of agent for service)

(312) 663-8300

Registrant’s telephone number, including area code

Date of fiscal year end: 10/31

Date of reporting period: 11/1/2016-4/30/2017

Item 1. Reports to Stockholders.

LOGO

SEMI-ANNUAL REPORT

APRIL 30, 2017

THE INTERNATIONAL FUND

THE EMERGING MARKETS FUND

THE AMERICAN OPPORTUNITIES FUND

LOGO

The world economy is continuously evolving in ways we could have hardly imagined even a few years earlier. At Thomas White, we always ask ourselves “What is the big picture?” In other words, we always try to analyze local or regional trends from a broader global context.

We invite you to visit our websites as well as our YouTube channel for added insights into the transformative changes that make global investing more complex, but at the same time open up fascinating prospects for those who have the ability to spot them, and the discipline to focus on long-term trends.

LOGO

President, Thomas White Funds



		thomaswhite.com The Thomas White website offers a panorama of the trends, economic indicators and policy changes occurring in the world economy that are of interest to global investors.

		thomaswhitefunds.com The Thomas White Funds website provides important information on our three fund offerings, including performance, rankings, and commentaries.

		thenewglobal.com Our New Global website is a highly informative resource for investors and their advisors, offering an in-depth understanding of the dramatic changes and trends in the world economy from a broader global context.

		youtube.com/user/ThomasWhiteIntl Our YouTube channel features videos with CIO Thomas S. White, Jr. and his take on evolving global market trends.

Thomas White: Empowering the Investor^SM

(This page is not part of the Semi-Annual Report.)

LOGO

CONTENTS



MESSAGE TO SHAREHOLDERS			1

MANAGER COMMENTS, PERFORMANCE AND INVESTMENT PORTFOLIO

THOMAS WHITE INTERNATIONAL FUND			6

THOMAS WHITE EMERGING MARKETS FUND			23

THOMAS WHITE AMERICAN OPPORTUNITIES FUND			37

STATEMENTS OF ASSETS AND LIABILITIES			49

STATEMENTS OF OPERATIONS			51

STATEMENTS OF CHANGES IN NET ASSETS			52

NOTES TO FINANCIAL STATEMENTS			55

FINANCIAL HIGHLIGHTS			69

DISCLOSURE OF FUND EXPENSES			74

QUARTERLY PORTFOLIO SCHEDULE AND PROXY VOTING POLICIES			75

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS			76

LOGO

Message to Shareholders

Dear Shareholders and Friends,

I thank all our shareholders for keeping your trust in the Thomas White Funds and welcome new shareholders to our family. Along with my fellow professionals at Thomas White, I assure you that we shall spare no effort to help you achieve your long-term investment goals.

I write this as the surprise of last year’s unexpected political events appears to have diminished, and the world is looking forward to a period of improving economic fundamentals and growing household incomes. The political leaders across the world now have the responsibility to craft policies that will help this expansion endure, and at the same time restrain the excesses that abruptly ended previous upswings.

At Thomas White, we are encouraged by the favorable economic trends and are confident that the Fund portfolios are positioned to take advantage of the environment upswing. We have high conviction in the ability of well-run corporations and their leaders to continuously align their business strategies to survive during difficult periods and thrive when the tide turns. Such organizations build and preserve enduring competitive advantages that help them outrun competition and deliver superior returns to stakeholders. Our research analysts continue to work diligently to identify such corporations and add them to Fund portfolios when attractively valued.

World Is Benefiting From Faster Economic Growth

The current global economic environment is probably the healthiest we have had in several years. The quick rebound that followed the 2008 global financial crisis was fueled by unprecedented fiscal stimulus, and hence unsustainable. As the governments of large countries stopped the pump priming, the rate of growth dropped off. Aggressive quantitative easing by the leading central banks, another unorthodox policy measure, helped the major economies limp along without falling into recessions. To be sure, there were periods when global economic trends did look brighter or when the so called ‘green shoots’ appeared. But such episodes were limited to select regions, and were short-lived.

In contrast, the current expansion that started last year has now covered almost all major regions of the globe. For the first three months of this year, the U.S. and the U.K. were the only major economies that failed to meet growth forecasts.

The slowdown in the U.S. was likely more seasonal and short term, while in the U.K. the detractor was higher inflation caused by a weak currency. The Eurozone, China and Japan met or exceeded growth expectations at the beginning of this year, and so did several of the large emerging economies such as Korea, India and Indonesia. Higher energy and commodity prices helped Brazil


www.thomaswhitefunds.com			1

and Russia recover from recessions, and Canada to expand faster during the first quarter.

Nevertheless, aggregate global growth remains below the pace of previous expansionary periods. Additional fiscal spending by some of the large countries could boost the growth rate in the short term. But, demographic and other challenges faced by the developed countries could limit the global growth potential in the coming years. Even then, these expansions could still have a favorable influence on business earnings and shareholder returns as we have seen so far this year.

Outlook for Europe Brighter, Despite Brexit

Europe has struggled to lift its economy for the last several years as the lack of political consensus on fiscal policies restricted possible government interventions to support growth. The European Central Bank (ECB), through its bond purchases and pledge to protect the euro, did manage to negate fears about a breakup of the common currency. However, deflationary risks persisted as labor markets in several countries remained depressed with high unemployment rates. The situation changed last year, when the Eurozone slightly outpaced the U.S. in aggregate growth. Deflation fears have eased after inflation moved closer to the ECB’s target during the first quarter of this year. The recovery in global industrial demand and the relatively inexpensive currency should continue to help the Eurozone’s exporters in the coming months.

The British economy benefited initially from the currency drop that followed last year’s

Brexit vote, but higher inflation from expensive imports has become more of a policy challenge this year. The possibility of jobs being shifted outside the U.K. may cloud the political environment as the country heads to a general election. The Brexit negotiations between the European Union and the U.K. are likely to be difficult, but, given their long history as trade and strategic partners, it is in the interest of both sides to put together an acceptable deal.

Emerging Economies Are Recovering as Well

Lower growth in the emerging economies, compared to their pre-crisis highs, has probably detracted the most from the global economy recently. Much of the slowdown has been due to softer overseas demand, for commodities as well as manufactured goods, even as domestic consumer demand in most large emerging countries remained stable. Going by recent data, the pace of growth in the emerging world is also accelerating. China reported its highest quarterly growth in nearly three years, though the government’s efforts to cool down excessive credit demand could slow the pace in the coming quarters. Most major economies in Asia benefited from double-digit export volume growth during the initial four months of this year.

Though prices of oil and industrial commodities have pared down some of their gains from last year, faster global growth should lift demand in the medium term. Resource exporters from Brazil to Russia are likely to see their cash flows continue to improve. In turn, these oil producers and mining groups could step up capital spending


2		www.thomaswhitefunds.com

in new ventures and revive abandoned projects.

Our Portfolio Strategy

We continue to believe that bottom-up stock selection is the most effective way to deliver long-term investment returns in equity markets. Our rigorous research methodologies are designed to analyze several years of accounting and market data from across the world. This time-tested process has driven our success in the past and I am sure will help us navigate through this difficult period, marked by increased market volatility and unexpected directional moves in equity prices. Our analysts continue to use their years of experience to identify the best opportunities and build effective portfolios.

I am confident about the ability of our professionals to rebuild and sustain the Funds’ long term performance. You are invited to visit our websites www.thomaswhitefunds.com, www.thomaswhite.com, and www.thenewglobal.com, for our insights on global equity markets as well as industry trends.

LOGO

Thomas S. White, Jr.

Chairman

Thomas White Funds

Chief Investment Officer

Thomas White International


www.thomaswhitefunds.com			3

Past performance is not a guarantee of future results.

Opinions expressed are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security.

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible. Investing in international markets may involve additional risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. These risks are greater for emerging markets. Investing in small and mid-cap companies can involve more risk than investing in larger companies.

Diversification does not assure a profit nor protect against loss in a declining market.

Earnings growth for a Fund holding does not guarantee a corresponding increase in the market value of the holding of the Fund.

The Thomas White Funds are distributed by Quasar Distributors, LLC.

It is not possible to invest directly in an index.

Cash Flow: Measures the cash generating capability of a company by adding non-cash charges (i.e. depreciation) and interest expense to pretax income.


4		www.thomaswhitefunds.com

THE WORLD HAS CHANGED

The number of stocks in the world has surged 132% since the end of the Cold War in 1989. As of April 2017, America’s 5,189 exchange-traded stocks now only represent 10.05% of the 51,613 stocks on the world’s 81 exchanges.¹


The Growth of World Stock Markets: Regional Weights
1960 to April 30, 2017²	1960	1970	1980	1990	2000	2017
Developed Markets	99.9%	99.8%	99.2%	97%	96%	89%

United States	72%	66%	57%	43%	51%	53%

Canada	3%	3%	3%	2%	2%	3%

Europe	22%	23%	23%	25%	28%	21%

Asia Pacific	3%	8%	16%	27%	15%	12%

Emerging Markets	0.1%	0.2%	0.8%	3%	4%	11%
The World Market	100%	100%	100%	100%	100%	100%
Market Value ($ trillions)	$0.5	$2.0	$4.1	$8.2	$26.9	$49.9

¹World Federation of Exchanges, Focus-April 2017

²Source: Thomas White International (Data for 1960-2000); MSCI (Data for 2017)

Globalization has spurred growth in every region of the world. International stocks now represent over half of the total world stock market value, including, for example, Sony, Nokia, Toyota, BMW, L’Oreal, Unilever, Heineken, Volvo, Nestle, UBS, Volkswagen, Honda and Royal Dutch Shell. Emerging market companies include Samsung, LG and Hyundai.

Given their quality, diversity and long- term growth potential, it only makes common sense that investors search for opportunities worldwide. The Thomas

White American Opportunities, International and Emerging Markets Funds are managed by the same portfolio managers and analysts who adhere to an identical valuation-oriented investment style. The three portfolios complement one another in that, when combined, they seek to have the profile of the MSCI All Country World Index.

Shareholders who want to adopt a global investment strategy for their savings and investment program should consider owning all three Thomas White Funds.

Fund holdings 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.


www.thomaswhitefunds.com			5

THOMAS WHITE INTERNATIONAL FUND

Unaudited

Sales
Charge

Deferred
Sales
Charge

Administrative
Services

Fee

12b-1 Fees

Operating
Expenses^1,3

Prospectus
Gross
Annual
Operating
Expense²

Prospectus
Net Annual
Operating
Expense^2,3

Investor Class

None

Up to 0.25%

None

1.24%

1.33%

1.24%

Class I

None

0.99%

1.10%

0.99%

¹ In the absence of the fee deferral/expense reimbursement arrangement for the International Fund, the ratio of expenses to average net assets would have been 1.33% for Investor Class shares and 1.11% for Class I shares.

² Gross Annual Operating Expense and Net Annual Operating Expense are based on the most recent prospectus and may differ from other expense ratios appearing in this report.

³ Thomas White International, Ltd. (“Advisor”) has agreed to defer its fees and/or reimburse the Fund to the extent that the operating expenses for Investor Class and Class I shares exceed (as a percentage of average daily net assets) 1.24% and 0.99%, respectively. The fee deferral/expense reimbursement agreement expires February 28, 2018. The Fund has agreed to repay the Advisor for amounts deferred or reimbursed by the Advisor pursuant to the agreement provided that such repayment does not cause the Fund to exceed the above limits and the repayment is made within three years after the year in which the Advisor incurred the expense. The fee deferral/expense reimbursement agreement may only be amended or terminated by the Fund’s Board of Trustees.



	NAV	Net Assets	Redemption Fee	Portfolio Turnover
Investor Class	$16.41	$77.4 million	2.00% within 60 days	31%
Class I	$16.38	$387.0 million	2.00% within 60 days	31%


6		www.thomaswhitefunds.com


			APRIL 30, 2017

Average Annual Returns as of April 30, 2017 (Unaudited)

Class

Sales Charge

6 month

Calendar
YTD

1 Yr

3 Yrs

5 Yrs

10 Yrs

Since
Inception
(6/28/1994)*

Investor Class shares (TWWDX)

None

9.64%

11.58%

10.49%

-1.65%

2.83%

0.34%

6.71%

Class I shares¹ (TWWIX)

None

9.68%

11.54%

10.61%

-1.44%

3.07%

0.46%

6.76%

MSCI All Country World ex US Index²

N/A

10.37%

10.17%

12.59%

0.83%

5.13%

1.12%

5.13%

* The inception date of the Investor Class shares.

¹ Performance figures for Class I shares, first offered on August 31, 2012, include the historical performance of Investor Class shares through August 30, 2012.

² The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of both developed and emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

Returns of each share class reflect differences in sales charges and expenses applicable to each class which are primarily differences in distribution and service fees.

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impacts of trades executed on the last business day of the period that were recorded on the first business day of the next period.

Performance data is based upon past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Please call 1-800-811-0535 to obtain performance data as of the most recent month-end. The Fund imposes a 2% redemption fee on shares held less than 60 days. Performance data does not reflect the redemption fee. If reflected, total returns would be lower. Investment performance reflects any fee waivers that were in effect. In the absence of such waivers, total return would have been reduced. The Gross Expense Ratios, based on the most recent prospectus, are 1.33% (Investor Class) and 1.10% (Class I).


www.thomaswhitefunds.com			7

THOMAS WHITE INTERNATIONAL FUND

GROWTH OF A $10,000 INVESTMENT WITH DIVIDENDS REINVESTED (Unaudited)

LOGO

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund’s Investor Class shares and its benchmark, the MSCI All Country World ex US Index, for the past 10 years through April 30, 2017. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable redemption fees. This chart does not imply future performance. Past performance does not guarantee future results. The cumulative ten year return was +3.50% for the Fund’s Investor Class shares and +11.75% for the benchmark. The Fund’s Investor Class shares average annual total return since inception on June 28, 1994 was +6.71%. The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of both developed and emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index. During the periods shown, the Fund’s manager reimbursed certain Fund expenses. Absent this reimbursement, performance would have been lower. Performance will vary from class to class based on differences in class-specific expenses.


8		www.thomaswhitefunds.com

APRIL 30, 2017

The Thomas White International Fund primarily invests in equity securities of companies located in the world’s developed countries outside of the U.S. There may also be a portion of the Fund’s assets invested in companies located in emerging market countries.

Portfolio Managers

Thomas S. White, Jr.

Jinwen Zhang, Ph.D., CFA

Douglas M. Jackman, CFA

Wei Li, Ph.D., CFA

John Wu, Ph.D., CFA

Rex Mathew, CM

Ramkumar Venkatramani, CFA

Performance Review

The Thomas White International Fund Investor Class shares returned +9.64% for the six-month period ended April 30, 2017, compared to +10.37% for the benchmark MSCI All Country World ex US Index. Since its inception on June 28, 1994, the Fund’s Investor Class shares have returned +6.71% annualized while the benchmark index returned +5.13% for the same period.

Faster Economic Growth and Favorable Policy Expectations Lift Equity Prices

International equity prices saw robust gains during the review period as the global economic growth outlook continued to brighten. While domestic demand remained healthy in most major economies, there are renewed signs of a sustainable recovery in global trade volumes. Weak export demand has weakened several economies over the last couple of years and this recovery is expected to lift aggregate growth. In

addition, the higher energy and commodity prices have also started boosting capital investments. This is reflected in the recent buoyancy in manufacturing growth as well as new order flows in several countries, especially in Asia. Though energy and commodity prices have moderated from their highs seen at the beginning of this year, they remain above last year’s levels.

Though the unexpected results from the U.S. presidential elections in November led to increased market volatility, political risks are widely perceived to have declined in recent months. Expectations of favorable fiscal policy measures from the U.S. administration have boosted business sentiment within the country as well as overseas. The U.S. Federal Reserve has signaled its preference for measured rate hikes until wage growth accelerates and inflation exceeds targets. Central banks in Europe and Japan are continuing their quantitative easing, though higher Eurozone inflation during the first quarter of this year could encourage the central bank to wind down bond purchases after this year. Emerging economies are also seeing faster growth and their central banks have paused rate cuts, except in select countries such as Brazil where inflation has trended lower.

Portfolio Review

During the six month review period, the International Fund’s relative performance against its benchmark was hurt by negative stock selection in the technology, consumer staples and financials sectors. Higher exposure to the materials and financials sectors, as well as an underweight position in the consumer staples sector, also detracted


www.thomaswhitefunds.com			9

THOMAS WHITE INTERNATIONAL FUND

from Fund returns. On the positive side, stock selection was favorable in the healthcare, telecom and consumer discretionary sectors. At the region and country level, stock selection was positive in most developed markets except Japan. In emerging markets, stock selection added value in all regions except Asia. Higher exposure to emerging markets, relative to the benchmark, helped the Fund during the review period.

Samsung Electronics was the biggest contributor to Fund returns during the review period as the company’s semiconductor manufacturing division continues to see strong demand. British homebuilder Taylor Wimpey plc recovered from last year’s decline following the Brexit vote surprise, as the U.K. economy has recovered and housing demand has not declined as much as feared. Aerospace and defense manufacturer Airbus SE benefited from better earnings as the company has accelerated production rates. Japanese financial services group Nomura Holdings advanced as its overseas business has boosted profitability. European luxury goods retailer Christian Dior contributed to portfolio returns after the company’s controlling shareholders offered to buy out the minority shareholders.

The Fund’s consumer staples and telecom holdings detracted the most from returns during the period as investor interest shifted to businesses that could benefit from increased export demand, as opposed to Japanese domestic demand. They included drug store and discount retailer Sundrug Co. Ltd., Japan Tobacco Inc. as well as telecom operator Nippon Telegraph & Telephone. Danish jewelry retailer Pandora A/S was

hurt by weaker than expected same store sales in its larger markets, though the company continued its expansion into new markets. Food retailer Royal Ahold Delhaize also underperformed as its acquisitions in recent years have not yet yielded the expected returns.

Global Growth Outlook Remains Healthy

The global economic outlook remains bright as the ongoing expansion is more synchronized, covering most regions. The pace of growth in the Eurozone and Japan during the first three months of this year met expectations, while Chinese economic growth accelerated at an annual rate of close to 7%. Though U.S. economic growth at the beginning of the year was weaker than expected, the pace of expansion is expected to improve for the rest of the year. The International Monetary Fund (IMF) now expects the global economy to expand 3.5% this year and 3.6% in 2018, higher than the 3.1% achieved last year. Much of this growth is likely to come from the emerging economies, as well as the Eurozone and Japan.

Investor fears about the beginning of increased trade tensions between the major economies have eased after leaders and policy makers toned down their rhetoric. The U.S. administration is yet to act upon the promised trade restrictions and higher tariffs to promote domestic manufacturing. Recent comments suggest that the U.S. is now less keen on pursuing aggressive measures such as naming China a currency manipulator, or pulling out of trade treaties such as the NAFTA. It is likely that most major countries will be less enthusiastic about


10		www.thomaswhitefunds.com

APRIL 30, 2017

multilateral agreements that require further opening up of their domestic markets or allowing easier movement of workers. However, an unwinding of trade relationships built over the last several decades appears less likely as policy makers realize the potential disruptions and costs.

At the same time, the Brexit negotiations that are scheduled to start later this year could turn out to be more difficult than currently thought. The European Union and the British government have to agree on several contentious matters for talks to yield results, such as a new trade agreement between the two sides. If the current British government retains power after the elections scheduled in June, it would have more political capital to push forward with the negotiations. However, the likely job losses from

relocation by global banks and other corporations from London to other European cities could reduce the popular support for Brexit.

Emerging markets, led by China, are also expected to expand at a faster pace, helped by better export demand for manufactured goods as well as industrial commodities. While domestic borrowing costs are likely to remain stable, select countries could see an increase in government spending, especially in infrastructure projects. Investors have also become less fearful of political risks in emerging countries, allowing markets such as Russia and Turkey to recover in recent months.

We sincerely appreciate the trust you have kept in the Thomas White International Fund.


www.thomaswhitefunds.com			11

THOMAS WHITE INTERNATIONAL FUND

Portfolio Country and Industry Allocation as of April 30, 2017 (Unaudited)



Country Allocation	% of TNA
Australia		5.9%
Belgium		1.3%
Brazil		1.4%
Canada		4.6%
China		6.6%
Denmark		1.2%
Finland		1.2%
France		5.7%
Germany		5.3%
Hong Kong		2.2%
India		3.7%
Indonesia		2.1%
Ireland		1.0%
Israel		0.9%
Japan		15.2%
Malaysia		0.9%
Mexico		2.1%
Netherlands		5.9%
Peru		0.6%
Republic of Korea		0.7%
Russia		2.1%
South Africa		1.5%
South Korea		3.6%
Spain		1.8%
Sweden		4.6%
Switzerland		2.2%
Taiwan		2.6%
Thailand		0.8%
Turkey		0.7%
United Kingdom		10.4%
Cash & Other		1.2%



Industry Allocation	% of TNA
Automobiles & Components		5.0%
Banks		17.6%
Capital Goods		9.6%
Commercial & Professional Services		1.3%
Consumer Durables & Apparel		4.5%
Diversified Financials		3.4%
Energy		6.1%
Food & Staples Retailing		1.1%
Food, Beverage & Tobacco		2.0%
Health Care Equipment & Services		0.9%
Household & Personal Products		3.1%
Insurance		5.1%
Materials		13.9%
Media		1.3%
Pharmaceuticals, Biotechnology & Life Sciences		3.4%
Real Estate		1.3%
Retailing		2.3%
Semiconductors & Semiconductor Equipment		3.5%
Software & Services		4.5%
Technology Hardware & Equipment		4.5%
Telecommunication Services		2.4%
Transportation		2.0%
Cash & Other		1.2%

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.


12		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

Country

Issue

Industry

Shares

Value (US$)

COMMON
STOCKS (96.3%)

AUSTRALIA (5.9%)

BHP Billiton Ltd +

Materials

355,400

$6,347,150

CSL Limited +

Pharmaceuticals, Biotechnology & Life Sciences

46,000

4,568,110

Iluka Resources Ltd +

Materials

843,000

5,298,108

Newcrest Mining Limited +

Materials

281,300

4,492,839

Orica Limited +

Materials

488,900

6,778,550

27,484,757

BELGIUM (1.3%)

KBC Group NV+

Banks

82,400

5,948,365

CANADA (4.6%)

Canadian National Railway Company *

Transportation

77,900

5,630,851

Potash Corporation of Saskatchewan Inc. *

Materials

308,400

5,200,812

Royal Bank of Canada *

Banks

92,700

6,347,510

Suncor Energy, Inc. *

Energy

138,300

4,334,254

21,513,427

CHINA (6.6%)

Alibaba Group Holding Ltd. * #

Software & Services

65,100

7,519,050

Anhui Conch Cement Company Limited - H Shares +

Materials

1,077,500

3,779,305

Baidu, Inc. ADR *

Software & Services

31,700

5,713,291

China Biologic Products Inc. *

Pharmaceuticals, Biotechnology & Life Sciences

24,400

2,879,200

Ping An Insurance (Group) Company of China Limited - H Shares +

Insurance

��

1,161,500

6,527,414

Zoomlion Heavy Industry Science and Technology Co Ltd + #

Capital Goods

8,655,000

4,098,812

30,517,072

DENMARK (1.2%)

Danske Bank A/S+

Banks

158,300

5,748,851

FINLAND (1.2%)

Sampo Oyj+

Insurance

112,200

5,377,810

FRANCE (5.7%)

Airbus Group SE +

Capital Goods

71,700

5,797,095

Christian Dior SA +

Consumer Durables & Apparel

21,850

6,002,817

Eiffage +

Capital Goods

40,200

3,404,925

Safran SA +

Capital Goods

70,600

5,844,572

Total SA +

Energy

102,100

5,233,377

26,282,786

GERMANY (4.2%)

Bayerische Motoren Werke Aktiengesellschaft

Automobiles & Components

46,800

4,468,334

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			13


Thomas White International Fund

Country

Issue

Industry

Shares

Value (US$)

GERMANY (CONT.)

Continental Aktiengesellschaft

Automobiles & Components

17,900

$4,006,939

Linde AG

Materials

21,000

3,773,284

Muenchener Rueckversicherungs-Gesellschaft AG +

Insurance

37,900

7,262,570

19,511,127

HONG KONG (2.2%)

Hang Lung Properties Ltd. +

Real Estate

2,291,000

6,000,983

Techtronic Industries Company Limited +

Consumer Durables & Apparel

930,000

3,996,786

9,997,769

INDIA (3.7%)

Axis Bank Limited +

Banks

766,500

6,057,836

Infosys Limited ADR #

Software & Services

513,700

7,479,472

Tata Motors Limited +

Automobiles & Components

485,800

3,472,514

17,009,822

INDONESIA (2.1%)

PT Bank Central Asia Tbk +

Banks

4,627,900

6,135,038

PT Telekomunikasi Indonesia Persero Tbk +

Telecommunication Services

11,165,400

3,656,561

9,791,599

IRELAND (1.0%)

CRH PLC+

Materials

122,900

4,480,854

ISRAEL (0.9%)

Elbit Systems Ltd.+

Capital Goods

36,200

4,308,659

JAPAN (15.2%)

FANUC Corporation +

Capital Goods

25,000

5,083,012

HONDA MOTOR CO., LTD. +

Automobiles & Components

146,900

4,261,285

Hoya Corp +

Technology Hardware & Equipment

141,000

6,743,725

Japan Tobacco Inc. +

Food, Beverage & Tobacco

118,300

3,933,747

Kansai Paint Co., Ltd. +

Materials

259,000

5,739,375

Nissan Motor Co., Ltd. +

Automobiles & Components

403,000

3,831,836

Nitori Holdings Co., Ltd. +

Retailing

30,000

3,907,836

Nomura Holdings, Inc. +

Diversified Financials

1,052,100

6,327,686

ORIX Corporation +

Diversified Financials

291,600

4,455,183

Rakuten Inc +

Retailing

227,900

2,335,500

SMC CORP. +

Capital Goods

15,200

4,286,782

SoftBank Corp. +

Telecommunication Services

96,300

7,304,203

Sundrug Co., Ltd. +

Food & Staples Retailing

142,200

4,988,801

The accompanying notes are an integral part of these financial statements


14		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

Country

Issue

Industry

Shares

Value (US$)

JAPAN (CONT.)

TDK CORPORATION +

Technology Hardware & Equipment

52,700

$3,267,307

Tokio Marine Holdings, Inc. +

Insurance

102,600

4,326,672

70,792,950

MALAYSIA (0.9%)

CIMB Group Holdings Berhad+

Banks

3,213,000

4,250,130

MEXICO (2.1%)

Cemex SAB de CV *

Materials

5,550,600

5,109,728

Grupo Financiero Banorte, S.A.B. de C.V.

Banks

828,800

4,782,982

9,892,710

NETHERLANDS (5.9%)

ING Groep N.V. +

Banks

574,300

9,345,084

Koninklijke DSM N.V. +

Materials

47,500

3,394,295

Koninklijke Philips NV +

Capital Goods

192,600

6,675,214

Royal Dutch Shell PLC +

Energy

303,500

8,081,212

27,495,805

PERU (0.6%)

Credicorp Ltd.

Banks

17,200

2,642,952

REPUBLIC OF KOREA (0.7%)

POSCO+

Materials

13,700

3,235,447

RUSSIA (2.1%)

LUKOIL PJSC GDR +

Energy

86,400

4,289,747

Sberbank of Russia GDR +

Banks

451,000

5,360,277

9,650,024

SOUTH AFRICA (1.5%)

Mondi Ltd +

Materials

164,700

4,272,563

Sibanye Gold Limited +

Materials

1,428,800

2,861,997

7,134,560

SOUTH KOREA (3.6%)

KB Financial Group Inc. +

Banks

83,100

3,643,608

LG Household & Health Care Ltd. +

Household & Personal Products

4,400

3,349,144

Samsung Electronics Co., Ltd. +

Semiconductors & Semiconductor Equipment

5,075

9,920,671

16,913,423

SPAIN (1.8%)

Banco Bilbao Vizcaya Argentaria, S.A.+

Banks

1,020,000

8,160,462

SWEDEN (4.6%)

Hennes & Mauritz AB +

Retailing

177,000

4,381,459

Hexagon AB +

Technology Hardware & Equipment

122,100

5,316,786

Nordea Bank AB +

Banks

532,600

6,549,568

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			15


Thomas White International Fund

Country

Issue

Industry

Shares

Value (US$)

SWEDEN (CONT.)

SKF AB +

Capital Goods

233,900

$5,137,654

21,385,467

SWITZERLAND (2.2%)

Roche Holding AG +

Pharmaceuticals, Biotechnology & Life Sciences

20,100

5,257,159

The Swatch Group AG +

Consumer Durables & Apparel

12,300

4,922,404

10,179,563

TAIWAN (2.6%)

Pegatron Corporation +

Technology Hardware & Equipment

1,929,000

5,677,188

Taiwan Semiconductor Manufacturing Company Ltd. ADR

Semiconductors & Semiconductor Equipment

185,500

6,134,485

11,811,673

THAILAND (0.8%)

Airports of Thailand Public Company Ltd. +

Transportation

3,324,700

3,864,500

TURKEY (0.7%)

Tofas Turk Otomobil Fabrikasi A.S. +

Automobiles & Components

413,700

3,444,902

UNITED KINGDOM (10.4%)

BP p.l.c. +

Energy

1,126,900

6,447,842

British American Tobacco p.l.c. +

Food, Beverage & Tobacco

79,800

5,399,843

Experian PLC +

Commercial & Professional Services

273,800

5,879,082

Provident Financial plc +

Diversified Financials

125,600

5,210,079

RELX NV +

Media

304,204

5,877,197

Shire +

Pharmaceuticals, Biotechnology & Life Sciences

53,500

3,152,324

Smith & Nephew PLC +

Health Care Equipment & Services

254,900

4,190,131

Taylor Wimpey plc +

Consumer Durables & Apparel

2,311,900

5,987,177

Unilever NV +

Household & Personal Products

117,900

6,182,983

48,326,658

Total Common Stocks

(Cost $388,458,282)

447,154,124

The accompanying notes are an integral part of these financial statements


16		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

Country

Issue

Industry

Shares

Value (US$)

PREFERRED STOCKS (2.5%)

BRAZIL (1.4%)

Itau Unibanco Holding S.A.

Banks

541,560

$6,695,173

GERMANY (1.1%)

Henkel AG & Co. KGaA+

Household & Personal Products

36,000

4,905,800

Total Preferred Stocks

(Cost $8,073,752)

11,600,973

HELD AS COLLATERAL
FOR SECURITIES LENDING (3.6%)

Principal
Amount

U.S. GOVERNMENT OBLIGATIONS (3.1%)

U.S. Treasury Notes:

0.875% due 05/31/2018

$850,848

0.625% due 06/30/2018

164,660

0.750% due 07/31/2018

929

0.750% due 09/30/2018

112,452

1.250% due 11/30/2018

17,775

1.250% due 12/31/2018

23,424

1.500% due 01/31/2019

33,519

0.875% due 05/15/2019

911,017

1.625% due 06/30/2019

3,187

0.750% due 07/15/2019

117,505

3.625% due 08/15/2019

32,037

1.000% due 08/31/2019

5,063

1.625% due 08/31/2019

72,103

1.000% due 10/15/2019

4,625

1.500% due 10/31/2019

4,779

1.500% due 11/30/2019

21,400

1.625% due 12/31/2019

69,123

1.375% due 01/31/2020

153,443

1.375% due 04/30/2020

698

3.500% due 05/15/2020

45,749

1.500% due 05/31/2020

820,815

1.875% due 06/30/2020

27,699

1.375% due 09/30/2020

610,682

1.625% due 11/30/2020

4,830

1.125% due 02/28/2021

2,638

1.250% due 03/31/2021

9,188

2.250% due 03/31/2021

168,321

1.375% due 04/30/2021

23,039

1.125% due 06/30/2021

101,289

2.250% due 07/31/2021

58,350

2.125% due 08/15/2021

464,370

2.000% due 08/31/2021

4,701

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			17


Thomas White International Fund

Country

Issue

Industry

Principal
Amount

Value (US$)

U.S. GOVERNMENT OBLIGATIONS (CONT.)

2.125% due 09/30/2021

$92,174

2.125% due 12/31/2021

953

2.000% due 02/15/2022

47,290

2.125% due 06/30/2022

22,605

2.000% due 07/31/2022

35,844

1.875% due 08/31/2022

1.750% due 09/30/2022

2,687

2.000% due 11/30/2022

10,162

1.750% due 01/31/2023

184,053

2.000% due 02/15/2023

23,466

1.500% due 02/28/2023

11,115

1.750% due 05/15/2023

6,609

1.625% due 05/31/2023

70,838

2.250% due 12/31/2023

19,005

2.250% due 01/31/2024

474

2.750% due 02/15/2024

167,978

2.500% due 05/15/2024

633,669

2.375% due 08/15/2024

169,426

2.000% due 08/15/2025

134,109

2.250% due 11/15/2025

136,140

1.625% due 05/15/2026

28,901

6,737,850

U.S. TIPS:

2.411% due 01/15/2019

2,780

0.130% due 04/15/2019

42,347

2.139% due 07/15/2019

1,581

0.130% due 04/15/2020

226

1.253% due 01/15/2021

952

0.128% due 04/15/2021

32,913

0.676% due 07/15/2021

314

0.132% due 07/15/2022

115,393

0.132% due 01/15/2023

12,334

0.653% due 01/15/2024

35,486

0.257% due 01/15/2025

282,170

0.385% due 07/15/2025

16,924

0.641% due 01/15/2026

19,991

2.455% due 01/15/2026

224,337

2.364% due 02/15/2041

545

0.809% due 02/15/2042

331,062

0.776% due 02/15/2045

23,694

1,143,049

U.S. Treasury Bonds:

8.125% due 08/15/2019

29,839

3.625% due 02/15/2020

95,620

3.125% due 05/15/2021

419

1.750% due 04/30/2022

1,022,399

1.625% due 11/15/2022

43,239

2.000% due 02/15/2025

376,409

2.125% due 05/15/2025

100,088

1.625% due 02/15/2026

2,068,611

1.500% due 08/15/2026

48,135

5.500% due 08/15/2028

46,235

The accompanying notes are an integral part of these financial statements


18		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

Country

Issue

Industry

Principal
Amount

Value (US$)

U.S. GOVERNMENT OBLIGATIONS (CONT.)

5.250% due 02/15/2029

$974

6.250% due 05/15/2030

1,905

4.375% due 02/15/2038

11,868

3.500% due 02/15/2039

18,324

4.375% due 05/15/2041

10,751

2.750% due 11/15/2042

8,313

3.125% due 02/15/2043

13,920

3.625% due 08/15/2043

42,547

3.750% due 11/15/2043

112,213

3.625% due 02/15/2044

102,405

2.500% due 02/15/2045

54,493

3.000% due 05/15/2045

1,092,774

2.875% due 08/15/2045

461

3.000% due 11/15/2045

791,820

2.500% due 02/15/2046

2,131

2.500% due 05/15/2046

343

2.250% due 08/15/2046

135,752

6,231,988

Total U.S. Government Obligations

(Cost $14,112,887)

14,112,887

SHORT TERM
INVESTMENTS (0.5%)

U.S. GOVERNMENT OBLIGATIONS (0.5%)

U.S. Treasury Bill:

0.000% due 07/13/2017

11,642

0.000% due 07/20/2017

5,447

0.000% due 09/21/2017

1,016,832

1,033,921

U.S. Treasury Notes:

0.625% due 08/31/2017

9,141

0.625% due 09/30/2017

94,347

1.000% due 12/31/2017

141,728

0.750% due 01/31/2018

23,306

0.750% due 02/28/2018

140,912

0.875% due 03/31/2018

30,269

2.625% due 04/30/2018

224,904

664,607

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			19


Thomas White International Fund

Country

Issue

Industry

Principal
Amount

Value (US$)

U.S. GOVERNMENT OBLIGATIONS (CONT.)

U.S. TIPS:

0.132% due 04/15/2018

$679,319

Total Short Term Investments

(Cost $2,377,847)

2,377,847

Total held as collateral for securities lending

(Cost $16,490,734)

$16,490,734

Total Investments

102.3%

(Cost $413,022,768)

$475,245,831

Other Assets, Less Liabilities

(2.3)%

(10,805,783

)

Total Net Assets:

100.0%

$464,440,048

*	Non-Income Producing Securities

#	All or a portion of securities on loan at April 30, 2017 - See Note 1(I) to Financial Statements

+	Fair Valued Security - See Note 1(A) to Financial Statements

ADR	- American Depositary Receipt

GDR	- Global Depositary Receipt

Industry classifications shown in the Investment Portfolio are based off of the Global Industry Classification Standard (GICS^®). GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements


20		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

The following table summarizes the inputs used, as of April 30, 2017, in valuating the Fund’s assets:

Level 1

Level 2

Level 3

Total

Common Stocks

Australia

$-------

$27,484,757

$-------

$27,484,757

Belgium

-------

5,948,365

-------

5,948,365

Canada

21,513,427

-------

21,513,427

China

16,111,541

14,405,531

-------

30,517,072

Denmark

-------

5,748,851

-------

5,748,851

Finland

-------

5,377,810

-------

5,377,810

France

-------

26,282,786

-------

26,282,786

Germany

12,248,557

7,262,570

-------

19,511,127

Hong Kong

-------

9,997,769

-------

9,997,769

India

7,479,472

9,530,350

-------

17,009,822

Indonesia

-------

9,791,599

-------

9,791,599

Ireland

-------

4,480,854

-------

4,480,854

Israel

-------

4,308,659

-------

4,308,659

Japan

-------

70,792,950

-------

70,792,950

Malaysia

-------

4,250,130

-------

4,250,130

Mexico

9,892,710

-------

9,892,710

Netherlands

-------

27,495,805

-------

27,495,805

Peru

2,642,952

-------

2,642,952

Republic of Korea

-------

3,235,447

-------

3,235,447

Russia

-------

9,650,024

-------

9,650,024

South Africa

-------

7,134,560

-------

7,134,560

South Korea

-------

16,913,423

-------

16,913,423

Spain

-------

8,160,462

-------

8,160,462

Sweden

-------

21,385,467

-------

21,385,467

Switzerland

-------

10,179,563

-------

10,179,563

Taiwan

6,134,485

5,677,188

-------

11,811,673

Thailand

-------

3,864,500

-------

3,864,500

Turkey

-------

3,444,902

-------

3,444,902

United Kingdom

-------

48,326,658

-------

48,326,658

Total Common Stocks

$76,023,144

$371,130,980

$-------

$447,154,124

Preferred Stocks

Brazil

$6,695,173

$-------

$6,695,173

Germany

-------

4,905,800

-------

4,905,800

Total Preferred Stocks

$6,695,173

$4,905,800

$-------–

$11,600,973

U.S Government Obligations

$-------

$14,112,887

$-------

$14,112,887

Short Term Investments

$-------

$2,377,847

$-------

$2,377,847

Total Investments

$82,718,317

$392,527,514

$-------

$475,245,831

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			21


Thomas White International Fund

For more information on valuation inputs, please refer to Note 1(A) of the accompanying Notes to Financial Statements.

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. In addition, no transfers in and/or out between Levels 1, 2 or 3 were observed during the reporting period, as compared to their classification from the prior annual report.

The accompanying notes are an integral part of these financial statements


22		www.thomaswhitefunds.com


THOMAS WHITE EMERGING MARKETS FUND

Unaudited

Sales
Charge

Deferred
Sales
Charge

Administrative
Services

Fee

12b-1 Fees

Operating
Expenses^1,3

Prospectus
Gross
Annual
Operating
Expense²

Prospectus
Net Annual
Operating
Expense^2,3

Investor Class

None

Up to 0.25%

None

1.32%

1.35%

Class I

None

1.09%

1.30%

1.10%

¹ In the absence of the fee deferral/expense reimbursement arrangement for the Emerging Markets Fund, the ratio of expenses to average net assets would have been 1.32% for Investor Class shares and 1.30% for Class I shares.

² Gross Annual Operating Expense and Net Annual Operating Expense are based on the most recent prospectus and may differ from other expense ratios appearing in this report.

³ Thomas White International, Ltd. (“Advisor”) has agreed to defer its fees and/or reimburse the Fund to the extent that the operating expenses for Investor Class and Class I shares exceed (as a percentage of average daily net assets) 1.34% and 1.09%, respectively. The fee deferral/expense reimbursement agreement expires February 28, 2018. The Fund has agreed to repay the Advisor for amounts deferred or reimbursed by the Advisor pursuant to the agreement provided that such repayment does not cause the Fund to exceed the above limits and the repayment is made within three years after the year in which the Advisor incurred the expense. The fee deferral/expense reimbursement agreement may only be amended or terminated by the Fund’s Board of Trustees.



	NAV	Net Assets	Redemption Fee	Portfolio Turnover
Investor Class	$10.28	$1.8 million	2.00% within 60 days	37%
Class I	$10.37	$70.1 million	2.00% within 60 days	37%


www.thomaswhitefunds.com			23

THOMAS WHITE EMERGING MARKETS FUND

Average Annual Returns as of April 30, 2017 (Unaudited)

Class

Sales Charge

6 month

Calendar
YTD

1 Yr

3 Yrs

5 Yrs

Since
Inception

(6/28/2010)*

Investor Class shares (TWEMX)

None

5.06%

11.19%

12.13%

-1.72%

-0.98%

1.48%

Class I shares¹ (TWIIX)

None

5.15%

11.11%

12.32%

-1.49%

-0.77%

1.64%

MSCI Emerging Markets Index²

N/A

8.88%

13.88%

19.13%

1.79%

1.49%

2.83%

* The inception date of the Investor Class shares.

¹ Performance figures for Class I shares, first offered on August 31, 2012, include the historical performance of Investor Class shares through August 30, 2012.

² The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

Returns of each share class reflect differences in sales charges and expenses applicable to each class which are primarily differences in distribution and service fees.


24		www.thomaswhitefunds.com

APRIL 30, 2017

GROWTH OF A $10,000 INVESTMENT WITH DIVIDENDS REINVESTED (Unaudited)

LOGO

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund’s Investor Class shares and its benchmark, the MSCI Emerging Markets Index, since inception on June 28, 2010 through April 30, 2017. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable redemption fees. This chart does not imply future performance. Past performance does not guarantee future results. The cumulative return since inception was +10.60% for the Fund’s Investor Class shares and +21.02% for the benchmark. The Fund’s Investor Class shares average annual total return since inception on June 28, 2010 was +1.48%. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index. During the periods shown, the Fund’s manager reimbursed certain Fund expenses. Absent this reimbursement, performance would have been lower. Performance will vary from class to class based on differences in class-specific expenses.


www.thomaswhitefunds.com			25


THOMAS WHITE EMERGING MARKETS FUND

The Thomas White Emerging Markets Fund invests primarily in securities of companies located in or whose businesses are closely associated with the world’s emerging markets countries.

Portfolio Managers

Thomas S. White, Jr.

Jinwen Zhang, Ph.D., CFA

Douglas M. Jackman, CFA

Wei Li, Ph.D., CFA

John Wu, Ph.D., CFA

Rex Mathew, CM

Ramkumar Venkatramani, CFA

Performance Review

During the six-month period ended April 30, 2017, the Thomas White Emerging Markets Fund Investor Class shares returned +5.06%, compared to +8.88% for its benchmark MSCI Emerging Markets Index. Since its inception on June 28, 2010, the Fund’s Investor Class shares have returned +1.48% annualized, against +2.83% for the benchmark index.

Oil and Commodity Price Swings Intensify Market Volatility

Emerging market equity prices recovered from a sharp decline during the first half of the review period, and ended with robust gains. Most emerging markets came under pressure following the unexpected U.S. presidential election result in November, and gave up part of the gains from the second and third quarters of 2016. Investors feared aggressive import controls by the new U.S. administration as well as the cancellation or renegotiation of existing trade agreements. The U.S. Dollar’s appreciation on the

expectation of domestic fiscal stimulus also reduced investor interest in emerging market assets.

However, emerging markets bounced back in recent months as economic growth in several of these countries exceeded expectations. Domestic demand remains healthy in large emerging countries such as China and India as the earlier interest rate cuts and modest fiscal stimulus measures continue to support consumer spending. Most indicators of industrial activity and external trade recovered during the first quarter of this year, especially for Asian economies. In addition, fears about restrictive U.S. trade policies have eased while the U.S. Dollar has softened against other currencies so far this year.

Though energy and commodity prices have moderated this year, they remain above the levels seen a year ago. Increased cash flows from resource exports continue to improve the current account balances of several countries, and their currencies have stabilized at higher levels compared to last year. The currency recovery has helped ease inflation in countries such as Brazil, allowing their central banks to lower interest rates to support demand. Investors have also become less fearful of political risks in emerging countries, allowing markets such as Russia and Turkey to recover in recent months.

Portfolio Review

The Fund’s returns relative to its benchmark were weaker due to negative stock selection in the technology, industrials, financials and consumer discretionary sectors. Lower allocation to the energy and materials sectors hurt the Fund during the first part of the


26		www.thomaswhitefunds.com

APRIL 30, 2017

review period, though the exposure to these sectors was increased subsequently. Overweight positions in the technology and healthcare sectors also detracted from the Fund’s relative returns during the period. Stock selection was also negative in most regions, except Europe.

Samsung Electronics was the biggest contributor to Fund returns during the review period as the company’s semiconductor manufacturing division continues to see strong demand. Chinese home equipment manufacturer Haier Electronics benefited from expectations of stronger revenue growth, after the company signed an agreement with ecommerce group Alibaba to provide distribution services. Thai energy producer PTT Exploration advanced after reporting improved earnings, helped by higher oil prices. Chinese ecommerce giant Alibaba Group gained after reporting better than expected revenue growth, especially in new business segments such as cloud services. Alibaba is now expanding in Asian countries outside China, which could help sustain revenue and earnings growth. Catcher Technology, a supplier of smartphone cases, outperformed on expectations of strong volume growth as Apple readies its new iPhone models.

Mexican micro lender Gentera S.A.B de C.V. detracted the most from returns during the review period and was sold on concerns about slower credit demand and higher loan loss risks. Hollysys Automation, a manufacturer of process automation equipment, declined on doubts about the scale of Chinese government spending on new infrastructure projects. South African cement producer PPC Ltd was negatively

affected by weaker than expected demand in the region as well as increased political risks that could restrict government spending. Automaker Tata Motors was hurt by weaker operating margins due to currency volatility as well as reduced demand in India following an unexpected currency exchange by the government. Indonesian department store operator Matahari underperformed as same store sales during the first quarter of this year were weaker than expected.

Emerging Markets Outlook Could Improve on Domestic Demand Growth

Barring another steep downturn in energy and commodity prices, the emerging economies are likely to see healthy growth this year as well as in 2018. The pace of growth during the first three months of the year was robust in most large emerging economies, including China, which expanded close to 7% annualized. The International Monetary Fund (IMF) now expects the emerging and developing economies to grow 4.5% this year and close to 5% in 2018. Much of the growth is expected to come from Asia, while resource exporting countries such as Brazil and Russia in other regions recover from deep recessions.

Unlike the short-lived global recoveries in recent years, the developed economies are also seeing a modest recovery, which should boost exports from emerging countries further. Several Asian economies have already seen a sharp rebound in export volumes during the first quarter of this year. While the pace is likely to moderate in the coming months, industrial sentiment surveys suggest export volume growth in the near term. Higher prices of energy and industrial


www.thomaswhitefunds.com			27

THOMAS WHITE EMERGING MARKETS FUND

commodities should help boost demand for new equipment as well as industrial products and services. Fiscal policies remain supportive of growth, especially in Asia, while most emerging market central banks are expected to hold their benchmark rates steady for the rest of this year.

Investor concerns about U.S. Dollar gains hurting emerging market equities have eased in recent months. Collectively, the major emerging market currencies have appreciated nearly 5% against the U.S. Dollar since the beginning of the year. These currencies have

also become less volatile as global geopolitical risks have come down from last year’s elevated levels. Faster economic growth and reduced political risks in emerging countries should continue to attract capital inflows and support these currencies. Fears about restrictive U.S. trade policies have also declined, as the U.S. government appears to have turned less confrontational than feared.

We thank you for confidence in the Thomas White Emerging Markets Fund.


28		www.thomaswhitefunds.com

APRIL 30, 2017

Portfolio Country and Industry Allocation as of April 30, 2017 (Unaudited)



Country Allocation	% of TNA
Brazil		4.7%
Canada		1.0%
Chile		1.8%
China		28.5%
Colombia		1.0%
Hong Kong		1.6%
India		7.9%
Indonesia		7.0%
Malaysia		1.9%
Mexico		7.2%
Philippines		2.3%
Qatar		1.0%
Republic of Korea		6.4%
Russia		4.0%
South Africa		4.5%
South Korea		6.0%
Taiwan		6.2%
Thailand		1.4%
Turkey		3.3%
United Arab Emirates		1.0%
Cash & Other		1.3%



Industry Allocation	% of TNA
Automobiles & Components		3.6%
Banks		19.9%
Capital Goods		6.5%
Consumer Durables & Apparel		3.9%
Energy		7.3%
Food & Staples Retailing		1.0%
Food, Beverage & Tobacco		2.4%
Health Care Equipment & Services		1.1%
Household & Personal Products		2.6%
Insurance		2.7%
Materials		12.0%
Media		0.8%
Pharmaceuticals, Biotechnology & Life Sciences		1.7%
Real Estate		2.0%
Retailing		2.0%
Semiconductors & Semiconductor Equipment		6.5%
Software & Services		10.3%
Technology Hardware & Equipment		6.0%
Telecommunication Services		1.6%
Transportation		1.9%
Utilities		2.9%
Cash & Other		1.3%

TNA - Total Net Assets


www.thomaswhitefunds.com			29


Thomas White Emerging Markets Fund

Country

Issue

Industry

Shares

Value (US$)

COMMON
STOCKS (97.6%)

BRAZIL (3.6%)

BB Seguridade Participacoes S.A.

Insurance

70,200

$659,082

Hypermarcas S.A.

Household & Personal Products

124,300

1,175,231

JBS SA

Food, Beverage & Tobacco

226,500

731,440

2,565,753

CANADA (1.0%)

Gran Tierra Energy, Inc. * #

Energy

290,000

730,800

CHILE (1.8%)

Itau CorpBanca

Banks

139,109,050

1,268,105

CHINA (28.5%)

Alibaba Group Holding Ltd. * #

Software & Services

22,100

2,552,550

Anhui Conch Cement Company Limited - H Shares +

Materials

310,000

1,087,318

Beijing Enterprises Holdings Limited +

Capital Goods

217,400

1,060,850

China Biologic Products Inc. *

Pharmaceuticals, Biotechnology & Life Sciences

10,750

1,268,500

China Everbright Bank Co Ltd +

Banks

2,187,000

1,025,197

China Overseas Land & Investment Limited +

Real Estate

254,000

736,720

China Petroleum and Chemical Corporation (Sinopec) - H Shares +

Energy

948,000

770,560

China State Construction International Holdings Limited +

Capital Goods

553,600

1,003,637

Chongqing Rural Commercial Bank Co., Ltd. +

Banks

2,494,100

1,713,590

Guangdong Investment Limited +

Utilities

870,500

1,347,151

Haier Electronics Group Co., Ltd. +

Consumer Durables & Apparel

191,000

442,505

Hollysys Automation Technologies Ltd.

Technology Hardware & Equipment

50,800

814,832

NetEase, Inc. ADR

Software & Services

6,000

1,592,340

Ping An Insurance (Group) Company of China Limited - H Shares +

Insurance

224,700

1,262,772

Sinopharm Group Co. Ltd. - H Shares +

Health Care Equipment & Services

185,600

830,829

Tencent Holdings Limited +

Software & Services

70,500

2,205,187

ZTO Express Cayman, Inc-ADR * #

Transportation

57,000

794,010

20,508,548

COLOMBIA (1.0%)

Almacenes Exito SA

Food & Staples Retailing

136,050

704,759

HONG KONG (1.6%)

Techtronic Industries Company Limited +

Consumer Durables & Apparel

274,400

1,179,267

The accompanying notes are an integral part of these financial statements


30		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

Country

Issue

Industry

Shares

Value (US$)

INDIA (7.9%)

Axis Bank Limited +

Banks

71,500

$565,082

Hero MotoCorp Ltd. +

Automobiles & Components

16,600

855,308

Infosys Limited +

Software & Services

75,600

1,081,487

Mahindra & Mahindra Ltd. GDR +

Automobiles & Components

41,249

864,090

NTPC Limited +

Utilities

291,800

747,088

Reliance Industries Ltd. * +

Energy

32,000

695,285

Tata Motors Limited +

Automobiles & Components

123,868

885,413

5,693,753

INDONESIA (7.0%)

PT Gudang Garam Tbk +

Food, Beverage & Tobacco

199,200

991,727

PT Matahari Department Store Tbk +

Retailing

841,600

922,600

Pembangunan Perumahan Persero +

Capital Goods

2,268,500

540,833

PT Bank Negara Indonesia (Persero) Tbk +

Banks

1,811,100

865,658

PT Telekomunikasi Indonesia Persero Tbk +

Telecommunication Services

3,486,200

1,141,697

Wijaya Karya Persero Tbk PT +

Capital Goods

3,194,100

567,285

5,029,800

MALAYSIA (1.9%)

Astro Malaysia Holdings Bhd +

Media

910,000

565,987

CIMB Group Holdings Berhad +

Banks

585,100

773,966

1,339,953

MEXICO (7.2%)

Cemex SAB de CV *

Materials

1,791,750

1,649,435

Grupo Financiero Banorte, S.A.B. de C.V.

Banks

266,100

1,535,656

Grupo Sanborns S.A.B. de C.V.

Retailing

442,100

506,794

Mexichem, S.A.B. de C.V.

Materials

551,050

1,513,647

5,205,532

PHILIPPINES (2.3%)

Metropolitan Bank & Trust Company +

Banks

978,450

1,651,947

QATAR (1.0%)

Gulf International Services +

Energy

97,300

685,022

REPUBLIC OF KOREA (6.4%)

BNK Financial Group, Inc. +

Banks

97,150

815,490

KCC Corporation +

Capital Goods

5,050

1,509,782

Korea Zinc Co Ltd +

Materials

4,200

1,567,987

POSCO +

Materials

3,100

732,108

4,625,367

RUSSIA (4.0%)

LUKOIL PJSC GDR +

Energy

27,400

1,360,406

Sberbank of Russia GDR +

Banks

129,450

1,538,554

2,898,960

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			31


Thomas White Emerging Markets Fund

Country

Issue

Industry

Shares

Value (US$)

SOUTH AFRICA (4.5%)

PPC Ltd * +

Materials

2,518,100

$1,180,377

Sibanye Gold Limited +

Materials

456,500

914,405

Steinhoff International Holdings N.V. +

Consumer Durables & Apparel

226,877

1,155,786

3,250,568

SOUTH KOREA (6.0%)

LG Display Co., Ltd. +

Technology Hardware & Equipment

47,300

1,222,169

LG Household & Health Care Ltd. +

Household & Personal Products

900

685,052

Samsung Electronics Co., Ltd. +

Semiconductors & Semiconductor Equipment

1,245

2,433,741

4,340,962

TAIWAN (6.2%)

Catcher Technology Co., Ltd +

Technology Hardware & Equipment

114,000

1,171,624

Pegatron Corporation +

Technology Hardware & Equipment

369,200

1,086,583

Taiwan Semiconductor Manufacturing Company Ltd. +

Semiconductors & Semiconductor Equipment

345,400

2,217,311

4,475,518

THAILAND (1.4%)

PTT Exploration and Production Public Company Limited +

Energy

351,600

986,723

TURKEY (3.3%)

Akbank TAS +

Banks

307,900

823,890

TAV Havalimanlari Holding AS +

Transportation

139,500

581,022

Turkiye Garanti Bankasi A.S. +

Banks

351,100

947,657

2,352,569

UNITED ARAB EMIRATES (1.0%)

Emaar Properties PJSC +

Real Estate

362,200

707,262

Total Common
Stocks

(Cost $62,888,888)

70,201,168

PREFERRED
STOCK (1.1%)

BRAZIL (1.1%)

Itau Unibanco Holding S.A.

Banks

64,149

793,058

Total Preferred Stock

(Cost $711,553)

793,058

The accompanying notes are an integral part of these financial statements


32		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

Country

Issue

Industry

Shares

Value (US$)

SHORT TERM
INVESTMENTS (1.0%)

MONEY MARKET FUND (1.0%)

Northern Institutional Treasury Portfolio, 0.41%

759,446

$759,446

Total Short Term
Investments

(Cost $759,446)

759,446

HELD AS COLLATERAL FOR SECURITIES LENDING (6.8%)

Principal
Amount

U.S. GOVERNMENT OBLIGATIONS (4.3%)

U.S. Treasury Notes:

0.875% due 05/31/2018

$223,835

0.625% due 06/30/2018

24,505

0.750% due 07/31/2018

14,760

0.875% due 05/15/2019

239,664

0.750% due 07/15/2019

30,913

1.000% due 08/31/2019

1,332

1.625% due 08/31/2019

18,968

1.500% due 10/31/2019

1,257

1.375% due 01/31/2020

40,367

3.500% due 05/15/2020

12,035

1.875% due 06/30/2020

7,287

1.375% due 09/30/2020

160,654

1.625% due 11/30/2020

2,089

1.125% due 02/28/2021

41,899

1.125% due 06/30/2021

198,115

2.000% due 08/31/2021

4,634

2.125% due 09/30/2021

26,471

2.125% due 12/31/2021

15,136

1.875% due 08/31/2022

1,485

1.750% due 09/30/2022

42,679

1.750% due 01/31/2023

48,419

1.500% due 02/28/2023

13,744

1.750% due 05/15/2023

25,768

2.250% due 01/31/2024

7,529

2.500% due 05/15/2024

29,710

2.250% due 11/15/2025

30,387

1.625% due 05/15/2026

18,388

1,282,030

U.S. TIPS:

2.411% due 01/15/2019

44,147

0.130% due 04/15/2019

144,188

2.139% due 07/15/2019

25,104

0.130% due 04/15/2020

3,585

1.253% due 01/15/2021

15,123

0.128% due 04/15/2021

5,476

0.676% due 07/15/2021

4,987

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			33


Thomas White Emerging Markets Fund

Country

Issue

Industry

Shares/
Principal
Amount

Value (US$)

U.S. GOVERNMENT OBLIGATIONS (CONT.)

0.132% due 07/15/2022

$11,004

0.653% due 01/15/2024

6,367

0.257% due 01/15/2025

74,231

2.455% due 01/15/2026

49,555

2.364% due 02/15/2041

8,655

0.776% due 02/15/2045

6,233

398,655

U.S. Treasury Bonds:

8.125% due 08/15/2019

7,850

3.625% due 02/15/2020

6,402

3.125% due 05/15/2021

6,656

1.750% due 04/30/2022

178,222

2.000% due 02/15/2025

97,831

1.625% due 02/15/2026

358,504

5.250% due 02/15/2029

15,466

6.250% due 05/15/2030

30,257

2.750% due 11/15/2042

2,187

3.125% due 02/15/2043

61,615

3.625% due 08/15/2043

5,715

3.750% due 11/15/2043

56,288

3.625% due 02/15/2044

26,940

3.000% due 05/15/2045

266,597

2.875% due 08/15/2045

7,324

3.000% due 11/15/2045

208,307

2.500% due 02/15/2046

33,846

2.500% due 05/15/2046

5,449

1,375,456

Total U.S.
Government
Obligations

(Cost $3,056,141)

3,056,141

SHORT TERM
INVESTMENTS (2.5%)

MONEY MARKET FUND (1.9%)

Northern Institutional Liquid Assets Portfolio, 0.80% (a)

1,361,750

UNITED STATES TREASURIES (0.6%)

U.S. Treasury Bills:

0.000% due 07/20/2017

$1,479

0.000% due 09/21/2017

267,501

268,980

U.S. Treasury Note:

0.750% due 02/28/2018

37,070

U.S. TIPS:

0.132% due 04/15/2018

138,317

The accompanying notes are an integral part of these financial statements


34		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

Country

Issue

Industry

Principal
Amount

Value (US$)

Total Short Term
Investments

(Cost $1,806,117)

$1,806,117

Total held as
collateral for
securities lending

(Cost $4,862,258)

$4,862,258

Total Investments

106.5%

(Cost $69,222,145)

$76,615,930

Other Assets, Less Liabilities

(6.5)%

(4,685,767

)

Total Net Assets:

100.0%

$71,930,163

*	Non-Income Producing Securities

#	All or a portion of securities on loan at April 30, 2017 - See Note 1(I) to Financial Statements

+	Fair Valued Security - See Note 1(A) to Financial Statements

(a)	7-day yield

ADR	- American Depositary Receipt

GDR	- Global Depositary Receipt

Industry classifications shown in the Investment Portfolio are based off of the Global Industry Classification Standard (GICS^®). GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			35


Thomas White Emerging Markets Fund

The following table summarizes the inputs used, as of April 30, 2017, in valuating the Fund’s assets:

Level 1

Level 2

Level 3

Total

Common Stocks

Brazil

$2,565,753

$-------

$2,565,753

Canada

730,800

-------

730,800

Chile

1,268,105

-------

1,268,105

China

7,022,232

13,486,316

-------

20,508,548

Colombia

704,759

-------

704,759

Hong Kong

-------

1,179,267

-------

1,179,267

India

-------

5,693,753

-------

5,693,753

Indonesia

-------

5,029,800

-------

5,029,800

Malaysia

-------

1,339,953

-------

1,339,953

Mexico

5,205,532

-------

5,205,532

Philippines

-------

1,651,947

-------

1,651,947

Qatar

-------

685,022

-------

685,022

Republic of Korea

-------

4,625,367

-------

4,625,367

Russia

-------

2,898,960

-------

2,898,960

South Africa

-------

3,250,568

-------

3,250,568

South Korea

-------

4,340,962

-------

4,340,962

Taiwan

-------

4,475,518

-------

4,475,518

Thailand

-------

986,723

-------

986,723

Turkey

-------

2,352,569

-------

2,352,569

United Arab Emirates

-------

707,262

-------

707,262

Total Common Stocks

$17,497,181

$52,703,987

$-------

$70,201,168

Preferred Stock

Brazil

$793,058

$-------

$793,058

Total Preferred Stock

$793,058

$-------

$793,058

U.S. Government Obligations

$-------

$3,056,141

$-------

$3,056,141

Short Term Investments

$2,121,196

$444,367

$-------

$2,565,563

Total Investments

$20,411,435

$56,204,495

$-------

$76,615,930

For more information on valuation inputs, please refer to Note 1(A) of the accompanying Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements


36		www.thomaswhitefunds.com

THOMAS WHITE AMERICAN OPPORTUNITIES FUND

Unaudited

Sales
Charge

Deferred
Sales
Charge

Administrative
Services

Fee

12b-1 Fees

Operating
Expenses^1,3

Prospectus
Gross
Annual
Operating
Expense²

Prospectus
Net Annual
Operating
Expense^2,3

Investor Class

None

Up to 0.25%

None

1.18%

1.20%

¹ In the absence of the fee deferral/expense reimbursement arrangement for the American Opportunities Fund, the ratio of expenses to average net assets would have been 1.18% for Investor Class shares.

² Gross Annual Operating Expense and Net Annual Operating Expense are based on the most recent prospectus and may differ from other expense ratios appearing in this report.

³ Thomas White International, Ltd. (“Advisor”) has agreed to defer its fees and/or reimburse the Fund to the extent that the operating expenses for Investor Class shares exceed 1.34% of its average daily net assets. The fee deferral/expense reimbursement agreement expires February 28, 2018. The Fund has agreed to repay the Advisor for amounts deferred or reimbursed by the Advisor pursuant to the agreement provided that such repayment does not cause the Fund to exceed the above limits and the repayment is made within three years after the year in which the Advisor incurred the expense. The fee deferral/expense reimbursement agreement may only be amended or terminated by the Fund’s Board of Trustees.



	NAV	Net Assets	Redemption Fee	Portfolio Turnover
Investor Class	$16.76	$40.9 million	2.00% within 60 days	18%


www.thomaswhitefunds.com			37

THOMAS WHITE AMERICAN OPPORTUNITIES FUND

Average Annual Returns as of April 30, 2017 (Unaudited)

Class

6 month

Calendar
YTD

1 Yr

3 Yrs

5 Yrs

10 Yrs

Since Inception
(3/4/1999)

Investor Class shares (TWAOX)

13.09%

5.25%

13.97%

7.48%

11.22%

5.74%

8.01%

Russell Midcap Index¹

12.94%

5.96%

16.70%

8.97%

13.34%

7.62%

9.43%

S&P 500 Index¹

13.32%

7.16%

17.92%

10.47%

13.68%

7.15%

5.62%

¹ The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index. These represent approximately 31% of the total market capitalization of the Russell 1000 Index. The S&P 500 Index measures the performance of 500 leading companies in leading industries of the U.S. economy, capturing 80% coverage of U.S. equities. Both indices are unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

Performance data is based upon past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Please call 1-800-811-0535 to obtain performance data as of the most recent month-end. The Fund imposes a 2% redemption fee on shares held less than 60 days. Performance data does not reflect the redemption fee. If reflected, total returns would be lower. Investment performance reflects any fee waivers that were in effect. In the absence of such waivers, total return would have been reduced. The Investor Class Gross Expense Ratio, based on the most recent prospectus, is 1.20%.


38		www.thomaswhitefunds.com

APRIL 30, 2017

GROWTH OF A $10,000 INVESTMENT WITH DIVIDENDS REINVESTED (Unaudited)

LOGO

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund’s Investor Class shares, its primary benchmark, the Russell Midcap Index, and its secondary benchmark, the S&P 500 Index, for the past 10 years through April 30, 2017. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable redemption fees. This chart does not imply future performance. Past performance does not guarantee future results. The cumulative ten year return was +74.78% for the Fund’s Investor Class shares, +108.41% for the primary benchmark, and +99.55% for the secondary benchmark. The Fund’s Investor Class shares average annual total return since inception on March 4, 1999 was +8.01%. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index. These represent approximately 31% of the total market capitalization of the Russell 1000 Index. The S&P 500 Index measures the performance of 500 leading companies in leading industries of the U.S. economy, capturing 80% coverage of U.S. equities. Both indices are unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index. During the periods shown, the Fund’s manager reimbursed certain Fund expenses. Absent this reimbursement, performance would have been lower.


www.thomaswhitefunds.com			39


THOMAS WHITE AMERICAN OPPORTUNITIES FUND

The Thomas White American Opportunities Fund primarily invests in equity securities of mid-size U.S. companies. The Fund may also invest in equity securities of smaller and larger size U.S. companies.

Portfolio Managers

Thomas S. White, Jr.

Jinwen Zhang, Ph.D., CFA

Douglas M. Jackman, CFA

Wei Li, Ph.D., CFA

John Wu, Ph.D., CFA

Rex Mathew, CM

Ramkumar Venkatramani, CFA

Performance Review

The Thomas White American Opportunities Fund Investor Class shares returned +13.09% during the six-month period ended April 30, 2017 while the Fund’s primary benchmark, the Russell Midcap Index, returned +12.94% and the secondary benchmark S&P 500 Index returned +13.32% during the same period. Since its inception in 1999, the Fund’s Investor Class shares annualized returns are +8.01%, compared to +9.43% for the Russell Midcap Index and +5.62% for the S&P 500 Index.

Fiscal Stimulus Hopes and Improved Earnings Make Investors More Optimistic

U.S. domestic equity prices advanced during the six month review period as there is growing confidence that the ongoing global expansion is more durable than the recent short-lived episodes. Though the pace of expansion during the first three months of this year fell short of expectations, the economy is projected to gather pace in the

coming months. Consumer sentiment remains robust while businesses appear more optimistic about demand trends going forward. Retail fuel prices remain affordable, benefiting household budgets, while the labor market continues to be healthy. Corporate earnings during the first quarter of this year were above forecasts, and boosted equity prices further.

While the markets saw a negative shock immediately after the unexpected presidential election result in November, the pessimism soon gave way to hopes of favorable fiscal policies from the new administration. Expectations include easier regulations for important industries such as banking and healthcare, lower taxes for businesses and individuals, as well as a large infrastructure spending program. If implemented effectively, these measures have the potential to boost domestic economic growth in the short to medium term.

In response to the healthier economic trends and tightening labor market, the U.S. Federal Reserve raised its benchmark rate in December of 2016 and followed up with another hike in March. The U.S. Dollar strengthened against other currencies during the first half of the review period on expectations of stronger growth and more Fed rate hikes, before softening in the latter half.

Portfolio Review

During the six-month review period ended April 30, 2017, the Fund’s relative performance against its primary benchmark was helped by positive stock selection in the consumer discretionary, industrials,


40		www.thomaswhitefunds.com

APRIL 30, 2017

healthcare and consumer staples sectors. The Fund also benefited from lower exposure to the real estate sector and higher exposure to the materials and healthcare sectors. On the negative side, stock selection detracted from returns in the energy, technology and real estate sectors. Underexposure to the energy and financials sectors also hurt the Fund’s relative performance.

Fund holdings that are benefiting from the sustained gains in consumer spending, as well as the housing market uptrend, contributed the most to Fund returns for the six month review period. They included paint manufacturer Sherwin-Williams Company as well as homebuilder NVR, Inc. Cruise line operator Royal Caribbean gained on healthy demand growth, especially in new Asian markets led by China. Southwest Airlines advanced after reporting robust earnings, and also on the prospect of growing market share as the low cost carrier expands its international network in the Americas. Drug manufacturer Jazz Pharmaceuticals outperformed on expectations of robust revenue growth as its pipeline of drugs under clinical trials move closer to FDA approval.

The moderation in crude oil prices during the second half of the review period hurt the Fund’s energy holdings. They included oil and gas producers EQT Corp. and Range Resources, as well as coal and natural gas producer Consol Energy. Despite the recent decline, we remain confident that the downside risks for crude oil prices are limited as healthier growth around the world and production cuts by some of the leading exporters could tighten the market in the coming months. Commercial property REIT

Brixmor Property Group was hurt by concerns that most grocery chains, department stores and other retailers are struggling to prevent revenue declines. Jewelry retailer Pandora A/S also underperformed on doubts about the sustainability of revenue growth, though the company is expanding into new markets in Asia.

U.S. Economy Could Remain Healthy in the Medium Term

Cheerful consumer sentiment that has helped the U.S. economy expand at a modest pace in recent years should continue to support growth in the short to medium term as well. Two of the most widely followed consumer sentiment surveys indicate that consumers are more optimistic this year, when compared to last year. Sustained job gains at a robust monthly pace has been one of the major drivers of consumer confidence, and the unemployment rate remains below 5%. Wage growth has fallen short of expectations so far during this recovery, but more recent data suggest modest gains that could rise further as the labor market tightens. While fuel costs are higher than last year, the increase so far is not large enough to detract from other household consumption. At the same time, higher oil prices have encouraged new investments in production and have led to increased hiring. While automobile sales have stagnated recently, the slowdown has happened after several years of sustained gains.

The housing market also remains healthy as the slow growth in new inventory has helped sustain gains in average home prices in most major cities. Though mortgage rates have


www.thomaswhitefunds.com			41

THOMAS WHITE AMERICAN OPPORTUNITIES FUND

hardened compared to last year, they are still very affordable by historical standards. Bank lending standards have not tightened, though better credit risk control measures introduced after the last downturn have reduced aggressive lending practices. Nevertheless, homes are becoming increasingly unaffordable for first time buyers, especially in fast growing cities.

While investors remain hopeful of meaningful tax cuts and lighter regulations, the difficulties in building political consensus could delay their implementation. The administration’s efforts to overhaul current

healthcare regulations have failed so far, while its budget proposals do not appear to have the necessary political support in Congress. The tax reform proposals remain vague, without much detail, and there appears to be division within the administration about reshaping the regulatory landscape for the banking industry. It could take longer than currently expected to resolve these differences, but such delays are unlikely to weaken the current growth pace of the economy.

We thank you for investing in the Thomas White American Opportunities Fund.


42		www.thomaswhitefunds.com

APRIL 30, 2017

Portfolio Industry Allocation and Market Capitalization as of April 30, 2017 (Unaudited)



Industry Allocation	% of TNA
Automobiles & Components		1.7%
Banks		3.8%
Capital Goods		8.6%
Commercial & Professional Services		1.1%
Consumer Durables & Apparel		5.3%
Consumer Services		5.3%
Diversified Financials		2.0%
Energy		5.6%
Food, Beverage & Tobacco		3.1%
Health Care Equipment & Services		8.6%
Insurance		3.2%
Materials		9.9%
Media		1.2%
Pharmaceuticals, Biotechnology & Life Sciences		1.7%
REITS		6.0%
Retailing		5.5%
Software & Services		12.8%
Technology Hardware & Equipment		2.2%
Telecommunication Services		1.1%
Transportation		3.5%
Utilities		7.2%
Cash & Other		0.6%



Portfolio Market Cap Mix	% of TNA
Large Cap (over $15.2 billion)		33.3%
Mid Cap ($2.3-$15.2 billion)		66.1%
Cash & Other		0.6%

TNA - Total Net Assets


www.thomaswhitefunds.com			43


Thomas White American Opportunities Fund


Industry	Issue	Shares		Value

COMMON STOCKS (93.4%)


AUTOMOBILES & COMPONENTS (1.7%)
	BorgWarner, Inc.		12,000		$507,360
	Thor Industries, Inc.		1,800		173,124

					680,484


BANKS (3.8%)
	Associated Banc-Corp		20,400		507,960
	Citizens Financial Group, Inc.		15,100		554,321
	Regions Financial Corporation		37,100		510,125

					1,572,406


CAPITAL GOODS (8.6%)
	Carlisle Companies Incorporated		3,530		357,907
	Chicago Bridge & Iron Company N.V.		9,855		296,438
	Huntington Ingalls Industries, Inc.		4,140		831,684
	Orbital ATK, Inc.		6,600		653,400
	Sensata Technologies Holding N.V. *		15,704		646,691
	Spirit AeroSystems Holdings, Inc. - Class A		12,600		720,216

					3,506,336


COMMERCIAL & PROFESSIONAL SERVICES (1.1%)
	Stericycle, Inc. *		5,061		431,906


CONSUMER DURABLES & APPAREL (5.3%)
	Lennar Corporation - Class A		11,650		588,325
	NVR, Inc. *		325		686,156
	Pandora A/S ADR		17,800		481,134
	Polaris Industries Inc.		4,900		417,774

					2,173,389


CONSUMER SERVICES (5.3%)
	Aramark		11,987		437,765
	The Cheesecake Factory Incorporated		7,400		474,784
	Royal Caribbean Cruises Ltd.		7,400		788,840
	Wyndham Worldwide Corporation		5,000		476,550

					2,177,939


DIVERSIFIED FINANCIALS (2.0%)
	Intercontinental Exchange, Inc.		6,500		391,300
	Voya Financial, Inc.		11,300		422,394

					813,694


ENERGY (5.6%)
	CONSOL Energy Inc. *		21,600		327,888
	EQT Corporation		9,400		546,516
	Noble Energy, Inc.		15,800		510,814
	Range Resources Corporation		20,986		555,919
	TechnipFMC plc *		11,247		338,872

					2,280,009

The accompanying notes are an integral part of these financial statements


44		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017


Industry	Issue	Shares		Value

FOOD, BEVERAGE & TOBACCO (3.1%)
	Dr Pepper Snapple Group, Inc.		4,900		$ 449,085
	The JM Smucker Company		3,036		384,722
	Molson Coors Brewing Company - Class B		4,450		426,710

					1,260,517


HEALTH CARE EQUIPMENT & SERVICES (8.6%)
	AmerisourceBergen Corporation		5,600		459,480
	Centene Corporation *		6,900		513,360
	Cigna Corporation		2,600		406,562
	Humana, Inc.		1,725		382,915
	Laboratory Corporation of America Holdings *		5,120		717,568
	Zimmer Biomet Holdings, Inc.		8,750		1,046,938

					3,526,823


INSURANCE (3.2%)
	Assurant, Inc.		4,600		442,704
	Everest Re Group, Ltd.		1,700		427,907
	The Hartford Financial Services Group, Inc.		9,300		449,748

					1,320,359


MATERIALS (9.9%)
	AptarGroup, Inc.		4,400		353,320
	Ball Corporation		7,050		542,075
	Martin Marietta Materials, Inc.		2,900		638,551
	The Mosaic Company		11,300		304,309
	Owens-Illinois, Inc. *		20,948		457,085
	PPG Industries, Inc.		6,460		709,567
	The Scotts Miracle-Gro Company - Class A		4,585		442,911
	The Sherwin-Williams Company		1,840		615,811

					4,063,629


MEDIA (1.2%)
	CBS Corporation		7,100		472,576


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (1.7%)
	Jazz Pharmaceuticals Public Limited Company *		4,300		684,904


RETAILING (5.5%)
	AutoNation, Inc. *		10,050		422,100
	AutoZone, Inc. *		400		276,876
	Foot Locker, Inc.		8,600		665,124
	Ross Stores, Inc.		9,100		591,500
	Tractor Supply Company		5,000		309,550

					2,265,150


SOFTWARE & SERVICES (12.8%)
	Alliance Data Systems Corporation		3,500		873,705
	CA, Inc.		11,600		380,828
	Cadence Design Systems, Inc. *		17,900		583,003

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			45


Thomas White American Opportunities Fund


Industry	Issue	Shares			Value

SOFTWARE & SERVICES (CONT.)
	Check Point Software Technologies Ltd. *		5,050			$ 525,251
	DST Systems, Inc.		3,250			400,107
	Fidelity National Information Services, Inc.		7,800			656,682
	Intuit Inc.		5,100			638,571
	PayPal Holdings, Inc. *		13,700			653,764
	Sabre Corporation		21,500			503,315

						5,215,226


TECHNOLOGY HARDWARE & EQUIPMENT (2.2%)
	Arrow Electronics, Inc. *		6,500			458,250
	NetApp, Inc.		11,250			448,313

						906,563


TELECOMMUNICATION SERVICES (1.1%)
	Telephone and Data Systems, Inc.		16,800			461,328


TRANSPORTATION (3.5%)
	Old Dominion Freight Line, Inc.		8,300			734,716
	Southwest Airlines Co.		12,100			680,262

						1,414,978


UTILITIES (7.2%)
	Alliant Energy Corporation		14,000			550,480
	Ameren Corporation		11,300			617,997
	CMS Energy Corporation		13,050			592,470
	DTE Energy Company		5,200			543,868
	National Fuel Gas Company		11,900			659,022

						2,963,837


Total Common Stocks			(Cost $30,796,886	)		38,192,053



REAL ESTATE INVESTMENT TRUSTS (REITS) (6.0%)
REITS (6.0%)
	Brixmor Property Group, Inc.		24,400			481,900
	Crown Castle International Corp.		8,000			756,800
	Omega Healthcare Investors, Inc.		18,300			603,900
	Welltower Inc.		8,800			628,672

						2,471,272


Total REITS			(Cost $2,448,001	)		2,471,272



Total Investments	99.4%		(Cost $33,244,887	)		$40,663,325
Other Assets, Less Liabilities	0.6%					245,095
Total Net Assets:	100.0%					$40,908,420

The accompanying notes are an integral part of these financial statements


46		www.thomaswhitefunds.com


Investment Portfolio (Unaudited)		April 30, 2017

*	Non-Income Producing Securities

ADR	- American Depositary Receipt

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			47


Thomas White American Opportunities Fund

The following table summarizes the inputs used, as of April 30, 2017, in valuating the Fund’s assets:

Level 1

Level 2

Level 3

Total

Common Stocks

Automobiles & Components

$680,484

$-------

$680,484

Banks

1,572,406

-------

1,572,406

Capital Goods

3,506,336

-------

3,506,336

Commercial & Professional Services

431,906

-------

431,906

Consumer Durables & Apparel

2,173,389

-------

2,173,389

Consumer Services

2,177,939

-------

2,177,939

Diversified Financials

813,694

-------

813,694

Energy

2,280,009

-------

2,280,009

Food, Beverage & Tobacco

1,260,517

-------

1,260,517

Health Care Equipment & Services

3,526,823

-------

3,526,823

Insurance

1,320,359

-------

1,320,359

Materials

4,063,629

-------

4,063,629

Media

472,576

-------

472,576

Pharmaceuticals, Biotechnology & Life Sciences

684,904

-------

684,904

Retailing

2,265,150

-------

2,265,150

Software & Services

5,215,226

-------

5,215,226

Technology Hardware & Equipment

906,563

-------

906,563

Telecommunication Services

461,328

-------

461,328

Transportation

1,414,978

-------

1,414,978

Utilities

2,963,837

-------

2,963,837

Total Common Stocks

$38,192,053

$-------

$38,192,053

Real Estate Investment Trusts (REITS)

REITS

$2,471,272

$-------

$2,471,272

Total REITS

$2,471,272

$-------

$2,471,272

Total Investments

$40,663,325

$-------

$40,663,325

For more information on valuation inputs, please refer to Note 1(A) of the accompanying Notes to Financial Statements.

No transfers in and/or out between Levels 1, 2 or 3 were observed during the reporting period, as compared to their classification from the prior annual report.

The accompanying notes are an integral part of these financial statements


48		www.thomaswhitefunds.com

THOMAS WHITE FUNDS

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

International
Fund

Emerging
Markets
Fund

American
Opportunities
Fund

ASSETS:

Investments in securities at market value¹

475,245,831

76,615,930

40,663,325

Foreign currency²

109,527

163,378

-------

Cash

2,948,615

-------

260,773

Receivables:

Securities Lending

10,620

4,455

-------

Dividends and interest

1,747,565

24,540

16,405

Reclaims

1,879,653

16,620

1,741

Fund shares sold

44,680

9,855

-------

Prepaid expenses

87,409

46,769

17,469

Total assets

482,073,900

76,881,547

40,959,713

LIABILITIES:

Management and administrative fees payable

278,054

36,684

29,151

Business management fees payable

32,456

3,871

1,847

Accrued expenses

213,891

45,977

20,295

Payable for fund shares redeemed

413,895

-------

Distribution fees (See Note 5)

5,979

548

-------

Other liabilities

198,844

1,846

-------

Collateral on loaned securities (See Note 1)³

16,490,733

4,862,258

-------

Total liabilities

17,633,852

4,951,384

51,293

Net Assets

464,440,048

71,930,163

40,908,420

NET ASSETS

Source of Net Assets:

Net capital paid in on shares of beneficial interest

438,524,465

77,946,826

30,259,771

Accumulated net investment income

2,661,618

217,971

75,823

Accumulated net realized gain/(loss)

(38,820,047

)

(13,625,707

)

3,154,388

Net unrealized appreciation/depreciation on:

Investments and foreign currency translations

62,222,994

7,393,792

7,418,438

Other assets and liabilities denominated in foreign currency

(148,982

)

(2,719

)

-------

Net assets

464,440,048

71,930,163

40,908,420

The accompanying notes are an integral part of these financial statements.


www.thomaswhitefunds.com			49

THOMAS WHITE FUNDS

Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

International
Fund

Emerging
Markets
Fund

American
Opportunities
Fund

INVESTOR CLASS SHARES

Net assets

77,440,989

1,848,368

40,908,420

Shares outstanding⁴

4,719,284

179,819

2,440,433

Net asset value and offering price per share

16.41

10.28

16.76

CLASS I SHARES

Net assets

386,999,059

70,081,795

Shares outstanding⁴

23,631,847

6,755,123

Net asset value and offering price per share

16.38

10.37

1 Cost Basis of Investments:

International Fund: $413,022,768 including Security Lending collateral of $16,490,734 Emerging Markets Fund: $69,222,145 including Securities Lending collateral of $4,862,258 American Opportunities Fund: $33,244,887

2 Cost Basis of Cash denominated in foreign currencies:

International Fund: $109,596

Emerging Markets Fund: $163,371

3 Value of securities out on loan at 4/30/2017: International Fund: $15,946,489

Emerging Markets Fund: $4,730,460

4 There are an unlimited number of $.01 par value shares of beneficial interest authorized.

The accompanying notes are an integral part of these financial statements.


50		www.thomaswhitefunds.com

THOMAS WHITE FUNDS

Statements of Operations

Period Ended April 30, 2017 (Unaudited)

International
Fund

Emerging
Markets
Fund

American
Opportunities
Fund

INVESTMENT INCOME

Income:

Dividends¹

5,767,870

697,901

303,892

Interest

1,075

1,570

-------

Securities lending income (Note 1)

3,620

1,629

-------

Total investment income

5,772,565

701,100

303,892

Expenses:

Investment management fees (Note 4)

2,172,338

314,632

168,683

Business management fees (Note 4)

89,449

12,955

6,946

Accounting and administration fees

156,280

27,369

13,367

Custodian fees

74,600

24,811

4,457

Transfer agent fees

81,631

28,156

8,328

Trustees’ fees and expenses

53,200

7,364

3,690

Audit fees and expenses

12,122

10,568

7,534

Registration fees

29,918

27,693

7,898

Printing expenses

56,239

5,430

2,715

Legal fees and expenses

64,175

11,250

5,043

Distribution expense (Note 5)²

1,264

832

-------

Administrative Service Fee (Note 4):

Investor Class Shares

161,675

150

1,764

Other expenses

53,059

12,888

3,804

Total expenses

3,005,950

484,098

234,229

Reimbursement/Recoupment from Investment Manager (Note 4)

(289,353

)

(76,218

)

-------

Net expenses

2,716,597

407,880

234,229

Net investment income

3,055,968

293,220

69,663

REALIZED AND UNREALIZED GAIN ON INVESTMENTS

Net realized gain on investments & foreign currency transactions

22,282,593

181,547

2,061,731

Net change in unrealized appreciation on investments and foreign currency transactions

18,890,455

3,245,535

2,682,040

Net gain on investments

41,173,048

3,427,082

4,743,771

Net increase in net assets from operations

44,229,016

3,720,302

4,813,434

1 Net of foreign taxes withheld of:

International Fund: $700,847

Emerging Markets Fund: $86,460

American Opportunities Fund: $970

2 Distribution expenses were incurred by Class A and Class C shares prior to their closure on February 28, 2017. The Investor Class and Class I shares do not have a 12b-1 distribution plan.

The accompanying notes are an integral part of these financial statements.


www.thomaswhitefunds.com			51

THOMAS WHITE FUNDS

Statements of Changes in Net Assets (Unaudited)

International Fund

Six Months
Ended April 30,
2017

Year Ended
October 31,
2016

Change in net assets from operations:

Net investment income

3,055,968

7,919,567

Net realized gain (loss) on investments

22,282,593

(30,069,504

)

Net unrealized appreciation / depreciation on investments and foreign currency transactions

18,890,455

(679,985

)

Net increase (decrease) in net assets from operations

44,229,016

(22,829,922

)

Distribution to Investor Class Shareholders:

From net investment income

(28,599

)

(1,955,550

)

Distribution to Class I Shareholders:

From net investment income

(1,095,394

)

(5,068,121

)

Distribution to Class A Shareholders:

From net investment income

(252

)

(8,345

)

Distribution to Class C Shareholders:

From net investment income

-------

Total distributions

(1,124,245

)

(7,032,016

)

Fund share transactions (Note 3)

(151,122,089

)

32,136,345

Total increase (decrease)

(108,017,318

)

2,274,407

Net assets:

Beginning of period

572,457,366

570,182,959

End of period

464,440,048

572,457,366

Undistributed net investment income

2,661,618

729,894

The accompanying notes are an integral part of these financial statements.


52		www.thomaswhitefunds.com

THOMAS WHITE FUNDS

Statements of Changes in Net Assets (Unaudited)

Emerging Markets Fund

Six Months
Ended April 30,
2017

Year Ended
October 31,
2016

Change in net assets from operations:

Net investment income

293,220

724,091

Net realized gain (loss) on investments

181,547

(7,986,636

)

Net unrealized appreciation / depreciation on investments and foreign currency transactions

3,245,535

10,897,492

Net increase in net assets from operations

3,720,302

3,634,947

Distribution to Investor Class Shareholders:

From net investment income

(2,627

)

(15,466

)

Distribution to Class I Shareholders:

From net investment income

(132,930

)

(663,996

)

Distribution to Class A Shareholders:

From net investment income

-------

(447

)

Distribution to Class C Shareholders:

From net investment income

-------

Total distributions

(135,557

)

(679,909

)

Fund share transactions (Note 3)

(10,033,471

)

(8,658,459

)

Total decrease

(6,448,726

)

(5,703,421

)

Net assets:

Beginning of period

78,378,889

84,082,310

End of period

71,930,163

78,378,889

Undistributed net investment income

217,971

60,308

The accompanying notes are an integral part of these financial statements.


www.thomaswhitefunds.com			53

THOMAS WHITE FUNDS

Statements of Changes in Net Assets (Unaudited)

American Opportunities Fund

Six Months
Ended April 30,
2017

Year Ended
October 31,
2016

Change in net assets from operations:

Net investment income

69,663

277,837

Net realized gain on investments

2,061,731

1,912,387

Net unrealized appreciation / depreciation on investments and foreign currency transactions

2,682,040

(2,965,495

)

Net increase (decrease) in net assets from operations

4,813,434

(775,721

)

Distribution to Investor Class Shareholders:

From net investment income

(238,400

)

(7,621

)

From realized gain

-------

(858,464

)

Total distributions

(238,400

)

(866,085

)

Fund share transactions (Note 3)

(482,757

)

2,582,977

Total increase

4,092,277

941,171

Net assets:

Beginning of period

36,816,143

35,874,972

End of period

40,908,420

36,816,143

Undistributed net investment income

75,823

244,560

The accompanying notes are an integral part of these financial statements.


54		www.thomaswhitefunds.com

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

NOTE 1. SUMMARY OF ACCOUNTING POLICIES

Lord Asset Management Trust (the “Trust”) was organized as a Delaware business trust on February 9, 1994, as an open-end diversified management investment company. The Trust currently has three series of shares (collectively referred to as the “Funds”) - the Thomas White International Fund (the “International Fund”), which commenced operations with the sale of Investor Class shares on June 28, 1994 and the sale of Class I shares on August 31, 2012; the Thomas White Emerging Markets Fund (the “Emerging Markets Fund”), which commenced operations with the sale of Investor Class shares on June 28, 2010 and the sale of Class I shares on August 31, 2012; and the Thomas White American Opportunities Fund (the “American Opportunities Fund”), which commenced operations with the sale of Investor Class shares on March 4, 1999. The investment objective of each Fund is to seek long-term capital growth. The International Fund invests in equity securities of companies located in the world’s developed countries outside of the U.S. The Emerging Markets Fund invests in securities of companies located in or whose businesses are closely associated with the world’s emerging markets countries. The American Opportunities Fund primarily invests in U.S. equity securities, with a focus on mid-size and small companies. The following is a summary of significant accounting policies followed in the preparation of the Trust’s financial statements.

(A) VALUATION OF SECURITIES

Securities listed or traded on a recognized national or foreign stock exchange or NASDAQ are valued at the last reported sales prices 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 April 30, 2017, all securities within each Fund’s portfolio were valued at the last reported sales price on the principal exchange on which the securities are traded and, for the International and Emerging Markets Funds, 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 at 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


www.thomaswhitefunds.com			55

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

participants would use in pricing the asset or liability based on market data obtained from sources independent of a 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.

(B) MULTI-CLASS OPERATIONS AND ALLOCATIONS

Expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include administrative services fees, are recorded to the specific class.

Income, realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class within each specific Fund.

(C) MARKET RISK

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than securities of comparable U.S. companies and securities of the U.S. Government.

(D) FOREIGN CURRENCY TRANSLATION

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. When a Fund purchases or sells a foreign security, it will customarily enter into a foreign exchange contract to minimize foreign exchange risk from the trade date to the settlement date of such transaction.


56		www.thomaswhitefunds.com

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized gain (loss) on investments and foreign currency transactions include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments and foreign currency translation includes changes in the value of assets and liabilities resulting from exchange rates.

(E) INCOME TAXES

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to its shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

All open tax years and major jurisdictions have been reviewed for the Funds and, based on this review, there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for exam by taxing authorities and, as of April 30, 2017, open Federal tax years include the tax years ended October 31, 2013 through 2016. The Funds have no examinations in progress and are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds accrue for such material foreign taxes on net realized and unrealized gains at the appropriate rate for each country. Based on rates ranging from approximately 10% to 15% there were no material accruals at year end.

(F) USE OF ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from these estimates.

The Funds are investment companies and follow accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”.


www.thomaswhitefunds.com			57

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

(G) SECURITY TRANSACTIONS AND INVESTMENT INCOME

Security transactions are accounted for on a trade date basis. Interest is accrued on a daily basis and dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded when the information is available to the Fund. Realized gains and losses are determined using specific identification.

(H) DISTRIBUTIONS TO SHAREHOLDERS

The Funds usually declare and pay dividends from net investment income annually, but may do so more frequently to avoid excise tax. Distributions of net realized capital gains, if any, will be distributed at least annually.

(I) SECURITIES LENDING

The Funds may lend investment securities to investors who borrow securities in order to complete certain transactions. By lending investment securities, a Fund attempts to increase its net investment income through the receipt of interest earned on loan collateral. Any increase or decline in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Fund. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risk may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. It is each Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily less than the value of the securities on loan.

Funds that lend securities receive cash, cash equivalents, or other securities as collateral. Initial collateral levels shall not be less than 102% of the market value of the borrowed securities (105% if the collateral and the borrowed securities are denominated in different currencies). Marking to market is performed every business day (subject to de minimis rules of change in market value) for each Fund and each borrower is required to deliver additional collateral when

necessary so that the total collateral held in the account for all loans of the Fund to the borrower will not be less than 100% of the market value of all the borrowed securities loaned to the borrower by the Fund. Any cash, cash equivalents, or other securities received as collateral is invested by the securities lending agent, Northern Trust, in accordance with pre-established guidelines as set forth in the securities lending agreement. The collateral is invested in the Northern Institutional Liquid Asset Portfolio (an open-end regulated investment company) and U.S. Treasury Notes/ Bonds which are shown on the investment portfolios for the International Fund and Emerging Markets Fund. The collateral is reflected in the Funds’ statements of assets and liabilities in the line item labeled “Investments in securities at market value.” A portion of the interest received on the loan collateral is retained by the Fund and the remainder is rebated to the borrower of the securities. From the interest retained by the Funds, 50% is paid to the


58		www.thomaswhitefunds.com

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

securities lending agent for the International Fund and Emerging Markets Fund for its services. The net amount of interest earned, after the interest rebate and the allocation to the securities lending agent, is included in the statement of operations as securities lending income. The value of loaned securities and related collateral outstanding at April 30, 2017 are as follows:


Fund	Value of Loaned Securities		Value of Collateral
Thomas White International Fund		$15,946,489		$16,490,734

Thomas White Emerging Markets Fund		$4,730,460		$4,862,258

The International Fund and the Emerging Markets Fund have earned interest income on securities lending (after rebates to borrowers and allocation to the securities lending agent) as follows:


Fund	Net Interest Earned
Thomas White International Fund		$3,620

Thomas White Emerging Markets Fund		$1,629

The Funds recently adopted guidance requiring entities to present gross obligations for secured borrowings by the type of collateral pledged and remaining time to maturity. The table below outlines the nature of these obligations at April 30, 2017.

Overnight and
Continuous

Up to 30
Days

30-90 Days

Greater than
90 Days

Total

Securities lending transactions

U.S. Treasury and agency securities

Thomas White International Fund

16,490,734

-------

16,490,734

Thomas White Emerging Markets Fund

3,500,708

-------

3,500,708

Money Market Fund^

Thomas White Emerging Markets Fund

1,361,750

-------

1,361,750

Total Borrowings

21,353,192

-------

21,353,192

Represents an interest in Northern Institutional Liquid Assets Portfolio, an investment purchased with cash proceeds from securities lending collateral received.

(J) REDEMPTION FEE

The Funds assess a 2% fee on redemptions (including exchanges) of Fund shares held for less than sixty days. Redemption fees are paid to each Fund to help offset transaction costs and to protect the Fund’s long-term shareholders. Each Fund will use the “first-in, first-out” (FIFO) method to determine the sixty-day holding period. Under this method, the date of the


www.thomaswhitefunds.com			59

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

redemption or exchange will be compared to the earliest purchase date of shares held in the account. If this holding period is less than sixty days, the fee will be charged. The International Fund Investor Class and Class I shares charged $11 and $531, respectively in redemption fees for the period ended April 30, 2017, which were included in net capital paid.

(K) REAL ESTATE INVESTMENT TRUSTS

The American Opportunities Fund has made certain investments in real estate investment trusts (“REITs”), which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. The American Opportunities Fund intends to include the gross dividends from such REITs in its annual distributions to its shareholders and, accordingly, a portion of the distributions received by the Fund’s shareholders may also be designated as a return of capital.

(L) RECENT ACCOUNTING PRONOUNCEMENT

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The updates to Regulation S-X are effective August 1, 2017 and may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments. These updates have no impact on the Fund’s net assets or results of operations.

NOTE 2. SIGNIFICANT SHAREHOLDER

The following table indicates the number of shareholders who held a significant portion of the shares of each Class’s outstanding shares as of April 30, 2017. Investment activities of these shareholders could have a material effect on each Fund.


Fund	Share Class	Number of Shareholders		% Held

Emerging Markets Fund	Investor Class		2		71.7%

Emerging Markets Fund	Class I		1		11.6%

American Opportunities Fund	Investor Class		1		15.6%


60		www.thomaswhitefunds.com

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

NOTE 3. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST

As of April 30, 2017, there were an unlimited number of $0.01 par value shares of beneficial interest authorized. Transactions are summarized as follows:

International Fund

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Investor Class

Shares

Amount

Shares

Amount

Shares sold

219,973

3,301,047

1,506,296

22,509,186

Shares issued on reinvestment of dividends & distributions

1,901

28,151

128,636

1,925,681

Shares redeemed

(8,020,160

)

(123,201,184

(6,147,093

)

(92,882,894

)

Net decrease

(7,798,286

)

(119,871,986

)

(4,512,161

)

(68,448,027

)

Shares outstanding:

Beginning of period

12,517,570

17,029,731

End of period

4,719,284

12,517,570

^ Includes redemption fees of $11

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Class I

Shares

Amount

Shares

Amount

Shares sold

1,356,811

20,388,861

13,793,315

210,036,342

Sales in connection with reorganization

68,548

1,053,314

-------

Shares issued on reinvestment of dividends & distributions

63,524

939,514

285,107

4,270,896

Shares redeemed

(3,487,807

)

(52,569,191

(7,477,136

)

(113,489,125

)

Net increase (decrease)

(1,998,924

)

(30,187,502

)

6,601,286

100,818,113

Shares outstanding:

Beginning of period

25,630,771

19,029,485

End of period

23,631,847

25,630,771

^ Includes redemption fees of $466


www.thomaswhitefunds.com			61

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Class A

Shares

Amount

Shares

Amount

Shares sold

12,622

184,030

4,464

67,421

Shares issued on reinvestment of dividends & distributions

158

313

4,654

Shares redeemed

(9,221

)

(135,830

)

(6,102

)

(91,223

)

Shares exchanged in connection with reorganization

(59,809

)

(915,341

)

-------

Net increase (decrease)

(56,397

)

(866,983

)

(1,325

)

(19,148

)

Shares outstanding:

Beginning of period

56,397

57,722

End of period

56,397

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Class C

Shares

Amount

Shares

Amount

Shares sold

-------

483

7,128

Shares issued on reinvestment of dividends & distributions

-------

Shares redeemed

(3,843

)

(57,645

(14,821

)

(221,721

)

Shares exchanged in connection with reorganization

(8,983

)

(137,973

)

--------

-------

Net decrease

(12,826

)

(195,618

)

(14,338

)

(214,593

)

Shares outstanding:

Beginning of period

12,826

27,164

End of period

12,826

^ Includes redemption fees of $65

Emerging Markets Fund

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Investor Class

Shares

Amount

Shares

Amount

Shares sold

492

4,793

2,482

23,210

Shares issued on reinvestment of dividends & distributions

165

1,544

926

9,129

Shares redeemed

(6,225

)

(59,405

)

(258,859

)

(2,286,115

)

Net decrease

(5,568

)

(53,068

)

(255,451

)

(2,253,776

)

Shares outstanding:

Beginning of period

185,387

440,838

End of period

179,819

185,387


62		www.thomaswhitefunds.com

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Class I

Shares

Amount

Shares

Amount

Shares sold

70,749

684,042

403,747

3,704,145

Sales in connection with reorganization

32,678

323,653

-------

Shares issued on reinvestment of dividends & distributions

9,558

89,850

44,953

446,833

Shares redeemed

(1,075,293

)

(10,754,259

)

(1,096,703

)

(10,609,909

)

Net increase (decrease)

(962,308

)

(9,656,714

)

(648,003

)

(6,458,931

)

Shares outstanding:

Beginning of period

7,717,431

8,365,434

End of period

6,755,123

7,717,431

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Class A

Shares

Amount

Shares

Amount

Shares sold

-------

2,687

23,806

Shares issued on reinvestment of dividends & distributions

-------

447

Shares redeemed

)

(18

)

Shares exchanged in connection with reorganization

(8,360

)

(82,158

)

-------

Net increase (decrease)

(8,362

)

(82,176

)

2,732

24,250

Shares outstanding:

Beginning of period

8,362

5,630

End of period

8,362

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Class C

Shares

Amount

Shares

Amount

Shares sold

-------

3,376

30,001

Shares issued on reinvestment of dividends & distributions

-------

Shares redeemed

)

(18

)

Shares exchanged in connection with reorganization

(24,712

)

(241,495

)

-------

Net increase

(24,714

)

(241,513

)

3,376

29,998

Shares outstanding:

Beginning of period

24,714

21,338

End of period

24,714


www.thomaswhitefunds.com			63

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

American Opportunities Fund

Six Months Ended
April 30, 2017

Year Ended October 31, 2016

Investor Class

Shares

Amount

Shares

Amount

Shares sold

11,448

184,523

163,993

2,516,556

Shares issued on reinvestment of dividends & distributions

14,114

225,971

54,955

819,929

Shares redeemed

(53,942

)

(893,251

)

(49,200

)

(753,508

)

Net increase (decrease)

(28,380

)

(482,757

)

169,748

2,582,977

Shares outstanding:

Beginning of period

2,468,813

2,299,065

End of period

2,440,433

2,468,813

NOTE 4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Each Fund pays a monthly investment management fee to Thomas White International, Ltd. (the “Advisor”) at the rate of 0.85% of the Fund’s average daily net assets annually. For the period ended April 30, 2017, the International Fund, Emerging Markets Fund and American Opportunities Fund paid the Advisor $2,172,338, $314,632 and $168,683, respectively, in investment management fees.

During the period ended April 30, 2017, the Advisor has contractually agreed to reimburse its management fee and/or reimburse the Funds’ operating expenses to the extent necessary to ensure that each Fund’s annual operating expenses do not exceed the following percentages of average daily net assets:


	Investor Class		Class I
International Fund		1.24%		0.99%
Emerging Markets Fund		1.34%		1.09%
American Opportunities Fund		1.34%		n/a

These agreements to reimburse fees renew automatically unless the Advisor gives written notice to end them.

The Advisor may recoup any previously waived amount from a Fund pursuant to the expense limitation agreements if such reimbursement does not cause the Fund to exceed either (i) the current expense limitation or (ii) the expense limitation in effect at the time the expense is waived, provided the reimbursement is made within three years after the year in which the Advisor incurred the expense. For the period ended April 30, 2017, the Advisor did not recoup any previously waived expenses.


64		www.thomaswhitefunds.com

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

As of April 30, 2017, the International and Emerging Markets Funds had the following amounts (and year of expiration) subject to repayment to the Advisor:

Fund

Share Class

Year Fees Waived

Repayment Expires

Balance

International Fund

Investor Class

2014

2017

$119,375

International Fund

Investor Class

2015

2018

$235,702

International Fund

Investor Class

2016

2019

$185,995

International Fund

Investor Class

2017

2020

$64,563

International Fund

Class I

2014

2017

$276,870

International Fund

Class I

2015

2018

$309,206

International Fund

Class I

2016

2019

$376,987

International Fund

Class I

2017

2020

$224,790

Emerging Markets Fund

Class I

2014

2017

$111,683

Emerging Markets Fund

Class I

2015

2018

$126,544

Emerging Markets Fund

Class I

2016

2019

$150,335

Emerging Markets Fund

Class I

2017

2020

$76,218

The Funds and U.S. Bancorp Fund Services, LLC (the “Administrator”) are parties to a Fund Administration Servicing Agreement. The Administrator provides administrative and fund accounting services pursuant to this agreement.

The Advisor and the Funds have adopted a Business Management Agreement under which the Advisor provides certain business management services to the Funds, including, without limitation, monitoring of the Funds’ relationships with third-party service providers and assisting with necessary and appropriate services to the Board of Trustees of the Trust, as well as either providing the Trust with or procuring for the Trust the services of a Chief Compliance Officer in accordance with Rule 38a-1 of the 1940 Act, in the event so requested. For these services, the Advisor is entitled to receive a fee from each Fund at a rate of 0.035% of the Fund’s average daily net assets. For the period ended April 30, 2017, for the services provided under the Business Management Agreement, the International Fund, Emerging Markets Fund, and American Opportunities Fund paid the Advisor $89,449, $12,955 and $6,946, respectively.

The Funds have adopted an Administrative Services Plan pursuant to which the Investor Class shares are and, prior to its closure on February 28, 2017, the Class A shares were authorized to make payments to certain entities, which may include banks, broker-dealers and other types of service providers, for providing administrative services with respect to shares of the Funds attributable to or held in the name of the service provider for its clients or customers with whom they have a servicing relationship. Under the terms of the Administrative Services Plan, Investor Class shares are authorized to make payments up to a maximum rate of 0.25% of the average daily net assets of the shares attributable to or held in the name of the service provider for providing the types of applicable administrative services covered under the terms of the Plan.


www.thomaswhitefunds.com			65

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

For the period ended April 30, 2017, fees incurred by the International Fund pursuant to the Administrative Services Plan were $161,675 for Investor Class and $217 for Class A shares. For the period ended April 30, 2017, fees incurred by the Emerging Markets Fund pursuant to the Administrative Services Plan were $150 for Investor Class and $34 for Class A shares. For the period ended April 30, 2017, fees incurred by the American Opportunities Fund pursuant to the Administrative Services Plan were $1,764 for Investor Class shares.

NOTE 5. SHAREHOLDER SERVICING AND DISTRIBUTION PLANS

The International Fund and Emerging Markets Fund had adopted a distribution and shareholder service plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Plan allowed the International Fund and Emerging Markets Fund to compensate Quasar Distributors, LLC for the costs incurred in distributing the Funds’ Class A shares and Class C shares before the share classes were closed effective February 28, 2017, including amounts paid to brokers or dealers, at an annual rate of 0.25% and 1.00%, respectively, of the average daily net assets of each share Class. For the period November 1, 2016 through February 28, 2017, fees incurred by the International Fund pursuant to the Plan were $705 for Class A and $559 for Class C shares. For the period November 1, 2016 through February 28, 2017, fees incurred by the Emerging Markets Fund were $65 for Class A and $767 for Class C shares.

NOTE 6. CUSTODIAN AND TRANSFER AGENT FEES

Custodian Fees - Northern Trust is the custodian for the International Fund and Emerging Markets Fund. U.S. Bank is the custodian for the American Opportunities Fund. Northern Trust bills the International Fund and the Emerging Markets Fund quarterly based on the value of their holdings as of the previous quarter end plus transaction fees. U.S. Bank bills the American Opportunities Fund monthly based on the ending value of its holdings plus transaction fees.

Transfer Agent - U.S. Bancorp serves as the Funds’ transfer agent. Under the terms of the transfer agent agreement, U.S. Bancorp is entitled to account-based fees along with reimbursement of out-of-pocket expenses incurred in providing transfer agent services.

NOTE 7. INVESTMENT TRANSACTIONS

During the period ended April 30, 2017, the cost of purchases and the proceeds from sales of investment securities, other than short-term investments, were as follows:


Fund	Purchases		Sales
International Fund		$154,430,482		$300,704,945

Emerging Markets Fund		27,313,306		37,390,549

American Opportunities Fund		7,116,753		7,526,705

The American Opportunities Fund did not purchase or sell long-term U.S. Government securities during the period ended April 30, 2017. The International Fund and Emerging


66		www.thomaswhitefunds.com

Notes to Financial Statements Period Ended April 30, 2017 (Unaudited)

Markets Fund did not directly purchase or sell long term U.S. Government securities, except for purposes of securities lending during the year ended April 30, 2017.

At October 31, 2016, the aggregate gross unrealized appreciation and depreciation of portfolio securities, based upon cost for federal income tax purposes, were as follows:

Fund

Tax Cost

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation/
(Depreciation)

International Fund

$542,399,363

$67,113,403

$(26,622,875)

$40,490,528

Emerging Markets Fund

76,797,603

9,476,437

(5,346,248)

4,130,189

American Opportunities Fund

31,589,590

5,611,910

(871,823)

4,740,087

Distributions to Shareholders

The Funds will distribute net investment income and net realized gains, if any, at least once a year. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. These “book/tax” differences are either temporary or permanent in nature and are primarily due to differing treatments for passive foreign investment companies and losses deferred due to wash sales. Permanent differences, primarily due to reclassification of REIT income, resulted in reclassifications among the Funds’ components of net assets at October 31, 2016, the Funds’ tax year-end. For the International Fund, permanent differences resulted in reclassification of ($292,076) in undistributed net investment income and $292,076 in accumulated net realized loss. For the Emerging Markets Fund, permanent differences resulted in reclassification of $15,784 in undistributed net investment income/(loss) and ($15,784) in accumulated net realized gain/(loss). For the American Opportunities Fund, permanent differences resulted in reclassification of ($45,881) in undistributed net investment income, $44,212 in accumulated net realized gain and $1,669 in paid in capital.

Fund

Undistributed
Ordinary
Income

Undistributed
Long-term
Gains

Net

Unrealized
Appreciation

Other
Accumulated
Losses

Total
Distributable
Earnings

International Fund

$1,124,255

$-------

$40,490,528

$(58,803,971)

$(17,189,188)

Emerging Markets Fund

63,236

-------

4,130,189

(13,794,833)

(9,601,408)

American Opportunities Fund

238,400

1,095,128

4,740,087

-------

6,073,615

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period, and such capital losses will retain their character as either short-term or long-term capital losses.


www.thomaswhitefunds.com			67

Notes to Financial Statements Year Ended April 30, 2017 (Unaudited)

As of October 31, 2016, the International Fund had $51,924,981 in short-term capital loss carry forwards with no expiration, and had $6,665,959 in long-term capital loss carryforwards with no expiration. As of October 31, 2016, the Emerging Markets Fund had $7,878,964 in short-term capital loss carry forwards with no expiration, and had $5,910,141 in long-term capital loss carryforwards with no expiration.

The tax character of distributions paid during the periods shown below were as follows:

Period Ended April 30, 2017

Ordinary
Income

Return of
Capital

Long-Term
Capital Gains

Total
Distributions

International Fund

$1,124,245

$-------

$1,124,245

Emerging Markets Fund

135,557

-------

135,557

American Opportunities Fund

238,400

-------

238,400

Year Ended October 31, 2016

Ordinary
Income

Return of
Capital

Long-Term
Capital Gains

Total
Distributions

International Fund

$7,032,016

$-------

$7,032,016

Emerging Markets Fund

679,909

-------

679,909

American Opportunities Fund

7,621

-------

858,464

866,085

NOTE 8. SUBSEQUENT EVENTS

In preparing these financial statements, the Trust has evaluated events after April 30, 2017 and determined that there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.


68		www.thomaswhitefunds.com

Six Months Ended April 30, 2017 (Unaudited)

FINANCIAL HIGHLIGHTS

Thomas White International Fund - Investor Class

Six Months
Ended
April 30,
2017

Year
Ended
October 31,
2016

Year
Ended
October 31,
2015

Year
Ended
October 31,
2014

Year
Ended
October 31,
2013

Year
Ended
October 31,
2012^

Per share operating performance (For a share outstanding throughout the period)

Net asset value, beginning of period

14.97

15.77

16.95

19.16

16.55

15.55

Income from investment operations:

Net investment income¹

0.08

0.17

0.19

0.26

0.31

Net realized and unrealized gains/(losses)

1.37

(0.81

)

(1.17

)

(0.89

)

2.57

0.97

Total from investment operations

1.45

(0.64

)

(0.98

)

(0.63

)

2.83

1.28

Distributions:

From net investment income

(0.01

)

(0.16

)

(0.20

)

(0.26

)

(0.22

)

(0.28

)

From net realized gains

-------

(1.32

)

-------

Tax return of capital

-------

(0.00

)²

-------

Total Distributions

(0.01

)

(0.16

)

(0.20

)

(1.58

)

(0.22

)

(0.28

)

Change in net asset value for the period

1.44

(0.80

)

(1.18

)

(2.21

)

2.61

1.00

Net asset value, end of period

16.41

14.97

15.77

16.95

19.16

16.55

Total Return

9.64%

(4.08)%

(5.77)%

(3.00)%

17.13%

8.25%

Ratios/supplemental data

Net assets, end of period (000)

77,441

187,408

268,518

369,098

433,483

540,118

Ratio to average net assets:

Expenses
(net of reimbursement)

1.24%

⁴

1.24%

1.31%

⁵

Expenses
(prior to reimbursement)

1.33%

⁴

1.33%

1.32%

1.27%

1.31%

1.37%

⁵

Net investment income
(net of reimbursement)

1.03%

⁴

1.16%

1.36%

1.43%

1.94%

⁵

Net investment income
(prior to reimbursement)

0.94%

⁴

1.07%

1.08%

1.33%

1.36%

1.88%

⁵

Portfolio turnover rate⁶

31%

60%

57%

62%

42%

66%

^	On August 31, 2012, the initial class of shares was renamed the Investor Class.

(1)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the period.

(2)	Amount is less than $0.005.

(3)	Not annualized.

(4)	Annualized.

(5)	Effective August 31, 2012, the expense cap was decreased from 1.40% to 1.24%.

(6)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			69

Six Months Ended April 30, 2017 (Unaudited)

FINANCIAL HIGHLIGHTS

Thomas White International Fund - Class I

Six Months
Ended
April 30,
2017

Year
Ended
October 31,
2016

Year
Ended
October 31,
2015

Year
Ended
October 31,
2014

Year
Ended
October 31,
2013

August 31,
2012^
through
October 31,
2012

Per share operating performance (For a share outstanding throughout the period)

Net asset value, beginning of period

14.98

15.78

16.97

19.18

16.56

16.23

Income from investment operations:

Net investment income¹

0.10

0.23

0.30

0.29

0.07

Net realized and unrealized gains/(losses)

1.35

(0.83

)

(1.17

)

(0.89

)

2.59

0.55

Total from investment operations

1.45

(0.60

)

(0.94

)

(0.59

)

2.88

0.62

Distributions:

From net investment income

(0.05

)

(0.20

)

(0.25

)

(0.30

)

(0.26

)

(0.29

)

From net realized gains

-------

(1.32

)

-------

Tax return of capital

-------

(0.00

)²

-------

Total Distributions

(0.05

)

(0.20

)

(0.25

)

(1.62

)

(0.26

)

(0.29

)

Change in net asset value for the period

1.40

(0.80

)

(1.19

)

(2.21

)

2.62

0.33

Net asset value, end of period

16.38

14.98

15.78

16.97

19.18

16.56

Total Return

9.68%

(3.81)%

(5.56)%

(2.76)%

17.40%

3.83%

Ratios/supplemental data

Net assets, end of period (000)

386,999

384,017

300,331

443,397

453,564

106,601

Ratio to average net assets:

Expenses
(net of reimbursement)

0.99%

⁴

0.99%

⁴

Expenses
(prior to reimbursement)

1.11%

⁴

1.10%

1.08%

1.05%

1.11%

1.45%

⁴

Net investment income
(net of reimbursement)

1.26%

⁴

1.53%

1.40%

1.59%

1.62%

2.47%

⁴

Net investment income
(prior to reimbursement)

1.14%

⁴

1.42%

1.31%

1.53%

1.50%

2.01%

⁴

Portfolio turnover rate⁵

31%

60%

57%

62%

42%

66%

^	On August 31, 2012, Class I shares became effective.

(1)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the period.

(2)	Amount is less than $0.005.

(3)	Not annualized.

(4)	Annualized.

(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements


70		www.thomaswhitefunds.com

Six Months Ended April 30, 2017 (Unaudited)

FINANCIAL HIGHLIGHTS

Thomas White Emerging Markets Fund - Investor Class

Six Months
Ended
April 30,
2017

Year
Ended
October 31,
2016

Year
Ended
October 31,
2015

Year
Ended
October 31,
2014

Year
Ended
October 31,
2013

Year
Ended
October 31,
2012^

Per share operating performance (For a share outstanding throughout the period)

Net asset value, beginning of period

9.80

9.46

11.55

11.72

11.21

10.62

Income from investment operations:

Net investment income¹

0.04

0.05

0.08

0.13

0.18

Net realized and unrealized gains/(losses)

0.45

0.37

(2.08

)

(0.18

)

0.47

0.58

Total from investment operations

0.49

0.42

(2.00

)

(0.05

)

0.60

0.76

Distributions:

From net investment income

(0.01

)

(0.08

)

(0.09

)

(0.12

)

(0.09

)

(0.17

)

Total Distributions

(0.01

)

(0.08

)

(0.09

)

(0.12

)

(0.09

)

(0.17

)

Change in net asset value for the period

0.48

0.34

(2.09

)

(0.17

)

0.51

0.59

Net asset value, end of period

10.28

9.80

9.46

11.55

11.72

11.21

Total Return

5.06%

4.48%

(17.31)%

(0.40)%

5.36%

7.21%

Ratios/supplemental data

Net assets, end of period (000)

1,848

1,816

4,172

5,182

5,703

29,602

Ratio to average net assets:

Expenses
(net of reimbursement/recoupment)

1.32%

1.34%

1.47%

⁴

Expenses
(prior to reimbursement/recoupment)

1.32%

1.31%

1.27%

1.29%

1.63%

1.97%

⁴

Net investment income
(net of reimbursement/recoupment)

0.79%

0.59%

0.75%

1.16%

1.14%

1.61%

⁴

Net investment income
(prior to reimbursement/recoupment)

0.79%

0.62%

0.82%

1.21%

0.85%

1.11%

⁴

Portfolio turnover rate⁵

37%

57%

27%

64%

54%

^	On August 31, 2012, the initial class of shares was renamed the Investor Class.

(1)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the period.

(2)	Not annualized.

(3)	Annualized.

(4)	Effective August 31, 2012, the expense cap was decreased from 1.50% to 1.34%.

(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			71

Six Months Ended April 30, 2017 (Unaudited)

FINANCIAL HIGHLIGHTS

Thomas White Emerging Markets Fund - Class I

Six Months
Ended
April 30,
2017

Year

Ended
October 31,
2016

Year

Ended
October 31,
2015

Year

Ended
October 31,
2014

Year

Ended
October 31,
2013

August 31,
2012^
through
October 31,
2012

Per share operating performance (For a share outstanding throughout the period)

Net asset value, beginning of period

9.88

9.52

11.59

11.73

11.21

10.80

Income from investment operations:

Net investment income¹

0.04

0.09

0.11

0.14

0.13

0.04

Net realized and unrealized gains/(losses)

0.47

0.36

(2.09

)

(0.16

)

0.48

0.55

Total from investment operations

0.51

0.45

(1.98

)

(0.02

)

0.61

0.59

Distributions:

From net investment income

(0.02

)

(0.09

)

(0.09

)

(0.12

)

(0.09

)

(0.18

)

Total Distributions

(0.02

)

(0.09

)

(0.09

)

(0.12

)

(0.09

)

(0.18

)

Change in net asset value for the period

0.49

0.36

(2.07

)

(0.14

)

0.52

0.41

Net asset value, end of period

$10.37

$9.88

$9.52

$11.59

$11.73

$11.21

Total Return

5.15%

4.69%

(17.06)%

(0.12

5.48%

5.47%

Ratios/supplemental data

Net assets, end of period (000)

$70,082

$76,240

$79,656

$76,705

$34,733

$956

Ratio to average net assets:

Expenses (net of reimbursement)

1.09%

Expenses (prior to reimbursement)

1.30%

1.29%

1.25%

1.66%

3.31%

Net investment income (net of reimbursement)

0.79%

0.92%

1.04%

1.18%

1.15%

1.68%

Net investment income (prior to reimbursement)

0.58%

0.72%

0.88%

1.02%

0.58%

(0.54)%

Portfolio turnover rate⁴

37%

57%

27%

64%

54%

^	On August 31, 2012, Class I shares became effective.

(1)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the period.

(2)	Not annualized.

(3)	Annualized.

(4)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of these financial statements


72		www.thomaswhitefunds.com

Six Months Ended April 30, 2017 (Unaudited)

FINANCIAL HIGHLIGHTS

Thomas White American Opportunities Fund - Investor Class

Six Months
Ended
April 30,
2017

Year
Ended
October 31,
2016

Year
Ended
October 31,
2015

Year
Ended
October 31,
2014

Year
Ended
October 31,
2013

Year
Ended
October 31,
2012^

Per share operating performance (For a share outstanding throughout the period)

Net asset value, beginning of period

14.91

15.60

15.84

15.12

13.28

12.81

Income from investment operations:

Net investment income

0.03

0.11

0.08

0.07

0.11

Net realized and unrealized gains/(losses)

1.92

(0.44

)

0.96

2.21

3.68

0.94

Total from investment operations

1.95

(0.33

)

1.04

2.28

3.79

1.05

Distributions:

From net investment income

(0.10

)

(0.00

)²

(0.07

)

(0.07

)

(0.09

)

(0.09

)

From net realized gains

-------

(0.36

)

(1.21

)

(1.49

)

(1.85

)

(0.49

)

Tax return of capital

-------

(0.01

)

-------

Total Distributions

(0.10

)

(0.36

)

(1.28

)

(1.56

)

(1.95

)

(0.58

)

Change in net asset value for the period

1.85

(0.69

)

(0.24

)

0.72

1.84

0.47

Net asset value, end of period

16.76

14.91

15.60

15.84

15.12

13.28

Total Return

13.09%

(2.12)%

6.69%

15.38%

28.52%

8.21%

Ratios/supplemental data

Net assets, end of period (000)

40,908

36,816

35,875

33,830

29,138

22,870

Ratio to average net assets:

Expenses (net of reimbursement/ recoupment)

1.18%

1.20%

1.18%

1.24%

1.34%

1.35%

⁴

Expenses (prior to reimbursement/recoupment)

1.18%

1.20%

1.18%

1.15%

1.31%

1.50%

⁴

Net investment income (net of reimbursement/recoupment)

0.35%

0.78%

0.52%

0.45%

0.75%

0.73%

⁴

Net investment income (prior to reimbursement/recoupment)

0.35%

0.78%

0.52%

0.54%

0.78%

0.58%

⁴

Portfolio turnover rate

18%

60%

38%

32%

60%

44%

^	On August 31, 2012, the initial class of shares was renamed the Investor Class.

(1)	Per share net investment income was calculated prior to tax adjustments.

(2)	Not annualized.

(3)	Annualized.

(4)	Effective August 31, 2012, the expense cap was decreased from 1.35% to 1.34%.

The accompanying notes are an integral part of these financial statements


www.thomaswhitefunds.com			73

THOMAS WHITE FUNDS

DISCLOSURE OF FUND EXPENSES (Unaudited)

As a shareholder of the Funds you incur two types of costs : (1) transaction costs, including sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any, or redemption fees; and (2) ongoing costs, including management fees; distribution fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2016 through April 30, 2017 for the Funds’ Investor Class and Class I, as applicable.

ACTUAL EXPENSES

The third and fourth columns of the table below provide information about actual account values and actual expenses. You may use the information in this line together with the amount you invested to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the fourth column under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your own account during this period. IRA accounts are charged a $15.00 fee annually in September that is not reflected in the actual expense example. If you hold your Fund shares through an IRA account, you should add this cost to the expenses paid shown below.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The fifth and sixth columns of the table below provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. IRA accounts are charged a $15.00 fee annually in September that is not reflected in the hypothetical expense example. If you hold your Fund shares through an IRA account, you should separately compare the Funds’ IRA fees to the IRA fees of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads) or purchase payments or contingent deferred sales charges on redemptions, if any, or redemption fees. Therefore the sixth column of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs may have been higher.


74		www.thomaswhitefunds.com

THOMAS WHITE FUNDS

Actual

Hypothetical (5% return
before expenses)

Fund’s
Annualized
Expense
Ratio*

Beginning
Account
Value
November 1,
2016

Ending
Account
Value
April 30,
2017

Expenses
Paid
During
Period

Ending
Account
Value
April 30,
2017

Expenses
Paid
During
Period

International Fund

Investor Class

1.24%

$1,000.00

$1,096.40

$6.45

$1,018.65

$6.21

Class I

0.99%

$1,000.00

$1,096.80

$5.15

$1,019.89

$4.96

Emerging Markets Fund

Investor Class

1.32%

$1,000.00

$1,050.60

$6.71

$1,018.25

$6.61

Class I

1.09%

$1,000.00

$1,051.50

$5.54

$1,019.39

$5.46

American Opportunities Fund

Investor Class

1.18%

$1,000.00

$1,130.90

$6.23

$1,018.94

$5.91

Expenses for the International, Emerging Markets and American Opportunities Funds’ annualized expense ratio (after waiver and reimbursement), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

QUARTERLY FORM N-Q PORTFOLIO SCHEDULE

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public reference Room may be obtained by calling 1-800-SEC-0330. Additionally, you may obtain copies of Forms N-Q from the Funds upon request by calling 1-800-811-0535.

PROXY VOTING POLICIES, PROCEDURES AND RECORD

You may obtain a description of the Funds’ (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Funds voted any proxies related to portfolio securities during the most recent 12 month period ended June 30 for which an SEC filing has been made, without charge, upon request by calling the Funds at 1-800-811-0535 or on the EDGAR database on the SEC’s website (http://www.sec.gov).

ADDITIONAL INFORMATION

The Statement of Additional Information contains additional information regarding the Funds and Trustees, and is available upon request without charge by calling 1-800-811-0535.


www.thomaswhitefunds.com			75

Approval of Investment Advisory Agreements

At an in-person meeting of the Board of Trustees (the “Board” or the “Trustees”) held on February 17, 2017, the Board considered and reviewed each of the Investment Advisory Agreements (the “Agreements”) between Lord Asset Management Trust (the “Trust”), on behalf of the Thomas White American Opportunities Fund (the “American Opportunities Fund”), the Thomas White International Fund (the “International Fund”) and the Thomas White Emerging Markets Fund (the “Emerging Markets Fund” and together with the American Opportunities Fund and the International Fund, the “Funds”), and Thomas White International, Ltd. (“TWI” or the “Advisor”), to determine whether the Agreements should be continued for a one-year period.

In accordance with the Investment Company Act of 1940, the Board of Trustees of the Funds is required, on an annual basis, to consider the continuation of each of the Agreements with the Advisor, and this must take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the continuation of the Agreements, and it is the duty of the Advisor to furnish the Trustees with such information that is responsive to their request. Accordingly, in determining whether to renew the Agreements between the Funds and the Advisor, the Board of Trustees requested, and the Advisor provided, information and data relevant to the Board’s consideration. This included materials prepared by the Advisor for the Board that provided them with information regarding the investment performance of the Funds and information regarding the fees and expenses of the Funds, compared to other similar mutual funds.

Following their consideration and review of the Agreements, the Trustees determined that each Agreement would enable shareholders of the Fund to which it applies to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of its shareholders. Accordingly, the Board, including the Independent Trustees of the Board, unanimously approved the continuation of the Agreements. In reaching their decisions, the Trustees requested and obtained from the Advisor such information as they deemed reasonably necessary to evaluate the Agreements. The Trustees also carefully considered the information that they had received throughout the year from the Advisor as part of their regular oversight of the Funds, as well as profitability data and comparative fee, expense and performance information prepared by Trust management. In considering the continuation of the Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by Trust counsel and their own reasonable business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any one specific consideration or particular information that was controlling of their decisions:

•

The nature, extent and quality of the advisory services to be provided. The Trustees concluded that TWI is capable of providing high quality services to each Fund, as indicated by the nature and quality of services provided in the past, TWI’s management capabilities demonstrated with respect to the Funds, the professional qualifications and experience of the Funds’ portfolio managers, TWI’s investment and management


76		www.thomaswhitefunds.com

Approval of Investment Advisory Agreements

oversight processes, and the overall long-term investment performance of the Funds. The Trustees also determined that TWI proposed to provide investment advisory services that were of the same quality as services it provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs.

•

The investment performance of the Funds. With respect to each Fund, the Trustees concluded on the basis of information derived from the performance data that TWI had achieved investment performance that was competitive relative to comparable funds over longer-term trailing periods, and the Trustees took into consideration the fact that TWI focuses on long-term performance results with respect to their management of the Funds and the Funds may have periods of underperformance when measured on a more short-term basis.

1. The American Opportunities Fund. With respect to the American Opportunities Fund, the Trustees noted that the Investor Class shares of the American Opportunities Fund had outperformed its peer group (based on the category average) over the three-, five- and ten-year periods, but had underperformed its peer group over the one-year period. The Trustees also noted that the Investor Class shares of the American Opportunities Fund had underperformed its primary benchmark index, the Russell Midcap Index, over the trailing one-, three-, five- and ten-year periods. The Trustees also noted that the Investor Class shares of the American Opportunities Fund had underperformed its secondary benchmark index, the S&P 500 Index, over the trailing one-, three-, five- and ten-year periods.

2. The International Fund. With respect to the International Fund, the Trustees took note of the fact that the Investor Class shares of the Fund had outperformed its peer group (based on the category average) for the trailing ten-year period, but had underperformed its peer group (based on the category average) for the trailing one-, three- and five-year periods. The Trustees also noted that the Investor Class shares of the International Fund had underperformed its benchmark index, the MSCI All Country World ex US Index, for the trailing one-, three-, five- and ten-year periods. The Trustees took into consideration their discussions with the representatives from the Advisor regarding their plans for addressing the performance results of the Fund.

3. The Emerging Markets Fund. With respect to the Emerging Markets Fund (which commenced investment operations in June 2010), the Trustees noted that the Investor Class shares of the Emerging Markets Fund had underperformed its peer group (based on the category average) over the trailing one-, three- and five-year periods. The Trustees noted that the Investor Class shares of the Emerging Markets Fund had underperformed its benchmark index, the MSCI Emerging Markets Index, over the trailing one-, three- and five-year periods. The Trustees took into consideration their


www.thomaswhitefunds.com			77

Approval of Investment Advisory Agreements

discussions with the representatives from the Advisor regarding their plans for addressing the performance results of the Fund.

On the basis of the Trustees’ assessment of the nature, extent and quality of advisory services to be provided by TWI, the Trustees concluded that TWI is capable of generating a level of long-term investment performance that is appropriate in light of the Funds’ investment objectives, policies and strategies and competitive with many other investment companies, and they took into consideration the Advisor’s plans for addressing performance matters.

•

The cost of advisory services provided and the level of profitability. On the basis of comparative information derived from the expense data, the Trustees determined that the overall expense ratio of each Fund, on a net basis, was competitive with industry averages, particularly with respect to mutual funds of comparable asset size. The Trustees also noted that TWI had proposed to renew its contractual commitment for the benefit of Fund shareholders to limit the operating expenses of each of the classes of shares of the Funds for an additional year. The Board took into consideration information regarding the fees that TWI charges to other accounts, non-U.S. funds and private funds for similar investment advisory services, and the Trustees noted that the fees were comparable based on the relevant circumstances of the types of accounts involved. The Board also considered TWI’s current level of profitability with respect to the Funds, and noted that TWI’s profitability was acceptable and not excessive and consistent with applicable industry averages and that TWI is committed to using its own resources to help grow the Funds. The Trustees also took into consideration the nature and extent of other expenses that are borne directly by TWI from its own financial resources in order to help to market and promote the Funds. Accordingly, on the basis of the Board’s review of the fees to be charged by TWI for investment advisory services, the investment advisory and other services provided to the Funds by TWI, and the estimated profitability of TWI’s relationship with each Fund, the Board concluded that the level of investment advisory fees and TWI’s profitability are appropriate in light of the investment advisory fees, overall expense ratios and investment performance of comparable investment companies and the historical profitability of the relationship between each Fund and TWI. The Trustees considered the profitability of TWI both before and after the impact of the marketing related expenses that TWI incurs out of its own resources in connection with its management of the Funds.

•

The extent to which economies of scale will be realized as the Funds grow and whether the advisory fees reflect economies of scale. While the Funds’ investment advisory fees do not decrease as Fund assets grow because the Funds are not currently subject to investment advisory fee breakpoints, the Trustees concluded that the Funds’ investment advisory fees are appropriate in light of the current size of the Funds, and appropriately reflect the current economic environment for TWI and the competitive


78		www.thomaswhitefunds.com

Approval of Investment Advisory Agreements

nature of the mutual fund market. The Trustees noted that TWI has continued to limit the Funds’ total annual operating expenses by waiving fees and/or reimbursing certain Fund expenses. The Trustees then noted that they will have the opportunity to periodically re-examine whether a Fund has achieved economies of scale, and the appropriateness of investment advisory fees payable to TWI, in the future.

•

Benefits to TWI from its relationship with the Funds (and any corresponding benefits to the Funds). The Trustees concluded that other benefits derived by TWI from its relationship with the Funds, including “soft dollar” benefits in connection with Fund brokerage transactions and use of the Funds’ performance track records in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Funds and their shareholders. In addition, the Trustees determined that the Funds benefited from their relationship to TWI by virtue of TWI’s provision of business management services, in addition to investment advisory services, at a cost to the Funds that is generally comparable to the cost of an outside service provider, which the Trustees determined to be reasonable, fair and in the best interests of Fund shareholders in light of the nature and quality of the services provided and the necessity of the services for the Funds’ operations. In considering information regarding the business management fees payable by the Funds to TWI under the terms of the Business Management Agreement, the Board members indicated that they had considered various factors with respect to the proposed business management fees, including the level and amount of these fees and the services to be provided by the Advisor in connection with the Business Management Agreement, in determining the reasonableness of the total fees payable by the Funds to the Advisor for the overall level of services that the Advisor provides to the Funds and their shareholders. In considering the nature and extent of these non-advisory business management services that are provided to the Funds by the Advisor, the Board took into consideration: (i) whether the Business Management Agreement is in the best interest of the Funds and their shareholders; (ii) whether the services to be performed under the Business Management Agreement are required for the operation of the Funds; (iii) whether the services provided are of a nature and quality at least equal to the same or similar services provided by independent third parties; and (iv) whether the fees for the services are fair and reasonable in light of the usual and customary charges made by others for services of the same nature and quality.

•

Other Considerations. In approving the Agreements, the Trustees determined that TWI has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Funds in a professional manner that is consistent with the best interests of the Funds and their shareholders. The Trustees also concluded that TWI has made a significant entrepreneurial commitment to the management and success of the Funds, which entails a substantial financial and professional commitment, including the


www.thomaswhitefunds.com			79

Approval of Investment Advisory Agreements

Expense Limitation Agreements with respect to each Fund under which TWI has undertaken to waive a portion of its fees to the benefit of Fund shareholders to the extent necessary in accordance with the terms of the Expense Limitation Agreements, subject to applicable recoupment provisions. The Board also considered matters with respect to the brokerage practices of TWI, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice. In addition, the Trustees took into consideration their discussions with management of the Advisor regarding their plans for addressing the performance results of the Funds.

In reaching their conclusion with respect to the continuation of each of the Agreements and the level of fees paid under the Agreements, the Trustees, as noted, did not identify any one single factor as being controlling. Rather, the Board took note of a combination of factors that had influenced their decision making process. They noted the level and quality of investment advisory services provided by the Advisor to each of the Funds, and they found that these services continued to benefit the shareholders of the Funds and also reflected management’s overall commitment to the continued growth and development of the Funds. Based upon their consideration and review of these factors and other matters deemed relevant by the Board in reaching an informed business judgment, the Trustees, including a majority of the Independent Trustees, concluded that the terms of the Agreements are fair and reasonable in light of the services provided and the Board therefore voted to renew the Agreements for an additional one-year period.


80		www.thomaswhitefunds.com

Privacy Policy

LORD ASSET MANAGEMENT TRUST

THOMAS WHITE INTERNATIONAL, LTD.

I. Commitment to Consumer* Privacy

The Thomas White Funds Family and Thomas White International, Ltd. (collectively, “we” or “us”) are committed to handling consumer information responsibly. We recognize and respect the privacy expectations of our consumers, and we believe that the confidentiality and security of consumers’ personal financial information is one of our fundamental responsibilities.

II. Collection of Consumer Information

We collect, retain and use consumer information only where we reasonably believe it would be useful to the consumer and allowed by law. Consumer information collected by us generally comes from the following sources:

•

Information we receive on applications or other forms;

•

Information about consumers’ transactions with us, our affiliates, or others.

III. Disclosure of Consumer Information

We may disclose all of the consumer information we collect to affiliated financial institutions and to third parties who are not our affiliates:

•

to perform marketing services on our behalf or pursuant to a joint marketing agreement between us and another party; and

•

as otherwise permitted by law.

We do not disclose any consumer information about our former customers* to anyone except as permitted by law.

IV. Security of Customer Information

We are committed to, and also require our service providers to:

•

maintain policies and procedures designed to assure only appropriate access to, and use of information about our customers; and

•

maintain physical, electronic and procedural safeguards that comply with federal standards to guard non-public personal information of our customers.

* As defined in Regulation S-P


www.thomaswhitefunds.com			81

This page is intentionally left blank.

OFFICERS AND TRUSTEES

Thomas S. White, Jr.

Chairman of the Board

Arthur J. Fiocco, Jr.

Trustee

Elizabeth G. Montgomery

Trustee

Robert W. Thomas

Trustee

John N. Venson, D.P.M.

Trustee

William H. Woolverton

Trustee

Stathy M. White

President

David M. Sullivan II

Vice President, Treasurer and

Assistant Secretary

J. Ryan Conner

Secretary and Chief Compliance Officer

INVESTMENT ADVISOR AND OTHER SERVICE PROVIDERS

Thomas White International, Ltd.

440 S. LaSalle Street, Suite 3900

Chicago, Illinois 60605-1028

CUSTODIANS

The Northern Trust Company

Chicago, Illinois

U.S. Bank, N.A.

Milwaukee, Wisconsin

LEGAL COUNSEL

Dechert LLP

Washington, DC

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tait, Weller & Baker, LLP

Philadelphia, Pennsylvania

ADMINISTRATOR and TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

Milwaukee, Wisconsin

DISTRIBUTOR

Quasar Distributors, LLC

Milwaukee, Wisconsin

FOR CURRENT PERFORMANCE, NET ASSET VALUE OR FOR ASSISTANCE WITH YOUR ACCOUNT, PLEASE CONTACT THE THOMAS WHITE FUNDS AT 800-811-0535 OR VISIT OUR WEB SITE AT WWW.THOMASWHITEFUNDS.COM

LOGO

www.thomaswhitefunds.com

COVER PICTURE: The new French president Emmanuel Macron has made two key

promises - to put his country back on easy street and strengthen European integration.

Is this a sign of a resurgent Europe in the near future?

Item 2. Code of Ethics.

Not Applicable for Semi-Annual Reports.

Item 3. Audit Committee Financial Expert.

Not Applicable for Semi-Annual Reports.

Item 4. Principal Accountant Fees and Services.

Not Applicable for Semi-Annual Reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) The Schedules of Investments are included as part of the reports to stockholders filed under Item 1 of this Form N-CSR.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) Based on an evaluation of Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a

date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are effectively designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) LORD ASSET MANAGEMENT TRUST

By (Signature and Title)
		Stathy M. White
		President (Principal Executive Officer)

Date July 5, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



By (Signature and Title)
		Stathy M. White
		President (Principal Executive Officer)

Date July 5, 2017



By (Signature and Title)
		David M. Sullivan II
		Treasurer (Principal Financial Officer)

Date July 5, 2017

Lord Asset Management Trust N-CSRSCertified semi-annual shareholder report (management investment company)