# EDGAR Filing Document

**Accession Number:** 0002051630
**File Stem:** 0001410368-26-054031
**Filing Date:** 2026-5
**Character Count:** 95182
**Document Hash:** 3af94994d06bf52520df26d8719fbdd2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-054031.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-054031

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lazard Active ETF Trust
- **CENTRAL INDEX KEY:** 0002051630

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24041
- **FILM NUMBER:** 261029429

**BUSINESS ADDRESS:**
- **STREET 1:** C/O LAZARD ASSET MANAGEMENT LLC
- **STREET 2:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** (800) 823-6300

**MAIL ADDRESS:**
- **STREET 1:** C/O LAZARD ASSET MANAGEMENT LLC
- **STREET 2:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

## Series and Classes Contracts Data

### Lazard Listed Infrastructure ETF (Series ID: S000094312)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000262800 | Lazard Listed Infrastructure ETF | GLIX            |

## Nport-Ex

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 812-15842

Lazard Active ETF Trust<br> (Exact name of Registrant as specified in charter)

30 Rockefeller Plaza<br> New York, New York 10112<br> (Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.<br> Lazard Asset Management LLC

30 Rockefeller Plaza<br> New York, New York 10112<br> (Name and address of agent for service)

Registrant's telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 3/31/2026

**Item 1. Schedule of Investments.**

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Opportunities ETF** | **Lazard Emerging Markets Opportunities ETF** |  |
| **Common Stocks \| 100.2%** |  |  |
| **Argentina \| 0.7%** |  |  |
| Grupo Financiero Galicia SA ADR | 21154 | $988103 |
| **Australia \| 1.0%** |  |  |
| Anglogold Ashanti PLC | 13578 | 1321954 |
| **Brazil \| 6.9%** |  |  |
| Banco BTG Pactual SA | 184275 | 1986392 |
| Itau Unibanco Holding SA ADR | 248196 | 2079882 |
| MercadoLibre, Inc. (\*) | 827 | 1429900 |
| NU Holdings Ltd., Class A (\*) | 73128 | 1050849 |
| PRIO SA (\*) | 136862 | 1735297 |
| TOTVS SA | 176054 | 1177975 |
|  |  | 9460295 |
| **China \| 21.2%** |  |  |
| Alibaba Group Holding Ltd. | 277000 | 4204357 |
| Atour Lifestyle Holdings Ltd. ADR | 30862 | 1136030 |
| BYD Co. Ltd., Class H | 143000 | 1929721 |
| China Merchants Bank Co. Ltd., Class H | 657500 | 4132752 |
| Contemporary Amperex Technology Co. Ltd., Class A | 60000 | 3488897 |
| Full Truck Alliance Co. Ltd. ADR | 104417 | 866661 |
| Innovent Biologics, Inc. (#), (\*) | 91000 | 985421 |
| Lenovo Group Ltd. | 1516000 | 1769266 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 137799 | 1336460 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 30300 | 722214 |
| Tencent Holdings Ltd. | 90292 | 5574007 |
| Trip.com Group Ltd. | 23000 | 1117114 |
| Weichai Power Co. Ltd., Class H | 556000 | 1937441 |
|  |  | 29200341 |
| **Greece \| 3.1%** |  |  |
| GEK Terna SA | 45681 | 1782175 |
| Jumbo SA | 27031 | 684569 |
| National Bank of Greece SA | 115500 | 1761302 |
|  |  | 4228046 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Hong Kong \| 0.8%** |  |  |
| Techtronic Industries Co. Ltd. | 86000 | $1119946 |
| **India \| 13.0%** |  |  |
| Amber Enterprises India Ltd. (\*) | 9061 | 625633 |
| Bharti Airtel Ltd. | 110725 | 2080747 |
| HDFC Bank Ltd. ADR | 86126 | 2142815 |
| Hindalco Industries Ltd. GDR (#), (‡) | 172776 | 1615456 |
| ICICI Bank Ltd. ADR | 76704 | 1986633 |
| Infosys Ltd. ADR | 58639 | 792213 |
| InterGlobe Aviation Ltd. (#) | 24086 | 1001417 |
| ITC Ltd. | 216215 | 655834 |
| Larsen & Toubro Ltd. GDR | 23487 | 872542 |
| Lodha Developers Ltd. (#) | 112690 | 804345 |
| Polycab India Ltd. | 14203 | 1024771 |
| Reliance Industries Ltd. GDR (#) | 35340 | 2053254 |
| Supreme Industries Ltd. | 21013 | 829698 |
| Thermax Ltd. | 27503 | 945495 |
| Welspun Living Ltd. | 340664 | 389048 |
|  |  | 17819901 |
| **Indonesia \| 0.7%** |  |  |
| Bank Central Asia Tbk. PT | 2631200 | 998631 |
| **Mexico \| 3.3%** |  |  |
| Arca Continental SAB de CV | 113485 | 1300314 |
| Corp. Inmobiliaria Vesta SAB de CV ADR | 45529 | 1517937 |
| Grupo Financiero Banorte SAB de CV, Class O | 162123 | 1786260 |
|  |  | 4604511 |
| **Peru \| 1.0%** |  |  |
| Credicorp Ltd. | 4094 | 1388603 |
| **Philippines \| 1.2%** |  |  |
| BDO Unibank, Inc. | 364511 | 676821 |
| International Container Terminal Services, Inc. | 91470 | 1035907 |
|  |  | 1712728 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Opportunities ETF (continued)** | **Lazard Emerging Markets Opportunities ETF (continued)** | **Lazard Emerging Markets Opportunities ETF (continued)** |
| **Portugal \| 0.8%** |  |  |
| Jeronimo Martins SGPS SA | 46492 | $1101360 |
| **Qatar \| 0.5%** |  |  |
| Ooredoo QPSC | 197146 | 672495 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 45259 | 0 |
| Sberbank of Russia PJSC (\*), (¢) | 213889 | 0 |
|  |  | 0 |
| **Saudi Arabia \| 3.5%** |  |  |
| Co. for Cooperative Insurance | 30412 | 1037344 |
| Saudi Arabian Oil Co. (#) | 286010 | 2088332 |
| Saudi National Bank | 148284 | 1652517 |
|  |  | 4778193 |
| **Singapore \| 0.4%** |  |  |
| Sea Ltd. ADR (\*) | 6358 | 526506 |
| **South Africa \| 5.1%** |  |  |
| Anglo American PLC | 72736 | 3049199 |
| Bidvest Group Ltd. | 68103 | 905321 |
| Capitec Bank Holdings Ltd. | 6202 | 1493607 |
| Shoprite Holdings Ltd. | 94646 | 1524952 |
|  |  | 6973079 |
| **South Korea \| 13.9%** |  |  |
| Hyundai Mobis Co. Ltd. | 3671 | 905976 |
| Kia Corp. | 16741 | 1587042 |
| Samsung Electronics Co. Ltd. GDR | 3813 | 10813668 |
| Shinhan Financial Group Co. Ltd. ADR | 36187 | 2218987 |
| SK hynix, Inc. GDR (#) | 6558 | 3593784 |
|  |  | 19119457 |
| **Taiwan \| 20.1%** |  |  |
| Accton Technology Corp. | 30000 | 1416953 |
| ASE Technology Holding Co. Ltd. | 184000 | 1890648 |
| MediaTek, Inc. | 41000 | 1910854 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Nien Made Enterprise Co. Ltd. | 85000 | $877385 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 204000 | 11230529 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 30418 | 10279763 |
|  |  | 27606132 |
| **Turkey \| 0.5%** |  |  |
| Akbank TAS | 419930 | 623097 |
| **United Arab Emirates \| 2.5%** |  |  |
| Adnoc Gas PLC | 1691826 | 1473837 |
| Alec Holdings PJSC | 1566023 | 596856 |
| Emaar Properties PJSC | 414606 | 1320581 |
|  |  | 3391274 |
| **Total Common Stocks**<br> (Cost $105,572,177) |  | 137634652 |
| **Short-Term Investments \| 0.8%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $1,120,369) | 1120369 | 1120369 |
| **Total Investments \| 101.0%**<br> (Cost $106,692,546) |  | $**138755021** |
| **Liabilities in Excess of Cash and Other Assets \| (1.0)%** |  | **(1327366)** |
| **Net Assets \| 100.0%** |  | $**137427655** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 8.8% of net assets of the Portfolio. |
| (‡) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under US Generally Accepted Accounting Principles in the United States of America hierarchy. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (a) | Affiliated investment. |

---

**Lazard Emerging Markets Opportunities ETF (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $1099706 | $10461192 | $(10440529) | $– $– $| 7524 | 1120369 | $1120369 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Equity Megatrends ETF** |  |  |
| **Common Stocks \| 98.6%** |  |  |
| **Brazil \| 1.9%** |  |  |
| MercadoLibre, Inc. (\*) | 255 | $440900 |
| NU Holdings Ltd., Class A (\*) | 28676 | 412074 |
|  |  | 852974 |
| **France \| 2.7%** |  |  |
| EssilorLuxottica SA | 3422 | 782257 |
| LVMH Moet Hennessy Louis Vuitton SE | 809 | 431669 |
|  |  | 1213926 |
| **Germany \| 3.5%** |  |  |
| SAP SE | 3985 | 674494 |
| Siemens AG | 3919 | 928832 |
|  |  | 1603326 |
| **Hong Kong \| 1.1%** |  |  |
| AIA Group Ltd. | 47000 | 508654 |
| **India \| 2.8%** |  |  |
| ICICI Bank Ltd. ADR | 16043 | 415514 |
| Reliance Industries Ltd. GDR (#) | 15163 | 880970 |
|  |  | 1296484 |
| **Japan \| 8.9%** |  |  |
| FANUC Corp. | 29100 | 969817 |
| Japan Exchange Group, Inc. | 38500 | 437175 |
| Japan Post Bank Co. Ltd. | 24800 | 392445 |
| Keyence Corp. | 1800 | 620705 |
| Mitsubishi Electric Corp. | 40100 | 1257268 |
| Sony Group Corp. ADR | 19154 | 396488 |
|  |  | 4073898 |
| **Netherlands \| 0.4%** |  |  |
| Wolters Kluwer NV | 2711 | 201848 |
| **Singapore \| 1.0%** |  |  |
| DBS Group Holdings Ltd. | 6200 | 273441 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Sea Ltd. ADR (\*) | 2455 | $203299 |
|  |  | 476740 |
| **South Korea \| 1.0%** |  |  |
| KB Financial Group, Inc. ADR | 4467 | 445494 |
| **Sweden \| 3.5%** |  |  |
| Atlas Copco AB, A Shares | 45507 | 779369 |
| Epiroc AB, Class A | 34047 | 818808 |
|  |  | 1598177 |
| **Switzerland \| 2.1%** |  |  |
| TE Connectivity PLC | 4545 | 949996 |
| **Taiwan \| 5.4%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7243 | 2447772 |
| **United Kingdom \| 4.8%** |  |  |
| London Stock Exchange Group PLC | 5954 | 695960 |
| RELX PLC | 24020 | 784277 |
| Weir Group PLC | 19314 | 712633 |
|  |  | 2192870 |
| **United States \| 59.5%** |  |  |
| Alphabet, Inc., Class A | 5272 | 1516016 |
| Amazon.com, Inc. (\*) | 7810 | 1626589 |
| Amphenol Corp., Class A | 4604 | 581715 |
| Apple, Inc. | 3507 | 890041 |
| Applied Materials, Inc. | 4351 | 1487128 |
| Bank of America Corp. | 9271 | 451961 |
| Boston Scientific Corp. (\*) | 5566 | 349266 |
| Broadcom, Inc. | 3136 | 970623 |
| Chubb Ltd. | 1662 | 541696 |
| Danaher Corp. | 3976 | 753850 |
| Dolby Laboratories, Inc., Class A | 11410 | 685285 |
| Eli Lilly & Co. | 778 | 715581 |
| Equifax, Inc. | 3722 | 670221 |
| Experian PLC | 19072 | 653403 |
| GE HealthCare Technologies, Inc. | 10151 | 722548 |
| GE Vernova, Inc. | 596 | 520248 |
| Intercontinental Exchange, Inc. | 5913 | 929997 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Equity Megatrends ETF (continued)** | **Lazard Equity Megatrends ETF (continued)** |  |
| IQVIA Holdings, Inc. (\*) | 4104 | $699896 |
| Keysight Technologies, Inc. (\*) | 4894 | 1381919 |
| Labcorp Holdings, Inc. | 1753 | 467718 |
| Marvell Technology, Inc. | 6138 | 607969 |
| Mastercard, Inc., Class A | 1342 | 670544 |
| Medtronic PLC | 5147 | 445988 |
| Meta Platforms, Inc., Class A | 1276 | 730038 |
| Microsoft Corp. | 3951 | 1462542 |
| NVIDIA Corp. | 7356 | 1282886 |
| PTC, Inc. (\*) | 2901 | 413363 |
| QUALCOMM, Inc. | 4310 | 555042 |
| S&P Global, Inc. | 1980 | 842173 |
| Schneider Electric SE | 3234 | 853676 |
| Stryker Corp. | 1508 | 495514 |
| Take-Two Interactive Software, Inc. (\*) | 3040 | 600400 |
| Thermo Fisher Scientific, Inc. | 1845 | 906873 |
| Visa, Inc., A Shares | 2132 | 644376 |
|  |  | 27127085 |
| **Total Common Stocks**<br> (Cost $42,705,286) |  | 44989244 |
| **Short-Term Investments \| 1.3%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $571,805) | 571805 | 571805 |
| **Total Investments \| 99.9%**<br> (Cost $43,277,091) |  | $**45561049** |
| **Cash and Other Assets in Excess of Liabilities \| 0.1%** |  | **29563** |
| **Net Assets \| 100.0%** |  | $**45590612** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 1.9% of net assets of the Portfolio. |
| (a) | Affiliated investment. |

---

**Lazard Equity Megatrends ETF (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $452755 | $2728392 | $(2609342) | $– $– $| 5670 | 571805 | $571805 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF** |  |  |
| **Common Stocks \| 96.4%** |  |  |
| **Australia \| 4.1%** |  |  |
| Alkane Resources Ltd. (\*) | 15342 | $14921 |
| Anglogold Ashanti PLC | 25402 | 2473139 |
| Austal Ltd. (\*) | 1698 | 5547 |
| Beach Energy Ltd. | 2506536 | 2223161 |
| BHP Group Ltd. | 117553 | 4057003 |
| Brambles Ltd. | 357632 | 5535693 |
| Bravura Solutions Ltd. | 1334282 | 1864254 |
| Fortescue Ltd. | 106210 | 1477415 |
| Macmahon Holdings Ltd. | 2654072 | 1299709 |
| Northern Star Resources Ltd. | 538 | 7502 |
| Perseus Mining Ltd. | 722481 | 2548361 |
| Qantas Airways Ltd. | 679865 | 3897403 |
| QBE Insurance Group Ltd. | 83044 | 1207495 |
| REA Group Ltd. | 21860 | 2341907 |
| Regis Healthcare Ltd. | 484452 | 2043896 |
| Regis Resources Ltd. | 250818 | 1142372 |
| SRG Global Ltd. | 918948 | 1548293 |
| Ventia Services Group Pty. Ltd. | 312230 | 1118416 |
| Virgin Australia Holdings Ltd. | 546880 | 898940 |
| West African Resources Ltd. (\*) | 567982 | 1244835 |
| Westpac Banking Corp. | 91235 | 2466356 |
|  |  | 39416618 |
| **Belgium \| 0.2%** |  |  |
| Proximus SADP | 173669 | 1400710 |
| **Brazil \| 0.1%** |  |  |
| Ambev SA | 416045 | 1215003 |
| **Canada \| 8.5%** |  |  |
| Agnico Eagle Mines Ltd. | 27091 | 5481484 |
| Aritzia, Inc. (\*) | 49222 | 4003928 |
| Badger Infrastructure Solutions Ltd. | 20877 | 928099 |
| Barrick Mining Corp. | 239732 | 9765873 |
| Dollarama, Inc. | 33391 | 4085017 |
| Fairfax Financial Holdings Ltd. | 2644 | 4490793 |
| Groupe Dynamite, Inc. | 38934 | 2136760 |
| Hydro One Ltd. (#) | 83694 | 3445395 |
| iA Financial Corp., Inc. | 180 | 19912 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Kinross Gold Corp. | 166223 | $5065719 |
| Loblaw Cos. Ltd. | 223042 | 10136021 |
| Magna International, Inc. | 214386 | 11934827 |
| Manulife Financial Corp. | 54566 | 1873672 |
| Royal Bank of Canada | 22956 | 3699147 |
| Shopify, Inc., Class A (\*) | 23104 | 2732648 |
| Suncor Energy, Inc. | 89331 | 5889682 |
| Toronto-Dominion Bank | 58221 | 5420137 |
|  |  | 81109114 |
| **Chile \| 0.1%** |  |  |
| Latam Airlines Group SA | 47337051 | 1156417 |
| **China \| 8.5%** |  |  |
| Alibaba Group Holding Ltd. ADR | 16121 | 2022541 |
| Alibaba Group Holding Ltd. | 306300 | 4649078 |
| Bilibili, Inc., Class Z (\*) | 52200 | 1136520 |
| BOC Hong Kong Holdings Ltd. | 1786000 | 9749853 |
| Chengdu Hongqi Chain Co. Ltd., Class A | 1464400 | 1174369 |
| China Everbright Bank Co. Ltd., Class H | 4791000 | 1857687 |
| China Hongqiao Group Ltd. | 255500 | 1132775 |
| China Reinsurance Group Corp., Class H | 5657000 | 1060660 |
| Contemporary Amperex Technology Co. Ltd., Class H | 36600 | 2863970 |
| DingDong Cayman Ltd. ADR (\*) | 4780 | 12285 |
| ENN Natural Gas Co. Ltd., Class A | 887060 | 2848063 |
| GigaDevice Semiconductor, Inc., Class H | 22900 | 1001849 |
| H World Group Ltd. ADR | 24182 | 1216113 |
| Harbin Electric Co. Ltd., Class H | 398000 | 1055891 |
| Henan Yuneng Holdings Co. Ltd., Class A (\*) | 437619 | 869131 |
| Huaxia Bank Co. Ltd., Class A | 4034500 | 4274998 |
| Kuaishou Technology (#) | 249200 | 1434135 |
| Midea Group Co. Ltd., Class H | 124700 | 1332856 |
| NetEase, Inc. | 75100 | 1633192 |
| Newborn Town, Inc. (\*) | 994000 | 1009189 |
| PDD Holdings, Inc. ADR (\*) | 24817 | 2535801 |
| People's Insurance Co. Group of China Ltd., Class H | 4116000 | 2834928 |
| PetroChina Co. Ltd., Class H | 5222000 | 7160085 |
| Ping An Insurance Group Co. of China Ltd., Class H | 679500 | 5152455 |
| Pop Mart International Group Ltd. (#) | 78600 | 1439627 |
| Rockchip Electronics Co. Ltd., Class A | 49800 | 1097399 |
| Sino Biopharmaceutical Ltd. | 10000 | 7513 |
| Tencent Holdings Ltd. | 150500 | 9290834 |
| Xiaomi Corp., Class B (#) | 1800 | 7292 |
| Zhejiang Century Huatong Group Co. Ltd., Class A (\*) | 509300 | 1176635 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** | **Lazard International Dynamic Equity ETF (continued)** | **Lazard International Dynamic Equity ETF (continued)** |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class H | 535200 | $1914110 |
| Zhongji Innolight Co. Ltd., Class A | 18358 | 1513162 |
| Zijin Mining Group Co. Ltd., Class H | 1134000 | 4969802 |
|  |  | 81434798 |
| **Denmark \| 0.7%** |  |  |
| Novo Nordisk AS, Class B | 26381 | 939244 |
| Vestas Wind Systems AS | 201053 | 5894814 |
|  |  | 6834058 |
| **France \| 7.1%** |  |  |
| Airbus SE | 31663 | 5867052 |
| AXA SA | 71916 | 3251489 |
| BNP Paribas SA | 185645 | 17323772 |
| Gaztransport Et Technigaz SA | 13022 | 3048802 |
| Rubis SCA | 282 | 11197 |
| Safran SA | 3039 | 978329 |
| Societe Generale SA | 116535 | 8292614 |
| Thales SA | 4300 | 1249019 |
| TotalEnergies SE | 138393 | 12901617 |
| Vinci SA | 101636 | 15030425 |
|  |  | 67954316 |
| **Germany \| 2.7%** |  |  |
| Commerzbank AG | 78918 | 2799713 |
| Deutsche Bank AG | 222076 | 6426324 |
| Friedrich Vorwerk Group SE | 16115 | 1299739 |
| IONOS Group SE (\*) | 33360 | 955169 |
| Mercedes-Benz Group AG | 61479 | 3711103 |
| MTU Aero Engines AG | 24 | 8573 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1753 | 1089484 |
| Rheinmetall AG | 722 | 1201663 |
| Scout24 SE (#) | 14746 | 1121362 |
| Siemens Energy AG | 37096 | 6080050 |
| TUI AG | 189857 | 1446396 |
|  |  | 26139576 |
| **Hong Kong \| 1.8%** |  |  |
| AIA Group Ltd. | 115200 | 1246743 |
| Prudential PLC | 753492 | 10313873 |
| WH Group Ltd. (#) | 3382000 | 4425821 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Zijin Gold International Co. Ltd. | 50300 | $1116965 |
|  |  | 17103402 |
| **Hungary \| 0.1%** |  |  |
| OTP Bank Nyrt | 9389 | 992228 |
| **India \| 3.7%** |  |  |
| Adani Ports & Special Economic Zone Ltd. | 110497 | 1529154 |
| Bank of India | 742663 | 1072628 |
| Canara Bank | 2819656 | 3669912 |
| Force Motors Ltd. | 5172 | 1058134 |
| Indian Bank | 456776 | 4072752 |
| Indus Towers Ltd. (\*) | 1181299 | 5207872 |
| Life Insurance Corp. of India | 175684 | 1344088 |
| Reliance Industries Ltd. GDR (#) | 41753 | 2425849 |
| South Indian Bank Ltd. | 8482052 | 3060197 |
| State Bank of India GDR | 54025 | 5715845 |
| Tata Motors Ltd./new (\*) | 1099 | 4574 |
| Union Bank of India Ltd. | 2438121 | 4220820 |
| Vedanta Ltd. | 291593 | 2013048 |
|  |  | 35394873 |
| **Indonesia \| 0.5%** |  |  |
| Japfa Comfeed Indonesia Tbk. PT | 8525300 | 1178879 |
| Perusahaan Gas Negara Persero Tbk. PT | 9480600 | 1029257 |
| Telkom Indonesia Persero Tbk. PT | 14940100 | 2690088 |
|  |  | 4898224 |
| **Ireland \| 0.1%** |  |  |
| AIB Group PLC | 124065 | 1288673 |
| **Israel \| 0.1%** |  |  |
| Delek Group Ltd. | 3276 | 1098951 |
| Wix.com Ltd. (\*) | 114 | 10268 |
|  |  | 1109219 |
| **Italy \| 2.1%** |  |  |
| Banca Monte dei Paschi di Siena SpA | 1148 | 9824 |
| Ferrari NV | 4960 | 1651609 |
| Intesa Sanpaolo SpA | 190106 | 1130466 |
| Leonardo SpA | 102887 | 6880432 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** | **Lazard International Dynamic Equity ETF (continued)** | **Lazard International Dynamic Equity ETF (continued)** |
| Telecom Italia SpA (\*) | 3533687 | $2439651 |
| UniCredit SpA | 117518 | 8240701 |
|  |  | 20352683 |
| **Japan \| 13.2%** |  |  |
| Advantest Corp. | 18200 | 2325765 |
| Bandai Namco Holdings, Inc. | 201900 | 4907583 |
| Bridgestone Corp. | 55900 | 1147937 |
| Canon, Inc. | 288100 | 7890199 |
| Chugai Pharmaceutical Co. Ltd. | 35500 | 1921494 |
| Daiwa House Industry Co. Ltd. | 76100 | 2352504 |
| Denso Corp. | 1800 | 22035 |
| Fast Retailing Co. Ltd. | 11800 | 4571211 |
| Hitachi Ltd. | 202800 | 5690485 |
| Honda Motor Co. Ltd. | 426100 | 3368035 |
| Japan Airlines Co. Ltd. | 686400 | 11043062 |
| Japan Post Holdings Co. Ltd. | 1364900 | 15348583 |
| Japan Tobacco, Inc. | 242400 | 9172468 |
| KDX Realty Investment Corp. REIT | 3801 | 3837077 |
| Kioxia Holdings Corp. (\*) | 7400 | 887498 |
| Kyocera Corp. | 600 | 8969 |
| Kyushu Electric Power Co., Inc. | 252800 | 2872980 |
| Leopalace21 Corp. | 257000 | 1025803 |
| LY Corp. | 407400 | 980024 |
| Mitsubishi Electric Corp. | 308975 | 9687393 |
| Mitsui Fudosan Co. Ltd. | 185800 | 1933446 |
| Mizuho Financial Group, Inc. | 30400 | 1163145 |
| Nissan Chemical Corp. | 2200 | 82903 |
| NTT, Inc. | 5605700 | 5539104 |
| Sanki Engineering Co. Ltd. | 35700 | 1505733 |
| SoftBank Corp. | 1240200 | 1645648 |
| Sony Group Corp. | 305200 | 6156181 |
| Sumitomo Chemical Co. Ltd. | 730500 | 2293574 |
| Sumitomo Mitsui Financial Group, Inc. | 166400 | 5236020 |
| T&D Holdings, Inc. | 123900 | 3080950 |
| Tokyo Electron Ltd. | 17100 | 4001716 |
| Toyota Motor Corp. | 77700 | 1544330 |
| Workman Co. Ltd. | 57500 | 2255327 |
| World Co. Ltd. | 163900 | 1517535 |
|  |  | 127016717 |
| **Malaysia \| 0.6%** |  |  |
| 99 Speed Mart Retail Holdings Bhd. | 1689200 | 1422616 |
| Press Metal Aluminium Holdings Bhd. | 1653100 | 3266189 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Sunway Construction Group Bhd. | 751900 | $1182910 |
|  |  | 5871715 |
| **Mexico \| 0.2%** |  |  |
| Gentera SAB de CV | 483632 | 1358293 |
| **Netherlands \| 5.1%** |  |  |
| ASM International NV | 13836 | 10154950 |
| ASML Holding NV | 18246 | 23528985 |
| EXOR NV | 46444 | 3513113 |
| Heineken Holding NV | 16832 | 1189811 |
| Koninklijke Ahold Delhaize NV | 195112 | 9057515 |
| Koninklijke Heijmans NV | 15003 | 1324143 |
|  |  | 48768517 |
| **Norway \| 0.1%** |  |  |
| Kongsberg Gruppen ASA | 30990 | 1313129 |
| **Philippines \| 0.6%** |  |  |
| International Container Terminal Services, Inc. | 516890 | 5853832 |
| **Poland \| 0.7%** |  |  |
| PGE Polska Grupa Energetyczna SA (\*) | 1232662 | 3481695 |
| Tauron Polska Energia SA (\*) | 1266420 | 3487024 |
|  |  | 6968719 |
| **Portugal \| 0.3%** |  |  |
| Banco Comercial Portugues SA, Class R | 1483872 | 1422485 |
| Jeronimo Martins SGPS SA | 49653 | 1176241 |
|  |  | 2598726 |
| **Saudi Arabia \| 0.8%** |  |  |
| Al Babtain Power & Telecommunication Co. | 145599 | 2556887 |
| Electrical Industries Co. | 449866 | 2002015 |
| Etihad Etisalat Co. | 102789 | 1788659 |
| Saudi Energy Co. | 369459 | 1666829 |
|  |  | 8014390 |
| **Singapore \| 0.9%** |  |  |
| Oversea-Chinese Banking Corp. Ltd. | 120300 | 2048592 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** | **Lazard International Dynamic Equity ETF (continued)** | **Lazard International Dynamic Equity ETF (continued)** |
| Sea Ltd. ADR (\*) | 96 | $7950 |
| Singapore Technologies Engineering Ltd. | 297700 | 2494390 |
| United Overseas Bank Ltd. | 101700 | 2889048 |
| UOL Group Ltd. | 171600 | 1292835 |
|  |  | 8732815 |
| **South Africa \| 0.9%** |  |  |
| Gold Fields Ltd. ADR | 102878 | 4670661 |
| Harmony Gold Mining Co. Ltd. ADR | 163763 | 2517037 |
| Old Mutual Ltd. | 1254483 | 1011355 |
|  |  | 8199053 |
| **South Korea \| 4.7%** |  |  |
| Hana Financial Group, Inc. | 24798 | 1725895 |
| HD Hyundai Co. Ltd. | 23595 | 3681784 |
| HD Hyundai Electric Co. Ltd. | 1935 | 1051102 |
| HD Hyundai Heavy Industries Co. Ltd. | 5385 | 1634854 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 6681 | 1500515 |
| Hyundai Rotem Co. Ltd. | 9200 | 1018118 |
| KB Financial Group, Inc. | 15031 | 1392550 |
| Korea Electric Power Corp. | 248385 | 6754308 |
| Samsung Electronics Co. Ltd. | 156504 | 17084496 |
| SK Hynix, Inc. | 17148 | 9034986 |
|  |  | 44878608 |
| **Spain \| 2.1%** |  |  |
| Acciona SA | 6 | 1540 |
| Banco Bilbao Vizcaya Argentaria SA | 253374 | 5327859 |
| Banco Santander SA | 1312752 | 14354125 |
|  |  | 19683524 |
| **Sweden \| 1.6%** |  |  |
| Betsson AB, Class B | 142672 | 1500668 |
| Boliden AB (\*) | 122455 | 6243421 |
| Plejd AB (\*) | 11019 | 864054 |
| Saab AB, Class B | 30941 | 2005298 |
| Telefonaktiebolaget LM Ericsson ADR | 376567 | 4243910 |
|  |  | 14857351 |
| **Switzerland \| 1.1%** |  |  |
| ABB Ltd. | 92503 | 7280057 |
| Logitech International SA | 9959 | 896812 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| UBS Group AG | 67622 | $2586054 |
|  |  | 10762923 |
| **Taiwan \| 6.5%** |  |  |
| Accton Technology Corp. | 88000 | 4156397 |
| Arcadyan Technology Corp. | 175000 | 832030 |
| ASE Technology Holding Co. Ltd. | 187000 | 1921473 |
| Asia Vital Components Co. Ltd. | 32000 | 1991867 |
| ASPEED Technology, Inc. | 3000 | 1004066 |
| Delta Electronics, Inc. | 115000 | 4964029 |
| Jentech Precision Industrial Co. Ltd. | 11000 | 1305755 |
| MediaTek, Inc. | 114000 | 5313106 |
| MPI Corp. | 10000 | 1124492 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 692000 | 38095715 |
| United Integrated Services Co. Ltd. | 63000 | 1617861 |
|  |  | 62326791 |
| **Thailand \| 0.5%** |  |  |
| Advanced Info Service PCL (‡) | 186300 | 2107031 |
| Osotspa PCL (‡) | 4320400 | 1938809 |
| TMBThanachart Bank PCL NVDR | 15106400 | 1053509 |
|  |  | 5099349 |
| **Turkey \| 0.2%** |  |  |
| Ral Yatirim Holding AS (\*) | 362461 | 1642809 |
| **United Arab Emirates \| 0.7%** |  |  |
| Adnoc Gas PLC | 1136198 | 989800 |
| Aldar Properties PJSC | 471786 | 1000521 |
| Dubai Electricity & Water Authority PJSC | 5795826 | 4244350 |
|  |  | 6234671 |
| **United Kingdom \| 8.2%** |  |  |
| AstraZeneca PLC ADR | 67531 | 13318464 |
| Barclays PLC | 629335 | 3232060 |
| HSBC Holdings PLC | 427138 | 6880865 |
| Imperial Brands PLC | 298473 | 12032234 |
| International Consolidated Airlines Group SA, Class DI | 873474 | 4045795 |
| Legal & General Group PLC | 1704479 | 5536073 |
| NatWest Group PLC | 1656293 | 12082731 |
| Rolls-Royce Holdings PLC | 559589 | 8353363 |
| Saga PLC (\*) | 184303 | 1134998 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** | **Lazard International Dynamic Equity ETF (continued)** | **Lazard International Dynamic Equity ETF (continued)** |
| Standard Chartered PLC | 373031 | $7649289 |
| Vodafone Group PLC | 2879672 | 4302478 |
|  |  | 78568350 |
| **United States \| 7.0%** |  |  |
| BeOne Medicines Ltd., Class H (\*) | 52000 | 1138134 |
| BRP, Inc. | 17721 | 1269822 |
| Buzzi SpA | 19393 | 962606 |
| GSK PLC | 738741 | 20107018 |
| Novartis AG | 140191 | 21085787 |
| Roche Holding AG | 42871 | 16789875 |
| Sanofi SA | 42857 | 4084700 |
| Shell PLC | 41728 | 1971606 |
| Titan SA | 812 | 42101 |
|  |  | 67451649 |
| **Total Common Stocks**<br> (Cost $908,454,504) |  | 924001843 |
| **Preferred Stocks \| 2.1%** |  |  |
| **Brazil \| 1.6%** |  |  |
| Petroleo Brasileiro SA - Petrobras | 1601734 | 14928598 |
| **Germany \| 0.5%** |  |  |
| Volkswagen AG | 52651 | 5241411 |
| **Total Preferred Stocks**<br> (Cost $16,324,851) |  | 20170009 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Rights \| 0.0%** |  |  |
| **Italy \| 0.0%** |  |  |
| Telecom Italia SpA, CVR, Expires 2026i (\*), (¢)<br> (Cost $0) | 2913553 | $27 |
| **Warrants \| 0.0%** |  |  |
| **Canada \| 0.0%** |  |  |
| Constellation Software, Inc., Expires 03/31/40i (\*), (¢) <br> (Cost $0) | 26 | 0 |
| **Short-Term Investments \| 1.2%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $11,964,154) | 11964154 | 11964154 |
| **Total Investments \| 99.7%**<br> (Cost $936,743,509) |  | $**956136033** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** |  | **3181000** |
| **Net Assets \| 100.0%** |  | $**959317033** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 1.5% of net assets of the Portfolio. |
| (‡) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under US Generally Accepted Accounting Principles in the United States of America hierarchy. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (a) | Affiliated investment. |

---

**Lazard International Dynamic Equity ETF (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $1484079 | $106863913 | $(96383838) | $– $– $| 76056 | 11964154 | $11964154 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Japanese Equity ETF** |  |  |
| **Common Stocks \| 99.0%** |  |  |
| **Automobile Components \| 1.6%** |  |  |
| Denso Corp. | 89100 | $1090717 |
| **Automobiles \| 3.6%** |  |  |
| Suzuki Motor Corp. | 102600 | 1209544 |
| Toyota Motor Corp. | 62000 | 1232283 |
|  |  | 2441827 |
| **Banks \| 15.0%** |  |  |
| Mitsubishi UFJ Financial Group, Inc. | 206200 | 3369916 |
| Mizuho Financial Group, Inc. | 65000 | 2486989 |
| Resona Holdings, Inc. | 155500 | 1683630 |
| Sumitomo Mitsui Financial Group, Inc. | 88800 | 2794222 |
|  |  | 10334757 |
| **Building Products \| 1.7%** |  |  |
| Daikin Industries Ltd. | 9700 | 1139258 |
| **Capital Markets \| 0.9%** |  |  |
| Nomura Holdings, Inc. | 86000 | 650852 |
| **Chemicals \| 7.0%** |  |  |
| Mitsui Chemicals, Inc. | 50000 | 584103 |
| Nippon Paint Holdings Co. Ltd. | 52100 | 319693 |
| Nippon Sanso Holdings Corp. | 34300 | 1192922 |
| Nissan Chemical Corp. | 10100 | 380599 |
| Nitto Denko Corp. | 41100 | 791567 |
| Shin-Etsu Chemical Co. Ltd. | 39900 | 1569766 |
|  |  | 4838650 |
| **Commercial Services & Supplies \| 0.3%** |  |  |
| Okamura Corp. | 13600 | 210723 |
| **Construction & Engineering \| 2.1%** |  |  |
| Shimizu Corp. | 81000 | 1411607 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| **Consumer Staples Distribution & Retail \| 2.8%** |  |  |  |
| MatsukiyoCocokara & Co. | 45100 | $| 716089 |
| Seven & i Holdings Co. Ltd. | 89800 |  | 1198632 |
|  |  |  | 1914721 |
| **Containers & Packaging \| 0.6%** |  |  |  |
| Rengo Co. Ltd. | 50500 |  | 399169 |
| **Diversified Telecommunication Services \| 2.2%** |  |  |  |
| NTT, Inc. | 1539400 |  | 1521112 |
| **Electric Utilities \| 2.1%** |  |  |  |
| Kansai Electric Power Co., Inc. | 89200 |  | 1449100 |
| **Electrical Equipment \| 2.1%** |  |  |  |
| Mitsubishi Electric Corp. | 45700 |  | 1432847 |
| **Electronic Equipment, Instruments & Components \| 3.0%** | **Electronic Equipment, Instruments & Components \| 3.0%** | **Electronic Equipment, Instruments & Components \| 3.0%** | **Electronic Equipment, Instruments & Components \| 3.0%** |
| Keyence Corp. | 600 |  | 206902 |
| Murata Manufacturing Co. Ltd. | 35600 |  | 762841 |
| TDK Corp. | 89400 |  | 1104786 |
|  |  |  | 2074529 |
| **Financial Services \| 1.7%** |  |  |  |
| ORIX Corp. | 39600 |  | 1146755 |
| **Food Products \| 2.6%** |  |  |  |
| Toyo Suisan Kaisha Ltd. | 11800 |  | 815890 |
| Yakult Honsha Co. Ltd. | 56800 |  | 949702 |
|  |  |  | 1765592 |
| **Ground Transportation \| 1.4%** |  |  |  |
| East Japan Railway Co. | 42600 |  | 970677 |
| **Household Durables \| 5.0%** |  |  |  |
| Rinnai Corp. | 23900 |  | 549689 |
| Sony Group Corp. | 100700 |  | 2031217 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Japanese Equity ETF (continued)** |  |  |
| Sumitomo Forestry Co. Ltd. | 93700 | $826921 |
|  |  | 3407827 |
| **Industrial Conglomerates \| 2.9%** |  |  |
| Hitachi Ltd. | 70700 | 1983813 |
| **Insurance \| 3.2%** |  |  |
| Tokio Marine Holdings, Inc. | 48500 | 2227909 |
| **Interactive Media & Services \| 0.8%** |  |  |
| Kakaku.com, Inc. | 41600 | 542194 |
| **IT Services \| 1.5%** |  |  |
| Fujitsu Ltd. | 50200 | 1000908 |
| **Machinery \| 7.9%** |  |  |
| Daifuku Co. Ltd. | 22300 | 760014 |
| FANUC Corp. | 21400 | 713199 |
| Komatsu Ltd. | 38100 | 1440036 |
| Makita Corp. | 26300 | 839305 |
| SMC Corp. | 3400 | 1279514 |
| THK Co. Ltd. | 14100 | 405301 |
|  |  | 5437369 |
| **Oil, Gas & Consumable Fuels \| 2.3%** |  |  |
| Inpex Corp. | 53400 | 1570213 |
| **Pharmaceuticals \| 4.3%** |  |  |
| Daiichi Sankyo Co. Ltd. | 65500 | 1138808 |
| Takeda Pharmaceutical Co. Ltd. | 50200 | 1787245 |
|  |  | 2926053 |
| **Professional Services \| 2.1%** |  |  |
| Recruit Holdings Co. Ltd. | 35800 | 1468545 |
| **Real Estate Management & Development \| 2.4%** |  |  |
| Daiwa House Industry Co. Ltd. | 15200 | 469882 |
| Mitsui Fudosan Co. Ltd. | 114700 | 1193575 |
|  |  | 1663457 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Semiconductors & Semiconductor Equipment \| 5.4%** | **Semiconductors & Semiconductor Equipment \| 5.4%** | **Semiconductors & Semiconductor Equipment \| 5.4%** |
| Disco Corp. | 3600 | $1385782 |
| SUMCO Corp. | 42600 | 444369 |
| Tokyo Electron Ltd. | 8000 | 1872148 |
|  |  | 3702299 |
| **Specialty Retail \| 1.0%** |  |  |
| Nitori Holdings Co. Ltd. | 44800 | 708932 |
| **Technology Hardware, Storage & Peripherals \| 1.4%** | **Technology Hardware, Storage & Peripherals \| 1.4%** | **Technology Hardware, Storage & Peripherals \| 1.4%** |
| FUJIFILM Holdings Corp. | 50600 | 943522 |
| **Trading Companies & Distributors \| 5.3%** |  |  |
| Mitsubishi Corp. | 75300 | 2516626 |
| Toyota Tsusho Corp. | 30600 | 1144447 |
|  |  | 3661073 |
| **Transportation Infrastructure \| 0.6%** |  |  |
| Mitsubishi Logistics Corp. | 51500 | 427629 |
| **Wireless Telecommunication Services \| 2.2%** |  |  |
| SoftBank Group Corp. | 68000 | 1519517 |
| **Total Common Stocks**<br> (Cost $58,848,127) |  | 67984153 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Japanese Equity ETF (concluded)** | **Lazard Japanese Equity ETF (concluded)** | **Lazard Japanese Equity ETF (concluded)** |
| **Short-Term Investments \| 0.0%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $288) | 288 | $288 |
| **Total Investments \| 99.0%**<br> (Cost $58,848,415) |  | $**67984441** |
| **Cash and Other Assets in Excess of Liabilites \| 1.0%** |  | **712102** |
| **Net Assets \| 100.0%** |  | $**68696543** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated investment.

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $587220 | $2200 | $(589132) | $– $– $| 291 | 288 | $288 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Listed Infrastructure ETF** |  |  |
| **Common Stocks \| 97.8%** |  |  |
| **Australia \| 4.3%** |  |  |
| Transurban Group | 108171 | $1037949 |
| **Canada \| 7.7%** |  |  |
| Canadian National Railway Co. | 18079 | 1854861 |
| **France \| 6.0%** |  |  |
| Vinci SA | 9707 | 1435518 |
| **Italy \| 4.5%** |  |  |
| Snam SpA | 75171 | 567655 |
| Terna - Rete Elettrica Nazionale | 44391 | 504517 |
|  |  | 1072172 |
| **Spain \| 6.9%** |  |  |
| Aena SME SA (#) | 33145 | 974600 |
| Cellnex Telecom SA (#) | 21410 | 684061 |
|  |  | 1658661 |
| **United Kingdom \| 8.1%** |  |  |
| National Grid PLC | 116424 | 1949041 |
| **United States \| 60.3%** |  |  |
| Ameren Corp. | 4245 | 466610 |
| American Electric Power Co., Inc. | 3779 | 495351 |
| American Tower Corp. REIT | 5287 | 912430 |
| American Water Works Co., Inc. | 3868 | 526396 |
| Consolidated Edison, Inc. | 9059 | 1025298 |
| Crown Castle, Inc. | 10444 | 849202 |
| CSX Corp. | 27792 | 1140862 |
| Evergy, Inc. | 5700 | 466944 |
| Eversource Energy | 6145 | 425726 |
| Exelon Corp. | 20689 | 1014175 |
| Ferrovial SE | 7551 | 482168 |
| NextEra Energy, Inc. | 5483 | 509261 |
| NiSource, Inc. | 7847 | 366141 |
| Norfolk Southern Corp. | 3361 | 964607 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| OGE Energy Corp. | 23244 | $1114782 |
| Pinnacle West Capital Corp. | 11399 | 1148449 |
| Portland General Electric Co. | 21058 | 1111231 |
| PPL Corp. | 11991 | 458056 |
| Union Pacific Corp. | 4017 | 974605 |
|  |  | 14452294 |
| **Total Common Stocks**<br> (Cost $22,241,356) |  | 23460496 |
| **Short-Term Investments \| 1.9%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $444,108) | 444108 | 444108 |
| **Total Investments \| 99.7%**<br> (Cost $22,685,464) (») |  | $**23904604** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** |  | **76139** |
| **Net Assets \| 100.0%** |  | $**23980743** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 6.9% of net assets of the Portfolio. |
| (a) | Affiliated investment. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |

---

**Lazard Listed Infrastructure ETF (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $166703 | $457704 | $(180299) | $– $– $| 2277 | 444108 | $444108 |

---

**Forward Currency Contracts open at March 31, 2026:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| EUR | 135005 | USD | 157453 | SSB | 06/25/26 | $— | $812 |
| GBP | 149014 | USD | 199950 | SSB | 06/25/26 |  | 2769 |
| USD | 45357 | AUD | 63942 | MSC | 06/25/26 | 1295 |  |
| USD | 57378 | AUD | 83118 | RBC | 06/25/26 | 102 |  |
| USD | 196478 | AUD | 276993 | RBC | 06/25/26 | 5606 |  |
| USD | 787326 | AUD | 1109918 | SSB | 06/25/26 | 22499 |  |
| USD | 102365 | CAD | 141253 | RBC | 06/25/26 | 452 |  |
| USD | 372362 | CAD | 507697 | RBC | 06/25/26 | 6063 |  |
| USD | 1350836 | CAD | 1841825 | SSB | 06/25/26 | 21975 |  |
| USD | 684340 | EUR | 590430 | MSC | 06/25/26 |  | 714 |
| USD | 396333 | EUR | 341942 | RBC | 06/25/26 |  | 409 |
| USD | 256880 | EUR | 221690 | RBC | 06/25/26 |  | 339 |
| USD | 3373417 | EUR | 2910515 | SSB | 06/25/26 |  | 3544 |
| USD | 108768 | GBP | 81439 | MSC | 06/25/26 | 1005 |  |
| USD | 108949 | GBP | 81626 | RBC | 06/25/26 | 939 |  |
| USD | 147370 | GBP | 110360 | RBC | 06/25/26 | 1337 |  |
| USD | 1752537 | GBP | 1312414 | SSB | 06/25/26 | 15899 |  |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $77172 | $8587 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Next Gen Technologies ETF** |  |  |
| **Common Stocks \| 98.1%** |  |  |
| **China \| 4.5%** |  |  |
| Alibaba Group Holding Ltd. ADR | 5859 | $735070 |
| Tencent Holdings Ltd. ADR | 11852 | 749283 |
| Xiaomi Corp., Class B (#), (\*) | 117400 | 475578 |
|  |  | 1959931 |
| **Germany \| 2.1%** |  |  |
| Siemens Energy AG | 5521 | 904894 |
| **Italy \| 2.3%** |  |  |
| Prysmian SpA | 8933 | 1016703 |
| **Japan \| 6.6%** |  |  |
| Advantest Corp. | 7400 | 945641 |
| Disco Corp. | 1900 | 731385 |
| Resonac Holdings Corp. | 6500 | 400484 |
| Tokyo Electron Ltd. | 3300 | 772261 |
|  |  | 2849771 |
| **Netherlands \| 1.9%** |  |  |
| Nebius Group NV (\*) | 7793 | 808602 |
| **South Korea \| 5.4%** |  |  |
| HD Hyundai Electric Co. Ltd. | 1087 | 590464 |
| Hyundai Motor Co. | 1760 | 511918 |
| SK Hynix, Inc. | 2346 | 1236067 |
|  |  | 2338449 |
| **Taiwan \| 8.7%** |  |  |
| Accton Technology Corp. | 18000 | 850172 |
| Delta Electronics, Inc. | 12000 | 517985 |
| King Yuan Electronics Co. Ltd. | 94000 | 767407 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4824 | 1630271 |
|  |  | 3765835 |
| **United States \| 66.6%** |  |  |
| Advanced Micro Devices, Inc. (\*) | 3841 | 781375 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Alphabet, Inc., Class A | 7411 | $2131107 |
| Amazon.com, Inc. (\*) | 7984 | 1662828 |
| Ambarella, Inc. (\*) | 10077 | 518714 |
| Amphenol Corp., Class A | 7986 | 1009031 |
| Applied Materials, Inc. | 2663 | 910187 |
| Arista Networks, Inc. (\*) | 6809 | 836009 |
| Autodesk, Inc. (\*) | 2827 | 676784 |
| Broadcom, Inc. | 4331 | 1340488 |
| Cadence Design Systems, Inc. (\*) | 2081 | 578247 |
| Cisco Systems, Inc. | 10886 | 844645 |
| Cloudflare, Inc., Class A (\*) | 3348 | 690826 |
| Coherent Corp. (\*) | 2517 | 599575 |
| Crowdstrike Holdings, Inc., Class A (\*) | 2010 | 784724 |
| Datadog, Inc., Class A (\*) | 7349 | 867549 |
| Dynatrace, Inc. (\*) | 15382 | 568826 |
| Eaton Corp. PLC | 2763 | 988242 |
| International Business Machines Corp. | 2864 | 694205 |
| JFrog Ltd. (\*) | 8725 | 409464 |
| Manhattan Associates, Inc. (\*) | 3604 | 479765 |
| Mastercard, Inc., Class A | 1650 | 824439 |
| Meta Platforms, Inc., Class A | 1116 | 638497 |
| Microsoft Corp. | 4861 | 1799396 |
| NVIDIA Corp. | 14911 | 2600478 |
| Palantir Technologies, Inc., Class A (\*) | 5719 | 836575 |
| Palo Alto Networks, Inc. (\*) | 4600 | 737472 |
| PTC, Inc. (\*) | 3467 | 494013 |
| Samsara, Inc., Class A (\*) | 14485 | 459030 |
| Snowflake, Inc. (\*) | 2374 | 358047 |
| Synopsys, Inc. (\*) | 1250 | 495600 |
| Tempus AI, Inc., Class A (\*) | 7904 | 357419 |
| Trimble, Inc. (\*) | 7536 | 491573 |
| Twilio, Inc., Class A (\*) | 5424 | 682448 |
| Uber Technologies, Inc. (\*) | 10000 | 719300 |
|  |  | 28866878 |
| **Total Common Stocks**<br> (Cost $35,465,393) |  | 42511063 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Next Gen Technologies ETF (concluded)** | **Lazard Next Gen Technologies ETF (concluded)** |  |
| **Short-Term Investments \| 1.7%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $745,004) | 745004 | $745004 |
| **Total Investments \| 99.8%**<br> (Cost $36,210,397) |  | $**43256067** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** |  | **92207** |
| **Net Assets \| 100.0%** |  | $**43348274** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 1.1% of net assets of the Portfolio. |
| (\*) | Non-income producing security. |
| (a) | Affiliated investment. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $507765 | $3710939 | $(3473700) | $– $– $| 8519 | 745004 | $745004 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF** | **Lazard US Systematic Small Cap Equity ETF** |  |
| **Closed-End Management Investment Companies \| 0.3%** | **Closed-End Management Investment Companies \| 0.3%** | **Closed-End Management Investment Companies \| 0.3%** |
| ASA Gold & Precious Metals Ltd. | 1692 | $104955 |
| Kayne Anderson Energy Infrastructure Fund | 2654 | 37899 |
| **Total Closed-End Management Investment Companies**<br> (Cost $69,010) |  | 142854 |
| **Common Stocks \| 98.6%** |  |  |
| **Aerospace & Defense \| 0.6%** |  |  |
| CAE, Inc. (\*) | 3737 | 97349 |
| Innovative Solutions & Support, Inc. (\*) | 5726 | 117555 |
| StandardAero, Inc. (\*) | 3692 | 95364 |
|  |  | 310268 |
| **Automobile Components \| 2.2%** |  |  |
| Autoliv, Inc. | 2561 | 269315 |
| BorgWarner, Inc. | 2009 | 109008 |
| Dauch Corp. (\*) | 28784 | 170689 |
| Garrett Motion, Inc. | 13010 | 236392 |
| Gentex Corp. | 11385 | 248762 |
| Gentherm, Inc. (\*) | 3527 | 97980 |
| Strattec Security Corp. (\*) | 1805 | 141404 |
|  |  | 1273550 |
| **Automobiles \| 0.2%** |  |  |
| Lucid Group, Inc. (\*) | 11678 | 111291 |
| **Banks \| 4.2%** |  |  |
| 1st Source Corp. | 2071 | 143334 |
| Ameris Bancorp | 1227 | 95694 |
| BancFirst Corp. | 701 | 76058 |
| Bank of NT Butterfield & Son Ltd. | 4823 | 253111 |
| Capital City Bank Group, Inc. | 561 | 24381 |
| Cathay General Bancorp | 1947 | 97077 |
| Central Pacific Financial Corp. | 3210 | 102592 |
| First BanCorp | 4492 | 95949 |
| First Business Financial Services, Inc. | 200 | 10786 |
| First Horizon Corp. | 4015 | 91381 |
| Home BancShares, Inc. | 3381 | 91050 |
| HomeTrust Bancshares, Inc. | 1320 | 56298 |
| Intercorp Financial Services, Inc. | 2415 | 121233 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| International Bancshares Corp. | 1450 | $97570 |
| Nicolet Bankshares, Inc. | 653 | 97049 |
| Popular, Inc. | 899 | 120619 |
| Republic Bancorp, Inc., Class A | 1139 | 80356 |
| South Plains Financial, Inc. | 1254 | 52543 |
| Southern Missouri Bancorp, Inc. | 1238 | 79158 |
| Trustmark Corp. | 4589 | 193380 |
| Unity Bancorp, Inc. | 1234 | 63958 |
| Webster Financial Corp. | 1595 | 110725 |
| Western Alliance Bancorp | 1212 | 85870 |
| WSFS Financial Corp. | 1724 | 112853 |
| Zions Bancorp NA | 2128 | 122615 |
|  |  | 2475640 |
| **Beverages \| 0.6%** |  |  |
| Coca-Cola Consolidated, Inc. | 1810 | 347049 |
| **Biotechnology \| 1.7%** |  |  |
| ACADIA Pharmaceuticals, Inc. (\*) | 12266 | 273041 |
| BioMarin Pharmaceutical, Inc. (\*) | 6124 | 345945 |
| Caris Life Sciences, Inc. | 4000 | 71520 |
| Ironwood Pharmaceuticals, Inc. (\*) | 4717 | 16557 |
| Neurocrine Biosciences, Inc. (\*) | 2379 | 313409 |
|  |  | 1020472 |
| **Building Products \| 2.2%** |  |  |
| Allegion PLC | 1311 | 190475 |
| Armstrong World Industries, Inc. | 664 | 109427 |
| AZZ, Inc. | 2450 | 306568 |
| Gibraltar Industries, Inc. (\*) | 5033 | 200666 |
| Hayward Holdings, Inc. (\*) | 17113 | 228972 |
| Insteel Industries, Inc. | 3898 | 131012 |
| Zurn Elkay Water Solutions Corp. | 2400 | 107616 |
|  |  | 1274736 |
| **Capital Markets \| 1.7%** |  |  |
| Evercore, Inc., Class A | 307 | 91643 |
| Federated Hermes, Inc. | 3949 | 223948 |
| Galaxy Digital, Inc., Class A (\*) | 3380 | 62361 |
| Houlihan Lokey, Inc. | 594 | 85310 |
| Janus Henderson Group PLC | 1959 | 100634 |
| Morningstar, Inc. | 392 | 66268 |
| SEI Investments Co. | 1235 | 96910 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** |
| Stifel Financial Corp. | 1351 | $99866 |
| XP, Inc., Class A | 4625 | 88060 |
|  |  | 915000 |
| **Chemicals \| 2.2%** |  |  |
| Avient Corp. | 3435 | 124690 |
| Cabot Corp. | 3391 | 255376 |
| Ecovyst, Inc. (\*) | 2436 | 31327 |
| Intrepid Potash, Inc. (\*) | 2458 | 105129 |
| LSB Industries, Inc. (\*) | 9634 | 143547 |
| Methanex Corp. | 7442 | 443097 |
| Rayonier Advanced Materials, Inc. (\*) | 11014 | 121925 |
| RPM International, Inc. | 250 | 24850 |
|  |  | 1249941 |
| **Commercial Services & Supplies \| 2.7%** |  |  |
| ABM Industries, Inc. | 2426 | 93450 |
| Brink's Co. | 2397 | 248401 |
| Healthcare Services Group, Inc. (\*) | 10451 | 193866 |
| Interface, Inc. | 14390 | 358599 |
| Liquidity Services, Inc. (\*) | 7018 | 214540 |
| OPENLANE, Inc. (\*) | 13418 | 391135 |
| Tetra Tech, Inc. | 814 | 24518 |
| UniFirst Corp. | 142 | 35726 |
|  |  | 1560235 |
| **Communications Equipment \| 2.1%** |  |  |
| AudioCodes Ltd. | 3159 | 26567 |
| Aviat Networks, Inc. (\*) | 1422 | 32151 |
| Digi International, Inc. (\*) | 4677 | 225431 |
| Ituran Location & Control Ltd. | 3787 | 185601 |
| Viavi Solutions, Inc. (\*) | 18926 | 629857 |
| Vistance Networks, Inc. (\*) | 6571 | 119592 |
|  |  | 1219199 |
| **Construction & Engineering \| 3.4%** |  |  |
| Arcosa, Inc. | 2615 | 277556 |
| Bowman Consulting Group Ltd. (\*) | 2666 | 75821 |
| Centuri Holdings, Inc. (\*) | 3624 | 105857 |
| Great Lakes Dredge & Dock Corp. (\*) | 13352 | 226984 |
| IES Holdings, Inc. (\*) | 295 | 140559 |
| Legence Corp., Class A | 2372 | 133923 |
| MYR Group, Inc. (\*) | 1043 | 294460 |
| NWPX Infrastructure, Inc. (\*) | 1936 | 150737 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| Primoris Services Corp. | 735 | $| 105134 |
| Stantec, Inc. | 3044 |  | 263002 |
| Tutor Perini Corp. | 2690 |  | 207641 |
|  |  |  | 1981674 |
| **Construction Materials \| 0.5%** |  |  |  |
| U.S. Lime & Minerals, Inc. | 2274 |  | 297007 |
| **Consumer Finance \| 0.4%** |  |  |  |
| FirstCash Holdings, Inc. | 695 |  | 130660 |
| OneMain Holdings, Inc. | 1737 |  | 92912 |
|  |  |  | 223572 |
| **Consumer Staples Distribution & Retail \| 0.3%** | **Consumer Staples Distribution & Retail \| 0.3%** |  |  |
| BBB Foods, Inc., Class A (\*) | 2704 |  | 95641 |
| United Natural Foods, Inc. (\*) | 367 |  | 16537 |
| Village Super Market, Inc., Class A | 1550 |  | 65456 |
|  |  |  | 177634 |
| **Containers & Packaging \| 0.4%** |  |  |  |
| Sonoco Products Co. | 4217 |  | 228098 |
| **Diversified Consumer Services \| 2.8%** | **Diversified Consumer Services \| 2.8%** |  |  |
| ADT, Inc. | 20426 |  | 134199 |
| Afya Ltd., Class A | 1758 |  | 26141 |
| Covista, Inc. (\*) | 2999 |  | 345635 |
| Frontdoor, Inc. (\*) | 3139 |  | 165928 |
| Grand Canyon Education, Inc. (\*) | 506 |  | 86035 |
| Laureate Education, Inc. (\*) | 7767 |  | 270602 |
| Liberty Live Holdings, Inc., Class C (\*) | 1138 |  | 107097 |
| Lincoln Educational Services Corp. (\*) | 3600 |  | 146448 |
| Perdoceo Education Corp. | 7890 |  | 293587 |
| Strategic Education, Inc. | 892 |  | 74000 |
|  |  |  | 1649672 |
| **Diversified REITs \| 0.2%** |  |  |  |
| Broadstone Net Lease, Inc. | 5408 |  | 98804 |
| **Diversified Telecommunication Services \| 1.0%** | **Diversified Telecommunication Services \| 1.0%** | **Diversified Telecommunication Services \| 1.0%** | **Diversified Telecommunication Services \| 1.0%** |
| GCI Liberty, Inc., Class C (\*) | 2709 |  | 100802 |
| IDT Corp., Class B | 1007 |  | 49444 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** |
| IHS Holding Ltd. (\*) | 14139 | $| 116364 |
| Uniti Group, Inc. | 28492 |  | 267255 |
|  |  |  | 533865 |
| **Electrical Equipment \| 3.0%** |  |  |  |
| Acuity, Inc. | 515 |  | 144313 |
| Atkore, Inc. | 1771 |  | 104330 |
| Babcock & Wilcox Enterprises, Inc. (\*) | 6949 |  | 102081 |
| Electrovaya, Inc. (\*) | 5142 |  | 40210 |
| EnerSys | 1980 |  | 343966 |
| Fluence Energy, Inc. (\*) | 9701 |  | 133486 |
| Nextpower, Inc., Class A (\*) | 1235 |  | 148879 |
| Regal Rexnord Corp. | 688 |  | 128835 |
| Sunrun, Inc. (\*) | 9583 |  | 129945 |
| T1 Energy, Inc. (\*) | 33579 |  | 147412 |
| Thermon Group Holdings, Inc. (\*) | 4356 |  | 219542 |
|  |  |  | 1642999 |
| **Electronic Equipment, Instruments & Components \| 6.5%** | **Electronic Equipment, Instruments & Components \| 6.5%** | **Electronic Equipment, Instruments & Components \| 6.5%** | **Electronic Equipment, Instruments & Components \| 6.5%** |
| Arrow Electronics, Inc. (\*) | 1479 |  | 212103 |
| Benchmark Electronics, Inc. | 3572 |  | 200246 |
| Coherent Corp. (\*) | 2108 |  | 502147 |
| CTS Corp. | 4136 |  | 197535 |
| Daktronics, Inc. (\*) | 5106 |  | 99822 |
| ePlus, Inc. | 2503 |  | 188351 |
| Fabrinet (\*) | 241 |  | 125686 |
| Insight Enterprises, Inc. (\*) | 1270 |  | 85103 |
| Kimball Electronics, Inc. (\*) | 6573 |  | 155714 |
| Knowles Corp. (\*) | 7876 |  | 202256 |
| Lightwave Logic, Inc. (\*) | 12511 |  | 87952 |
| Littelfuse, Inc. | 692 |  | 234830 |
| nLight, Inc. (\*) | 1880 |  | 107198 |
| Plexus Corp. (\*) | 988 |  | 200110 |
| Rogers Corp. (\*) | 1363 |  | 146291 |
| Sanmina Corp. (\*) | 1859 |  | 241001 |
| ScanSource, Inc. (\*) | 3076 |  | 111659 |
| TD SYNNEX Corp. | 1339 |  | 225903 |
| Vontier Corp. | 4574 |  | 162240 |
| Zebra Technologies Corp., Class A (\*) | 1116 |  | 233333 |
|  |  |  | 3719480 |
| **Energy Equipment & Services \| 1.4%** | **Energy Equipment & Services \| 1.4%** |  |  |
| Archrock, Inc. | 3984 |  | 138643 |
| Enerflex Ltd. | 10093 |  | 211146 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Flowco Holdings, Inc., Class A | 6521 | $134333 |
| National Energy Services Reunited Corp. (\*) | 7366 | 158148 |
| Ranger Energy Services, Inc., Class A | 4571 | 78347 |
| Weatherford International PLC | 1466 | 138654 |
|  |  | 859271 |
| **Entertainment \| 0.2%** |  |  |
| Madison Square Garden Entertainment Corp. (\*) | 1760 | 103682 |
| **Financial Services \| 1.4%** |  |  |
| Banco Latinoamericano de Comercio Exterior SA | 2089 | 106706 |
| Cass Information Systems, Inc. | 1549 | 68187 |
| Jack Henry & Associates, Inc. | 610 | 96404 |
| NMI Holdings, Inc. (\*) | 5150 | 193176 |
| Paymentus Holdings, Inc., Class A (\*) | 4198 | 106629 |
| Radian Group, Inc. | 2656 | 87860 |
| WEX, Inc. (\*) | 711 | 108811 |
|  |  | 767773 |
| **Food Products \| 1.9%** |  |  |
| Dole PLC | 14430 | 206205 |
| Fresh Del Monte Produce, Inc. | 7321 | 294743 |
| Lamb Weston Holdings, Inc. | 2634 | 111313 |
| Marzetti Co. | 640 | 88531 |
| Nomad Foods Ltd. | 19206 | 184570 |
| Seneca Foods Corp., Class A (\*) | 1091 | 164872 |
|  |  | 1050234 |
| **Gas Utilities \| 0.7%** |  |  |
| National Fuel Gas Co. | 2999 | 281786 |
| New Jersey Resources Corp. | 2071 | 113739 |
|  |  | 395525 |
| **Ground Transportation \| 0.4%** |  |  |
| Ryder System, Inc. | 678 | 138793 |
| Werner Enterprises, Inc. | 3318 | 97582 |
|  |  | 236375 |
| **Health Care Equipment & Supplies \| 4.2%** | **Health Care Equipment & Supplies \| 4.2%** |  |
| Align Technology, Inc. (\*) | 1761 | 301888 |
| AtriCure, Inc. (\*) | 2930 | 83593 |
| Avanos Medical, Inc. (\*) | 17627 | 246954 |
| Bioventus, Inc., Class A (\*) | 7615 | 69525 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** |
| Envista Holdings Corp. (\*) | 4162 | $105590 |
| Glaukos Corp. (\*) | 1165 | 125424 |
| Globus Medical, Inc., Class A (\*) | 4758 | 409949 |
| Inmode Ltd. (\*) | 8663 | 118510 |
| LeMaitre Vascular, Inc. | 2618 | 285807 |
| LivaNova PLC (\*) | 3175 | 201803 |
| NeuroPace, Inc. (\*) | 6404 | 84213 |
| Penumbra, Inc. (\*) | 627 | 205888 |
| Teleflex, Inc. | 2112 | 252616 |
|  |  | 2491760 |
| **Health Care Providers & Services \| 2.2%** | **Health Care Providers & Services \| 2.2%** |  |
| Chemed Corp. | 174 | 65727 |
| Clover Health Investments Corp. (\*) | 100917 | 177614 |
| Encompass Health Corp. | 1045 | 101083 |
| Enhabit, Inc. (\*) | 20102 | 283237 |
| National HealthCare Corp. | 1098 | 175351 |
| Pediatrix Medical Group, Inc. (\*) | 10358 | 221558 |
| Universal Health Services, Inc., Class B | 1075 | 192393 |
| Viemed Healthcare, Inc. (\*) | 6292 | 57949 |
|  |  | 1274912 |
| **Health Care REITs \| 0.6%** |  |  |
| Healthcare Realty Trust, Inc. | 5409 | 91899 |
| Healthpeak Properties, Inc. | 5278 | 86718 |
| Omega Healthcare Investors, Inc. | 2219 | 97237 |
|  |  | 275854 |
| **Health Care Technology \| 0.0%** |  |  |
| HealthStream, Inc. | 1070 | 22160 |
| **Hotel & Resort REITs \| 0.4%** |  |  |
| Host Hotels & Resorts, Inc. | 5399 | 103445 |
| Sunstone Hotel Investors, Inc. | 10868 | 97921 |
|  |  | 201366 |
| **Hotels, Restaurants & Leisure \| 1.8%** | **Hotels, Restaurants & Leisure \| 1.8%** |  |
| Accel Entertainment, Inc. (\*) | 17727 | 193402 |
| Churchill Downs, Inc. | 1074 | 96477 |
| Global Business Travel Group I (\*) | 14994 | 83667 |
| Life Time Group Holdings, Inc. (\*) | 4231 | 113983 |
| Monarch Casino & Resort, Inc. | 3346 | 319878 |
| Texas Roadhouse, Inc. | 659 | 108827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| Travel & Leisure Co. | 1589 | $| 109943 |
|  |  |  | 1026177 |
| **Household Durables \| 0.5%** |  |  |  |
| Hamilton Beach Brands Holding Co., Class A | 1123 |  | 21281 |
| M/I Homes, Inc. (\*) | 175 |  | 21429 |
| Taylor Morrison Home Corp. (\*) | 4855 |  | 282755 |
|  |  |  | 325465 |
| **Household Products \| 0.2%** |  |  |  |
| Central Garden & Pet Co., Class A (\*) | 3313 |  | 107407 |
| **Independent Power & Renewable Electricity Producers \| 0.1%** | **Independent Power & Renewable Electricity Producers \| 0.1%** | **Independent Power & Renewable Electricity Producers \| 0.1%** | **Independent Power & Renewable Electricity Producers \| 0.1%** |
| ReNew Energy Global PLC, Class A (\*) | 7637 |  | 34977 |
| **Industrial REITs \| 0.6%** |  |  |  |
| EastGroup Properties, Inc. | 479 |  | 88658 |
| First Industrial Realty Trust, Inc. | 1337 |  | 77345 |
| STAG Industrial, Inc. | 2020 |  | 72841 |
| Terreno Realty Corp. | 1677 |  | 103001 |
|  |  |  | 341845 |
| **Insurance \| 2.4%** |  |  |  |
| American Financial Group, Inc. | 670 |  | 85566 |
| Assurant, Inc. | 438 |  | 95401 |
| Axis Capital Holdings Ltd. | 1244 |  | 126154 |
| Everest Group Ltd. | 323 |  | 105573 |
| Globe Life, Inc. | 968 |  | 134717 |
| Hamilton Insurance Group Ltd., Class B | 7519 |  | 224292 |
| Hanover Insurance Group, Inc. | 677 |  | 117358 |
| Old Republic International Corp. | 2453 |  | 97875 |
| RenaissanceRe Holdings Ltd. | 358 |  | 106408 |
| RLI Corp. | 1312 |  | 74836 |
| Selective Insurance Group, Inc. | 1192 |  | 89865 |
| White Mountains Insurance Group Ltd. | 47 |  | 103257 |
|  |  |  | 1361302 |
| **Interactive Media & Services \| 1.1%** |  |  |  |
| Match Group, Inc. | 6658 |  | 204467 |
| QuinStreet, Inc. (\*) | 17776 |  | 213490 |
| Taboola.com Ltd. (\*) | 53502 |  | 165856 |
|  |  |  | 583813 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** |
| **IT Services \| 1.0%** |  |  |
| Amdocs Ltd. | 1649 | $107614 |
| CI&T, Inc., Class A (\*) | 2478 | 12564 |
| GoDaddy, Inc., Class A (\*) | 2167 | 179146 |
| Kyndryl Holdings, Inc. (\*) | 8696 | 114092 |
| Matrix IT Ltd. (\*), (¢) | 1027 | 28462 |
| Okta, Inc. (\*) | 374 | 29438 |
| Whitefiber, Inc. | 5544 | 66029 |
|  |  | 537345 |
| **Leisure Products \| 0.2%** |  |  |
| Mattel, Inc. (\*) | 6405 | 93065 |
| **Life Sciences Tools & Services \| 1.3%** | **Life Sciences Tools & Services \| 1.3%** |  |
| Adaptive Biotechnologies Corp. (\*) | 2293 | 31827 |
| Avantor, Inc. (\*) | 9099 | 71336 |
| Bio-Rad Laboratories, Inc., Class A (\*) | 990 | 275962 |
| Bio-Techne Corp. | 452 | 23622 |
| ICON PLC (\*) | 1237 | 136886 |
| Sotera Health Co. (\*) | 6986 | 100179 |
| Stevanato Group SpA | 7030 | 96663 |
|  |  | 736475 |
| **Machinery \| 7.0%** |  |  |
| AGCO Corp. | 1702 | 197211 |
| Columbus McKinnon Corp. | 9973 | 144908 |
| Douglas Dynamics, Inc. | 7290 | 306836 |
| Enpro, Inc. | 470 | 117805 |
| ESCO Technologies, Inc. | 1472 | 414177 |
| Franklin Electric Co., Inc. | 1911 | 176137 |
| Gates Industrial Corp. PLC (\*) | 8599 | 194423 |
| Helios Technologies, Inc. | 1456 | 94218 |
| JBT Marel Corp. | 345 | 44115 |
| Kennametal, Inc. | 5178 | 187081 |
| Lincoln Electric Holdings, Inc. | 462 | 115075 |
| Mueller Industries, Inc. | 4804 | 532283 |
| Mueller Water Products, Inc., Class A | 12740 | 350223 |
| Proto Labs, Inc. (\*) | 5035 | 287096 |
| SPX Technologies, Inc. (\*) | 545 | 108967 |
| Stanley Black & Decker, Inc. | 341 | 24231 |
| Terex Corp. | 5812 | 343489 |
| Timken Co. | 3266 | 328462 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Worthington Enterprises, Inc. | 2130 | $111058 |
|  |  | 4077795 |
| **Marine Transportation \| 1.0%** |  |  |
| Danaos Corp. | 952 | 107233 |
| Kirby Corp. (\*) | 1554 | 206496 |
| Matson, Inc. | 666 | 109184 |
| Star Bulk Carriers Corp. | 4371 | 100402 |
|  |  | 523315 |
| **Media \| 0.6%** |  |  |
| New York Times Co., Class A | 344 | 28803 |
| News Corp., Class A | 8407 | 209586 |
| Versant Media Group, Inc. (\*) | 3060 | 113281 |
|  |  | 351670 |
| **Metals & Mining \| 0.4%** |  |  |
| Galiano Gold, Inc. (\*) | 35467 | 89022 |
| Ryerson Holding Corp. | 7712 | 173366 |
|  |  | 262388 |
| **Oil, Gas & Consumable Fuels \| 3.7%** |  |  |
| Antero Midstream Corp. | 4033 | 91952 |
| Baytex Energy Corp. | 33774 | 150970 |
| Bw Lpg Ltd. (#) | 12061 | 209500 |
| California Resources Corp. | 2148 | 148685 |
| Dorian LPG Ltd. | 3665 | 125343 |
| DT Midstream, Inc. | 1028 | 138441 |
| Excelerate Energy, Inc., Class A | 4166 | 139228 |
| International Seaways, Inc. | 1524 | 111069 |
| New Fortress Energy, Inc. (\*) | 86520 | 51047 |
| Ovintiv, Inc. | 2603 | 154514 |
| Permian Resources Corp., Class A | 6963 | 148451 |
| South Bow Corp. | 3675 | 122451 |
| Sunococorp LLC | 2167 | 133596 |
| Teekay Tankers Ltd., Class A | 1511 | 110787 |
| TORM PLC, Class A | 4007 | 111795 |
| Vermilion Energy, Inc. | 12455 | 171630 |
|  |  | 2119459 |
| **Paper & Forest Products \| 0.2%** |  |  |
| Sylvamo Corp. | 2539 | 107247 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** |
| **Passenger Airlines \| 0.7%** |  |  |
| Copa Holdings SA, Class A | 2825 | $320948 |
| Frontier Group Holdings, Inc. (\*) | 11997 | 42349 |
| SkyWest, Inc. (\*) | 602 | 55282 |
|  |  | 418579 |
| **Personal Care Products \| 0.2%** |  |  |
| Nature's Sunshine Products, Inc. (\*) | 3617 | 86772 |
| **Pharmaceuticals \| 1.2%** |  |  |
| Canopy Growth Corp. (\*) | 99915 | 94839 |
| Esperion Therapeutics, Inc. (\*) | 33741 | 92450 |
| Phibro Animal Health Corp., Class A | 7797 | 431252 |
|  |  | 618541 |
| **Professional Services \| 2.7%** |  |  |
| Barrett Business Services, Inc. | 5227 | 152524 |
| CRA International, Inc. | 633 | 102470 |
| ExlService Holdings, Inc. (\*) | 3013 | 91746 |
| FTI Consulting, Inc. (\*) | 718 | 126921 |
| Genpact Ltd. | 6226 | 231918 |
| IBEX Holdings Ltd. (\*) | 4399 | 117981 |
| Kforce, Inc. | 3486 | 101931 |
| Korn Ferry | 3760 | 236692 |
| Paylocity Holding Corp. (\*) | 1283 | 138615 |
| TIC Solutions, Inc. (\*) | 19249 | 126658 |
| TriNet Group, Inc. | 3278 | 119418 |
|  |  | 1546874 |
| **Real Estate Management & Development \| 0.9%** | **Real Estate Management & Development \| 0.9%** |  |
| Compass, Inc., Class A (\*) | 11892 | 86931 |
| Jones Lang LaSalle, Inc. (\*) | 357 | 108642 |
| Kennedy-Wilson Holdings, Inc. | 11396 | 123305 |
| Seaport Entertainment Group, Inc. (\*) | 3236 | 69509 |
| St. Joe Co. | 1781 | 111847 |
|  |  | 500234 |
| **Residential REITs \| 0.8%** |  |  |
| American Homes 4 Rent, Class A | 3007 | 83955 |
| Camden Property Trust | 980 | 95707 |
| UDR, Inc. | 2805 | 94753 |
| UMH Properties, Inc. | 5551 | 80101 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| Veris Residential, Inc. | 6426 | $| 121259 |
|  |  |  | 475775 |
| **Retail REITs \| 0.9%** |  |  |  |
| Brixmor Property Group, Inc. | 3711 |  | 106877 |
| Curbline Properties Corp. | 3700 |  | 95423 |
| Kimco Realty Corp. | 4769 |  | 107159 |
| Kite Realty Group Trust | 3241 |  | 79567 |
| Urban Edge Properties | 4490 |  | 89710 |
|  |  |  | 478736 |
| **Semiconductors & Semiconductor Equipment \| 4.3%** | **Semiconductors & Semiconductor Equipment \| 4.3%** | **Semiconductors & Semiconductor Equipment \| 4.3%** | **Semiconductors & Semiconductor Equipment \| 4.3%** |
| ACM Research, Inc., Class A (\*) | 2285 |  | 89915 |
| Cirrus Logic, Inc. (\*) | 1788 |  | 258581 |
| Credo Technology Group Holding Ltd. (\*) | 946 |  | 88801 |
| Diodes, Inc. (\*) | 4623 |  | 315566 |
| FormFactor, Inc. (\*) | 1288 |  | 124923 |
| Kulicke & Soffa Industries, Inc. | 1634 |  | 107386 |
| Onto Innovation, Inc. (\*) | 2762 |  | 566403 |
| Photronics, Inc. (\*) | 5367 |  | 216880 |
| Power Integrations, Inc. | 2262 |  | 115814 |
| Qorvo, Inc. (\*) | 3818 |  | 295513 |
| Rambus, Inc. (\*) | 958 |  | 82417 |
| Silicon Laboratories, Inc. (\*) | 526 |  | 109487 |
|  |  |  | 2371686 |
| **Software \| 7.0%** |  |  |  |
| ACI Worldwide, Inc. (\*) | 3690 |  | 151327 |
| Adeia, Inc. | 17899 |  | 430113 |
| Agilysys, Inc. (\*) | 363 |  | 25824 |
| Alarm.com Holdings, Inc. (\*) | 4441 |  | 191807 |
| Amplitude, Inc., Class A (\*) | 14397 |  | 98188 |
| Bit Digital, Inc. (\*) | 103271 |  | 135285 |
| Bitdeer Technologies Group, Class A (\*) | 6979 |  | 60368 |
| Cellebrite DI Ltd. (\*) | 8303 |  | 114415 |
| Commvault Systems, Inc. (\*) | 1026 |  | 79915 |
| Consensus Cloud Solutions, Inc. (\*) | 3701 |  | 87862 |
| Descartes Systems Group, Inc. (\*) | 1752 |  | 125373 |
| Docusign, Inc. (\*) | 4111 |  | 194903 |
| Dolby Laboratories, Inc., Class A | 2615 |  | 157057 |
| Dynatrace, Inc. (\*) | 7913 |  | 292623 |
| Elastic NV (\*) | 1539 |  | 76935 |
| Hive Digital Technologies Ltd. (\*) | 24140 |  | 45866 |
| HubSpot, Inc. (\*) | 1176 |  | 287062 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** | **Lazard US Systematic Small Cap Equity ETF (continued)** |
| Intapp, Inc. (\*) | 4645 | $| 119330 |
| IREN Ltd. (\*) | 2965 |  | 101640 |
| JFrog Ltd. (\*) | 4941 |  | 231881 |
| Karooooo Ltd. | 639 |  | 31848 |
| LiveRamp Holdings, Inc. (\*) | 8988 |  | 238362 |
| Mitek Systems, Inc. (\*) | 20536 |  | 277236 |
| N-Able, Inc. (\*) | 23086 |  | 107812 |
| Open Text Corp. | 3905 |  | 86847 |
| Q2 Holdings, Inc. (\*) | 2616 |  | 123737 |
| Radware Ltd. (\*) | 7146 |  | 188083 |
|  |  |  | 4061699 |
| **Specialized REITs \| 0.8%** |  |  |  |
| EPR Properties | 1614 |  | 80635 |
| Four Corners Property Trust, Inc. | 3685 |  | 87150 |
| Gaming & Leisure Properties, Inc. | 2163 |  | 95972 |
| Millrose Properties, Inc. | 2907 |  | 81396 |
| Outfront Media, Inc. | 3945 |  | 104542 |
|  |  |  | 449695 |
| **Specialty Retail \| 0.9%** |  |  |  |
| Asbury Automotive Group, Inc. (\*) | 635 |  | 124085 |
| AutoNation, Inc. (\*) | 1119 |  | 218496 |
| EVgo, Inc. (\*) | 34547 |  | 59421 |
| Haverty Furniture Cos., Inc. | 4471 |  | 94696 |
|  |  |  | 496698 |
| **Technology Hardware, Storage & Peripherals \| 0.9%** | **Technology Hardware, Storage & Peripherals \| 0.9%** | **Technology Hardware, Storage & Peripherals \| 0.9%** | **Technology Hardware, Storage & Peripherals \| 0.9%** |
| Diebold Nixdorf, Inc. (\*) | 5031 |  | 379539 |
| GPGI, Inc. | 6095 |  | 104224 |
|  |  |  | 483763 |
| **Textiles, Apparel & Luxury Goods \| 0.9%** | **Textiles, Apparel & Luxury Goods \| 0.9%** |  |  |
| Canada Goose Holdings, Inc. (\*) | 8251 |  | 90513 |
| Deckers Outdoor Corp. (\*) | 3697 |  | 370033 |
| Steven Madden Ltd. | 3461 |  | 117397 |
|  |  |  | 577943 |
| **Trading Companies & Distributors \| 1.5%** | **Trading Companies & Distributors \| 1.5%** |  |  |
| Air Lease Corp. | 1742 |  | 113125 |
| Applied Industrial Technologies, Inc. | 484 |  | 128415 |
| DNOW, Inc. (\*) | 16477 |  | 196241 |
| Global Industrial Co. | 2496 |  | 78674 |
| McGrath RentCorp | 2499 |  | 275590 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| MSC Industrial Direct Co., Inc., Class A | 273 | $25190 |
| SiteOne Landscape Supply, Inc. (\*) | 792 | 105423 |
|  |  | 922658 |
| **Wireless Telecommunication Services \| 0.5%** | **Wireless Telecommunication Services \| 0.5%** |  |
| Millicom International Cellular SA | 3709 | 277952 |
| **Total Common Stocks**<br> (Cost $51,176,392) |  | 56346448 |
| **Rights \| 0.0%** |  |  |
| **Biotechnology \| 0.0%** |  |  |
| Epizyme, Inc. CVR, Expires 2499 (\*), (¢) | 41136 | 823 |
| **Consumer Staples Distribution & Retail \| 0.0%** | **Consumer Staples Distribution & Retail \| 0.0%** |  |
| Walgreens Boots Alliance, Inc. CVR, Expires 2499 (\*), (¢) | 15004 | 7952 |
| **Paper & Forest Products \| 0.0%** |  |  |
| Resolute Forest Products, Inc. CVR, Expires 2499 (\*), (¢) | 10077 | 0 |
| **Total Rights**<br> (Cost $23,084) |  | 8775 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF (concluded)** | **Lazard US Systematic Small Cap Equity ETF (concluded)** | **Lazard US Systematic Small Cap Equity ETF (concluded)** |
| **Short-Term Investments \| 1.3%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br>(Cost $742,029) | 742029 | $742029 |
| **Total Investments \| 100.2%**<br> (Cost $52,010,515) |  | $**57240106** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** |  | **(121752)** |
| **Net Assets \| 100.0%** |  | $**57118354** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 0.4% of net assets of the Portfolio. |
| (a) | Affiliated investment. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $582485 | $2746421 | $(2586877) | $– $– $| 6332 | 742029 | $742029 |

---

**Lazard Active ETF Trust** Notes to Portfolio of Investments

March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard<br> Emerging<br> Markets<br> Opportunities<br> ETF | Lazard Equity<br> Megatrends <br> ETF | Lazard<br> International<br> Dynamic<br> Equity ETF | Lazard<br> Japanese<br> Equity ETF |
| &nbsp;&nbsp;&nbsp;Communication Services | 6.1% | 6.2% | 5.0% | 5.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 11.2 | 6.9 | 7.9 | 11.2 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.3 |  | 5.7 | 5.4 |
| &nbsp;&nbsp;&nbsp;Energy | 5.4 | 1.9 | 6.1 | 2.3 |
| &nbsp;&nbsp;&nbsp;Financials | 20.4 | 16.7 | 23.9 | 20.8 |
| &nbsp;&nbsp;&nbsp;Health Care | 1.2 | 14 | 8.5 | 4.3 |
| &nbsp;&nbsp;&nbsp;Industrials | 12.7 | 19.9 | 14.8 | 26.4 |
| &nbsp;&nbsp;&nbsp;Information Technology | 32.8 | 33 | 15.6 | 11.3 |
| &nbsp;&nbsp;&nbsp;Materials | 4.4 |  | 6.6 | 7.6 |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.7 |  | 1.1 | 2.4 |
| &nbsp;&nbsp;&nbsp;Utilities |  |  | 3.3 | 2.1 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 0 |  |
| Other (includes short-term investments) | -0.2 | 1.4 | 1.5 | 1 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| Asset Class/Sector | Lazard Listed<br> Infrastructure<br> ETF | Lazard<br> Next Gen<br> Technologies <br> ETF | Lazard US<br> Systematic<br> Small Cap<br> Equity ETF |
| &nbsp;&nbsp;&nbsp;Closed-End Management |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | —% | —% | 0.3% |
| &nbsp;&nbsp;&nbsp;Communication Services | 2.8 | 8.1 | 3.4 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 6.7 | 9.5 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  |  | 3.2 |
| &nbsp;&nbsp;&nbsp;Energy |  |  | 5.1 |
| &nbsp;&nbsp;&nbsp;Financials |  | 1.9 | 10.1 |
| &nbsp;&nbsp;&nbsp;Health Care |  | 0.8 | 10.6 |
| &nbsp;&nbsp;&nbsp;Industrials | 37.0 | 9.8 | 25.2 |
| &nbsp;&nbsp;&nbsp;Information Technology |  | 69.9 | 21.8 |
| &nbsp;&nbsp;&nbsp;Materials |  | 0.9 | 3.7 |
| &nbsp;&nbsp;&nbsp;Real Estate | 7.3 |  | 5.2 |
| &nbsp;&nbsp;&nbsp;Utilities | 50.7 |  | 0.8 |
| Other (includes short-term investments) | 2.2 | 1.9 | 1.1 |
| Total | 100.0% | 100.0% | 100.0% |

---

**Security Abbreviations:**

---

| | |
|:---|:---|
| ADR | — American Depositary Receipt |
| CVR | — Contingent Value Rights |
| GDR | — Global Depositary Receipt |
| NVDR | — Non-Voting Depository Receipt |
| PJSC | — Public Joint Stock Company |
| QPSC | — Qatar Public Shareholder Company |
| REITs | — Real Estate Investment Trust |

---

**Currency Abbreviations:**

---

| | |
|:---|:---|
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| GBP | — British Pound Sterling |
| USD | — United States Dollar |

---

**Counterparty Abbreviations:**

MSC — Morgan Stanley & Co. <br> RBC — Royal Bank of Canada <br> SSB — State Street Bank & Trust Co.

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund's policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.

**Item 2. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**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.

Lazard Active ETF Trust

---

| | |
|:---|:---|
| By: | /s/ Jennifer Ryan |
|  | Jennifer Ryan |
|  | Principal Executive Officer |

---

Date: May 27, 2026

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: | /s/ Jennifer Ryan |
|  | Jennifer Ryan |
|  | Principal Executive Officer |

---

Date: May 27, 2026

---

| | |
|:---|:---|
| By: | /s/ Christina Kennedy |
|  | Christina Kennedy |
|  | Principal Financial Officer |

---

Date: May 27, 2026

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Lazard Active ETF Trust

- **b. Investment Company Act file number:** 811-24041

- **c. CIK number of Registrant:** 0002051630

- **d. LEI of Registrant:** 254900CR1PMVJV76SB71

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 ROCKEFELLER PLAZA

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10112

  - **Telephone number:** 212-632-6000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Lazard Listed Infrastructure ETF

- **b. EDGAR series identifier (if any):** S000094312

- **c. LEI of Series:** 529900RR235J0PHH3565

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $24008707.65

**Total Liabilities:** $27972.20

**Net Assets:** $23980735.45

**Cash Not Reported:** $9568.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262800 | 3.02%                | 10.20%               | -5.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20351.11                | $662100.68                                 |
| Month 2  | $-114.34                 | $2039978.59                                |
| Month 3  | $111392.86               | $-1479093.35                               |

### Schedule of Portfolio Investments

| Name                             | Title                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ameren Corp                      | Ameren Corp                      | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      4245 | NS      | $466610.40    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc   | American Electric Power Co Inc   | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      3779 | NS      | $495351.32    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp              | American Tower Corp              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      5287 | NS      | $912430.46    | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc      | American Water Works Co Inc      | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      3868 | NS      | $526396.12    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                         | CSX Corp                         | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     27792 | NS      | $1140861.60   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co     | Canadian National Railway Co     | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     18079 | NS      | $1854860.97   | 7.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc          | Consolidated Edison Inc          | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      9059 | NS      | $1025297.62   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                 | Crown Castle Inc                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |     10444 | NS      | $849201.64    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.    | PURCHASED USD / SOLD GBP         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $15898.52     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.    | PURCHASED USD / SOLD CAD         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $21975.26     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.    | PURCHASED USD / SOLD EUR         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-3543.88     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.    | PURCHASED USD / SOLD AUD         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $22499.28     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada             | PURCHASED USD / SOLD GBP         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $1336.79      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada             | PURCHASED USD / SOLD CAD         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $6062.64      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada             | PURCHASED USD / SOLD EUR         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-409.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada             | PURCHASED USD / SOLD AUD         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $5606.11      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD EUR         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-713.60      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD AUD         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1295.15      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC         | PURCHASED USD / SOLD GBP         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1004.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.    | PURCHASED EUR / SOLD USD         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $-812.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.    | PURCHASED GBP / SOLD USD         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $-2769.03     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada             | PURCHASED USD / SOLD AUD         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $102.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada             | PURCHASED USD / SOLD EUR         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-338.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada             | PURCHASED USD / SOLD CAD         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $451.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada             | PURCHASED USD / SOLD GBP         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $938.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergy Inc                       | Evergy Inc                       | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      5700 | NS      | $466944.00    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                | Eversource Energy                | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      6145 | NS      | $425725.60    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                      | Exelon Corp                      | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     20689 | NS      | $1014174.78   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Transurban Group                 | Transurban Group                 | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |    108171 | NS      | $1037949.43   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc               | NextEra Energy Inc               | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      5483 | NS      | $509261.04    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                     | NiSource Inc                     | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      7847 | NS      | $366141.02    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp            | Norfolk Southern Corp            | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      3361 | NS      | $964607.00    | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                  | OGE Energy Corp                  | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     23244 | NS      | $1114782.24   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                         | PPL Corp                         | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     11991 | NS      | $458056.20    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp       | Pinnacle West Capital Corp       | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     11399 | NS      | $1148449.25   | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam SpA                         | Snam SpA                         | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |     75171 | NS      | $567655.14    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co     | Portland General Electric Co     | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     21058 | NS      | $1111230.66   | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp               | Union Pacific Corp               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4017 | NS      | $974604.54    | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LAZARD GOVT MNY MMKT INS         | LAZARD GOVT MNY MMKT INS         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    444108 | NS      | $444108.13    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrovial SE                     | Ferrovial SE                     | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |      7551 | NS      | $482168.46    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                      | Aena SME SA                      | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |     33145 | NS      | $974600.22    | 4.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Terna - Rete Elettrica Nazionale | Terna - Rete Elettrica Nazionale | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |     44391 | NS      | $504516.99    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                         | Vinci SA                         | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      9707 | NS      | $1435518.23   | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                | National Grid PLC                | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    116424 | NS      | $1949041.08   | 8.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA               | Cellnex Telecom SA               | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     21410 | NS      | $684060.24    | 2.85%             |  |  |  | Yes           |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-29

**Name of Applicant:** Lazard Active ETF Trust

**Signature:** Christina Kennedy

**Name of Signer:** Christina Kennedy

**Title:** Chief Financial Officer