(null)

Non-Income Producing Securities

Foreign Issued Securities

- American Depository Receipt

- Public Limited Company

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220658.100000000000 0.9126041536 Long EC CORP US N 1 N N N Altice USA Inc 54930064K3612MGCER95 Altice USA Inc 02156K103 4500.000000000000 NS USD 138285.000000000000 0.5719231036 Long EC CORP US N 1 N N N Ameren Corp XRZQ5S7HYJFPHJ78L959 Ameren Corp 023608102 3220.000000000000 NS USD 270222.400000000000 1.1175936195 Long EC CORP US N 1 N N N Ameriprise Financial Inc 6ZLKQF7QB6JAEKQS5388 Ameriprise Financial Inc 03076C106 1380.000000000000 NS USD 355432.800000000000 1.4700092570 Long EC CORP US N 1 N N N Analog Devices Inc GYVOE5EZ4GDAVTU4CQ61 Analog Devices Inc 032654105 1590.000000000000 NS USD 266197.800000000000 1.1009485624 Long EC CORP US N 1 N N N ANSYS Inc 549300VJV8H15Z5FJ571 ANSYS Inc 03662Q105 450.000000000000 NS USD 165807.000000000000 0.6857493874 Long EC CORP US N 1 N N N Aramark 549300MR6PG2DWZUIL39 Aramark 03852U106 4567.000000000000 NS USD 160438.710000000000 0.6635470583 Long EC CORP US N 1 N N N Arista Networks Inc 635400H1WKBLOQERUU95 Arista Networks Inc 040413106 1080.000000000000 NS USD 410821.200000000000 1.6990862041 Long EC CORP US N 1 N N N Assurant Inc H3F39CAXWQRVWURFXL38 Assurant Inc 04621X108 1810.000000000000 NS USD 285636.100000000000 1.1813420459 Long EC CORP US N 1 N N N AstraZeneca PLC PY6ZZQWO2IZFZC3IOL08 AstraZeneca PLC 046353108 1805.655000000000 NS USD 103355.690000000000 0.4274614528 Long EC CORP GB N 1 N N N AutoZone Inc GA3JGKJ41LJKXDN23E90 AutoZone Inc 053332102 254.000000000000 NS USD 412386.780000000000 1.7055611751 Long EC CORP US N 1 N N N AvalonBay Communities Inc K9G90K85RBWD2LAGQX17 AvalonBay Communities Inc 053484101 1105.000000000000 NS USD 251752.150000000000 1.0412038252 Long EC CORP US N 1 N N N Ball Corp 0BGI85ALH27ZJP15DY16 Ball Corp 058498106 2940.000000000000 NS USD 237787.200000000000 0.9834471810 Long EC CORP US N 1 N N N Booz Allen Hamilton Holding Co 529900JPV47PIUWMA015 Booz Allen Hamilton Holding Corp 099502106 2645.000000000000 NS USD 226967.450000000000 0.9386985459 Long EC CORP US N 1 N N N Boston Properties Inc 549300OF70FSEUQBT254 Boston Properties Inc 101121101 1585.000000000000 NS USD 186047.300000000000 0.7694598057 Long EC CORP US N 1 N N N Boston Scientific Corp Y6ZDD9FP4P8JSSJMW954 Boston Scientific Corp 101137107 5180.000000000000 NS USD 236208.000000000000 0.9769158799 Long EC CORP US N 1 N N N Brunswick Corp/DE YM4O38W15AX4YLLQKU27 Brunswick Corp/DE 117043109 2985.000000000000 NS USD 311634.000000000000 1.2888649128 Long EC CORP US N 1 N N N CMS Energy Corp 549300IA9XFBAGNIBW29 CMS Energy Corp 125896100 3590.000000000000 NS USD 221826.100000000000 0.9174348018 Long EC CORP US N 1 N N N Cadence Design Systems Inc GCT7RXJOGLXPV0NXZY22 Cadence Design Systems Inc 127387108 2285.000000000000 NS USD 337380.250000000000 1.3953469984 Long EC CORP US N 1 N N N Carlisle Cos Inc XR64VGX1ZPX6G7ZN7Z11 Carlisle Cos Inc 142339100 1320.000000000000 NS USD 266956.800000000000 1.1040876565 Long EC CORP US N 1 N N N Centene Corp 549300Z7JJ4TQSQGT333 Centene Corp 15135B101 3899.000000000000 NS USD 267510.390000000000 1.1063772101 Long EC CORP US N 1 N N N Charles River Laboratories Int 549300BSQ0R4UZ5KX287 Charles River Laboratories International Inc 159864107 965.000000000000 NS USD 392677.800000000000 1.6240482055 Long EC CORP US N 1 N N N Church & Dwight Co Inc POOXSI30AWAQGYJZC921 Church & Dwight Co Inc 171340102 4290.000000000000 NS USD 371428.200000000000 1.5361634950 Long EC CORP US N 1 N N N Citizens Financial Group Inc 2138004JDDA4ZQUPFW65 Citizens Financial Group Inc 174610105 9200.000000000000 NS USD 387872.000000000000 1.6041722388 Long EC CORP US N 1 N N N Cooper Cos Inc/The QJKMVPIGLH7530PCUE20 Cooper Cos Inc/The 216648402 440.000000000000 NS USD 185578.800000000000 0.7675221699 Long EC CORP US N 1 N N N Corteva Inc 549300WZN9I2QKLS0O94 Corteva Inc 22052L104 5430.000000000000 NS USD 232295.400000000000 0.9607340357 Long EC CORP US N 1 N N N Cummins Inc ZUNI8PYC725B6H8JU438 Cummins Inc 231021106 1040.000000000000 NS USD 241384.000000000000 0.9983229305 Long EC CORP US N 1 N N N DTE Energy Co 549300IX8SD6XXD71I78 DTE Energy Co 233331107 950.000000000000 NS USD 111454.000000000000 0.4609546776 Long EC CORP US N 1 N N N DT Midstream Inc N/A DT Midstream Inc 23345M107 475.000000000000 NS USD 20140.000000000000 0.0832955947 Long EC CORP US N 1 N N N Darden Restaurants Inc CY1NFSCCB5GUXC7WZC70 Darden Restaurants Inc 237194105 1300.000000000000 NS USD 189644.000000000000 0.7843351416 Long EC CORP US N 1 N N N Diamondback Energy Inc 549300R22LSX6OHWEN64 Diamondback Energy Inc 25278X109 4460.000000000000 NS USD 343999.800000000000 1.4227243248 Long EC CORP US N 1 N N N Digital Realty Trust Inc 549300HKCZ31D08NEI41 Digital Realty Trust Inc 253868103 1330.000000000000 NS USD 205032.800000000000 0.8479805859 Long EC CORP US N 1 N N N Duke Realty Corp 254900E47KH1NFFKNF25 Duke Realty Corp 264411505 7950.000000000000 NS USD 404496.000000000000 1.6729262589 Long EC CORP US N 1 N N N EastGroup Properties Inc 31TIGQQZC4P6JMHKSW85 EastGroup Properties Inc 277276101 675.000000000000 NS USD 118948.500000000000 0.4919506475 Long EC CORP US N 1 N N N EPAM Systems Inc 549300XCR4R530HJP604 EPAM Systems Inc 29414B104 350.000000000000 NS USD 195930.000000000000 0.8103329623 Long EC CORP US N 1 N N N FleetCor Technologies Inc 549300DG6RR0NQSFLN74 FleetCor Technologies Inc 339041105 830.000000000000 NS USD 214322.600000000000 0.8864016095 Long EC CORP US N 1 N N N Ford Motor Co 20S05OYHG0MQM4VUIC57 Ford Motor Co 345370860 15700.000000000000 NS USD 219015.000000000000 0.9058085731 Long EC CORP US N 1 N N N Fortinet Inc 549300O0QJWDBAS0QX03 Fortinet Inc 34959E109 2030.000000000000 NS USD 552647.200000000000 2.2856542779 Long EC CORP US N 1 N N N Global Payments Inc 549300NOMHGVQBX6S778 Global Payments Inc 37940X102 2005.000000000000 NS USD 387787.050000000000 1.6038209001 Long EC CORP US N 1 N N N WW Grainger Inc 549300TWZSP6O1IH2V34 WW Grainger Inc 384802104 520.000000000000 NS USD 231181.600000000000 0.9561275494 Long EC CORP US N 1 N N N Hartford Financial Services Gr IU7C3FTM7Y3BQM112U94 Hartford Financial Services Group Inc/The 416515104 3540.000000000000 NS USD 225214.800000000000 0.9314498853 Long EC CORP US N 1 N N N Hershey Co/The 21X2CX66SU2BR6QTAD08 Hershey Co/The 427866108 1900.000000000000 NS USD 339872.000000000000 1.4056524501 Long EC CORP US N 1 N N N Hill-Rom Holdings Inc JLZ01A0E2071OH26RE45 Hill-Rom Holdings Inc 431475102 1980.000000000000 NS USD 274150.800000000000 1.1338408099 Long EC CORP US N 1 N N N Huntington Ingalls Industries 5TZLZ6WJTBVJ0QWBG121 Huntington Ingalls Industries Inc 446413106 875.000000000000 NS USD 179488.750000000000 0.7423347649 Long EC CORP US N 1 N N N KLA Corp 549300H0BF5JCG96TJ81 KLA Corp 482480100 1210.000000000000 NS USD 421273.600000000000 1.7423155424 Long EC CORP US N 1 N N N Kansas City Southern 5493008C12PZMWP3WY03 Kansas City Southern 485170302 1040.000000000000 NS USD 278512.000000000000 1.1518779870 Long EC CORP US N 1 N N N Keysight Technologies Inc 549300GLKVIO8YRCYN02 Keysight Technologies Inc 49338L103 1880.000000000000 NS USD 309354.000000000000 1.2794352228 Long EC CORP US N 1 N N N Laboratory Corp of America Hol OZ7UA8IXAIFILY2VZH07 Laboratory Corp of America Holdings 50540R409 1205.000000000000 NS USD 356860.750000000000 1.4759150139 Long EC CORP US N 1 N N N Lam Research Corp 549300I4GMO6D34U1T02 Lam Research Corp 512807108 540.000000000000 NS USD 344201.400000000000 1.4235581079 Long EC CORP US N 1 N N N Lennar Corp 529900G61XVRLX5TJX09 Lennar Corp 526057104 3150.000000000000 NS USD 331222.500000000000 1.3698795978 Long EC CORP US N 1 N N N Marriott International Inc/MD 225YDZ14ZO8E1TXUSU86 Marriott International Inc/MD 571903202 1210.000000000000 NS USD 176635.800000000000 0.7305354517 Long EC CORP US N 1 N N N Martin Marietta Materials Inc 5299005MZ4WZECVATV08 Martin Marietta Materials Inc 573284106 1130.000000000000 NS USD 410529.000000000000 1.6978777149 Long EC CORP US N 1 N N N Match Group Inc 15OMOPB0A8K0EFUVD031 Match Group Inc 57667L107 1810.000000000000 NS USD 288278.700000000000 1.1922713874 Long EC CORP US N 1 N N N Medical Properties Trust Inc 254900U6E39J1MQCCY14 Medical Properties Trust Inc 58463J304 10500.000000000000 NS USD 220815.000000000000 0.9132530652 Long EC CORP US N 1 N N N Middleby Corp/The JDFO86U9VQRBKW5KYA35 Middleby Corp/The 596278101 1300.000000000000 NS USD 248937.000000000000 1.0295608464 Long EC CORP US N 1 N N N Molina Healthcare Inc 549300NQQCEQ46YHZ591 Molina Healthcare Inc 60855R100 740.000000000000 NS USD 202027.400000000000 0.8355507656 Long EC CORP US N 1 N N N Motorola Solutions Inc 6S552MUG6KGJVEBSEC55 Motorola Solutions Inc 620076307 940.000000000000 NS USD 210484.800000000000 0.8705291252 Long EC CORP US N 1 N N N Old Dominion Freight Line Inc 5299009TWK32WE417T96 Old Dominion Freight Line Inc 679580100 1195.000000000000 NS USD 321634.250000000000 1.3302242361 Long EC CORP US N 1 N N N Otis Worldwide Corp 549300ZLBKR8VSU25153 Otis Worldwide Corp 68902V107 2170.000000000000 NS USD 194323.500000000000 0.8036887531 Long EC CORP US N 1 N N N PPG Industries Inc 549300BKPEP01R3V6C59 PPG Industries Inc 693506107 1710.000000000000 NS USD 279619.200000000000 1.1564571768 Long EC CORP US N 1 N N N Parker-Hannifin Corp 5493002CONDB4N2HKI23 Parker-Hannifin Corp 701094104 990.000000000000 NS USD 308909.700000000000 1.2775976741 Long EC CORP US N 1 N N N Pioneer Natural Resources Co FY8JBF7CCL2VE4F1B628 Pioneer Natural Resources Co 723787107 1570.000000000000 NS USD 228230.900000000000 0.9439239590 Long EC CORP US N 1 N N N Qorvo Inc 254900YAUJV2EUEVBR11 Qorvo Inc 74736K101 950.000000000000 NS USD 180110.500000000000 0.7449062165 Long EC CORP US N 1 N N N Regions Financial Corp CW05CS5KW59QTC0DG824 Regions Financial Corp 7591EP100 20990.000000000000 NS USD 404057.500000000000 1.6711126979 Long EC CORP US N 1 N N N Republic Services Inc NKNQHM6BLECKVOQP7O46 Republic Services Inc 760759100 2290.000000000000 NS USD 271044.400000000000 1.1209932709 Long EC CORP US N 1 N N N Ross Stores Inc 549300ENZFLPGRDFZQ60 Ross Stores Inc 778296103 3540.000000000000 NS USD 434322.600000000000 1.7962839741 Long EC CORP US N 1 N N N SBA Communications Corp 5299001HX8ZN8Y8QIT49 SBA Communications Corp 78410G104 825.000000000000 NS USD 281316.750000000000 1.1634779532 Long EC CORP US N 1 N N N Service Corp International/US 549300RKVM2ME20JHZ15 Service Corp International/US 817565104 3440.000000000000 NS USD 214965.600000000000 0.8890609475 Long EC CORP US N 1 N N N Snap-on Inc HHWAT5TDOYZMM26KKQ73 Snap-on Inc 833034101 1040.000000000000 NS USD 226699.200000000000 0.9375891098 Long EC CORP US N 1 N N N State Street Corp 549300ZFEEJ2IP5VME73 State Street Corp 857477103 3430.000000000000 NS USD 298890.200000000000 1.2361587361 Long EC CORP US N 1 N N N Steel Dynamics Inc 549300HGGKEL4FYTTQ83 Steel Dynamics Inc 858119100 6880.000000000000 NS USD 443416.000000000000 1.8338927209 Long EC CORP US N 1 N N N Synopsys Inc QG7T915N9S0NY5UKNE63 Synopsys Inc 871607107 1520.000000000000 NS USD 437744.800000000000 1.8104376078 Long EC CORP US N 1 N N N Teleflex Inc UUL85LWXB4NGSWWXIQ25 Teleflex Inc 879369106 390.000000000000 NS USD 154997.700000000000 0.6410439718 Long EC CORP US N 1 N N N TransUnion 549300ZS772LUNUMRB03 TransUnion 89400J107 2290.000000000000 NS USD 274937.400000000000 1.1370940529 Long EC CORP US N 1 N N N Twitter Inc 549300I8RX485XMK6836 Twitter Inc 90184L102 3410.000000000000 NS USD 237847.500000000000 0.9836965715 Long EC CORP US N 1 N N N Vail Resorts Inc 529900PSZHRNU9HKH870 Vail Resorts Inc 91879Q109 740.000000000000 NS USD 225848.000000000000 0.9340686922 Long EC CORP US N 1 N N N Voya Financial Inc 549300T065Z4KJ686G75 Voya Financial Inc 929089100 4110.000000000000 NS USD 264684.000000000000 1.0946877445 Long EC CORP US N 1 N N N XPO Logistics Inc 54930096DB9LCLPN7H13 XPO Logistics Inc 983793100 2210.000000000000 NS USD 306504.900000000000 1.2676518326 Long EC CORP US N 1 N N N Xcel Energy Inc LGJNMI9GH8XIDG5RCM61 Xcel Energy Inc 98389B100 3420.000000000000 NS USD 233415.000000000000 0.9653645097 Long EC CORP US N 1 N N N Zimmer Biomet Holdings Inc 2P2YLDVPES3BXQ1FRB91 Zimmer Biomet Holdings Inc 98956P102 1810.000000000000 NS USD 295790.200000000000 1.2233376664 Long EC CORP US N 1 N N N Arch Capital Group Ltd 549300AYR4P8AFKDCE43 Arch Capital Group Ltd G0450A105 6870.000000000000 NS USD 267930.000000000000 1.1081126452 Long EC CORP BM N 1 N N N Everest Re Group Ltd 549300N24XF2VV0B3570 Everest Re Group Ltd G3223R108 690.000000000000 NS USD 174452.700000000000 0.7215065236 Long EC CORP BM N 1 N N N IHS Markit Ltd 549300HLPTRASHS0E726 IHS Markit Ltd G47567105 2480.000000000000 NS USD 289763.200000000000 1.1984110254 Long EC CORP GB N 1 N N N Sensata Technologies Holding P 529900MS7KFYCY9MS037 Sensata Technologies Holding PLC G8060N102 2770.000000000000 NS USD 162377.400000000000 0.6715651485 Long EC CORP US N 1 N N N STERIS PLC N/A STERIS PLC G8473T100 835.000000000000 NS USD 181988.250000000000 0.7526722693 Long EC CORP US N 1 N N N Trane Technologies PLC 549300BURLR9SLYY2705 Trane Technologies PLC G8994E103 1900.000000000000 NS USD 386859.000000000000 1.5999826441 Long EC CORP IE N 1 N N N 2021-08-31 Lord Asset Management Trust /s/ Dave M. Sullivan II Lord Asset Management Trust Vice President & Treasurer XXXX

Thomas White American Opportunities Fund
Investment Portfolio (Unaudited)		July 31, 2021



Industry		Issue	Shares		Value
COMMON STOCKS (91.8%)
AUTOMOBILES & COMPONENTS (0.9%)
		Ford Motor Co. *	15,700	$	219,015

BANKS (3.3%)
		Citizens Financial Group, Inc.	9,200		387,872
		Regions Financial Corporation	20,990		404,058
					791,930

CAPITAL GOODS (10.1%)
		Carlisle Companies Incorporated	1,320		266,957
		Cummins, Inc.	1,040		241,384
		Huntington Ingalls Industries, Inc.	875		179,489
		The Middleby Corporation *	1,300		248,937
		Otis Worldwide Corp.	2,170		194,323
		Parker-Hannifin Corporation	990		308,910
		Sensata Technologies Holding PLC *^	2,770		162,377
		Snap-on Incorporated	1,040		226,699
		Trane Technologies PLC ^	1,900		386,859
		W.W. Grainger, Inc.	520		231,182
					2,447,117

COMMERCIAL & PROFESSIONAL SERVICES (4.4%)
		Booz Allen Hamilton Holding Corp.	2,645		226,968
		IHS Markit Ltd. ^	2,480		289,763
		Republic Services, Inc.	2,290		271,044
		TransUnion	2,290		274,937
					1,062,712

CONSUMER DURABLES & APPAREL (2.7%)
		Brunswick Corporation	2,985		311,634
		Lennar Corporation - Class A	3,150		331,223
					642,857

CONSUMER SERVICES (4.0%)
		Aramark	4,567		160,439
		Darden Restaurants, Inc.	1,300		189,644
		Marriott International Inc. - Class A *	1,210		176,636
		Service Corporation International	3,440		214,965
		Vail Resorts, Inc. *	740		225,848
					967,532

DIVERSIFIED FINANCIALS (3.8%)
		Ameriprise Financial, Inc.	1,380		355,433
		State Street Corp.	3,430		298,890
		Voya Financial, Inc.	4,110		264,684
					919,007

ENERGY (2.5%)
		Diamondback Energy Inc.	4,460		344,000
		DT Midstream, Inc. *	475		20,140
		Pioneer Natural Resources Co.	1,570		228,231
					592,371

FOOD, BEVERAGE & TOBACCO (1.4%)
		The Hershey Company	1,900		339,872

HEALTH CARE EQUIPMENT & SERVICES (8.9%)
		Boston Scientific Corporation *	5,180		236,208
		Centene Corporation *	3,899		267,510
		The Cooper Companies, Inc.	440		185,579
		Hill-Rom Holdings, Inc.	1,980		274,151
		Laboratory Corporation of America Holdings *	1,205		356,861
		Molina Healthcare, Inc. *	740		202,027
		STERIS PLC ^	835		181,988
		Teleflex, Inc.	390		154,998
		Zimmer Biomet Holdings, Inc.	1,810		295,790
					2,155,112

HOUSEHOLD & PERSONAL PRODUCTS (1.5%)
		Church & Dwight Co., Inc.	4,290		371,428

INSURANCE (3.9%)
		Arch Capital Group Ltd. *^	6,870		267,930
		Assurant, Inc.	1,810		285,636
		Everest Re Group Ltd. ^	690		174,453
		The Hartford Financial Services Group, Inc.	3,540		225,215
					953,234

MATERIALS (6.6%)
		Ball Corporation	2,940		237,787
		Corteva, Inc.	5,430		232,296
		Martin Marietta Materials, Inc.	1,130		410,529
		PPG Industries, Inc.	1,710		279,619
		Steel Dynamics, Inc.	6,880		443,416
					1,603,647

MEDIA & ENTERTAINMENT (2.7%)
		Altice USA, Inc. - Class A *	4,500		138,285
		Match Group, Inc. *	1,810		288,279
		Twitter, Inc. *	3,410		237,847
					664,411

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (3.9%)
		Agilent Technologies, Inc.	2,970		455,093
		AstraZeneca PLC - ADR ^	1,806		103,356
		Charles River Laboratories International, Inc. *	965		392,678
					951,127

RETAILING (3.5%)
		AutoZone, Inc. *	254		412,387
		Ross Stores, Inc.	3,540		434,322
					846,709

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.0%)
		Analog Devices, Inc.	1,590		266,198
		KLA Corporation	1,210		421,274
		Lam Research Corporation	540		344,201
		Qorvo, Inc. *	950		180,110
					1,211,783

SOFTWARE & SERVICES (10.6%)
		Akamai Technologies, Inc. *	2,330		279,413
		ANSYS, Inc. *	450		165,807
		Cadence Design Systems, Inc. *	2,285		337,380
		EPAM Systems, Inc. *	350		195,930
		FleetCor Technologies, Inc. *	830		214,323
		Fortinet, Inc. *	2,030		552,647
		Global Payments, Inc.	2,005		387,787
		Synopsys, Inc. *	1,520		437,745
					2,571,032

TECHNOLOGY HARDWARE & EQUIPMENT (3.9%)
		Arista Networks, Inc. *	1,080		410,821
		Keysight Technologies, Inc. *	1,880		309,354
		Motorola Solutions, Inc.	940		210,485
					930,660

TRANSPORTATION (3.8%)
		Kansas City Southern	1,040		278,512
		Old Dominion Freight Line, Inc.	1,195		321,634
		XPO Logistics, Inc. *	2,210		306,505
					906,651

UTILITIES (4.4%)
		Alliant Energy Corporation	3,770		220,658
		Ameren Corporation	3,220		270,223
		CMS Energy Corporation	3,590		221,826
		DTE Energy Company	950		111,454
		Xcel Energy, Inc.	3,420		233,415
					1,057,576


Total Common Stocks			(Cost $12,720,096)		22,205,783

REAL ESTATE INVESTMENT TRUSTS (REITs) (6.9%)
REAL ESTATE (6.9%)
		AvalonBay Communities, Inc.	1,105		251,752
		Boston Properties, Inc.	1,585		186,047
		Digital Realty Trust, Inc.	1,330		205,033
		Duke Realty Corp.	7,950		404,496
		EastGroup Properties, Inc.	675		118,948
		Medical Properties Trust, Inc.	10,500		220,815
		SBA Communications Corp.	825		281,317
					1,668,408


Total REITs			(Cost $1,442,999)		1,668,408

Total Investments	98.7%		(Cost $14,163,095)	$	23,874,191
Other Assets, Less Liabilities	1.3%				304,759
Total Net Assets:	100.0%			$	24,178,950

Percentages are stated as a percent of net assets.

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

The following table summarizes the inputs used, as of July 31, 2021, in valuating the Fund's assets:
Securities listed or traded on a recognized national or foreign stock exchange or NASDAQ are valued at the last reported sales price on the principal exchange on which the securities are traded. NASDAQ National Market securities are valued at the NASDAQ official closing price. Over-the-counter securities and listed securities for which no closing sale price is reported are valued at the mean between the last current bid and ask price. Securities for which market quotations are not readily available are valued at fair value under the Trust's Valuation Procedures as determined by management and approved in good faith by the Board of Trustees. As of July 31, 2021, all securities within the Fund's portfolio were valued at the last reported sales price on the principal exchange on which the securities are traded and adjusted by a fair value factor when necessary and as further described below. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for changes in value that may occur between the close of the foreign exchange and the time which Fund shares are priced. Short term investments are valued at original cost, which combined with accrued interest, approximates market value.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. A three-tiered fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by generally requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets.
Level 2 - Valuations based on quoted prices for similar securities or in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

	Level 1		Level 2		Level 3		Total
Common Stocks

Automobiles & Components	$	219,015	$	–	$	–	$	219,015
Banks		791,930		–		–		791,930
Capital Goods		2,447,117		–		–		2,447,117
Commercial & Professional Services		1,062,712		–		–		1,062,712
Consumer Durables & Apparel		642,857		–		–		642,857
Consumer Services		967,532		–		–		967,532
Diversified Financials		919,007		–		–		919,007
Energy		592,371		–		–		592,371
Food, Beverage & Tobacco		339,872		–		–		339,872
Health Care Equipment & Services		2,155,112		–		–		2,155,112
Household & Personal Products		371,428		–		–		371,428
Insurance		953,234		–		–		953,234
Materials		1,603,647		–		–		1,603,647
Media & Entertainment		664,411		–		–		664,411
Pharmaceuticals, Biotechnology & Life Sciences		951,127		–		–		951,127
Retailing		846,709		–		–		846,709
Semiconductors & Semiconductor Equipment		1,211,783		–		–		1,211,783
Software & Services		2,571,032		–		–		2,571,032
Technology Hardware & Equipment		930,660		–		–		930,660
Transportation		906,651		–		–		906,651
Utilities		1,057,576		–		–		1,057,576
Total Common Stocks	$	22,205,783	$	–	$	–	$	22,205,783

REITs
Real Estate	$	1,668,408	$	–	$	–	$	1,668,408
Total REITs	$	1,668,408	$	–	$	–	$	1,668,408

Total Investments	$	23,874,191	$	–	$	–	$	23,874,191


There were no transfers into or out of Level 3 during the reporting period, as compared to their classification from the prior annual report.

Portfolio Industry Allocation and Market Capitalization as of July 31, 2021 (Unaudited)

Industry Allocation	% of TNA	Portfolio Market Cap Mix	% of TNA
Automobiles & Components	0.9%	Large Cap (over $46.4 billion)	14.6%
Banks	3.3%	Mid Cap ($3.6 - $46.4 billion)	84.1%
Capital Goods	10.1%	Cash & Other	1.3%
Commercial & Professional Services	4.4%
Consumer Durables & Apparel	2.7%	Total	100.0%
Consumer Services	4.0%
Diversified Financials	3.8%
Energy	2.5%
Food, Beverage & Tobacco	1.4%
Health Care Equipment & Services	8.9%
Household & Personal Products	1.5%
Insurance	3.9%
Materials	6.6%
Media & Entertainment	2.7%
Pharmaceuticals, Biotechnology & Life Sciences	3.9%
Retailing	3.5%
Semiconductors & Semiconductor Equipment	5.0%
Software & Services	10.6%
Technology Hardware & Equipment	3.9%
Transportation	3.8%
Utilities	4.4%
REITs	6.9%
Cash & Other	1.3%

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.