# EDGAR Filing Document

**Accession Number:** 0000918949
**File Stem:** 0000894189-23-000080
**Filing Date:** 2023-1
**Character Count:** 162007
**Document Hash:** 268035d022f8503f4d131ff581dd9e65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-000080.hdr.sgml**: 20240801

**ACCESSION NUMBER**: 0000894189-23-000080

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230104

**EFFECTIVENESS DATE**: 20230104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ASSET MANAGEMENT TRUST
- **CENTRAL INDEX KEY:** 0000918949
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08348
- **FILM NUMBER:** 23506003

**BUSINESS ADDRESS:**
- **STREET 1:** 425 S. FINANCIAL PLACE
- **STREET 2:** SUITE 3900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60605
- **BUSINESS PHONE:** 3126635724

**MAIL ADDRESS:**
- **STREET 1:** 425 S. FINANCIAL PLACE
- **STREET 2:** SUITE 3900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60605

## Series and Classes Contracts Data

### Thomas White American Opportunities Fund (Series ID: S000011014)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000030411 | Investor Class | TWAOX           |

### Thomas White International Fund (Series ID: S000011015)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000030412 | Investor Class | TWWDX           |
| C000118136 | Class I        | TWWIX           |

------

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 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)

#### 425 South Financial Place
**Chicago, Illinois 60605-1028**<br> (Address of principal executive offices) (Zip code)

#### Douglas M. Jackman

#### Thomas White International, Ltd.

#### 425 South Financial Place
**Chicago, Illinois 60605-1028**<br> (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: **11/1/2021 – 10/31/2022**

------

#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](twncsr001.jpg)

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**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.

*This report is for the information of shareholders of the Thomas White Funds, but may also be used as sales literature when preceded or accompanied by a current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the funds.*

**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.**

**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.

An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to a Fund. Any such impact could adversely affect a Fund's performance, the performance of the securities in which a Fund invests and may lead to losses on your investment in a Fund.

While there are no sales charges, management fees and other expenses still apply. Please refer to the prospectus for further details.

THOMAS WHITE INTERNATIONAL FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(Unaudited)**<br>**Sales <br> Charge**<br>| **Deferred <br> Sales <br> Charge**  | **Administrative <br> Services <br> Fee**  | **12b-1 Fees**  | **Gross <br> Operating <br> Expenses<sup>1</sup>**  | **Net <br> Operating <br> Expenses<sup>1</sup>**  |
| **Investor Class** |  |  | **Up to 0.25%** |  | **1.63%** | **1.24%** |
| **Class I** |  |  |  |  | **1.44%** | **0.99%** |

---

<sup>1</sup> 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, 2023. 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. The net expense ratio is applicable to investors.

<sup>2</sup> Prospectus Gross Annual Operating Expense is based on the most recent prospectus and may differ from other expense ratios appearing in this report.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Asset Value** <br> **per Share** <br> **(NAV)**  | **Net Assets**  | **Redemption Fee\***  | **Portfolio Turnover**  |
| **Investor Class** | **$11.56** | **$12.4 million** | **2.00%** |  |
| **Class I** | **$11.58** | **$44.7 million** | **2.00%** | **51%** |

---

\* On shares purchased and held for less than 60 days (as a percentage of amount redeemed, if applicable).

THOMAS WHITE INTERNATIONAL FUND

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  | &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  | &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  | &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  | &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  |
| &nbsp;&nbsp; **Class**  | **Sales Charge**  | **1 Yr**  | **Annualized**  | **Annualized**  |
| &nbsp;&nbsp; **Class**  | **Sales Charge**  | **1 Yr**  | | |
| &nbsp;&nbsp;**Investor Class shares (TWWDX)** | **None** | **-29.82%** | **5 Yrs** <br>**-2.84%** | **10 Yrs** <br>**0.91%** |
| &nbsp;&nbsp;**Class I shares (TWWIX)** |  | **-29.66%** | **-2.58%** | **1.15%** |
| &nbsp;&nbsp;**MSCI All Country World ex US Index<sup>1</sup>** | **N/A** | **-24.73%** | **-0.60%** | **3.27%** |

---

------

<sup>1</sup> 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 expenses applicable to each class which are primarily differences in 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.* 

OCTOBER 31, 2022

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

![](twncsr002.jpg)

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 October 31, 2022. 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 9.44% for the Fund's Investor Class shares and 37.96% for the benchmark. The Fund's Investor Class shares average annual total return since inception on June 28, 1994 was 5.27%. 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.

------

**International Fund**

**Performance and Portfolio Review**

The Thomas White International Fund Class I shares returned -29.66% for the one-year period ended October 31, 2022, compared to -24.73% for the benchmark MSCI All Country World ex US Index.

The past twelve months have been among the most challenging equity markets in the past twenty years. The onset of the Russia/Ukraine war had a wide-ranging impact that disrupted global energy and equity markets. The Russian equity market collapsed in days while the US Dollar rose to levels not seen in two decades as investor fled to safety. Each of the 23 MSCI developed countries posted a negative return over the past twelve months. China's stock market was among the weakest emerging market as its companies struggled due to the country's strict Covid-19 policy, which weakened its economy dramatically. Rising geopolitical tensions between the US and China over Taiwan also contributed to China's equity market being amongst the worst performers during the past twelve months.

The negative returns of international equities were also due to persistently high global inflationary risks, which forced most major central banks to accelerate monetary tightening. These actions led to heightened investor fears about a deeper global recession and a sharper decline in corporate earnings. Energy and commodity prices cooled off from their spring-time highs and provided relief to industrial and household consumers toward the end of the review period.

From a sector perspective, the Fund had positive stock selection in materials and communication services sectors. **Glencore** (Switzerland) and **Vale** (Brazil) benefitted from higher commodity prices in the first half of the fiscal year while **Deutsche Telekom** (Germany) and **American Movil** (Mexico) outperformed as they continued to achieve consistent cashflow and solid earnings growth despite single digit top line revenue growth. From an index perspective, only the energy sector posted a positive return over the past twelve months.

From a regional and country allocation, the Fund was hurt by weak stock selection in both developed and emerging market regions. Japan was the weakest developed market while Taiwan and Brazil detracted in emerging markets. Switzerland was a bright spot, led by mining firm **Glencore**, while Greek shipping company **Star Bulk Carriers** was among the top contributors in emerging markets.

We thank you for investing in the Thomas White International Fund.

------

Portfolio Country and Industry Allocation as of October 31, 2022 <br>

---

| | | | |
|:---|:---|:---|:---|
| **Country Allocation** | % of TNA | **Industry Allocation** | % of TNA |
| Australia | 1.1% | Automobiles & Components | 7.0% |
| Brazil | 5.7% | Banks | 16.4% |
| Canada | 6.6% | Capital Goods | 12.2% |
| China | 6.8% | Commercial & Professional Services | 0.1% |
| France | 7.6% | Consumer Durables & Apparel | 3.6% |
| Germany | 9.2% | Diversified Financials | 2.0% |
| Greece | 1.9% | Energy | 4.9% |
| Hong Kong | 0.9% | Food, Beverage & Tobacco | 7.2% |
| India | 4.1% | Health Care Equipment & Services | 1.3% |
| Ireland | 2.7% | Insurance | 1.2% |
| Italy | 2.5% | Materials | 13.1% |
| Japan | 15.6% | Media & Entertainment | 1.6% |
| Mexico | 0.2% | Pharmaceuticals, Biotechnology & Life Sciences | 8.1% |
| Netherlands | 7.1% | Retailing | 3.6% |
| Singapore | 1.4% | Semiconductors & Semiconductor Equipment | 5.4% |
| South Korea | 3.9% | Software & Services | 0.1% |
| Spain | 1.7% | Technology Hardware & Equipment | 1.2% |
| Sweden | 0.2% | Telecommunication Services | 4.8% |
| Switzerland | 6.7% | Transportation | 2.0% |
| Taiwan | 2.1% | Utilities | 3.7% |
| United Kingdom | 11.4% | Cash & Other | 0.6% |
| Cash & Other | 0.6% | Total | 100.0% |
| Total | 100.0% |  |  |

---

TNA - Total Net Assets

**Fund holdings and industry allocations are subject to change and should not be considered a recommendation to buy or sell any securities. For a complete list of Fund holdings, please refer to the Investment Portfolio section of this report.**

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***Thomas White International Fund***

---

| | |
|:---|:---|
| **Investment Portfolio** | **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Country | Issue | Industry | Shares | Value (US$) |
| COMMON STOCKS (97.2%) | COMMON STOCKS (97.2%) |  |  |  |
| &nbsp;&nbsp;&nbsp;AUSTRALIA (1.1%) |  |  |  |  |
|  | CSL Limited + | Pharmaceuticals, Biotechnology & Life Sciences | 3450 | $618279 |
| &nbsp;&nbsp;&nbsp;BRAZIL (4.5%) |  |  |  |  |
|  | JBS SA | Food, Beverage & Tobacco | 283300 | 1369471 |
|  | Vale SA | Materials | 91400 | 1185873 |
|  |  |  |  | 2555344 |
| &nbsp;&nbsp;&nbsp;CANADA (6.6%) |  |  |  |  |
|  | Brookfield Asset Management, Inc. - Class A | Diversified Financials | 13400 | 530649 |
|  | Canadian Imperial Bank of Commerce USR # | Banks | 13800 | 626658 |
|  | Royal Bank of Canada | Banks | 7200 | 666173 |
|  | Suncor Energy, Inc. USR | Energy | 25800 | 887262 |
|  | West Fraser Timber Co. Ltd. | Materials | 14100 | 1058677 |
|  |  |  |  | 3769419 |
| &nbsp;&nbsp;&nbsp;CHINA (6.8%) |  |  |  |  |
|  |  | Retailing |  |  |
|  | Alibaba Group Holding Ltd. - ADR \* |  | 10700 | 680306 |
|  | Baidu, Inc. - Class A \*+ | Media & Entertainment | 34000 | 326240 |
|  | BYD Co. Ltd. - H + | Automobiles & Components | 22000 | 492828 |
|  | China Merchants Port Holdings Co. Ltd. + | Transportation | 32000 | 37403 |
|  | JD.com, Inc. - ADR | Retailing | 8200 | 305778 |
|  | JD.com, Inc. - Class A + | Retailing | 776 | 14490 |
|  | Meituan - ADR \* | Retailing | 10400 | 333736 |
|  | Pinduoduo, Inc. - ADR \* | Retailing | 12700 | 696341 |
|  | Tencent Holdings Ltd. + | Media & Entertainment | 23300 | 611387 |
|  | Wuxi Biologics Cayman, Inc. \*+ | Pharmaceuticals, Biotechnology & Life Sciences | 85000 | 384540 |
|  |  |  |  | 3883049 |
| &nbsp;&nbsp;&nbsp;FRANCE (7.6%) |  |  |  |  |
|  | Compagnie de Saint-Gobain SA + | Capital Goods | 20400 | 833414 |
|  | Credit Agricole SA + | Banks | 54500 | 494120 |
|  | LVMH Moet Hennessy Louis Vuitton SE + | Consumer Durables & Apparel | 2000 | 1261752 |
|  | Sanofi SA - ADR | Pharmaceuticals, Biotechnology & Life Sciences | 14400 | 622512 |
|  | Veolia Environnement SA + | Utilities | 49500 | 1103673 |
|  |  |  |  | 4315471 |
| &nbsp;&nbsp;&nbsp;GERMANY (8.2%) |  |  |  |  |
|  | Deutsche Telekom AG + | Telecommunication Services | 100100 | 1896051 |
|  | Mercedes-Benz Group AG + | Automobiles & Components | 21200 | 1227719 |
|  | Siemens AG + | Capital Goods | 10000 | 1093185 |
|  | Volkswagen AG + | Automobiles & Components | 2700 | 461611 |
|  |  |  |  | 4678566 |
| &nbsp;&nbsp;&nbsp;GREECE (1.9%) |  |  |  |  |
|  | Star Bulk Carriers Corp. # | Transportation | 62400 | 1087008 |
| &nbsp;&nbsp;&nbsp;HONG KONG (0.9%) |  |  |  |  |
|  | Techtronic Industries Co. Ltd. + | Capital Goods | 55000 | 518817 |
| &nbsp;&nbsp;&nbsp;INDIA (4.1%) |  |  |  |  |
|  | HDFC Bank Ltd. - ADR # | Banks | 17100 | 1065501 |
|  | ICICI Bank Ltd. - ADR | Banks | 33200 | 731728 |
|  | Tata Motors Ltd. - ADR \*# | Automobiles & Components | 22000 | 550220 |
|  |  |  |  | 2347449 |
| &nbsp;&nbsp;&nbsp;IRELAND (2.7%) |  |  |  |  |
|  | CRH PLC + | Materials | 21390 | 769608 |
|  | Linde PLC | Materials | 2600 | 773110 |
|  |  |  |  | 1542718 |
| &nbsp;&nbsp;&nbsp;ITALY (2.5%) |  |  |  |  |
|  | Intesa Sanpaolo SpA + | Banks | 534200 | 1020026 |
|  | Poste Italiane SpA + | Insurance | 6700 | 58478 |
|  | UniCredit SpA + | Banks | 27300 | 339063 |
|  |  |  |  | 1417567 |

---

------

---

| | |
|:---|:---|
| **Investment Portfolio** | **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Country | Issue | Industry | Shares | Value (US$) |
| &nbsp;&nbsp;&nbsp;JAPAN (15.6%) |  |  |  |  |
|  | Hitachi Ltd. + | Capital Goods | 29600 | 1340803 |
|  | Hoya Corp. - ADR | Health Care Equipment & Services | 7700 | 715946 |
|  | Inpex Corp. + | Energy | 86700 | 885679 |
|  | Marubeni Corp. + | Capital Goods | 99800 | 873934 |
|  | MS&AD Insurance Group Holdings, Inc. + | Insurance | 22900 | 606705 |
|  | Murata Manufacturing Co. Ltd. + | Technology Hardware & Equipment | 14200 | 696601 |
|  | Nomura Research Institute Ltd. + | Software & Services | 3000 | 66472 |
|  | Recruit Holdings Co. Ltd. + | Commercial & Professional Services | 1900 | 58315 |
|  | Renesas Electronics Corp. \*+ | Semiconductors & Semiconductor Equipment | 111500 | 933748 |
|  | Shin-Etsu Chemical Co. Ltd. + | Materials | 5500 | 574310 |
|  | SMC Corp. + | Capital Goods | 1800 | 724571 |
|  | Sony Group Corp. + | Consumer Durables & Apparel | 11600 | 785467 |
|  | Sumitomo Mitsui Financial Group, Inc. + | Banks | 23800 | 667712 |
|  |  |  |  | 8930263 |
| &nbsp;&nbsp;&nbsp;MEXICO (0.2%) |  |  |  |  |
|  | America Movil SAB de CV - Class L | Telecommunication Services | 135200 | 127605 |
|  | Sitios Latinoamerica SAB de CV \*# | Telecommunication Services | 6760 | 2003 |
|  |  |  |  | 129608 |
| &nbsp;&nbsp;&nbsp;NETHERLANDS (7.1%) |  |  |  |  |
|  | Airbus SE | Capital Goods | 7150 | 774291 |
|  | ArcelorMittal SA | Materials | 39900 | 893313 |
|  | ASML Holding NV + | Semiconductors & Semiconductor Equipment | 2010 | 947550 |
|  | ING Groep NV + | Banks | 80000 | 785783 |
|  | Stellantis NV USR | Automobiles & Components | 46400 | 627328 |
|  |  |  |  | 4028265 |
| &nbsp;&nbsp;&nbsp;SINGAPORE (1.4%) |  |  |  |  |
|  | DBS Group Holdings Ltd. - ADR # | Banks | 8100 | 787320 |
| &nbsp;&nbsp;&nbsp;SOUTH KOREA (3.9%) |  |  |  |  |
|  | Hyundai Motor Company + | Automobiles & Components | 200 | 23042 |
|  | KB Financial Group, Inc. + | Banks | 30130 | 1013561 |
|  | Korea Zinc Co. Ltd. + | Materials | 180 | 80703 |
|  | LG Chem Ltd. + | Materials | 125 | 54774 |
|  | POSCO Holdings, Inc. + | Materials | 1825 | 318477 |
|  | SK Telecom Co. Ltd. + | Telecommunication Services | 20538 | 721627 |
|  |  |  |  | 2212184 |
| &nbsp;&nbsp;&nbsp;SPAIN (1.7%) |  |  |  |  |
|  | Iberdrola SA - ADR | Utilities | 24400 | 990152 |
| &nbsp;&nbsp;&nbsp;SWEDEN (0.2%) |  |  |  |  |
|  | Volvo AB - Class B + | Capital Goods | 8100 | 132445 |
| &nbsp;&nbsp;&nbsp;SWITZERLAND (6.7%) |  |  |  |  |
|  | Lonza Group AG + | Pharmaceuticals, Biotechnology & Life Sciences | 1050 | 539793 |
|  | Nestle SA + | Food, Beverage & Tobacco | 13800 | 1502011 |
|  | Roche Holding AG + | Pharmaceuticals, Biotechnology & Life Sciences | 3500 | 1163229 |
|  | UBS Group AG + | Diversified Financials | 39000 | 617488 |
|  |  |  |  | 3822521 |
| &nbsp;&nbsp;&nbsp;TAIWAN (2.1%) |  |  |  |  |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | Semiconductors & Semiconductor Equipment | 19800 | 1218690 |
| &nbsp;&nbsp;&nbsp;UNITED KINGDOM (11.4%) |  |  |  |  |
|  | Anglo American PLC | Materials | 21800 | 652132 |
|  | Ashtead Group PLC + | Capital Goods | 12900 | 671328 |
|  | AstraZeneca PLC + | Pharmaceuticals, Biotechnology & Life Sciences | 10850 | 1272930 |
|  | Barclays PLC + | Banks | 334300 | 569167 |
|  | Diageo PLC + | Food, Beverage & Tobacco | 29900 | 1232662 |
|  | Glencore PLC + | Materials | 188100 | 1075091 |
|  | Shell PLC - ADR | Energy | 18100 | 1006903 |
|  |  |  |  | 6480213 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  | (Cost $60,205,036) |  | 55465348 |

---

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| | |
|:---|:---|
| **Investment Portfolio** | **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Country |  | Issue | Industry | Shares | Value (US$) |
| &nbsp;&nbsp;&nbsp;PREFERRED STOCKS (2.2%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BRAZIL (1.2%) |  |  |  |  |  |
|  |  | Banco Bradesco SA - ADR (Perpetual, 4.13%) ^ | Banks | 157600 | 597304 |
|  |  | Gerdau SA - ADR (Perpeptual, 16.22%) ^# | Materials | 12975 | 64615 |
|  |  |  |  |  | 661919 |
| &nbsp;&nbsp;&nbsp;GERMANY (1.0%) |  |  |  |  |  |
|  |  | Volkswagen AG (Perpeptual, 5.47%) + ^ | Automobiles <br> & Components | 4700 | 600754 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks** |  |  | (Cost $1,549,945) |  | 1262673 |
| HELD AS COLLATERAL FOR SECURITIES LENDING (2.5%) | HELD AS COLLATERAL FOR SECURITIES LENDING (2.5%) | HELD AS COLLATERAL FOR SECURITIES LENDING (2.5%) |  |  |  |
| SHORT TERM INVESTMENT (2.5%) | SHORT TERM INVESTMENT (2.5%) | SHORT TERM INVESTMENT (2.5%) |  |  |  |
| &nbsp;&nbsp;&nbsp;MONEY MARKET FUND (2.5%) | &nbsp;&nbsp;&nbsp;MONEY MARKET FUND (2.5%) | &nbsp;&nbsp;&nbsp;MONEY MARKET FUND (2.5%) |  |  |  |
|  |  | Northern Institutional Liquid Assets Portfolio, 3.08% <sup>(a)</sup> |  | 1404166 | 1404166 |
| &nbsp;&nbsp;&nbsp;**Total Held as Collateral for Securities Lending** | &nbsp;&nbsp;&nbsp;**Total Held as Collateral for Securities Lending** | &nbsp;&nbsp;&nbsp;**Total Held as Collateral for Securities Lending** | (Cost $1,404,166) |  | 1404166 |
| **Total Investments** | 101.9% |  | (Cost $63,159,147) |  | $58132187 |
| **Other Liabilities, Less** | -1.9 |  |  |  | (1060019) |
| **Total Net Assets:** | 100.0% |  |  |  | $57072168 |

---

Percentages are stated as a percent of net assets.

<br> \* Non-Income Producing Securities

# All or a portion of securities on loan at October 31, 2022. The market value of the securities loaned was $3,471,582. The loaned securities were secured with cash collateral of $1,404,166 and noncash collateral with a value of $2,145,915. The non-cash collateral received consists of short term investments and long term bonds, and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices. - See Note 1(I) to Financial Statements

<br> <sup>A</sup> Maturity Date and Preferred Dividend Rate of Preferred Stock

<br> + Fair Valued Security

<br> (a) 7-Day Yield

<br> PLC - Public Limited Company

<br> ADR - American Depositary Receipt

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

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

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

------

The following table summarizes the inputs used, as of October 31, 2022, in valuating the International Fund's assets:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks |  |  |  |  |
| Australia | $— | $618279 | $— | $618279 |
| Brazil | $2555344 | $— | $— | $2555344 |
| Canada | $3769419 | $— | $— | $3769419 |
| China | $2016161 | $1866888 | $— | $3883049 |
| France | $622512 | $3692959 | $— | $4315471 |
| Germany | $— | $4678566 | $— | $4678566 |
| Greece | $1087008 | $— | $— | $1087008 |
| Hong Kong | $— | $518817 | $— | $518817 |
| India | $2347449 | $— | $— | $2347449 |
| Ireland | $773110 | $769608 | $— | $1542718 |
| Italy | $— | $1417567 | $— | $1417567 |
| Japan | $715946 | $8214317 | $— | $8930263 |
| Mexico | $129608 | $— | $— | $129608 |
| Netherlands | $2294932 | $1733333 | $— | $4028265 |
| Singapore | $787320 | $— | $— | $787320 |
| South Korea | $— | $2212184 | $— | $2212184 |
| Spain | $990152 | $— | $— | $990152 |
| Sweden | $— | $132445 | $— | $132445 |
| Switzerland | $— | $3822521 | $— | $3822521 |
| Taiwan | $1218690 | $— | $— | $1218690 |
| United Kingdom | $1659035 | $4821178 | $— | $6480213 |
| Total Common Stocks | $20966686 | $34498662 | $— | $55465348 |
| Preferred Stocks |  |  |  |  |
| Brazil | 661919 |  |  | 661919 |
| Germany |  | 600754 |  | 600754 |
| Total Preferred Stocks | 661919 | 600754 |  | 1262673 |
| Short Term Investments | $1404166 | $— | $— | $1404166 |
| Total Investments | $23032771 | $35099416 | $— | $58132187 |

---

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. There were no transfers into or out of Level 3 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.

------

THOMAS WHITE AMERICAN OPPORTUNITIES FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(Unaudited)**<br>**Sales <br> Charge** <br>| **Deferred <br> Sales <br> Charge**  | **Administrative <br> Services <br> Fee**  | **12b-1 Fees**  | **Gross <br> Operating <br> Expenses<sup>1</sup>**  | **Net <br> Operating <br> Expenses<sup>1</sup>**  |
| **Investor Class** |  |  | **Up to 0.25%** |  | **1.62%** | **1.34%** |

---

<sup>1</sup> 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, 2023. 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. The net expense ratio is applicable to investors.

<sup>2</sup> Prospectus Gross Annual Operating Expense is based on the most recent prospectus and may differ from other expense ratios appearing in this report.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Asset <br> Value per <br> Share (NAV)**  | **Net Assets**  | **Redemption Fee\***  | **Portfolio Turnover**  |
| **Investor Class** | **$16.01** | **$20.8 million** | **2.00%** | **12%** |

---

\* On shares purchased and held for less than 60 days (as a percentage of amount redeemed, if applicable).

------

OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  | &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  | &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  | &nbsp;&nbsp; **Total Returns as of October 31, 2022 (Unaudited)**  |
| &nbsp;&nbsp; **Class**  | **1 Yr**  | **Annualized**  | **Annualized**  |
| &nbsp;&nbsp; **Class**  | **1 Yr**  | | |
| &nbsp;&nbsp;**Investor Class shares (TWAOX)** | **-9.69%** | **5 Yrs** <br>**7.87%** | **10 Yrs** <br>**10.54%** |
| &nbsp;&nbsp;**Russell Midcap Total Return Index<sup>1</sup>** | **-17.17%** | **7.95%** | **11.36%** |
| &nbsp;&nbsp;**Russell Midcap Value Total Return Index<sup>1</sup>** | **-10.18%** | **6.49%** | **10.42%** |

---

<sup>1</sup> The Russell Midcap Total Return 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 Russell Midcap Value Total Return Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. Both indices are unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

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.*

------

THOMAS WHITE AMERICAN OPPORTUNITIES FUND

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

![](twncsr003.jpg)

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 Total Return Index, and its secondary benchmark, the Russell Midcap Value Total Return Index, for the past 10 years through October 31, 2022. 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 172.33% for the Fund's Investor Class shares, 193.18% for the primary benchmark, and 169.43% for the secondary benchmark. The Fund's Investor Class shares average annual total return since inception on March 4, 1999 was 8.09%. The Fund's primary benchmark, the Russell Midcap Total Return Index, measures the performance of the 800 smallest companies in the Russell 1000 Index, which measures the performance of the 1,000 largest U.S. companies based on total market capitalization. The Fund's secondary benchmark, the Russell Midcap Value Index, measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. 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.

------

**American Opportunities Fund**

**Performance and Portfolio Review**

The Thomas White American Opportunities Fund Investor Class shares returned -9.69% during the one-year period ended October 31, 2022, while the Fund's primary benchmark, the Russell Midcap Index, returned -17.17% and the secondary benchmark, the Russell Midcap Value Index, returned -10.18% during the same period.

The Fund's performance over the past twelve months was led by three major energy holdings **Diamondback Energy**, **Pioneer Natural Resources** and **Marathon Petroleum**. These companies posted strong earnings and cashflows after crude oil and natural gas prices remained at high levels following the beginning of the Russia/Ukraine war in February 2022. The energy sector was the one bright spot in an otherwise challenging US equity market.

Increasing prices combined with above average wages led to the return of rising inflation not seen in the US over the past three decades. As consumer inflation rose systematically throughout much of 2022, the Federal Reserve was forced to turn more hawkish and raised rates five times between March and October 2022. The Fed continued to pledge tighter fiscal policy measures to cool down prices. While corporate earnings remained been solid, fears of a deeper recession that could weaken consumer spending and corporate earnings also surfaced. High prices of energy and industrial commodities persisted for most of the review period, before correcting on economic growth fears.

The Fund's outperformance versus the primary benchmark was driven by strong stock selection in 9 of the 11 sectors led by financials, consumer staples and technology. The underweight to communication services, which was the weakest performing sector, also contributed to the Fund's relative performance during the past twelve months. Energy, utilities and consumer staples were the only sectors within the primary index that posted positive returns over the past twelve months.

Despite the headwinds of rising inflation and the Federal Reserve's tightening interest rate policy, the top performing companies outside of the energy sector benefited from this economic environment due to their strong pricing power, high demand for their products and solid management teams. **Steel Dynamics, Corteva** and **Autozone** each reflect these three key characteristics.

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

------

Portfolio Industry Allocation and Market Capitalization as of October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Industry Allocation | % of TNA | Portfolio Market Cap Mix | % of TNA |
| Automobiles & Components | 1.0% | Large Cap (over $46.4 billion) | 17.9% |
| Banks | 3.5% | Mid Cap ($3.6 - $46.4 billion) | 79.7% |
| Capital Goods | 10.2% | Cash & Other | 2.4% |
| Commercial & Professional Services | 3.1% |  |  |
| Consumer Durables & Apparel | 2.2% | Total | 100% |
| Consumer Services | 4.2% |  |  |
| Diversified Financials | 4.4% |  |  |
| Energy | 5.5% |  |  |
| Food, Beverage & Tobacco | 2.2% |  |  |
| Health Care Equipment & Services | 8.4% |  |  |
| Household & Personal Products | 1.5% |  |  |
| Insurance | 5.9% |  |  |
| Materials | 6.9% |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences | 3.4% |  |  |
| Retailing | 3.9% |  |  |
| Semiconductors & Semiconductor Equipment | 2.9% |  |  |
| Software & Services | 8.5% |  |  |
| Technology Hardware & Equipment | 5.3% |  |  |
| Transportation | 1.6% |  |  |
| Utilities | 5.6% |  |  |
| REITs | 7.4% |  |  |
| Cash & Other | 2.4% |  |  |
| Total | 100% |  |  |

---

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.**

------

---

| | |
|:---|:---|
| ***Thomas White American Opportunities Fund*** |  |
| **Investment Portfolio** | **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| Industry | Issue | Shares | Value |
| COMMON STOCKS (90.2%) | COMMON STOCKS (90.2%) |  |  |
| &nbsp;&nbsp;&nbsp;AUTOMOBILES & COMPONENTS (1.0%) | &nbsp;&nbsp;&nbsp;AUTOMOBILES & COMPONENTS (1.0%) |  |  |
|  | Ford Motor Co. | 15700 | $209909 |
| &nbsp;&nbsp;&nbsp;BANKS (3.5%) |  |  |  |
|  | Citizens Financial Group, Inc. | 6600 | 269940 |
|  | Regions Financial Corporation | 20990 | 460731 |
|  |  |  | 730671 |
| &nbsp;&nbsp;&nbsp;CAPITAL GOODS (10.2%) |  |  |  |
|  | Carlisle Companies Incorporated | 1320 | 315216 |
|  | Cummins, Inc. | 1040 | 254290 |
|  | Huntington Ingalls Industries, Inc. | 800 | 205656 |
|  | Otis Worldwide Corp. | 2170 | 153289 |
|  | Parker-Hannifin Corporation | 1355 | 393790 |
|  | The Middleby Corporation \* | 1300 | 181818 |
|  | Trane Technologies PLC ^ | 1900 | 303297 |
|  | W.W. Grainger, Inc. | 520 | 303862 |
|  |  |  | 2111218 |
| &nbsp;&nbsp;&nbsp;COMMERCIAL & PROFESSIONAL SERVICES (3.1%) | &nbsp;&nbsp;&nbsp;COMMERCIAL & PROFESSIONAL SERVICES (3.1%) |  |  |
|  | Republic Services, Inc. | 2290 | 303700 |
|  | Verisk Analytics, Inc. | 1875 | 342806 |
|  |  |  | 646506 |
| &nbsp;&nbsp;&nbsp;CONSUMER DURABLES & APPAREL (2.2%) | &nbsp;&nbsp;&nbsp;CONSUMER DURABLES & APPAREL (2.2%) |  |  |
|  | Brunswick Corporation | 2985 | 210950 |
|  | Lennar Corporation - Class A | 3150 | 254205 |
|  |  |  | 465155 |
| &nbsp;&nbsp;&nbsp;CONSUMER SERVICES (4.2%) | &nbsp;&nbsp;&nbsp;CONSUMER SERVICES (4.2%) |  |  |
|  | Darden Restaurants, Inc. | 1300 | 186082 |
|  | Marriott International, Inc. - Class A | 1990 | 318619 |
|  | Service Corporation International | 3440 | 208499 |
|  | Vail Resorts, Inc. | 740 | 162156 |
|  |  |  | 875356 |
| &nbsp;&nbsp;&nbsp;DIVERSIFIED FINANCIALS (4.4%) | &nbsp;&nbsp;&nbsp;DIVERSIFIED FINANCIALS (4.4%) |  |  |
|  | Ameriprise Financial, Inc. | 1380 | 426585 |
|  | S&P Global, Inc. | 703 | 225839 |
|  | State Street Corp. | 3430 | 253820 |
|  |  |  | 906244 |
| &nbsp;&nbsp;&nbsp;ENERGY (5.5%) | &nbsp;&nbsp;&nbsp;ENERGY (5.5%) |  |  |
|  | Diamondback Energy, Inc. | 2760 | 433624 |
|  | Marathon Petroleum Corporation | 2670 | 303365 |
|  | Pioneer Natural Resources Co. | 1570 | 402564 |
|  |  |  | 1139553 |
| &nbsp;&nbsp;&nbsp;FOOD, BEVERAGE & TOBACCO (2.2%) | &nbsp;&nbsp;&nbsp;FOOD, BEVERAGE & TOBACCO (2.2%) |  |  |
|  | The Hershey Company | 1900 | 453663 |

---

------

---

| | |
|:---|:---|
| **Investment Portfolio** | **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| Industry | Issue | Shares | Value |
| &nbsp;&nbsp;&nbsp;HEALTH CARE EQUIPMENT & SERVICES (8.4%) | &nbsp;&nbsp;&nbsp;HEALTH CARE EQUIPMENT & SERVICES (8.4%) |  |  |
|  | AmerisourceBergen Corporation | 2120 | 333307 |
|  | Boston Scientific Corporation \* | 5180 | 223310 |
|  | Centene Corporation \* | 2179 | 185498 |
|  | Laboratory Corporation of America Holdings | 1205 | 267341 |
|  | Molina Healthcare, Inc. \* | 740 | 265556 |
|  | STERIS PLC ^ | 835 | 144104 |
|  | The Cooper Companies, Inc. | 440 | 120292 |
|  | Zimmer Biomet Holdings, Inc. | 1810 | 205164 |
|  |  |  | 1744572 |
| &nbsp;&nbsp;&nbsp;HOUSEHOLD & PERSONAL PRODUCTS (1.5%) | &nbsp;&nbsp;&nbsp;HOUSEHOLD & PERSONAL PRODUCTS (1.5%) |  |  |
|  | Church & Dwight Co., Inc. | 4290 | 318018 |
| &nbsp;&nbsp;&nbsp;INSURANCE (5.9%) | &nbsp;&nbsp;&nbsp;INSURANCE (5.9%) |  |  |
|  | Arch Capital Group Ltd. \*^ | 6870 | 395025 |
|  | Assurant, Inc. | 1810 | 245907 |
|  | Everest Re Group Ltd. ^ | 1040 | 335566 |
|  | The Hartford Financial Services Group, Inc. | 3540 | 256331 |
|  |  |  | 1232829 |
| &nbsp;&nbsp;&nbsp;MATERIALS (6.9%) | &nbsp;&nbsp;&nbsp;MATERIALS (6.9%) |  |  |
|  | Ball Corporation | 2940 | 145207 |
|  | Corteva, Inc. | 5430 | 354796 |
|  | Martin Marietta Materials, Inc. | 830 | 278863 |
|  | PPG Industries, Inc. | 1710 | 195248 |
|  | Steel Dynamics, Inc. | 4810 | 452380 |
|  |  |  | 1426494 |
| &nbsp;&nbsp;&nbsp;PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (3.4%) | &nbsp;&nbsp;&nbsp;PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (3.4%) |  |  |
|  | Agilent Technologies, Inc. | 2970 | 410899 |
|  | Charles River Laboratories International, Inc. \* | 1355 | 287599 |
|  |  |  | 698498 |
| &nbsp;&nbsp;&nbsp;RETAILING (3.9%) | &nbsp;&nbsp;&nbsp;RETAILING (3.9%) |  |  |
|  | AutoZone, Inc. \* | 254 | 643351 |
|  | Ross Stores, Inc. | 1720 | 164587 |
|  |  |  | 807938 |
| &nbsp;&nbsp;&nbsp;SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.9%) | &nbsp;&nbsp;&nbsp;SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.9%) |  |  |
|  | KLA Corporation | 1210 | 382905 |
|  | Lam Research Corporation | 540 | 218581 |
|  |  |  | 601486 |
| &nbsp;&nbsp;&nbsp;SOFTWARE & SERVICES (8.5%) | &nbsp;&nbsp;&nbsp;SOFTWARE & SERVICES (8.5%) |  |  |
|  | Akamai Technologies, Inc. \* | 2330 | 205809 |
|  | ANSYS, Inc. \* | 950 | 210102 |
|  | Cadence Design Systems, Inc. \* | 2285 | 345926 |
|  | Fidelity National Information Services, Inc. | 2500 | 207475 |
|  | Fortinet, Inc. \* | 6250 | 357250 |
|  | Synopsys, Inc. \* | 1520 | 444676 |
|  |  |  | 1771238 |

---

------

---

| | |
|:---|:---|
| **Investment Portfolio** | **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Industry |  | Issue | Shares | Value |
| &nbsp;&nbsp;&nbsp;TECHNOLOGY HARDWARE & EQUIPMENT (5.3%) | &nbsp;&nbsp;&nbsp;TECHNOLOGY HARDWARE & EQUIPMENT (5.3%) | &nbsp;&nbsp;&nbsp;TECHNOLOGY HARDWARE & EQUIPMENT (5.3%) |  |  |
|  |  | Arista Networks Inc. \* | 3120 | 377083 |
|  |  | Keysight Technologies, Inc. \* | 2740 | 477171 |
|  |  | Motorola Solutions, Inc. | 940 | 234728 |
|  |  |  |  | 1088982 |
| &nbsp;&nbsp;&nbsp;TRANSPORTATION (1.6%) | &nbsp;&nbsp;&nbsp;TRANSPORTATION (1.6%) | &nbsp;&nbsp;&nbsp;TRANSPORTATION (1.6%) |  |  |
|  |  | GXO Logistics, Inc. \* | 2210 | 80753 |
|  |  | Old Dominion Freight Line, Inc. | 915 | 251259 |
|  |  |  |  | 332012 |
| &nbsp;&nbsp;&nbsp;UTILITIES (5.6%) |  |  |  |  |
|  |  | Alliant Energy Corporation | 3770 | 196681 |
|  |  | Ameren Corporation | 3220 | 262494 |
|  |  | CMS Energy Corporation | 3330 | 189977 |
|  |  | DTE Energy Company | 1750 | 196192 |
|  |  | Xcel Energy, Inc. | 5020 | 326852 |
|  |  |  |  | 1172196 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** | (Cost $11,352,278) | 18732538 |
| REAL ESTATE INVESTMENT TRUSTS (REITS) (7.4%) | REAL ESTATE INVESTMENT TRUSTS (REITS) (7.4%) | REAL ESTATE INVESTMENT TRUSTS (REITS) (7.4%) |  |  |
| &nbsp;&nbsp;&nbsp;REAL ESTATE (7.4%) | &nbsp;&nbsp;&nbsp;REAL ESTATE (7.4%) | &nbsp;&nbsp;&nbsp;REAL ESTATE (7.4%) |  |  |
|  |  | AvalonBay Communities, Inc. | 1105 | 193508 |
|  |  | Digital Realty Trust, Inc. | 1330 | 133332 |
|  |  | EastGroup Properties, Inc. | 1225 | 191945 |
|  |  | Extra Space Storage, Inc. | 2100 | 372624 |
|  |  | Prologis, Inc. | 3776 | 418192 |
|  |  | SBA Communications Corp. | 825 | 222668 |
|  |  |  |  | 1532269 |
| **Total REITs** |  |  | (Cost $1,497,919) | 1532269 |
| **Total Investments** | 97.6% |  | (Cost $12,850,197) | $20264807 |
| **Other Assets, Less** | 2.4% |  |  | 505692 |
| **Total Net Assets:** | 100.0% |  |  | $20770499 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

\* Non-Income Producing Securities

^ Foreign Issued Securities

*The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.*

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Automobiles & Components | $209909 | $— | $— | $209909 |
| Banks | 730671 |  |  | 730671 |
| Capital Goods | 2111218 |  |  | 2111218 |
| Commercial & Professional Services | 646506 |  |  | 646506 |
| Consumer Durables & Apparel | 465155 |  |  | 465155 |
| Consumer Services | 875356 |  |  | 875356 |
| Diversified Financials | 906244 |  |  | 906244 |
| Energy | 1139553 |  |  | 1139553 |
| Food, Beverage & Tobacco | 453663 |  |  | 453663 |
| Health Care Equipment & Services | 1744572 |  |  | 1744572 |
| Household & Personal Products | 318018 |  |  | 318018 |
| Insurance | 1232829 |  |  | 1232829 |
| Materials | 1426494 |  |  | 1426494 |
| Pharmaceuticals, Biotechnology & Life Sciences | 698498 |  |  | 698498 |
| Retailing | 807938 |  |  | 807938 |
| Semiconductors & Semiconductor Equipment | 601486 |  |  | 601486 |
| Software & Services | 1771238 |  |  | 1771238 |
| Technology Hardware & Equipment | 1088982 |  |  | 1088982 |
| Transportation | 332012 |  |  | 332012 |
| Utilities | 1172196 |  |  | 1172196 |
| Total Common Stocks | $18732538 | $— | $— | $18732538 |
| REITS |  |  |  |  |
| Real Estate | $1532269 | $— | $— | $1532269 |
| Total REITS | $1532269 | $— | $— | $1532269 |
| Total Investments | $20264807 | $— | $— | $20264807 |

---

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

There were no transfers into or out of Level 3 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.

------

**THOMAS WHITE FUNDS**

**Statements of Assets and Liabilities**

**October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **International Fund** | <br> **American** **<br> Opportunities Fund** |
| **ASSETS:** | | |
| **Investments in securities at market value<sup>1,2</sup>** | $**58132187** | $**20264807** |
| **Cash** | **381720** | **750586** |
| **Foreign currency<sup>3</sup>** | **6311** | **—** |
| **Receivables:** |  |  |
| &nbsp;&nbsp;&nbsp;**Dividends** | **119326** | **3185** |
| &nbsp;&nbsp;&nbsp;**Reclaims** | **284626** | **2170** |
| &nbsp;&nbsp;&nbsp;**Fund shares sold** | **144236** | **—** |
| **Prepaid expenses and other assets** | **50214** | **6518** |
| **Total assets** | **59188620** | **21027266** |
| **LIABILITIES:** |  |  |
| **Investment Payable** | **—** | **206371** |
| **Management and administrative fees payable (Note 4)** | **—** | **1403** |
| **Business management fees payable (Note 4)** | **1696** | **586** |
| **Trustee fees payable** | **19028** | **5102** |
| **Payable for Fund shares redeemed** | **475109** | **—** |
| **Collateral on loaned securities (See Note 1)<sup>2,4</sup>** | **1404166** | **—** |
| **Accrued fund accounting and fund administration fees** | **32991** | **6162** |
| **Accrued custody fees** | **20767** | **1773** |
| **Accrued printing and mailing expenses** | **24521** | **5873** |
| **Accrued professional fees** | **40641** | **23234** |
| **Accrued shareholder servicing fees** | **23913** | **6158** |
| **Accrued expenses and other liabilities** | **3620** | **105** |
| **Total liabilities** | **2046452** | **256767** |
| **Net Assets** | $**57072168** | $**20770499** |
| **NET ASSETS** |  |  |
| **Source of Net Assets:** |  |  |
| **Net capital paid in on shares of beneficial interest** | $**59719149** | $**12276928** |
| **Total distributable earnings (deficit)** | $**(2646981)** | $**8493571** |
| **Net assets** | $**57072168** | $**20770499** |

---

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

------

**THOMAS WHITE FUNDS**

**Statements of Assets and Liabilities**

**October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **International Fund** | <br> **American** <br> **Opportunities Fund** |
| **INVESTOR CLASS SHARES** | | |
| **Net assets** | $**12359389** | $**20770499** |
| **Shares outstanding<sup>5</sup>** | **1068970** | **1297526** |
| **Net asset value and offering price per share** | $**11.56** | $**16.01** |
| **CLASS I SHARES** |  |  |
| **Net assets** | $**44712779** |  |
| **Shares outstanding<sup>5</sup>** | **3860336** |  |
| **Net asset value and offering price per share** | $**11.58** |  |

---

**<sup>1</sup> Cost Basis of Investments:**

**International Fund: $63,159,147 including**

**Securities lending collateral of $1,404,166**

**American Opportunities Fund: $12,850,197**

**<sup>2</sup> Value of securities out on loan at 10/31/2022:**

**International Fund: $3,471,582**

**<sup>3</sup> Cost Basis of Cash denominated in foreign currencies:**

**International Fund: $6,342**

**<sup>4</sup> Non-cash collateral from securities on loan:**

**International Fund: $2,145,915**

**<sup>5</sup> 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.**

------

**THOMAS WHITE FUNDS**

**Statements of Operations**

**Year Ended October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **International Fund** | **American**<br> **Opportunities Fund** |
| **INVESTMENT INCOME** |  |  |
| **Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Dividends<sup>1</sup>** | $**2771380** | $**326664** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Securities lending income (Note 1)** | **21504** | **—** |
| **Total investment income** | **2792884** | **326664** |
| **Expenses (Note 1(B)):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment management fees (Note 4)** | **655731** | **182716** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Business management fees (Note 4)** | **27001** | **7524** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund accounting and fund administration fees** | **99987** | **34112** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Custodian fees** | **46686** | **5292** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Shareholder servicing fees** | **73496** | **18826** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Trustees' fees and expenses** | **38028** | **10102** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Professional fees** | **161986** | **54342** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Registration fees** | **38267** | **21916** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Printing and mailing expenses** | **32090** | **7491** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrative service fee (Note 4)** | **34195** | **11345** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other expenses** | **86676** | **19566** |
| **Total expenses** | **1294143** | **373232** |
| **Reimbursement from Advisor (Note 4)** | **(484073)** | **(84327)** |
| **Net expenses** | **810070** | **288905** |
| **Net investment income** | **1982814** | **37759** |

---

**REALIZED AND UNREALIZED GAIN ON INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **Net realized gain on investments and foreign currency translation** | **795350** | **1039654** |
| **Net change in unrealized depreciation on** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**investments and foreign currency transactions** | **(30093546)** | **(3274489)** |
| **Net realized and unrealized loss** | **(29298196)** | **(2234835)** |
| **Net decrease in net assets resulting from operations** | $**(27315382)** | $**(2197076)** |

---

 

<sup>1</sup> **Net of issuance fees and/or foreign tax withheld of:**

**International Fund: $942,294**

**American Opportunities: $135**

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

------

**THOMAS WHITE FUNDS**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **International Fund** | **International Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** |
| **Change in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | $**1982814** | $**1016915** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain on investments and foreign currency translation** | **795350** | **11625622** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net changed in unrealized appreciation (depreciation) on investments and foreign** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**currency translation** | **(30093546)** | **8276792** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **(27315382)** | **20919329** |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Distributable earnings - Investor Class** | **(2071490)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Distributable earnings - Class I** | **(7628905)** | **—** |
| **Total distributions** | **(9700395)** | **—** |
| **Fund share transactions (Note 3)** | **2077638** | **(4441015)** |
| **Total increase (decrease) in net assets** | **(34938139)** | **16478314** |
| **Net assets:** |  |  |
| **Beginning of period** | **92010307** | **75531993** |
| **End of period** | $**57072168** | $**92010307** |

---

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

------

**THOMAS WHITE FUNDS**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **American Opportunities Fund** | **American Opportunities Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** |
| **Change in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | $**37759** | $**(35523)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain on investments** | **1039654** | **1473795** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on investments** | **(3274489)** | **6387355** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **(2197076)** | **7825627** |
| **Total distributions from distributable earnings** | **(1450749)** | **—** |
| **Fund share transactions (Note 3)** | **(823289)** | **562942** |
| **Total increase (decrease) in net assets** | **(4471114)** | **8388569** |
| **Net assets:** |  |  |
| **Beginning of period** | **25241613** | **16853044** |
| **End of period** | $**20770499** | $**25241613** |

---

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

------

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Thomas White International Fund - Investor Class** | | | | | |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per share operating performance (For a share outstanding throughout the year)** |  |  |  |  |  |
| **Net asset value, beginning of year** | $**18.51** | $**14.47** | $**14.80** | $**13.86** | $**17.88** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income<sup>1</sup>** | **0.34** | **0.16** | **0.10** | **0.32** | **0.25** |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gains/(losses)** | **(5.31)** | **3.88** | **(0.22)** | **1.15** | **(2.44)** |
| **Total from investment operations** | **(4.97)** | **4.04** | **(0.12)** | **1.47** | **(2.19)** |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**From net investment income** | **(0.27)** | **—** | **(0.21)** | **(0.23)** | **(0.29)** |
| &nbsp;&nbsp;&nbsp;**From net realized gains** | **(1.71)** | **—** | **—** | **(0.30)** | **(1.54)** |
| **Total Distributions** | **(1.98)** | **—** | **(0.21)** | **(0.53)** | **(1.83)** |
| **Change in net asset value for the year** | **(6.95)** | **4.04** | **(0.33)** | **0.94** | **(4.02)** |
| **Net asset value, end of year** | $**11.56** | $**18.51** | $**14.47** | $**14.80** | $**13.86** |
| **Total Return** | **(29.82)%** | **27.92%** | **(0.86)%** | **10.59%** | **(12.01)%** |
| **Ratios/supplemental data** |  |  |  |  |  |
| **Net assets, end of period ($000)** | $**12359** | $**20300** | $**17983** | $**26331** | $**29473** |
| **Ratio to average net assets:** |  |  |  |  |  |
| **Expenses (net of reimbursement)** | **1.24%** | **1.24%** | **1.24%** | **1.24%** | **1.24%** |
| **Expenses (prior to reimbursement)** | **1.83%** | **1.63%** | **1.63%** | **1.63%** | **1.34%** |
| **Net investment income (net of reimbursement)** | **2.36%** | **0.92%** | **0.71%** | **2.17%** | **1.32%** |
| **Net investment income (prior to reimbursement)** | **1.77%** | **0.53%** | **0.32%** | **1.78%** | **1.22%** |
| **Portfolio turnover rate<sup>2</sup>** | **51%** | **49%** | **24%** | **43%** | **38%** |

---

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

**(2) 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.**

------

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Thomas White International Fund - Class I** | | | | | |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per share operating performance (For a share outstanding throughout the year)** |  |  |  |  |  |
| **Net asset value, beginning of year** | $**18.50** | $**14.43** | $**14.75** | $**13.81** | $**17.79** |
| **Income from investment operations:** |  |  |  |  |  |
| **Net investment income<sup>1</sup>** | **0.37** | **0.21** | **0.13** | **0.35** | **0.27** |
| **Net realized and unrealized gains/(losses)** | **(5.31)** | **3.86** | **(0.20)** | **1.16** | **(2.42)** |
| **Total from investment operations** | **(4.94)** | **4.07** | **(0.07)** | **1.51** | **(2.15)** |
| **Distributions:** |  |  |  |  |  |
| **From net investment income** | **(0.27)** | **—** | **(0.25)** | **(0.27)** | **(0.29)** |
| **From net realized gains** | **(1.71)** | **—** | **—** | **(0.30)** | **(1.54)** |
| **Total Distributions** | **(1.98)** | **—** | **(0.25)** | **(0.57)** | **(1.83)** |
| **Change in net asset value for the year** | **(6.92)** | **4.07** | **(0.32)** | **0.94** | **(3.98)** |
| **Net asset value, end of year** | $**11.58** | $**18.50** | $**14.43** | $**14.75** | $**13.81** |
| **Total Return** | **(29.66)%** | **28.21%** | **(0.54)%** | **10.90%** | **(11.80)%** |
| **Ratios/supplemental data** |  |  |  |  |  |
| **Net assets, end of period ($000)** | $**44713** | $**71710** | $**57549** | $**92785** | $**181179** |
| **Ratio to average net assets:** |  |  |  |  |  |
| **Expenses (net of reimbursement)** | **0.99%** | **0.99%** | **0.99%** | **0.99%** | **0.99%** |
| **Expenses (prior to reimbursement)** | **1.63%** | **1.44%** | **1.49%** | **1.40%** | **1.18%** |
| **Net investment income (net of reimbursement)** | **2.63%** | **1.19%** | **0.88%** | **2.42%** | **1.53%** |
| **Net investment income (prior to reimbursement)** | **1.99%** | **0.74%** | **0.38%** | **2.01%** | **1.34%** |
| **Portfolio turnover rate<sup>2</sup>** | **51%** | **49%** | **24%** | **43%** | **38%** |

---

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

**(2) 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.**

------

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Thomas White American Opportunities Fund - Investor Class** | **Thomas White American Opportunities Fund - Investor Class** | **Thomas White American Opportunities Fund - Investor Class** | | | |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per share operating performance (For a share outstanding throughout the year)** |  |  |  |  |  |
| **Net asset value, beginning of year** | $**18.93** | $**12.95** | $**17.46** | $**15.81** | $**16.49** |
| **Income from investment operations:** |  |  |  |  |  |
| **Net investment income<sup>1</sup>** | **0.03** | **(0.03)** | **0.03** | **0.04** | **0.06** |
| **Net realized and unrealized gains/(losses)** | **(1.72)** | **6.01** | **(0.44)** | **2.08** | **—** |
| **Total from investment operations** | **(1.69)** | **5.98** | **(0.41)** | **2.12** | **0.06** |
| **Distributions:** |  |  |  |  |  |
| **From net investment income** | **—** | **—** | **(0.03)** | **(0.03)** | **(0.05)** |
| **From net realized gains** | **(1.23)** | **—** | **(4.07)** | **(0.44)** | **(0.69)** |
| **Total Distributions** | **(1.23)** | **—** | **(4.10)** | **(0.47)** | **(0.74)** |
| **Change in net asset value for the year** | **(2.92)** | **5.98** | **(4.51)** | **1.65** | **(0.68)** |
| **Net asset value, end of year** | $**16.01** | $**18.93** | $**12.95** | $**17.46** | $**15.81** |
| **Total Return** | **(9.69)%** | **46.18%** | **(2.87)%** | **13.37%** | **0.50%** |
| **Ratios/supplemental data** |  |  |  |  |  |
| **Net assets, end of year ($000)** | $**20770** | $**25242** | $**16853** | $**45766** | $**40969** |
| **Ratio to average net assets:** |  |  |  |  |  |
| **Expenses (net of reimbursement/recoupment)** | **1.34%** | **1.34%** | **1.34%** | **1.34%** | **1.34%** |
| **Expenses (prior to reimbursement/recoupment)** | **1.74%** | **1.62%** | **1.71%** | **1.55%** | **1.43%** |
| **Net investment income (net of reimbursement/recoupment)** | **0.18%** | **(0.16)%** | **0.19%** | **0.23%** | **0.31%** |
| **Net investment income/(loss) (prior to reimbursement/recoupment)** | **(0.22)%** | **(0.44)%** | **(0.18)%** | **0.02%** | **0.22%** |
| **Portfolio turnover rate** | **12%** | **14%** | **31%** | **20%** | **21%** |

---

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

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

------

**Notes to Financial Statements Year Ended October 31, 2022**

**NOTE 1. ORGANIZATION AND SIGNIFICANT 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 two series of shares (collectively referred to as the "Funds," and each a "Fund") - 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, Class A shares and Class C 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. Class A and Class C shares of the International Fund closed on February 28, 2017 and, effective at the close of business on that date, the outstanding Class A and Class C shares of those Funds were converted to Class I shares, as applicable. The investment objective of each Fund is to seek long-term capital growth. The International Fund primarily invests in equity securities of companies located in the world's developed countries outside of the U.S. 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 Valuation Procedures. As of October 31, 2022, 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 Fund, adjusted by a fair value factor when necessary and as further described below. An independent statistical fair value pricing service has been retained 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 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 International Fund 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 include administration fees, administrative services fees, printing expenses, registration fees and transfer agent fees, are recorded to the specific class.

For the year ended October 31, 2022, the multi-class fund expenses per class are as follows:

------

**THOMAS WHITE FUNDS**

**Year Ended October 31, 2022**

**Note 1(B) & Financial Highlights support**

For the year ended October 31, 2022, the multi-class fund expenses per class are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **International Fund** | | | |
|  | **Investor Class** | **Class I** | **Total** |
| **Total investment income** | $**623603** | $**2169281** | $**2792884** |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment management fees (Note 4)** | $**147058** | $**508673** | $**655731** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Business management fees (Note 4)** | **6055** | **20946** | **27001** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund accounting and fund administration fees** | **22415** | **77572** | **99987** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Custodian fees** | **10477** | **36209** | **46686** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Shareholder servicing fees** | **16489** | **57007** | **73496** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Trustees' fees and expenses** | **8531** | **29497** | **38028** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Professional fees** | **36302** | **125684** | **161986** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Registration fees** | **8585** | **29682** | **38267** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Printing and mailing expenses** | **7190** | **24900** | **32090** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Administrative service fee (Note 4)** | **34195** | **—** | **34195** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other expenses** | **19429** | **67247** | **86676** |
| **Total expenses** | **316726** | **977417** | **1294143** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Reimbursement of management fees** | **(101432)** | **(350875)** | **(452307)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Reimbursement of class specific expenses** | **—** | **(31766)** | **(31766)** |
| **Reimbursement from Advisor** | **(101432)** | **(382641)** | **(484073)** |
| **Net expenses** | $**215294** | $**594776** | $**810070** |
| **Net investment income** | $**408309** | $**1574505** | $**1982814** |

---

------

**Notes to Financial Statements Year Ended October 31, 2022**

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

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 translation 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 October 31, 2022, open Federal tax years include the tax years ended October 31, 2019 through 2022. 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 period end.

The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on the redemption of shares, as part of the dividends paid deduction for income tax purposes.

(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"*.

(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 International Fund may lend investment securities to investors who borrow securities in order to complete certain transactions. By lending investment securities, the 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 the 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.

------

When the Fund lends securities it receives 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 the 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 cash collateral would be invested in the Northern Institutional Liquid Asset Portfolio (an open-end regulated investment company) and would be shown on the investment portfolio for the International Fund. The cash collateral, if any, is reflected in the Fund's Statement of Assets and Liabilities in the line item labeled "Investments in securities at market value". Non-cash collateral is not shown in the Fund's investment portfolio nor disclosed in the Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate those securities. 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 Fund, 50% is paid to the securities lending agent for the International 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 October 31, 2022 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Value of <br> Loaned <br> Securities** | &nbsp;&nbsp;**Value of <br> Cash <br> Collateral** | &nbsp;&nbsp;**Value of <br> Non-Cash <br> Collateral\*** | &nbsp;&nbsp;**Total <br> Collateral** |
| &nbsp;&nbsp;**International Fund** | &nbsp;&nbsp;**$3471582** | &nbsp;&nbsp;**$1404166** | &nbsp;&nbsp;**$2145915** | &nbsp;&nbsp;**$3550081** |

---

\* The Fund cannot repledge or dispose of this collateral, nor does the Fund earn any income or receive dividends with respect to this collateral.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund**  | &nbsp;&nbsp;**Net Income Earned** |
| &nbsp;&nbsp;**International Fund** | &nbsp;&nbsp;**$2150**4 |

---

The Fund adopted guidance requiring entities to present gross obligations for secured borrowings by the type of collateral pledged and remaining time to maturity. There were no such obligations at October 31, 2022.

(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 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 redemption fees were included in net capital paid (Note 3).

(K) REAL ESTATE INVESTMENT TRUSTS

The Funds have 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 Funds intend 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 shareholders of the Funds may also be designated as a return of capital.

**NOTE 2. SIGNIFICANT SHAREHOLDERS (Unaudited)** 

The following table indicates the number of shareholders who held a significant portion (greater than 5%) of the shares of each Class's outstanding shares as of October 31, 2022. Investment activities of these shareholders could have a material effect on each Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **Share Class** | &nbsp;&nbsp; **Number of <br> Shareholders** | &nbsp;&nbsp; **Aggregate <br> % Held of <br> Class** |
| &nbsp;&nbsp;**International Fund** | &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;**4** | **69.7%** |
| &nbsp;&nbsp;**International Fund** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**87.4%** |
| &nbsp;&nbsp;**American Opportunities Fund** | &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**89.5%** |

---

------

**NOTE 3. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST**

As of October 31, 2022, there were an unlimited number of $0.01 par value shares of beneficial interest authorized. Transactions are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| International Fund |  |  |  |  |
|  | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** |
|  | *Investor Class* | *Investor Class* | *Investor Class* | *Investor Class* |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Shares sold** | **373369** | $**5561311** | **40685** | $**729980** |
| **Shares issued on reinvestment of dividends & distributions** | **109824** | **1758277** | **—** | **—** |
| **Shares redeemed** | **(510652)** | **(6880438)** | **(186903)** | **(3336187)** |
| **Net decrease** | **(27459)** | $**439150** | **(146218)** | $**(2606207)** |
| **Shares outstanding:** |  |  |  |  |
| **Beginning of year** | **1096429** |  | **1242647** |  |
| **End of year** | **1068970** |  | **1096429** |  |

---

**^Net redemption fees of $626.**

**^^Net redemption fees of $13.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** |  | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** |
|  | *Class I* | *Class I* |  | *Class I* | *Class I* |
|  | **Shares** | **Amount**  |  | **Shares** | **Amount** |
| **Shares sold** | **1116684** | $**16030217** |  | **405820** | $**7299963** |
| **Shares issued on reinvestment of dividends & distributions** | **274559** | **4392937** |  | **—** | **—** |
| **Shares redeemed** | **(1406613)** | **(18784666)** | **^** | **(519498)** | **(9134771)** |
| **Net decrease** | **(15371)** | $**1638488** |  | **(113678)** | $**(1834808)** |
| **Shares outstanding:** |  |  |  |  |  |
| **Beginning of year** | **3875707** |  |  | **3989385** |  |
| **End of year** | **3860336** |  |  | **3875707** |  |
| **Total net increase / (decrease)** |  | $**2077638** |  |  | $**(4441015)** |

---

**^Net redemption fees of $2,062.**

**^^Net redemption fees of $46.**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **American Opportunities Fund** | | | | |
|  | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Shares sold** | **64758** | $**1131109** | **45121** | $**767454** |
| **Shares issued on reinvestment of dividends & distributions** | **68851** | **1244522** | **—** | **—** |
| **Shares redeemed** | **(169762)** | **(3198920)** | **(12758)** | **(204512)** |
| **Total net increase (decrease)** | **(36153)** | $**(823289)** | **32363** | $**562942** |
| **Shares outstanding:** |  |  |  |  |
| **Beginning of year** | **1333679** |  | **1301316** |  |
| **End of year** | **1297526** |  | **1333679** |  |

---

------

**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 year ended October 31, 2022, the International Fund and American Opportunities Fund paid the Advisor $655,731 and $182,716 respectively, in investment management fees.

During the year ended October 31, 2022, 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** |
| &nbsp;&nbsp;**International Fund** | **1.24%** | **0.99%** |
| &nbsp;&nbsp;**American Opportunities Fund** | **1.34%** | **n/a** |

---

The fee deferral/expense reimbursement agreement expires February 28, 2023.

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 year ended October 31, 2022, the Advisor did not recoup any previously waived expenses.

As of October 31, 2022, the Funds had the following amounts (and year of expiration) subject to repayment to the Advisor:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Incurred**<br> **Expiration** | **10/31/2020**<br> **10/31/2023** | **10/31/2021**<br> **10/31/2024** | **10/31/2022**<br> **10/31/2025** | **Remaining**<br> **Recoverable**<br> **Amount** |
| &nbsp;&nbsp;**International Fund - Investor Class** | **$89672** | **$80006** | **$101432** | **$271110** |
| &nbsp;&nbsp;**International Fund - Class I** | **339928** | **313509** | **382641** | **1036078** |
| &nbsp;&nbsp;**Total Fund** | **$429600** | **$393515** | **$484073** | **$1307188** |
| &nbsp;&nbsp;**American Opportunities Fund - Investor Class** | **$90817** | **$61292** | **$84327** | **$236436** |
| &nbsp;&nbsp;**Total Fund** | **$90817** | **$61292** | **$84327** | **$236436** |

---

The Funds and U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), are parties to a Fund Administration Servicing Agreement. Fund Services 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. 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, accrued on a daily basis and paid to the Advisor on a monthly basis. For the year ended October 31, 2022, for the services provided under the Business Management Agreement, the International Fund and American Opportunities Fund paid the Advisor $27,001 and $7,524, respectively.

The Funds have adopted an Administrative Services Plan (the "Plan") pursuant to which the Investor Class shares are authorized to make payments to the Advisor, for providing or for arranging for the provision of non-distribution, shareholder-related administrative services provided by the Advisor or by securities broker-dealers and other securities professionals, 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 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. For the year ended October 31, 2022, fees incurred by the International Fund, and American Opportunities Fund pursuant to the Administrative Services Plan were $34,195 and $11,345, respectively, for the Investor Class.

**NOTE 5. CUSTODIAN AND TRANSFER AGENT FEES**

Custodian Fees - Northern Trust is the custodian for the International Fund. U.S. Bank, N.A. ("U.S. Bank") is the custodian for the American Opportunities Fund. Northern Trust bills the International 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 - Fund Services serves as the Funds' transfer agent. Under the terms of the transfer agent agreement, Fund Services is entitled to account-based fees along with reimbursement of out-of-pocket expenses incurred in providing transfer agent services.

------

**NOTE 6. INVESTMENT TRANSACTIONS AND INCOME TAX INFORMATION**

During the year ended October 31, 2022, the cost of purchases and the proceeds from sales of investment securities, other than short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;**International Fund** | **$38285410** | **$42142688** |
| &nbsp;&nbsp;**American Opportunities Fund** | **$2534232** | **$4719018** |

---

The American Opportunities Fund did not purchase or sell long-term U.S. Government securities during the year ended October 31, 2022. The International Fund did not directly purchase or sell long term U.S. Government securities, except for purposes of securities lending during the year ended October 31, 2022.

At October 31, 2022, the aggregate gross unrealized appreciation and depreciation of portfolio securities, based upon cost for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Net Unrealized** |
| &nbsp;&nbsp;**Fund** |  | **Unrealized** | **Unrealized** | **Appreciation/** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Cost** | **Appreciation** | **Depreciation** | **(Depreciation)** |
| &nbsp;&nbsp;**International Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$63159147** | **$5321120** | **$(10348080)** | **$(5026960)** |
| &nbsp;&nbsp;**American Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12846669** | **$7787409** | **$(369271)** | **$7418138** |

---

**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, 2022, the Funds' tax year-end.

As of October 31, 2022, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** | **Paid-In** |
| &nbsp;&nbsp;&nbsp;**Fund** | **Earnings** | **Capital** |
| &nbsp;&nbsp;&nbsp;**International Fund** | **$----** | **$----** |
| &nbsp;&nbsp;&nbsp;**American Opportunities Fund** | **$3042** | **$(3042)** |

---

At October 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Net** |  |  |
|  | **Undistributed** | **Undistributed** | **Unrealized** | **Other** | **Total** |
| &nbsp;&nbsp;**Fund** | **Ordinary** | **Long-term** | **Appreciation** | **Accumulated** | **Distributable** |
| &nbsp;&nbsp;**Fund** | **Income** | **Gains** | **(Depreciation)** | **Gains (Losses)** | **Earnings (Deficit)** |
| &nbsp;&nbsp;**International Fund** | **$1836427** | **$577656** | **$(5061064)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$-------** | **$(2646981)** |
| &nbsp;&nbsp;**American Opportunities Fund** | **$23508** | **$1051925** | **$7418138** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$-------** | **$8493571** |

---

As of October 31, 2022, the Funds had no tax basis capital loss losses to offset future capital gains.

During the year ended October 31, 2021, the Funds did not pay any distributions.

The tax character of distributions paid during the period shown below was as follows: **Year Ended October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year Ended October 31, 2022** |  |  |  |
|  | **Ordinary** | **Long-Term** | **Total** |
|  | **Income** | **Capital Gains** | **Distributions** |
| &nbsp;&nbsp;**International Fund** | **$1304094** | **$8396301** | **$9700395** |
| &nbsp;&nbsp;**American Opportunities Fund** | **$--------** | **$1450749** | **$1450749** |

---

**NOTE 7. COVID-19**

The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds' investments, impair the Funds' ability to satisfy redemption requests, and negatively impact the Funds' performance.

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**NOTE 8. SUBSEQUENT EVENTS**

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On November 21, 2022, the Board of Trustees approved the liquidation and termination of each of the International Fund and American Opportunities Fund, effective on or about December 28, 2022.

To meet their excise requirements, the Funds declared an additional dividend with a record date of December 20, 2022 and a payable date of December 21, 2022 as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** |  |  | **Long Term** |
| &nbsp;&nbsp;**Fund** | **Share Class** | **Income** | **Capital Gains** |
| &nbsp;&nbsp;**International Fund** | **Investor Class** | **.43569395** | **.74434** |
| &nbsp;&nbsp;**International Fund** | **Class I** | **.43569394** | **.74434** |
| &nbsp;&nbsp;**American Opportunities Fund** | **Investor Class** | **.01922090** | **7.30582** |

---

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![](twncsr004.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of and**

**The Board of Trustees of**

**Lord Asset Management Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Thomas White International Fund and Thomas White American Opportunities Fund (the "Funds"), each a series of Lord Asset Management Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2014.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**December 28, 2022**

------

**Tax Information (Unaudited)**

The Funds have elected to pass through to their shareholders the foreign taxes paid for the year ended October 31, 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** |  | **Foreign Dividend** | **Foreign Taxes** | **Foreign Taxes Paid** |
| **Fund** | &nbsp;&nbsp;**Share Class** | **Income** | **Paid** | **per share** |
| **International Fund** | &nbsp;&nbsp;**Investor Class** | **$803834** | **$203057** | **$0.1902** |
| **International Fund** | &nbsp;&nbsp;**Class I** | **$2908044** | **$734603** | **$0.1902** |

---

**QUALIFIED DIVIDEND INCOME**

For the fiscal year ended October 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends received from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**International Fund** | **0.00%** |
| &nbsp;&nbsp;&nbsp;**American Opportunities Fund** | **0.00%** |

---

**DIVIDENDS RECEIVED DEDUCTION**

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2022 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**International Fund** | **0.00%** |
| &nbsp;&nbsp;&nbsp;**American Opportunities Fund** | **0.00%** |

---

**ORDINARY INCOME DIVIDEND AND FOREIGN TAX CREDIT**

The International Fund has made an election under Section 853 of the Internal Revenue Code to provide to its shareholders the benefit of foreign tax credits in the per share amount designated below. Therefore, shareholders who must file a U.S. Federal Income tax return will be entitled to a foreign tax credit or an itemized deduction for each share owned on the record date in computing their tax liability. It is generally more advantageous to claim a credit than a deduction.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Foreign Tax** |
| **Fund** |  | **Foreign Tax** | **Credit/Deduction** |
| **Fund** | &nbsp;&nbsp;**Share Class** | **Credit/Deduction** | **per share** |
| **International Fund** | &nbsp;&nbsp;**Investor Class** | **$200769** | **$0.1881** |
| **International Fund** | &nbsp;&nbsp;**Class I** | **$726324** | **$0.1881** |

---

------

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; 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, May 1, 2022 through October 31, 2022 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.

THOMAS WHITE FUNDS

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;**Actual** | &nbsp;&nbsp; **Hypothetical (5% return** <br> **before expenses)**  | &nbsp;&nbsp; **Hypothetical (5% return** <br> **before expenses)**  |
|  | &nbsp;&nbsp;**Fund's** <br> **Annualized** <br> **Expense** <br> **Ratio\*** | &nbsp;&nbsp;**Beginning** <br> **Account** <br> **Value** <br> **May 1,** <br> **2022** | &nbsp;&nbsp; **Ending** <br> **Account** <br> **Value** <br> **October 31,** <br> **2022** | &nbsp;&nbsp;<br> **Expenses** <br> **Paid** <br> **During** <br> **Period** | &nbsp;&nbsp; **Ending** <br> **Account** <br> **Value** <br> **October 31,** <br> **2022** | &nbsp;&nbsp;**Expenses** <br> **Paid** <br> **During** <br> **Period** |
| &nbsp;&nbsp;**International Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Investor Class Shares** | &nbsp;&nbsp;**1.24%** | &nbsp;&nbsp;**$1000.00** | &nbsp;&nbsp;**$861.40** | &nbsp;&nbsp;**$5.82** | &nbsp;&nbsp;**$1018.95** | &nbsp;&nbsp;**$6.31** |
| &nbsp;&nbsp;**Class I Shares** | &nbsp;&nbsp;**0.99%** | &nbsp;&nbsp;**$1000.00** | &nbsp;&nbsp;**$862.20** | &nbsp;&nbsp;**$4.65** | &nbsp;&nbsp;**$1020.21** | &nbsp;&nbsp;**$5.04** |
| &nbsp;&nbsp; **American Opportunities Fund**  | &nbsp;&nbsp; **American Opportunities Fund**  | &nbsp;&nbsp; **American Opportunities Fund**  | &nbsp;&nbsp; **American Opportunities Fund**  | &nbsp;&nbsp; **American Opportunities Fund**  | &nbsp;&nbsp; **American Opportunities Fund**  | &nbsp;&nbsp; **American Opportunities Fund**  |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;**1.34%** | &nbsp;&nbsp;**$1000.00** | &nbsp;&nbsp;**$981.60** | &nbsp;&nbsp;**$6.69** | &nbsp;&nbsp;**$1018.45** | &nbsp;&nbsp;**$6.82** |

---

<br> \* Expenses for the International and American Opportunities Funds' annualized expense ratio (after waiver and reimbursement), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

**QUARTERLY PORTFOLIO HOLDINGS SCHEDULES**

The Funds file their complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-PORT. These reports are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov. Additionally, you may obtain copies of Forms from the Funds upon request by calling 1-800-811-0535 or by visiting the Funds' website at www.thomaswhitefunds.com/fund-reports-and-literature.

**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).

------

**Lord Asset Management Trust**

**Statement Regarding Liquidity Risk Management Program**

Consistent with Rule 22e-4 under the Investment Company Act of 1940, the Funds have established a liquidity risk management program to govern their approach to managing liquidity risk, i.e., the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund (the "Program"). The Program is overseen by Thomas White International, Ltd. (the "Program Administrator"), the Funds' investment adviser, through the Program Administrator's Liquidity Risk Committee. The Funds' Board of Trustees ("Board") has approved the designation of the Program Administrator to oversee the Program. The Program's principal objectives include supporting each Fund's compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to timely meet its redemption obligations. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund's liquidity and the periodic classification and re-classification of a Fund's investments into groupings that reflect the Program Administrator's assessment of their relative liquidity under current market conditions. At a meeting of the Board held on June 10, 2022, the Program Administrator provided a written report to the Board addressing the operation, adequacy and effectiveness of implementation of the Program for the period from April 1, 2021 through March 31, 2022. During the period covered by the report, there were no liquidity events that impacted the Funds or their respective ability to timely meet redemptions without dilution to existing shareholders. The Program Administrator determined, and reported to the Board, that the Program had been adequately and effectively implemented to monitor and respond to the Funds' liquidity developments. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds' Prospectus or Statement of Additional Information for more information regarding a Fund's exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

------

**LORD ASSET MANAGEMENT TRUST**

**<u>Approval of Investment Advisory Agreements</u>**

At a meeting of the Board of Trustees (the "Board") of Lord Asset Management Trust (the "Trust") held on June 10, 2022, the Board considered and reviewed the Investment Advisory Agreements (the "Agreements") between the Trust, on behalf of the Thomas White American Opportunities Fund (the "American Opportunities Fund") and the Thomas White International Fund (the "International Fund") (together the "Funds," and each a "Fund"), and Thomas White International, Ltd. ("TWI" or the "Advisor"), to consider continuation of the Agreements for an additional one-year period, beginning July 1, 2022.

In accordance with the Investment Company Act of 1940, as amended (the "1940 Act"), the Board annually considers the continuation of each of the Agreements with the Advisor. Accordingly, the Board members who are not "interested persons" of the Trust as defined by the 1940 Act (the "Independent Trustees") evaluated such information as they determined necessary to allow them to consider the continuation of the Agreements, and reviewed a memorandum from legal counsel that advised them of their fiduciary duties pertaining to renewal of investment advisory agreements and the factors they should consider in evaluating continuation. Among the information considered were materials prepared by the Advisor to assist the Board in assessing the nature, extent and quality of services provided, information comparing the investment performance, management fees and operating expense ratio of each Fund to other funds, information about estimated profitability and/or financial condition of the Advisor, and compliance and regulatory matters. The Board also considered the information provided by the Advisor for the Board's February 22, 2022 meeting regarding the Board's consideration and approval of the continuation of the Agreements at that meeting. The Board also considered the information that they had received throughout the year from the Advisor as part of their quarterly meetings.

The Independent Trustees and legal counsel met separately from the "interested" trustee, Trust officers and TWI employees to consider the renewal of the Agreements. Following their consideration and review of the Agreements, the Board determined that given the totality of the information provided with respect to each Agreement, the Board had received sufficient information to approve continuation of the Agreement with respect to each Fund. Accordingly, the Board, including the Independent Trustees, unanimously approved the continuation of the Agreements. In considering the continuation of the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

• **The nature, extent and quality of the advisory services provided.** The Board concluded that TWI is capable of providing high quality services for 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 oversight processes, and the overall long-term investment performance of the Funds.

------

**•** **The investment performance of the Funds.** The Board noted that it reviews information on the short-term and longer-term total return of the Funds in connection with each quarterly Board meeting. The Board also took into consideration the fact that TWI focuses on long-term performance results in managing the Funds and the Funds may have periods of underperformance.

*The American Opportunities Fund*. With respect to the American Opportunities Fund, the Board reviewed performance information provided by the Advisor comparing the performance of the Fund to a peer group of funds included in the Morningstar Mid-Cap Blend category, the Fund's primary benchmark index (Russell Midcap<sup>®</sup> Index) and the Fund's secondary benchmark index (Russell Midcap<sup>®</sup> Value Index) for various periods ended April 30, 2022. The Board considered the Fund's performance relative to the peer group funds and benchmark indices. The Board noted that the Fund outperformed the average return of the peer group funds for the one-, five- and ten-year periods, and underperformed the average return of the peer group funds for the three-year period. The Board also noted that the Fund outperformed relative to the Russell Midcap Index for the one-year period and underperformed for the three-, five- and ten-year periods and that the Fund outperformed the Russell Midcap Value Index for the five-year period and underperformed for the one-, three- and ten-year periods. The Board considered the factors that contributed to performance and they took into consideration the Advisor's management approach that it employs with respect to the Fund.

*The International Fund*. With respect to the International Fund, the Board reviewed performance information provided by the Advisor comparing the performance of each class of the Fund to a peer group of funds included in the Morningstar Foreign Large Blend category and the Fund's benchmark index (MSCI AC World ex US Index) for various periods ended April 30, 2022. The Board considered that the Class I and Investor Class shares of the Fund underperformed the benchmark index for all periods reviewed and underperformed the average return of the peer group funds for all periods reviewed. The Board reviewed with the representatives of the Advisor the factors that have contributed to performance and they took into consideration the Advisor's management approach that it employs with respect to the Fund.

On the basis of the Board's assessment of the nature, extent and quality of advisory services provided by TWI, the Board concluded that the services provided by TWI were satisfactory.

**•** **The cost of advisory services provided and the level of profitability.** The Board reviewed expense data using information from Morningstar, Inc. including information regarding operating expense limits for the Funds, and concluded that the advisory fees were fair and reasonable for each Fund. The Board noted TWI's contractual commitment for the benefit of Fund shareholders to waive fees and/or reimburse certain Fund expenses to limit the operating expenses of each of the classes of shares of the Fund, subject to applicable recoupment provisions ("Expense Limitation Agreements"). The Board noted that the Advisor does not currently advise other accounts that are comparable to either Fund. The Board also considered TWI's most recent profitability analysis with respect to the Funds and that TWI is committed to using its own resources to help grow the Funds. The Board 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. The Board 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.** The Board considered the current assets in the Funds and TWI's Expense Limitation Agreements to limit the Funds' total annual operating expenses by waiving fees and/or reimbursing certain Fund expenses. The Board noted that it has the opportunity to periodically re-examine whether a Fund has achieved economies of scale, and the appropriateness of investment advisory fees payable to TWI.

**•** **Benefits to TWI from its relationship with the Funds (and any corresponding benefits to the Funds).** The Board considered 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. In addition, the Board considered 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 Board 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 considered various factors, including the amount of the fees and the services provided by the Advisor in connection with the Business Management Agreement and also considered the Expense Limitation Agreements pursuant to which the Advisor waives fee and/or reimburses certain Fund expenses. In considering the nature and extent of these non-advisory business management services that are provided to the Funds by the Advisor, the Board considered information provided by the Advisor as to: (i) whether the Business Management Agreement is in the best interest of the Funds and their shareholders; (ii) whether the services 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 Board 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. The Board also considered that TWI has made a significant entrepreneurial commitment to the management and success of the Funds, which entails a substantial professional and financial commitment, including the Expense Limitation Agreements.

Based upon its consideration and review of these factors and other matters deemed relevant by the Board, the Board, 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, beginning July 1, 2022.

------

**TRUSTEE AND OFFICER DISCLOSURE OCTOBER 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address** <br> **and Age**  | &nbsp;&nbsp; **Positions** <br> **held with** <br> **Funds**  | &nbsp;&nbsp; **Length** <br> **of Time** <br> **Served**  | &nbsp;&nbsp; **Principal** <br> **Occupation** <br> **During Past** <br> **Five Years**  | &nbsp;&nbsp; **Number of** <br> **Portfolios** <br> **overseen** <br> **by Trustee**  | &nbsp;&nbsp;&nbsp;&nbsp; **Other** <br> **Directorships** <br> **Held by Trustee**  |
| &nbsp;&nbsp;**Interested Trustee & Officers who are not Trustees:** |  |  |  |  |  |
| &nbsp;&nbsp; **Douglas M. Jackman** <br> **425 S. Financial Pl.** <br> **Suite 3900** <br> **Chicago, IL 60605** <br> **55**  | &nbsp;&nbsp;**Trustee, President** | &nbsp;&nbsp;**4 Years** | &nbsp;&nbsp;**President of Thomas White International, Ltd. (since 1995)** | &nbsp;&nbsp;&nbsp;&nbsp;**2** |  |
| &nbsp;&nbsp;**David M. Sullivan II <br> 425 S. Financial Pl. <br> Suite 3900 <br> Chicago, IL 60605, <br> 50** | &nbsp;&nbsp;**Vice President and Treasurer** | &nbsp;&nbsp;**22 years** | &nbsp;&nbsp;**Treasurer of the Thomas White Funds; Executive Vice President of Thomas White International, Ltd.** | &nbsp;&nbsp;&nbsp;&nbsp;**N/A** | &nbsp;&nbsp;**N/A** |
| &nbsp;&nbsp;**J. Ryan Conner <br> 425 S. Financial Pl. <br> Suite 3900 <br> Chicago, IL 60605, <br> 42** | &nbsp;&nbsp;**Secretary and Chief Compliance Officer** | &nbsp;&nbsp;**11 years** | &nbsp;&nbsp;**Senior Vice President of Thomas White International, Ltd.** | &nbsp;&nbsp;&nbsp;&nbsp;**N/A** | &nbsp;&nbsp;**N/A** |
| &nbsp;&nbsp;**Independent Trustees:** |  |  |  |  |  |
| &nbsp;&nbsp;**Arthur J. Fiocco, Jr. <br> 425 S. Financial Pl. <br> Suite 3900 <br> Chicago, IL 60605 <br> 65** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**7 Years** | &nbsp;&nbsp;**Vice President of Operations of Baxter International, Inc. (medical products) (since 2016, prior to which he was a Director (since 2015)).** | &nbsp;&nbsp;&nbsp;&nbsp;**2** |  |
| &nbsp;&nbsp;**Geri Sands Hansen <br> 425 S. Financial Pl. <br> Suite 3900 <br> Chicago, IL 60605 <br> 61** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**4 Years** | &nbsp;&nbsp;**Retired; Co-Founder and Chief Investment Officer of Attucks Asset Management, LLC (2001-2015).** | &nbsp;&nbsp;&nbsp;&nbsp;**2** |  |
| &nbsp;&nbsp; **Elizabeth G. Montgomery** <br> **425 S. Financial Pl.** <br> **Suite 3900** <br> **Chicago, IL 60605,** <br> **78** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**21 years** | &nbsp;&nbsp;**Retired; former President, Graham Group (management consulting).** | &nbsp;&nbsp;&nbsp;&nbsp;**2** |  |
| &nbsp;&nbsp;**Robert W. Thomas <br> 425 S. Financial Pl. <br> Suite 3900 <br> Chicago, IL 60605, <br> 78** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**16 years** | &nbsp;&nbsp;**Retired; former President of Thomas Laboratories, Inc. (pharmaceutical company).** | &nbsp;&nbsp;&nbsp;&nbsp;**2** |  |
| &nbsp;&nbsp;**John N. Venson <br> 425 S. Financial Pl. <br> Suite 3900 <br> Chicago, IL 60605, <br> 75** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**28 years** | &nbsp;&nbsp;**Retired; former Dean of the California School of Podiatric Medicine (2008-2017); Doctor of Podiatric Medicine.** | &nbsp;&nbsp;&nbsp;&nbsp;**2** |  |
| &nbsp;&nbsp;**William H. Woolverton <br> 425 S. Financial Pl. <br> Suite 3900 <br> Chicago, IL 60605 <br> 71** | &nbsp;&nbsp;**Trustee, Chairman** | &nbsp;&nbsp;**7 years** | &nbsp;&nbsp;**Private investor and Investment Management consultant (since 2019); Managing Director of DMS Governance Ltd. (fund governance) (2016-2019).** | &nbsp;&nbsp;&nbsp;&nbsp;**2** |  |

---

**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.

------

**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:

<br> • Information we receive on applications or other forms;

<br> • 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:

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

<br> • 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:

<br> • Maintain policies and procedures designed to assure only appropriate access to, and use of information about our customers; and

<br> • Maintain physical, electronic and procedural safeguards that comply with federal standards to guard non-public personal information of our customers.

V. Limiting the Information We Can Share

Please call us at (312) 663-8300 or email us at info@thomaswhite.com if you would like us to limit:

<br> • The sharing of information about your creditworthiness to our affiliates for their everyday business purposes;

<br> • Our affiliates using your information to market to you; or

<br> • The sharing of your information to non-affiliates to market to you.

\* As defined in Regulation S-P

------

**OFFICERS AND TRUSTEES**

**William H. Woolverton**

**Chairman of the Board**

**Arthur J. Fiocco, Jr.**

**Trustee**

**Geri Sands Hansen**

**Trustee**

**Elizabeth G. Montgomery**

**Trustee**

**Robert W. Thomas**

**Trustee**

**John N. Venson, D.P.M.**

**Trustee**

**Douglas M. Jackman**

**President and Trustee**

**David M. Sullivan II**

**Vice President, Treasurer and**

**Assistant Secretary**

**J. Ryan Conner**

**Secretary and Chief Compliance Officer**

**INVESTMENT ADVISOR AND OTHER SERVICE PROVIDERS**

**INVESTMENT ADVISOR**

**Thomas White International, Ltd.**

**425 S Financial Place, Suite 3900**

**Chicago, Illinois 60605-1028**

**CUSTODIANS**

**The Northern Trust Company**

**Chicago, Illinois**

**U.S. Bank, N.A.**

**Milwaukee, Wisconsin**

**LEGAL COUNSEL**

**Vedder Price P.C.**

**Chicago, Illinois**

**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

------

![](twncsr005.jpg)

www.thomaswhitefunds.com

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's President and Treasurer. The Registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the Registrant's Code of Ethics is filed herewith. The Registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the Registrant at 1-800-811-0535.

#### Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that it does not have an Audit Committee financial expert serving on its Audit Committee. At this time, the Registrant believes that the experience provided by each member of the Audit Committee together offers the Registrant adequate oversight for the Registrant's level of financial complexity.

#### Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" were not provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit Fees | $29000 | $29000 |
| Audit-Related Fees | - | - |
| Tax Fees | $5000 | $5000 |
| All Other Fees | - | - |

---

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including services provided to any entity affiliated with the Registrant.

------

The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

All of the principal accountant's hours spent on auditing the Registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

There were no non-audit fees billed or expected to be billed by the Registrant's accountant for services to the Registrant and to the Registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form N-CSR. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the Registrant's Disclosure Controls and Procedures (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) (the
 "Disclosure Controls"), as of a of a date within 90 days prior to the filing date (the "Filing Date") of this form N-CSR (the "Report"), the Registrant's President and Treasurer 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 President and Treasurer, as appropriate, to allow timely decisions regarding required disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that
 occurred during the period covered by this report that have materially affected the Registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Code of ethics.* Filed herewith.](coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](certs.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company of 1940 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the Registrant's independent public accountant.* There was no change in the Registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](sox.htm)

------

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>LORD ASSET MANAGEMENT TRUST</u> <br>

By (Signature and Title)\* <u>/s/</u> <u>Douglas M. Jackman</u> 

Douglas M. Jackman

President (Principal Executive Officer)

Date <u>01/04/2023</u> 

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)\* <u>/s/</u> <u>Douglas M. Jackman</u> <br>

Douglas M. Jackman

President (Principal Executive Officer)

Date<u> </u><u><u>01/04/2023</u></u> 

By (Signature and Title)\* <u>/s/</u> <u>David M. Sullivan II</u> 

&nbsp;&nbsp;&nbsp;&nbsp;David M. Sullivan II

&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial Officer)

Date<u> </u><u><u>01/04/2023</u></u> <br>

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## Ex-99.Code

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EX.99.CODE ETH

#### Lord Asset Management Trust

#### Code of Ethics for Principal Executive and Senior Financial Officers

#### <br>

#### September 9, 2003

#### <br>
In accordance with the Sarbanes-Oxley Act of 2002 ("Act") and the rules promulgated there under by the U.S. Securities and Exchange Commission ("SEC"), Lord Asset Management Trust ("Trust") is required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and must disclose whether it has adopted a code of ethics applicable to certain of its officers. The Trust's Board of Trustees ("Board"), including a majority of the Trustees that are not interested persons of the Trust, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended ("Investment Company Act"), has approved this Code as compliant with the requirements of the Act and related SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. **Covered Officers/Purpose of the Code** 

This Code of Ethics ("Code") of the Trust applies to the Trust's Principal Executive Officer, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions ("Covered Officers," each of whom are set forth in Exhibit A), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Trust; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with service providers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser, Thomas White International, Ltd. ("TWI"), of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Trust or TWI), be involved in establishing policies and implementing decisions that will have different effects on TWI and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Trust and TWI and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. ***The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.***

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Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually the information elicited in the Trust's Trustee and Officer Questionnaire relating to potential conflicts of interest.

There are some conflict of interest situations that must be discussed with the Trust's Audit Committee if material. Some examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any company (public or private), other than a management investment company; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts from someone or a company that has current or prospective business dealings with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so
 frequent as to raise any question of impropriety; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than TWI or any affiliated person thereof; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
 employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. **Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself or herself with the disclosure requirements generally applicable to the Trust; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trustees and auditors, governmental regulators or self-regulatory organizations; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust, TWI, and other Trust service providers, with the goal of promoting full, fair, accurate, timely and
 understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. **Reporting and Accountability by Covered Officers** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing (in the form attached hereto as Exhibit B) to the Board that he or she has received, read, and understands the Code; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm (in the form attached hereto as Exhibit B) to the Board that he or she has complied with the requirements of the Code; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee or agent of an affiliated person of the Trust for reports of potential violations that are made in good faith; and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trust's Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. **Enforcement** 

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Audit Committee is authorized to consult, as appropriate, with counsel to the Trust. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

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The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will take all appropriate action to investigate any potential violations reported to the Audit Committee; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Audit Committee believes is a material violation will be promptly reported to the Board of Trustees of the Trust. The Trustees shall take such actions as they consider appropriate, including imposition of any
 sanctions that they consider appropriate; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no person shall participate in a determination of whether he or she has committed a violation of this Code or in the imposition of any sanction against himself or herself; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Audit Committee will be responsible for granting waivers, as appropriate; and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any amendments to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, TWI or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and TWI's code of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. **Amendment; Interpretation of Provisions** 

The Trustees may from time to time amend this Code of Ethics or adopt such interpretations of this Code of Ethics as they deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be treated as confidential and shall not be disclosed to any one other than the Board of Trustees, the Covered Officers and Trust counsel, except as otherwise requested by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

#### Exhibit A

#### Persons Covered by this Code of Ethics
Douglas M. Jackman

David M. Sullivan II

#### EXHIBIT B

#### Initial and Annual Certification of

#### Compliance with the

#### Lord Asset Management Trust

#### Code of Ethics for Principal Executive and Senior Financial Officers

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#### To: The Board of Trustees
[Initial] I hereby certify that I have received the Lord Asset Management Trust Code of Ethics for Principal Executive and Senior Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Code") and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with each of the Code's provisions to which I am subject.

[Annual]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I hereby certify that I have received the Lord Asset Management Trust Code of Ethics for Principal Executive and Senior Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Code") and that I have read and understood the Code. I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.

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|:---|
| <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>(Signature)<br>|
| Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

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## Ex-99.Cert

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#### <br> EX.99.CERT <br>

#### CERTIFICATIONS

I, Douglas M. Jackman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Asset Management Trust; <br>

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
 not misleading with respect to the period covered by this report; <br>

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; <br>

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during 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; and 

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:<u> </u><u><u>01/04/2023</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <u>/s/ Douglas M. Jackman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Douglas M. Jackman<br> President (Principal Executive Officer) |

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#### EX.99.CERT <br> CERTIFICATIONS

I, David M. Sullivan II, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Asset Management Trust; <br>

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
 not misleading with respect to the period covered by this report; <br>

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; <br>

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during 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; and 

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:<u> </u><u><u>01/04/2023</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <u>/s/ David M. Sullivan II</u> <br> David M. Sullivan II<br> Treasurer (Principal Financial Officer) |

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## Exhibit 99.906

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#### EX.99.906CERT <br>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Lord Asset Management Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Lord Asset Management Trust for the year ended October 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Lord Asset Management Trust for the stated period.

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| | |
|:---|:---|
| <u>/s/ Douglas M. Jackman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Douglas M. Jackman<br> President, Lord Asset Management Trust<br>| <u>/s/ David M. Sullivan II &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>David M. Sullivan II<br> Treasurer, Lord Asset Management Trust |
| Dated:<u> </u><u><u>01/04/2023</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> |  |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Lord Asset Management Trust for purposes of Section 18 of the Securities Exchange Act of 1934. <br>

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