# EDGAR Filing Document

**Accession Number:** 0002051630
**File Stem:** 0000930413-26-000614
**Filing Date:** 2026-2
**Character Count:** 270519
**Document Hash:** c2f3db02b51b8706fcbc8c05a8e69bde
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000614.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000930413-26-000614

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24041
- **FILM NUMBER:** 26700158

**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 Emerging Markets Opportunities ETF (Series ID: S000091512)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000259180 | Lazard Emerging Markets Opportunities ETF | EMKT            |

### Lazard Equity Megatrends ETF (Series ID: S000091513)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000259181 | Lazard Equity Megatrends ETF | THMZ            |

### Lazard International Dynamic Equity ETF (Series ID: S000091514)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000259182 | Lazard International Dynamic Equity ETF | IEQ             |

### Lazard Japanese Equity ETF (Series ID: S000091515)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000259183 | Lazard Japanese Equity ETF | JPY             |

### Lazard Next Gen Technologies ETF (Series ID: S000091516)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000259184 | Lazard Next Gen Technologies ETF | TEKY            |

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

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

### Lazard US Systematic Small Cap Equity ETF (Series ID: S000094313)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000262801 | Lazard US Systematic Small Cap Equity ETF | SYZ             |

?xml version='1.0' encoding='ASCII'?

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 812-15842

Lazard Active ETF Trust

(Exact name of registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(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: 12/31/25

ITEM 1. REPORTS TO STOCKHOLDERS.

# Lazard Emerging Markets Opportunities ETF
![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# NYSE Arca: EMKT

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Emerging Markets Opportunities ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Lazard Emerging Markets Opportunities ETF | $119 | 1.04% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)TSMC, a Taiwanese semiconductor foundry, continued to benefit from strong demand for AI-related chips.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Samsung Electronics, a Korea technology company, and Hynix, a Korean memory manufacturer, both rose along with rising memory pricing.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)SK Hynix, a Korean manufacturer of semiconductors, is benefitting from an improvement in memory supply-demand including NAND flash.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Shares of Alibaba traded higher after the China-based e-commerce giant reported that it was seeing stability in its core business and growth in its AI Cloud services.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)We exited Chinese video-game maker, Tencent, following a period of prolonged outperformance, as we believe potential upside is reduced. 

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Kosmos Energy, an oil and gas company with operations in Africa and Latin America, was negatively impacted by the OPEC+ decision to increase output as well as global trade war-related slowing growth .

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Supreme Industries, an Indian plastics and piping products manufacturer, underperformed due to softer demand and increased raw material costs pressuring earnings and margins.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Lodha Developers, an Indian real estate developer, underperformed due to weaker investor sentiment and profit taking after earnings, despite posting strong year-on-year profit growth.

## **Portfolio Performance**![Growth of 10K Chart](i98b19a58bd02514fb3381e0c.jpg)

---

| | | |
|:---|:---|:---|
| | **Lazard Emerging Markets Opportunities ETF** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9407 | $9351 |
| **2/16** | $9151 | $9336 |
| **3/16** | $9977 | $10571 |
| **4/16** | $9930 | $10629 |
| **5/16** | $9802 | $10232 |
| **6/16** | $10198 | $10641 |
| **7/16** | $10512 | $11177 |
| **8/16** | $10779 | $11455 |
| **9/16** | $10977 | $11602 |
| **10/16** | $10802 | $11630 |
| **11/16** | $10267 | $11094 |
| **12/16** | $10347 | $11119 |
| **1/17** | $11015 | $11727 |
| **2/17** | $11190 | $12086 |
| **3/17** | $11600 | $12391 |
| **4/17** | $11929 | $12662 |
| **5/17** | $12233 | $13037 |
| **6/17** | $12421 | $13168 |
| **7/17** | $13218 | $13953 |
| **8/17** | $13571 | $14264 |
| **9/17** | $13724 | $14208 |
| **10/17** | $14063 | $14706 |
| **11/17** | $14122 | $14735 |
| **12/17** | $14521 | $15264 |
| **1/18** | $15607 | $16536 |
| **2/18** | $14840 | $15774 |
| **3/18** | $14639 | $15480 |
| **4/18** | $14261 | $15412 |
| **5/18** | $13707 | $14866 |
| **6/18** | $13305 | $14248 |
| **7/18** | $13636 | $14561 |
| **8/18** | $13060 | $14167 |
| **9/18** | $12906 | $14092 |
| **10/18** | $11879 | $12865 |
| **11/18** | $12351 | $13395 |
| **12/18** | $11890 | $13040 |
| **1/19** | $13080 | $14182 |
| **2/19** | $13032 | $14214 |
| **3/19** | $13176 | $14333 |
| **4/19** | $13477 | $14635 |
| **5/19** | $12539 | $13573 |
| **6/19** | $13357 | $14420 |
| **7/19** | $13164 | $14244 |
| **8/19** | $12515 | $13549 |
| **9/19** | $12876 | $13808 |
| **10/19** | $13345 | $14390 |
| **11/19** | $13405 | $14370 |
| **12/19** | $14457 | $15443 |
| **1/20** | $13648 | $14723 |
| **2/20** | $12973 | $13946 |
| **3/20** | $10460 | $11798 |
| **4/20** | $11293 | $12879 |
| **5/20** | $11551 | $12978 |
| **6/20** | $12311 | $13932 |
| **7/20** | $13452 | $15176 |
| **8/20** | $13706 | $15512 |
| **9/20** | $13472 | $15263 |
| **10/20** | $13718 | $15578 |
| **11/20** | $15055 | $17018 |
| **12/20** | $16188 | $18269 |
| **1/21** | $16595 | $18829 |
| **2/21** | $16867 | $18974 |
| **3/21** | $16497 | $18687 |
| **4/21** | $16595 | $19152 |
| **5/21** | $16793 | $19596 |
| **6/21** | $16756 | $19630 |
| **7/21** | $15658 | $18309 |
| **8/21** | $15636 | $18788 |
| **9/21** | $14858 | $18042 |
| **10/21** | $15093 | $18220 |
| **11/21** | $14278 | $17477 |
| **12/21** | $14374 | $17805 |
| **1/22** | $14224 | $17468 |
| **2/22** | $13292 | $16946 |
| **3/22** | $12968 | $16563 |
| **4/22** | $12086 | $15642 |
| **5/22** | $12235 | $15711 |
| **6/22** | $11265 | $14667 |
| **7/22** | $11501 | $14631 |
| **8/22** | $11429 | $14692 |
| **9/22** | $10111 | $12969 |
| **10/22** | $10186 | $12567 |
| **11/22** | $11678 | $14431 |
| **12/22** | $11265 | $14228 |
| **1/23** | $12446 | $15351 |
| **2/23** | $11659 | $14356 |
| **3/23** | $12154 | $14791 |
| **4/23** | $12002 | $14623 |
| **5/23** | $11798 | $14377 |
| **6/23** | $12306 | $14923 |
| **7/23** | $12941 | $15852 |
| **8/23** | $12051 | $14876 |
| **9/23** | $11695 | $14487 |
| **10/23** | $11402 | $13924 |
| **11/23** | $12191 | $15038 |
| **12/23** | $12649 | $15626 |
| **1/24** | $12211 | $14901 |
| **2/24** | $12778 | $15609 |
| **3/24** | $13126 | $15996 |
| **4/24** | $13100 | $16068 |
| **5/24** | $13332 | $16159 |
| **6/24** | $13784 | $16796 |
| **7/24** | $13706 | $16846 |
| **8/24** | $13858 | $17118 |
| **9/24** | $14607 | $18261 |
| **10/24** | $13922 | $17449 |
| **11/24** | $13625 | $16822 |
| **12/24** | $13567 | $16799 |
| **1/25** | $13842 | $17099 |
| **2/25** | $13829 | $17182 |
| **3/25** | $13933 | $17291 |
| **4/25** | $14064 | $17518 |
| **5/25** | $14730 | $18265 |
| **6/25** | $15565 | $19363 |
| **7/25** | $15813 | $19741 |
| **8/25** | $16051 | $19994 |
| **9/25** | $17028 | $21424 |
| **10/25** | $17619 | $22319 |
| **11/25** | $17208 | $21786 |
| **12/25** | $17570 | $22437 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Lazard Emerging Markets Opportunities ETF | 29.50% | 1.65% | 5.80% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $122418969 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 71% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $1078694 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6.7% |
| Tencent Holdings Ltd. | 5.8% |
| Samsung Electronics Co. Ltd. GDR | 5.7% |
| Alibaba Group Holding Ltd. | 4.2% |
| China Merchants Bank Co. Ltd., Class H | 3.8% |
| HDFC Bank Ltd. ADR | 2.3% |
| Shinhan Financial Group Co. Ltd. ADR | 2.2% |
| SK hynix, Inc. GDR | 2.2% |
| Contemporary Amperex Technology Co. Ltd., Class A | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 21.5% |
| Consumer Discretionary | 12.8% |
| Industrials | 11.4% |
| Communication Services | 7.7% |
| Energy | 4.3% |
| Consumer Staples | 4.2% |
| Materials | 3.3% |
| Real Estate | 3.0% |
| Other (includes short-term investments) | 2.0% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

On October 24, 2025, the assets of a predecessor mutual fund, Lazard Emerging Markets Core Equity Portfolio were transferred to the Portfolio in a tax-free reorganization. The Portfolio has an identical investment objective and substantially similar investment strategies and investment risk profiles as the predecessor mutual fund.

## Additional Information
If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i1c5d59b77ba988a138356fed.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# Lazard Equity Megatrends ETF
![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# NASDAQ: THMZ

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Equity Megatrends ETF for the period of April 7, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Lazard Equity Megatrends ETF | $43 | 0.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Since inception, artificial intelligence (AI) capex continued to drive outperformance across the semiconductor space, with the Bits of Chips theme performing strongly.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)The Smart Capex theme also performed positively, boosted by factory automation demand tailwinds and a recovery in European industrial activity. 

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)An improving backdrop amid attractive valuation saw the healthcare space return to strength, with the Future Health theme also contributing positively.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)On the other hand, continued concerns for disruption from AI represented a negative backdrop for software- and data-focused businesses, resulting in the Software Apps & Agents and Data & AI themes lagging.

## **Portfolio Performance**![Growth of 10K Chart](iec37a81b65dd78c02d8bba90.jpg)

---

| | | |
|:---|:---|:---|
| | **Lazard Equity Megatrends ETF** | **MSCI ACWI Index** |
| **03/25** | $10000 | $10000 |
| **04/25** | $11092 | $10000 |
| **05/25** | $11664 | $10575 |
| **06/25** | $12139 | $11050 |
| **07/25** | $12272 | $11199 |
| **08/25** | $12292 | $11476 |
| **09/25** | $12689 | $11892 |
| **10/25** | $13042 | $12158 |
| **11/25** | $12994 | $12157 |
| **12/25** | $13064 | $12283 |

---

## **Average Annual Total Returns (%)** 

---

| | |
|:---|:---|
| Fund | Since Inception 4/7/25 |
| Lazard Equity Megatrends ETF | 30.64% |
| MSCI ACWI Index | 34.14% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $46377957 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $140452 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.3% |
| Microsoft Corp. | 3.6% |
| Amazon.com, Inc. | 3.5% |
| Alphabet, Inc., Class A | 3.2% |
| Hexagon AB, B Shares | 2.3% |
| Mitsubishi Electric Corp. | 2.3% |
| FANUC Corp. | 2.2% |
| Applied Materials, Inc. | 2.2% |
| NVIDIA Corp. | 2.2% |
| Siemens AG | 2.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 39.2% |
| Industrials | 17.7% |
| Health Care | 16.7% |
| Financials | 10.1% |
| Consumer Discretionary | 7.3% |
| Communication Services | 5.9% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i1c5d59b77ba988a138356fed.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# Lazard International Dynamic Equity ETF
![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# NYSE Arca: IDEQ

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Dynamic Equity ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Lazard International Dynamic Equity ETF | $49 | 0.42% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Stock selection was favorable in financials and materials; consumer discretionary and information technology lagged.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Stock selection was strong in the UK and Japan; Israel and Netherlands detracted.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, and NatWest Group, a British banking and financial services company, were significant contributors to the excess return.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Wolters Kluwer, a global leader in professional information, software solutions, and consulting services and Nice Ltd., an American technology company specializing in customer relations management software, artificial intelligence, and digital and workforce engagement management, detracted.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Alpha was favorable for the year as all four return drivers (growth potential, valuation, market sentiment, and financial quality) added to excess return led by sentiment and value measures.

## **Portfolio Performance**![Growth of 10K Chart](i2f52783f9569b37dc95b6fd5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Lazard International Dynamic Equity ETF** | **MSCI ACWI ex USA Index** | **MSCI EAFE/ACWI ex US Linked Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9359 | $9320 | $9277 |
| **02/16** | $9045 | $9213 | $9107 |
| **03/16** | $9620 | $9962 | $9699 |
| **04/16** | $9729 | $10225 | $9980 |
| **05/16** | $9848 | $10052 | $9890 |
| **06/16** | $9381 | $9898 | $9558 |
| **07/16** | $9859 | $10388 | $10042 |
| **08/16** | $9799 | $10453 | $10049 |
| **09/16** | $9952 | $10582 | $10173 |
| **10/16** | $9777 | $10430 | $9965 |
| **11/16** | $9592 | $10189 | $9766 |
| **12/16** | $9887 | $10450 | $10100 |
| **01/17** | $10253 | $10820 | $10393 |
| **02/17** | $10353 | $10992 | $10542 |
| **03/17** | $10708 | $11271 | $10832 |
| **04/17** | $11019 | $11512 | $11107 |
| **05/17** | $11308 | $11886 | $11515 |
| **06/17** | $11330 | $11923 | $11495 |
| **07/17** | $11629 | $12362 | $11826 |
| **08/17** | $11685 | $12427 | $11822 |
| **09/17** | $11973 | $12657 | $12116 |
| **10/17** | $12195 | $12896 | $12300 |
| **11/17** | $12240 | $13000 | $12429 |
| **12/17** | $12357 | $13291 | $12628 |
| **01/18** | $13013 | $14031 | $13262 |
| **02/18** | $12311 | $13370 | $12663 |
| **03/18** | $12198 | $13134 | $12435 |
| **04/18** | $12368 | $13343 | $12719 |
| **05/18** | $12085 | $13035 | $12433 |
| **06/18** | $11859 | $12790 | $12281 |
| **07/18** | $12187 | $13096 | $12584 |
| **08/18** | $11860 | $12822 | $12340 |
| **09/18** | $11928 | $12881 | $12448 |
| **10/18** | $10994 | $11833 | $11457 |
| **11/18** | $10891 | $11945 | $11442 |
| **12/18** | $10347 | $11404 | $10887 |
| **01/19** | $11132 | $12266 | $11602 |
| **02/19** | $11322 | $12506 | $11898 |
| **03/19** | $11417 | $12580 | $11973 |
| **04/19** | $11631 | $12912 | $12310 |
| **05/19** | $10954 | $12219 | $11719 |
| **06/19** | $11536 | $12955 | $12414 |
| **07/19** | $11203 | $12798 | $12256 |
| **08/19** | $10906 | $12403 | $11939 |
| **09/19** | $11215 | $12722 | $12281 |
| **10/19** | $11584 | $13166 | $12722 |
| **11/19** | $11715 | $13282 | $12866 |
| **12/19** | $12144 | $13857 | $13284 |
| **01/20** | $11901 | $13485 | $13006 |
| **02/20** | $10965 | $12419 | $11830 |
| **03/20** | $9458 | $10621 | $10251 |
| **04/20** | $10005 | $11426 | $10914 |
| **05/20** | $10418 | $11800 | $11389 |
| **06/20** | $10685 | $12333 | $11777 |
| **07/20** | $10855 | $12883 | $12051 |
| **08/20** | $11331 | $13434 | $12671 |
| **09/20** | $11100 | $13104 | $12342 |
| **10/20** | $10699 | $12822 | $11849 |
| **11/20** | $12121 | $14547 | $13685 |
| **12/20** | $12801 | $15334 | $14322 |
| **01/21** | $12664 | $15367 | $14169 |
| **02/21** | $13061 | $15671 | $14487 |
| **03/21** | $13520 | $15869 | $14820 |
| **04/21** | $13942 | $16336 | $15266 |
| **05/21** | $14513 | $16847 | $15764 |
| **06/21** | $14327 | $16738 | $15586 |
| **07/21** | $14525 | $16462 | $15704 |
| **08/21** | $14738 | $16775 | $15981 |
| **09/21** | $14068 | $16238 | $15517 |
| **10/21** | $14490 | $16626 | $15899 |
| **11/21** | $13845 | $15877 | $15159 |
| **12/21** | $14585 | $16533 | $15935 |
| **01/22** | $14220 | $15924 | $15165 |
| **02/22** | $13673 | $15609 | $14897 |
| **03/22** | $13621 | $15634 | $14993 |
| **04/22** | $12708 | $14652 | $14023 |
| **05/22** | $13125 | $14757 | $14128 |
| **06/22** | $11926 | $13488 | $12817 |
| **07/22** | $12500 | $13949 | $13455 |
| **08/22** | $11777 | $13501 | $12816 |
| **09/22** | $10661 | $12152 | $11617 |
| **10/22** | $11318 | $12515 | $12242 |
| **11/22** | $12814 | $13992 | $13621 |
| **12/22** | $12623 | $13887 | $13632 |
| **01/23** | $13691 | $15014 | $14736 |
| **02/23** | $13407 | $14487 | $14428 |
| **03/23** | $13718 | $14841 | $14786 |
| **04/23** | $13988 | $15099 | $15204 |
| **05/23** | $13434 | $14550 | $14651 |
| **06/23** | $14137 | $15203 | $15308 |
| **07/23** | $14650 | $15821 | $15930 |
| **08/23** | $14087 | $15106 | $15211 |
| **09/23** | $13749 | $14629 | $14731 |
| **10/23** | $13343 | $14026 | $14123 |
| **11/23** | $14479 | $15288 | $15394 |
| **12/23** | $15125 | $16056 | $16167 |
| **01/24** | $15070 | $15897 | $16007 |
| **02/24** | $15723 | $16299 | $16412 |
| **03/24** | $16254 | $16809 | $16925 |
| **04/24** | $15941 | $16507 | $16621 |
| **05/24** | $16825 | $16986 | $17104 |
| **06/24** | $16757 | $16970 | $17087 |
| **07/24** | $17165 | $17363 | $17483 |
| **08/24** | $17516 | $17857 | $17981 |
| **09/24** | $17815 | $18338 | $18465 |
| **10/24** | $17216 | $17438 | $17559 |
| **11/24** | $17257 | $17280 | $17400 |
| **12/24** | $16891 | $16945 | $17062 |
| **01/25** | $17650 | $17627 | $17750 |
| **02/25** | $18194 | $17872 | $17996 |
| **03/25** | $18337 | $17832 | $17955 |
| **04/25** | $18840 | $18475 | $18603 |
| **05/25** | $19790 | $19322 | $19456 |
| **06/25** | $20496 | $19977 | $20116 |
| **07/25** | $20450 | $19920 | $20058 |
| **08/25** | $21092 | $20611 | $20754 |
| **09/25** | $22068 | $21354 | $21502 |
| **10/25** | $22409 | $21785 | $21936 |
| **11/25** | $22773 | $21780 | $21931 |
| **12/25** | $23660 | $22433 | $22588 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Lazard International Dynamic Equity ETF | 40.07% | 13.07% | 8.99% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 8.41% |
| MSCI EAFE/ACWI ex US Linked Index | 32.39% | 9.54% | 8.49% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $511557173 |
| # of Portfolio Holdings | 231 |
| Portfolio Turnover Rate | 88% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $868173 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| Novartis AG | 2.1% |
| BNP Paribas SA | 2.1% |
| Samsung Electronics Co. Ltd. | 2.0% |
| GSK PLC | 1.8% |
| Loblaw Cos. Ltd. | 1.8% |
| ASML Holding NV | 1.7% |
| Tencent Holdings Ltd. | 1.7% |
| Mitsubishi Electric Corp. | 1.6% |
| Roche Holding AG | 1.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 25.6% |
| Industrials | 14.8% |
| Information Technology | 14.8% |
| Consumer Discretionary | 9.8% |
| Health Care | 8.5% |
| Materials | 6.9% |
| Consumer Staples | 6.0% |
| Communication Services | 5.6% |
| Energy | 3.7% |
| Utilities | 2.8% |
| Other (includes short-term investments) | 1.5% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

On May 9, 2025, the assets of a predecessor mutual fund, Lazard International Equity Advantage Portfolio were transferred to the Portfolio in a tax-free reorganization. The Portfolio has an identical investment objective and substantially similar investment strategies and investment risk profiles as the predecessor mutual fund.

## Additional Information
If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i1c5d59b77ba988a138356fed.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# Lazard Japanese Equity ETF
![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# NASDAQ: JPY

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Japanese Equity ETF for the period of April 7, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Lazard Japanese Equity ETF | $52 | 0.61% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)SoftBank Group, a leading venture investment firm, rose strongly until October amid optimism that its business will benefit from the advance of Artificial Intelligence.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Shimizu, a leading general contractor, advanced due to strong orders and earnings margin improvement in its core construction business and improvement in its civil engineering business.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Mizuho, one of Japan's megabanks, outperformed on expectations that Bank of Japan interest rate hikes and share buybacks would lead to improved earnings per share.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Tokyo Electron, a leading semiconductor capital equipment manufacturer, outperformed due to expectations that AI-related investment will continue to drive profitability.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Yakult, a leading pro-biotic drink manufacturer, underperformed due to continued stagnation in its domestic business leading to downgrades in earnings guidance. 

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Nitori, Japan's largest furniture retailer, underperformed as results and guidance were lower than expectations in part due to a continued weak JPY exchange rate.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Takeda, a major pharmaceutical company, underperformed due to a key drug going off-patent.

## **Portfolio Performance**![Growth of 10K Chart](if48dbdbfeb2111be9b05335d.jpg)

---

| | | |
|:---|:---|:---|
| | **Lazard Japanese Equity ETF** | **TOPIX Net Total Return Index** |
| **03/25** | $10000 | $10000 |
| **04/25** | $11008 | $10000 |
| **05/25** | $11488 | $10389 |
| **06/25** | $11727 | $10579 |
| **07/25** | $11601 | $10476 |
| **08/25** | $12470 | $11222 |
| **09/25** | $12911 | $11473 |
| **10/25** | $13058 | $11680 |
| **11/25** | $13086 | $11694 |
| **12/25** | $13082 | $11791 |

---

## **Average Annual Total Returns (%)** 

---

| | |
|:---|:---|
| Fund | Since Inception 4/7/25 |
| Lazard Japanese Equity ETF | 30.82% |
| TOPIX Net Total Return Index | 29.29% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $65298519 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $216871 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Mitsubishi UFJ Financial Group, Inc. | 4.8% |
| Sumitomo Mitsui Financial Group, Inc. | 4.2% |
| Sony Group Corp. | 3.8% |
| Mizuho Financial Group, Inc. | 3.7% |
| Hitachi Ltd. | 3.0% |
| Mitsubishi Corp. | 2.9% |
| SoftBank Group Corp. | 2.8% |
| Tokio Marine Holdings, Inc. | 2.6% |
| Takeda Pharmaceutical Co. Ltd. | 2.6% |
| Tokyo Electron Ltd. | 2.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 25.7% |
| Financials | 20.2% |
| Consumer Discretionary | 12.7% |
| Information Technology | 10.9% |
| Materials | 7.6% |
| Communication Services | 5.9% |
| Consumer Staples | 5.2% |
| Health Care | 4.3% |
| Real Estate | 2.6% |
| Other (includes short-term investments) | 4.9% |

---

## Additional Information
If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i1c5d59b77ba988a138356fed.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# Lazard Listed Infrastructure ETF
![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# NYSE Arca: GLIX

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Listed Infrastructure ETF for the period of October 6, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Lazard Listed Infrastructure ETF | $23 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i27f2b2344f789e4d8830cb6d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Lazard Listed Infrastructure ETF** | **MSCI World Index** | **MSCI World Core Infrastructure (USD) Index** |
| **09/25** | $10000 | $10000 | $10000 |
| **10/25** | $10008 | $10000 | $10000 |
| **11/25** | $10276 | $10028 | $10308 |
| **12/25** | $10070 | $10109 | $10140 |

---

## **Average Annual Total Returns (%)** 

---

| | |
|:---|:---|
| Fund | Since Inception 10/6/25 |
| Lazard Listed Infrastructure ETF | 0.70% |
| MSCI World Index | 2.03% |
| MSCI World Core Infrastructure (USD) Index | 0.25% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $18635118 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 3% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $37050 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Vinci SA | 8.0% |
| Canadian National Railway Co. | 8.0% |
| National Grid PLC | 8.0% |
| Transurban Group | 4.6% |
| Pinnacle West Capital Corp. | 4.5% |
| Portland General Electric Co. | 4.5% |
| CSX Corp. | 4.5% |
| OGE Energy Corp. | 4.4% |
| Norfolk Southern Corp. | 4.3% |
| Aena SME SA | 4.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Utilities | 49.0% |
| Industrials | 38.7% |
| Real Estate | 8.3% |
| Communication Services | 2.9% |
| Other (includes short-term investments) | 1.1% |

---

## Additional Information
If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i1c5d59b77ba988a138356fed.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# Lazard Next Gen Technologies ETF
![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# NASDAQ: TEKY

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Next Gen Technologies ETF for the period of April 7, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Lazard Next Gen Technologies ETF | $47 | 0.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Advantest, a leading manufacturer of semiconductor testing equipment, saw demand for its high-end testing equipment increase, fueled by the global AI chip boom. This led management to consistently beat-and-raise its profit outlook throughout the year.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)SK Hynix, a supplier of memory chips, reported record-breaking annual revenue and operating profits, fueled by its leadership in HBM4 production and the growing demand for memory chips driven by AI.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)NVIDIA, a designer of graphical processing units (GPUs), saw demand for its advanced GPU chips continue to grow, driven by AI data center expansion.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Fiserv, a global leader in financial technology and payments, missed third quarter earnings expectations, significantly lowered full-year guidance, and reported slowing growth in its core payments and merchant business.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Xiaomi, a designer and manufacturer of electronics and smart devices, suffered a series of high-profile incidents involving the SU7 electric sedan stoking significant consumer and investor concerns regarding vehicle safety, while memory chip shortages pressured margins.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Doximity, a leading digital platform and professional network for US healthcare professionals, saw investor concern grow around healthcare policy changes and intensifying competition creating uncertainty around clients' annual budgets for its product and potentially slowing revenue growth.

## **Portfolio Performance**![Growth of 10K Chart](i269850c4624361f4027433e6.jpg)

---

| | | |
|:---|:---|:---|
| | **Lazard Next Gen Technologies ETF** | **MSCI World Index** |
| **03/25** | $10000 | $10000 |
| **04/25** | $11500 | $10000 |
| **05/25** | $12648 | $10592 |
| **06/25** | $13716 | $11049 |
| **07/25** | $14060 | $11191 |
| **08/25** | $14180 | $11483 |
| **09/25** | $15204 | $11852 |
| **10/25** | $16457 | $12090 |
| **11/25** | $15168 | $12124 |
| **12/25** | $14992 | $12222 |

---

## **Average Annual Total Returns (%)** 

---

| | |
|:---|:---|
| Fund | Since Inception 4/7/25 |
| Lazard Next Gen Technologies ETF | 49.92% |
| MSCI World Index | 34.48% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $48696993 |
| # of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $160380 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Microsoft Corp. | 3.6% |
| Amazon.com, Inc. | 3.5% |
| SK Hynix, Inc. | 3.4% |
| Amphenol Corp., Class A | 3.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3.0% |
| Alphabet, Inc., Class A | 2.9% |
| Advantest Corp. | 2.9% |
| Palo Alto Networks, Inc. | 2.7% |
| Broadcom, Inc. | 2.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 73.3% |
| Industrials | 7.8% |
| Communication Services | 7.4% |
| Consumer Discretionary | 5.3% |
| Financials | 3.5% |
| Other (includes short-term investments) | 2.7% |

---

## Additional Information
If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i1c5d59b77ba988a138356fed.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# Lazard US Systematic Small Cap Equity ETF
![Image](i9ca8ad57d0c12c0924e6b417.jpg)

# NASDAQ: SYZ

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Systematic Small Cap Equity ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Lazard US Systematic Small Cap Equity ETF | $83 | 0.81% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Coherent, a developer of advanced materials, laser systems, and optical components, climbed on strong revenue and profitability growth. The company also benefited from continued AI optimism.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Wildan, a provider of energy, engineering, and sustainability consulting services, delivered record results and raised full-year targets, supported by strong infrastructure demand including data centers.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)TTM Technologies, a manufacturer of components used in electronic devices and communication systems, rose as the company posted better-than-expected results and solid guidance, due to defense and AI-related computing demand.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Ceragon Networks, a supplier of wireless networking equipment for telecom providers, declined due to sharp revenue contraction, weaker profitability and deteriorating cash levels.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Abercrombie & Fitch, a retailer of apparel, personal care products, and accessories, declined as softer brand sales, elevated inventories, and a sizable tariff-related cost weighed on margins.

* ![Bullet](i43e1afb6e04e9f3951ec65e5.jpg)Veracyte, a developer of diagnostic tests for the medical field, declined as revenue guidance reset, product development delays, and higher R&D spending weighed on sentiment.

## **Portfolio Performance**![Growth of 10K Chart](i79f89c9a40740bdd9e5a8324.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Lazard US Systematic Small Cap Equity ETF** | **Russell 3000 Index** | **Russell 2000 Index** |
| **10/21** | $10000 | $10000 | $10000 |
| **11/21** | $9800 | $10000 | $10000 |
| **12/21** | $10283 | $10394 | $10223 |
| **1/22** | $9371 | $9782 | $9239 |
| **2/22** | $9421 | $9536 | $9338 |
| **3/22** | $9471 | $9845 | $9454 |
| **4/22** | $8719 | $8962 | $8517 |
| **5/22** | $8860 | $8950 | $8530 |
| **6/22** | $8158 | $8201 | $7828 |
| **7/22** | $9090 | $8970 | $8646 |
| **8/22** | $8763 | $8636 | $8469 |
| **9/22** | $7951 | $7835 | $7657 |
| **10/22** | $8753 | $8477 | $8500 |
| **11/22** | $9114 | $8920 | $8699 |
| **12/22** | $8603 | $8397 | $8134 |
| **1/23** | $9371 | $8976 | $8927 |
| **2/23** | $9240 | $8766 | $8776 |
| **3/23** | $9017 | $9000 | $8357 |
| **4/23** | $8765 | $9096 | $8207 |
| **5/23** | $8846 | $9132 | $8131 |
| **6/23** | $9613 | $9755 | $8792 |
| **7/23** | $10078 | $10105 | $9329 |
| **8/23** | $9704 | $9910 | $8863 |
| **9/23** | $9219 | $9438 | $8341 |
| **10/23** | $8624 | $9188 | $7772 |
| **11/23** | $9351 | $10044 | $8476 |
| **12/23** | $10307 | $10577 | $9511 |
| **1/24** | $10104 | $10694 | $9141 |
| **2/24** | $10631 | $11273 | $9658 |
| **3/24** | $10935 | $11637 | $10004 |
| **4/24** | $10266 | $11125 | $9300 |
| **5/24** | $10732 | $11651 | $9766 |
| **6/24** | $10611 | $12011 | $9676 |
| **7/24** | $11411 | $12234 | $10659 |
| **8/24** | $11381 | $12501 | $10500 |
| **9/24** | $11492 | $12759 | $10573 |
| **10/24** | $11259 | $12666 | $10420 |
| **11/24** | $12293 | $13508 | $11563 |
| **12/24** | $11639 | $13095 | $10608 |
| **1/25** | $11994 | $13509 | $10887 |
| **2/25** | $11357 | $13250 | $10304 |
| **3/25** | $10678 | $12477 | $9603 |
| **4/25** | $10428 | $12393 | $9381 |
| **5/25** | $10939 | $13179 | $9882 |
| **6/25** | $11367 | $13848 | $10419 |
| **7/25** | $11252 | $14153 | $10600 |
| **8/25** | $12102 | $14481 | $11357 |
| **9/25** | $12189 | $14981 | $11711 |
| **10/25** | $11907 | $15302 | $11922 |
| **11/25** | $12131 | $15344 | $12037 |
| **12/25** | $12311 | $15341 | $11967 |

---

## **Average Annual Total Returns (%)** 

---

| | | |
|:---|:---|:---|
| Fund | 1 year | Since Inception 10/29/21 |
| Lazard US Systematic Small Cap Equity ETF | 5.78% | 5.12% |
| Russell 3000 Index | 17.15% | 10.41% |
| Russell 2000 Index | 12.81% | 3.34% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $55292588 |
| # of Portfolio Holdings | 391 |
| Portfolio Turnover Rate | 156% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $221271 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 1.0% |
| Coherent Corp. | 0.9% |
| Rambus, Inc. | 0.9% |
| Onto Innovation, Inc. | 0.8% |
| Globus Medical, Inc., Class A | 0.8% |
| OPENLANE, Inc. | 0.7% |
| Interface, Inc. | 0.7% |
| Deckers Outdoor Corp. | 0.7% |
| BioMarin Pharmaceutical, Inc. | 0.7% |
| Huron Consulting Group, Inc. | 0.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 25.3% |
| Information Technology | 20.9% |
| Health Care | 12.5% |
| Consumer Discretionary | 10.5% |
| Financials | 10.1% |
| Real Estate | 5.1% |
| Communication Services | 3.8% |
| Energy | 3.8% |
| Materials | 3.1% |
| Consumer Staples | 2.7% |
| Other (includes short-term investments) | 2.2% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

On September 12, 2025, the assets of a predecessor mutual fund, Lazard US Systematic Small Cap Equity Portfolio were transferred to the Portfolio in a tax-free reorganization. The Portfolio has an identical investment objective and substantially similar investment strategies and investment risk profiles as the predecessor mutual fund.

## Additional Information
If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i1c5d59b77ba988a138356fed.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i9ca8ad57d0c12c0924e6b417.jpg)

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (the "CEO/CFO Code of Ethics"). The Registrant has posted its CEO/CFO Code of Ethics on its Internet website at https://www.lazardassetmanagement.com/codeofethics.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant's Board of Directors (the "Board") has determined that Robert M. Solmson and Nancy A. Eckl, members of the Audit Committee of the Board, are audit committee financial experts as defined by the Securities and Exchange Commission (the "SEC"). Mr. Solmson and Ms. Eckl are "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $0 in 2024 and $147,000 in 2025 (plus expenses in each case).

(b) Audit-Related Fees. There were no fees billed in the Reporting Periods by the Auditor to the Registrant for assurance and related services that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services provided by the Auditor to Lazard Asset Management LLC, the Registrant's investment manager ("Lazard") and any entity controlling, controlled by or under common control with Lazard that provides ongoing services to the Registrant ("Service Affiliates") that were reasonably related to the performance of the annual audit of the Service Affiliate which required pre-approval by the Audit Committee were $1,294,787 in 2024 and $1,504,598 in 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods by the Auditor to the Registrant for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in 2024 and $43,855 in 2025. These Tax Services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax

planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. Additionally, the aggregate fees billed related to European Union tax reclaim filing services rendered by the Auditor were $0 in 2024 and $0 in 2025.

The aggregate fees billed in the Reporting Periods for Tax Services provided by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

(d) All Other Fees. There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above.

There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above, which required pre-approval by the Audit Committee.

(e) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval of the Auditor's engagements for services to the Registrant and Service Affiliates. The Policy states that the Registrant's Audit Committee or the Chair of the Audit Committee (pursuant to delegated authority from the Audit Committee) pre-approves the Auditor's engagements for audit and non-audit services to the Registrant and, as required, non-audit services to Service Affiliates on a case-by-case basis. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. The Audit Committee Chair must report any pre-approval decisions he or she makes at the next scheduled Audit Committee meeting. There were no services provided by the Auditor to either the Registrant or Service Affiliates that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the Reporting Periods.

(f) None.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and Service Affiliates for the Reporting Periods were $472,450 in 2024 and $488,256 in 2025.

(h) Auditor Independence. The Audit Committee considered whether provision of non-audit services to Service Affiliates that were not required to be pre-approved is compatible with maintaining the Auditor's independence.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS

The Registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

**Lazard Active ETF Trust**

**Annual Financial Statements**

December 31, 2025

Equity

Lazard Emerging Markets Opportunities ETF

Lazard Equity Megatrends ETF

Lazard International Dynamic Equity ETF

Lazard Japanese Equity ETF

Lazard Listed Infrastructure ETF

Lazard Next Gen Technologies ETF

Lazard US Systematic Small Cap Equity ETF

![](x9_c114848x1x1m4.jpg)

**Lazard Active ETF Trust** **Table of Contents**

------

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| | |
|:---|:---|
| 2 | [**Portfolios of Investments (N-CSR Item 7)**](#xx9xc114848a001xm4) |
| 2 | [Lazard Emerging Markets Opportunities ETF](#xx9xc114848a002xm4) |
| 6 | [Lazard Equity Megatrends ETF](#xx9xc114848a003xm4) |
| 10 | [Lazard International Dynamic Equity ETF](#xx9xc114848a004xm4) |
| 21 | [Lazard Japanese Equity ETF](#xx9xc114848a005xm4) |
| 26 | [Lazard Listed Infrastructure ETF](#xx9xc114848a006xm4) |
| 29 | [Lazard Next Gen Technologies ETF](#xx9xc114848a007xm4) |
| 32 | [Lazard US Systematic Small Cap Equity ETF](#xx9xc114848a008xm4) |
| 50 | [**Abbreviations (N-CSR Item 7)**](#xx9xc114848a009xm4) |
| 52 | [**Statements of Assets and Liabilities (N-CSR Item 7)**](#xx9xc114848a010xm4) |
| 54 | [**Statements of Operations (N-CSR Item 7)**](#xx9xc114848a011xm4) |
| 58 | [**Statements of Changes in Net Assets (N-CSR Item 7)**](#xx9xc114848a012xm4) |
| 66 | [**Financial Highlights (N-CSR Item 7)**](#xx9xc114848a013xm4) |
| 73 | [**Notes to Financial Statements (N-CSR Item 7)**](#xx9xc114848a014xm4) |
| 103 | [**Report of Independent Registered Public Accounting Firm**](#xx9xc114848a015xm4) |
| 105 | [**Tax and Other Information (unaudited)**](#xx9xc114848a016xm4) |
| 107 | [**Additional Information (unaudited) (N-CSR Item 8-11)**](#xx9xc114848a017xm4) |

---

**Please consider a Portfolio's investment objective, risks, charges and expenses carefully before investing. For more complete information about Lazard Active ETF Trust (the "Fund"), you may obtain a prospectus or the Portfolio's summary prospectus by calling 800-823-6300, or online, at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs. Read the Portfolio's summary prospectus or prospectus carefully before you invest. The summary prospectus and prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.**

**Distributed by Foreside Fund Services, LLC.**

Annual Financial Statements **1**

**Lazard Active ETF Trust** Portfolios of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Opportunities ETF** |  |  |
| **Common Stocks \| 99.2%** |  |  |
| **Argentina \| 0.8%** |  |  |
| Grupo Financiero Galicia SA ADR | 18826 | $1015474 |
| **Brazil \| 5.5%** |  |  |
| Banco BTG Pactual SA | 164007 | 1573701 |
| Itau Unibanco Holding SA ADR | 220896 | 1581615 |
| MercadoLibre, Inc. (\*) | 623 | 1254884 |
| NU Holdings Ltd., Class A (\*) | 65088 | 1089573 |
| TOTVS SA | 156686 | 1203221 |
|  |  | 6702994 |
| **China \| 26.5%** |  |  |
| Alibaba Group Holding Ltd. | 281100 | 5157202 |
| Atour Lifestyle Holdings Ltd. ADR | 23287 | 917508 |
| BYD Co. Ltd., Class H | 91000 | 1114775 |
| China Merchants Bank Co. Ltd., Class H | 678500 | 4602659 |
| Contemporary Amperex Technology Co. Ltd., Class A | 46000 | 2417515 |
| Full Truck Alliance Co. Ltd. ADR | 92933 | 997171 |
| Innovent Biologics, Inc. (#), (\*) | 79000 | 773913 |
| Lenovo Group Ltd. | 1348000 | 1603710 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 139699 | 1505910 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 26700 | 727663 |
| Tencent Holdings Ltd. | 92092 | 7087185 |
| Trip.com Group Ltd. | 20600 | 1466230 |
| Weichai Power Co. Ltd., Class H | 552000 | 1336828 |
| Xiaomi Corp., Class B (#), (\*) | 309000 | 1560185 |
| Yum China Holdings, Inc. | 24950 | 1181547 |
|  |  | 32450001 |
| **Greece \| 3.1%** |  |  |
| GEK Terna SA | 49123 | 1466544 |
| Jumbo SA | 24069 | 788673 |
| National Bank of Greece SA | 102852 | 1570330 |
|  |  | 3825547 |

---

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

**2** Annual Financial Statements

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Opportunities ETF (continued)** |  |  |
| **Hong Kong \| 0.7%** |  |  |
| Techtronic Industries Co. Ltd. | 74000 | $854705 |
| **India \| 16.0%** |  |  |
| Amber Enterprises India Ltd. (\*) | 6426 | 456644 |
| Bharti Airtel Ltd. | 98545 | 2308609 |
| HDFC Bank Ltd. ADR | 76658 | 2801083 |
| Hindalco Industries Ltd. GDR (#) | 122309 | 1204744 |
| ICICI Bank Ltd. ADR | 68268 | 2034386 |
| Infosys Ltd. ADR | 52195 | 930115 |
| InterGlobe Aviation Ltd. (#) | 14558 | 819500 |
| ITC Ltd. | 192431 | 862819 |
| Larsen & Toubro Ltd. GDR | 20907 | 934543 |
| Lodha Developers Ltd. (#) | 100294 | 1184276 |
| MakeMyTrip Ltd. (\*) | 9819 | 806336 |
| Polycab India Ltd. | 10675 | 904911 |
| Reliance Industries Ltd. GDR (#) | 31452 | 2201640 |
| Supreme Industries Ltd. | 18697 | 697668 |
| Thermax Ltd. | 24479 | 823217 |
| Welspun Living Ltd. | 417085 | 605910 |
|  |  | 19576401 |
| **Indonesia \| 0.9%** |  |  |
| Bank Central Asia Tbk. PT | 2342000 | 1134132 |
| **Mexico \| 3.5%** |  |  |
| Arca Continental SAB de CV | 101005 | 1094794 |
| Corp. Inmobiliaria Vesta SAB de CV ADR | 28464 | 867867 |
| Grupo Financiero Banorte SAB de CV, Class O | 144291 | 1339745 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 463501 | 989930 |
|  |  | 4292336 |
| **Peru \| 1.2%** |  |  |
| Credicorp Ltd. | 4896 | 1405152 |

---

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

Annual Financial Statements **3**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Opportunities ETF (continued)** |  |  |
| **Philippines \| 1.4%** |  |  |
| BDO Unibank, Inc. | 324431 | $742250 |
| International Container Terminal Services, Inc. | 104150 | 1003749 |
|  |  | 1745999 |
| **Portugal \| 0.8%** |  |  |
| Jeronimo Martins SGPS SA | 41380 | 984611 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 45259 | 0 |
| Sberbank of Russia PJSC (\*), (¢) | 213889 | 0 |
|  |  | 0 |
| **Saudi Arabia \| 2.4%** |  |  |
| Saudi Arabian Oil Co. (#) | 254558 | 1617286 |
| Saudi National Bank | 131976 | 1332849 |
|  |  | 2950135 |
| **Singapore \| 0.6%** |  |  |
| Sea Ltd. ADR (\*) | 5662 | 722301 |
| **South Africa \| 4.5%** |  |  |
| Anglo American PLC | 50715 | 2104408 |
| Bidvest Group Ltd. | 60615 | 868766 |
| Capitec Bank Holdings Ltd. | 5518 | 1383929 |
| Shoprite Holdings Ltd. | 71025 | 1158303 |
|  |  | 5515406 |
| **South Korea \| 11.2%** |  |  |
| Kia Corp. | 14905 | 1260233 |
| Samsung Electronics Co. Ltd. GDR | 3393 | 7009938 |
| Shinhan Financial Group Co. Ltd. ADR | 50826 | 2725799 |
| SK hynix, Inc. GDR (#) | 5838 | 2638776 |
|  |  | 13634746 |

---

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

**4** Annual Financial Statements

------

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Opportunities ETF (concluded)** |  |  |
| **Taiwan \| 17.6%** |  |  |
| Accton Technology Corp. | 30000 | $1131427 |
| ASE Technology Holding Co. Ltd. | 162000 | 1291546 |
| MediaTek, Inc. | 41000 | 1865979 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 182000 | 8978215 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 27070 | 8226302 |
|  |  | 21493469 |
| **United Arab Emirates \| 2.5%** |  |  |
| Adnoc Gas PLC | 1505754 | 1455370 |
| Emaar Properties PJSC | 426618 | 1631948 |
|  |  | 3087318 |
| **Total Common Stocks**<br> (Cost $86,720,161) |  | 121390727 |
| **Short-Term Investments \| 0.9%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $1,099,706) | 1099706 | 1099706 |
| **Total Investments \| 100.1%**<br> (Cost $87,819,867) |  | $**122490433** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** |  | **(71464)** |
| **Net Assets \| 100.0%** |  | $**122418969** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 9.8% of net assets of the Portfolio.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(a)* | *Affiliated investment.* |

---

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

Annual Financial Statements **5**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Megatrends ETF** |  |  |
| **Common Stocks \| 99.0%** |  |  |
| **Brazil \| 1.0%** |  |  |
| MercadoLibre, Inc. (\*) | 231 | $465294 |
| **Denmark \| 0.5%** |  |  |
| Novo Nordisk AS, Class B | 4507 | 230502 |
| **France \| 3.3%** |  |  |
| EssilorLuxottica SA | 3098 | 982017 |
| LVMH Moet Hennessy Louis Vuitton SE | 731 | 553748 |
|  |  | 1535765 |
| **Germany \| 5.0%** |  |  |
| SAP SE | 3069 | 750974 |
| Siemens AG | 3547 | 996245 |
| Siemens Healthineers AG (#) | 10991 | 579845 |
|  |  | 2327064 |
| **India \| 2.1%** |  |  |
| Reliance Industries Ltd. GDR (#) | 13717 | 960190 |
| **Japan \| 6.8%** |  |  |
| FANUC Corp. | 26100 | 1013062 |
| Keyence Corp. | 1800 | 650891 |
| Mitsubishi Electric Corp. | 36500 | 1067674 |
| Sony Group Corp. ADR | 17330 | 443648 |
|  |  | 3175275 |
| **Netherlands \| 0.6%** |  |  |
| Wolters Kluwer NV | 2453 | 254501 |
| **Singapore \| 0.6%** |  |  |
| Sea Ltd. ADR (\*) | 2221 | 283333 |

---

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

**6** Annual Financial Statements

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Megatrends ETF (continued)** |  |  |
| **Sweden \| 5.0%** |  |  |
| Atlas Copco AB, A Shares | 41175 | $741649 |
| Epiroc AB, Class A | 21398 | 487204 |
| Hexagon AB, B Shares | 90459 | 1074463 |
|  |  | 2303316 |
| **Switzerland \| 2.0%** |  |  |
| TE Connectivity PLC | 4113 | 935749 |
| **Taiwan \| 4.3%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6553 | 1991391 |
| **United Kingdom \| 4.0%** |  |  |
| London Stock Exchange Group PLC | 4372 | 526428 |
| RELX PLC | 21734 | 882846 |
| Weir Group PLC | 12124 | 464108 |
|  |  | 1873382 |
| **United States \| 63.8%** |  |  |
| Accenture PLC, Class A | 2228 | 597772 |
| Alphabet, Inc., Class A | 4768 | 1492384 |
| Amazon.com, Inc. (\*) | 7066 | 1630974 |
| Analog Devices, Inc. | 2989 | 810617 |
| Apple, Inc. | 3171 | 862068 |
| Applied Materials, Inc. | 3937 | 1011770 |
| Autodesk, Inc. (\*) | 2862 | 847181 |
| Boston Scientific Corp. (\*) | 5038 | 480373 |
| Broadcom, Inc. | 2836 | 981540 |
| Chubb Ltd. | 1506 | 470053 |
| Danaher Corp. | 3598 | 823654 |
| Dolby Laboratories, Inc., Class A | 10324 | 663007 |
| Eli Lilly & Co. | 706 | 758724 |
| Equifax, Inc. | 3368 | 730789 |
| Experian PLC | 17254 | 780468 |
| GE HealthCare Technologies, Inc. | 9185 | 753354 |

---

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

Annual Financial Statements **7**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Megatrends ETF (continued)** |  |  |
| Intercontinental Exchange, Inc. | 4741 | $767852 |
| Intuit, Inc. | 953 | 631286 |
| IQVIA Holdings, Inc. (\*) | 3714 | 837173 |
| Keysight Technologies, Inc. (\*) | 4426 | 899319 |
| Labcorp Holdings, Inc. | 1585 | 397645 |
| Marsh & McLennan Cos., Inc. | 3880 | 719818 |
| Marvell Technology, Inc. | 10788 | 916764 |
| Mastercard, Inc., Class A | 1216 | 694190 |
| Medtronic PLC | 4655 | 447159 |
| Meta Platforms, Inc., Class A | 1156 | 763064 |
| Microsoft Corp. | 3429 | 1658333 |
| NVIDIA Corp. | 5395 | 1006167 |
| PTC, Inc. (\*) | 4754 | 828194 |
| QUALCOMM, Inc. | 2607 | 445927 |
| S&P Global, Inc. | 1585 | 828305 |
| Salesforce, Inc. | 1646 | 436042 |
| Schneider Electric SE | 2928 | 807772 |
| ServiceNow, Inc. (\*) | 1242 | 190262 |
| Stryker Corp. | 1364 | 479405 |
| Take-Two Interactive Software, Inc. (\*) | 1957 | 501051 |
| Thermo Fisher Scientific, Inc. | 1671 | 968261 |
| Visa, Inc., A Shares | 1928 | 676169 |
|  |  | 29594886 |
| **Total Common Stocks**<br> (Cost $38,436,405) |  | 45930648 |
| **Short-Term Investments \| 1.0%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $452,755) | 452755 | 452755 |

---

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

**8** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Megatrends ETF (concluded)** |  |  |
| **Total Investments \| 100.0%**<br> (Cost $38,889,160) |  | $**46383403** |
| **Liabilities in Excess of Cash and Other Assets \| 0.0%** |  | **(5446)** |
| **Net Assets \| 100.0%** |  | $**46377957** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 3.3% of net assets of the Portfolio.* |
| *(a)* | *Affiliated investment.* |

---

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

Annual Financial Statements **9**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF** |  |  |
| **Common Stocks \| 98.3%** |  |  |
| **Australia \| 3.7%** |  |  |
| Alkane Resources Ltd. (\*) | 755539 | $677653 |
| Anglogold Ashanti PLC | 13776 | 1174817 |
| Beach Energy Ltd. | 1355285 | 1061932 |
| Brambles Ltd. | 159708 | 2445269 |
| Bravura Solutions Ltd. | 392445 | 672574 |
| Catalyst Metals Ltd. (\*) | 164682 | 808262 |
| Evolution Mining Ltd. | 141940 | 1200196 |
| Northern Star Resources Ltd. | 115510 | 2058954 |
| Perseus Mining Ltd. | 392374 | 1486198 |
| Qantas Airways Ltd. | 369311 | 2556334 |
| Ramelius Resources Ltd. | 279943 | 776588 |
| REA Group Ltd. | 11920 | 1457739 |
| Regis Resources Ltd. | 136253 | 685995 |
| SRG Global Ltd. | 499206 | 998686 |
| Virgin Australia Holdings Ltd. | 297035 | 693272 |
|  |  | 18754469 |
| **Belgium \| 0.2%** |  |  |
| Colruyt Group NV | 10777 | 398697 |
| Proximus SADP | 94274 | 783345 |
|  |  | 1182042 |
| **Brazil \| 0.3%** |  |  |
| CPFL Energia SA | 63745 | 619914 |
| Vale SA | 86299 | 1133277 |
|  |  | 1753191 |
| **Canada \| 8.5%** |  |  |
| Agnico Eagle Mines Ltd. | 24194 | 4108259 |
| Aritzia, Inc. (\*) | 14563 | 1246739 |
| Badger Infrastructure Solutions Ltd. | 13997 | 746745 |
| Barrick Mining Corp. | 72423 | 3158980 |

---

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

**10** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| Canadian Natural Resources Ltd. | 52797 | $1790649 |
| Constellation Software, Inc. | 257 | 618975 |
| Dollarama, Inc. | 18083 | 2706217 |
| Groupe Dynamite, Inc. | 10682 | 644232 |
| Hydro One Ltd. (#) | 16074 | 640732 |
| iA Financial Corp., Inc. | 5073 | 658130 |
| Kinross Gold Corp. | 120073 | 3386483 |
| Loblaw Cos. Ltd. | 198807 | 8999434 |
| Lundin Gold, Inc. | 10939 | 909914 |
| Magna International, Inc. | 144764 | 7727435 |
| Shopify, Inc., Class A (\*) | 12599 | 2031281 |
| Suncor Energy, Inc. | 48499 | 2155433 |
| Toronto-Dominion Bank | 20398 | 1924994 |
|  |  | 43454632 |
| **Chile \| 0.1%** |  |  |
| Latam Airlines Group SA | 25712191 | 695583 |
| **China \| 9.6%** |  |  |
| Alibaba Group Holding Ltd. ADR | 8755 | 1283308 |
| Alibaba Group Holding Ltd. | 251100 | 4606807 |
| Bank of Shanghai Co. Ltd., Class A | 1189899 | 1719766 |
| Bilibili, Inc., Class Z (\*) | 29480 | 730609 |
| BOC Hong Kong Holdings Ltd. | 943000 | 4775880 |
| China Everbright Bank Co. Ltd., Class H | 2331000 | 1090106 |
| China Pacific Insurance Group Co. Ltd., Class H | 135000 | 610522 |
| CITIC Ltd. | 670000 | 1038119 |
| Contemporary Amperex Technology Co. Ltd., Class H | 7500 | 487088 |
| Eoptolink Technology, Inc. Ltd., Class A | 11100 | 684411 |
| H World Group Ltd. ADR | 13124 | 617484 |
| Henan Yuneng Holdings Co. Ltd., Class A (\*) | 683119 | 508320 |
| Huaxia Bank Co. Ltd., Class A | 2192500 | 2155431 |
| JD.com, Inc., Class A | 118400 | 1697622 |
| Kuaishou Technology (#) | 135600 | 1114103 |
| Meitu, Inc. (#) | 635500 | 571530 |
| Midea Group Co. Ltd., Class H | 67900 | 741068 |

---

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

Annual Financial Statements **11**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| NetEase, Inc. | 46700 | $1287572 |
| New China Life Insurance Co. Ltd., Class H | 101900 | 711539 |
| PDD Holdings, Inc. ADR (\*) | 13475 | 1527930 |
| People's Insurance Co. Group of China Ltd., Class H | 2465000 | 2137695 |
| PetroChina Co. Ltd., Class H | 680000 | 732113 |
| Ping An Insurance Group Co. of China Ltd., Class H | 395500 | 3310442 |
| Pop Mart International Group Ltd. (#) | 27400 | 660754 |
| Rockchip Electronics Co. Ltd., Class A | 21400 | 545952 |
| Sino Biopharmaceutical Ltd. | 1017000 | 807485 |
| Tencent Holdings Ltd. | 112900 | 8688521 |
| Tencent Music Entertainment Group ADR | 29647 | 519712 |
| Trip.com Group Ltd. | 13600 | 967996 |
| Xiaomi Corp., Class B (#), (\*) | 175600 | 886629 |
| Zhongji Innolight Co. Ltd., Class A | 7900 | 689596 |
| Zijin Mining Group Co. Ltd., Class H | 234000 | 1072068 |
|  |  | 48978178 |
| **Denmark \| 1.0%** |  |  |
| Novo Nordisk AS, Class B | 39417 | 2015910 |
| Pandora AS | 18547 | 2063629 |
| Vestas Wind Systems AS | 37647 | 1026478 |
|  |  | 5106017 |
| **France \| 6.7%** |  |  |
| Airbus SE | 11896 | 2771899 |
| BNP Paribas SA | 110758 | 10509146 |
| Gaztransport Et Technigaz SA | 7061 | 1298652 |
| Rubis SCA | 15691 | 590811 |
| Safran SA | 1619 | 565487 |
| Societe Generale SA | 63232 | 5103344 |
| Thales SA | 2312 | 623983 |
| TotalEnergies SE | 75150 | 4906371 |
| Vinci SA | 55146 | 7775188 |
|  |  | 34144881 |

---

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

**12** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| **Germany \| 3.3%** |  |  |
| Commerzbank AG | 16646 | $705752 |
| Deutsche Bank AG | 120557 | 4687986 |
| Friedrich Vorwerk Group SE | 8749 | 838462 |
| IONOS Group SE (\*) | 16503 | 518467 |
| Mercedes-Benz Group AG | 33406 | 2356768 |
| MTU Aero Engines AG | 1363 | 568756 |
| Rheinmetall AG | 438 | 802993 |
| Scout24 SE (#) | 6359 | 640783 |
| Siemens Energy AG (\*) | 19626 | 2775192 |
| TUI AG (\*) | 267983 | 2827559 |
|  |  | 16722718 |
| **Hong Kong \| 1.7%** |  |  |
| AIA Group Ltd. | 58400 | 599494 |
| Futu Holdings Ltd. ADR (\*) | 3505 | 575556 |
| Prudential PLC | 358290 | 5515550 |
| WH Group Ltd. (#) | 1820000 | 2027288 |
|  |  | 8717888 |
| **Hungary \| 0.3%** |  |  |
| OTP Bank Nyrt | 11787 | 1265556 |
| **India \| 4.8%** |  |  |
| Adani Ports & Special Economic Zone Ltd. | 61644 | 1008066 |
| Axis Bank Ltd. GDR | 13476 | 933887 |
| Canara Bank | 1573449 | 2711889 |
| Dr. Reddy's Laboratories Ltd. ADR | 50900 | 714636 |
| Indian Bank | 254854 | 2374031 |
| Indus Towers Ltd. (\*) | 659164 | 3071059 |
| Life Insurance Corp. of India | 97999 | 932131 |
| Punjab National Bank | 465816 | 640475 |
| Reliance Industries Ltd. GDR (#) | 10764 | 753480 |
| South Indian Bank Ltd. | 4733203 | 2017997 |
| State Bank of India GDR | 61299 | 6669331 |

---

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

Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| Tata Motors Ltd./new (\*) | 102166 | $472299 |
| Union Bank of India Ltd. | 1360515 | 2327483 |
|  |  | 24626764 |
| **Indonesia \| 0.3%** |  |  |
| Japfa Comfeed Indonesia Tbk. PT | 9093600 | 1428799 |
| **Ireland \| 0.1%** |  |  |
| AIB Group PLC | 67354 | 727756 |
| **Israel \| 0.2%** |  |  |
| Nice Ltd. ADR (\*) | 4592 | 519080 |
| Wix.com Ltd. (\*) | 6445 | 669571 |
|  |  | 1188651 |
| **Italy \| 2.7%** |  |  |
| Banca Monte dei Paschi di Siena SpA | 116197 | 1245949 |
| Ferrari NV | 5022 | 1879722 |
| Intesa Sanpaolo SpA | 103304 | 718368 |
| Leonardo SpA | 55829 | 3223343 |
| Nexi SpA (#) | 228017 | 1130361 |
| Telecom Italia SpA (\*) | 1994141 | 1203330 |
| UniCredit SpA | 50858 | 4236066 |
|  |  | 13637139 |
| **Japan \| 13.4%** |  |  |
| Advantest Corp. | 10900 | 1365412 |
| Chiyoda Corp. (\*) | 508000 | 2382086 |
| Chugai Pharmaceutical Co. Ltd. | 43400 | 2282345 |
| Daiwa House Industry Co. Ltd. | 47700 | 1581834 |
| Denso Corp. | 153600 | 2114701 |
| Hitachi Ltd. | 35600 | 1113345 |
| Japan Airlines Co. Ltd. | 374000 | 6931449 |
| Japan Post Bank Co. Ltd. | 73400 | 1034423 |
| Japan Post Holdings Co. Ltd. | 740400 | 7796295 |
| Japan Tobacco, Inc. | 176100 | 6336432 |
| KDX Realty Investment Corp. REIT | 964 | 1081805 |

---

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

**14** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| Kyocera Corp. | 68600 | $961306 |
| Leopalace21 Corp. | 143400 | 601979 |
| LY Corp. | 282400 | 751649 |
| Mitsubishi Electric Corp. | 279075 | 8163315 |
| Mitsui Fudosan Co. Ltd. | 100600 | 1142737 |
| MS&AD Insurance Group Holdings, Inc. | 26700 | 627364 |
| Nissan Chemical Corp. | 61300 | 2097368 |
| NTT, Inc. | 2153000 | 2166118 |
| ORIX Corp. | 35100 | 1019780 |
| Recruit Holdings Co. Ltd. | 11100 | 626506 |
| Sanki Engineering Co. Ltd. | 90200 | 3303123 |
| SoftBank Corp. | 672500 | 921580 |
| Sony Group Corp. | 82900 | 2128231 |
| Sumitomo Chemical Co. Ltd. | 391500 | 1112969 |
| Sumitomo Mitsui Financial Group, Inc. | 34900 | 1122402 |
| Suzuki Motor Corp. | 66500 | 990425 |
| T&D Holdings, Inc. | 67100 | 1547523 |
| Tokyo Electron Ltd. | 7900 | 1729739 |
| Toyota Motor Corp. | 110400 | 2363727 |
| Workman Co. Ltd. | 29100 | 1221589 |
|  |  | 68619557 |
| **Malaysia \| 0.3%** |  |  |
| 99 Speed Mart Retail Holdings Bhd. | 922400 | 866029 |
| Sunway Construction Group Bhd. | 411100 | 573392 |
|  |  | 1439421 |
| **Mexico \| 0.1%** |  |  |
| Gentera SAB de CV | 262709 | 673302 |
| **Netherlands \| 3.1%** |  |  |
| ASML Holding NV | 8169 | 8839991 |
| EXOR NV | 25187 | 2143135 |
| Koninklijke Ahold Delhaize NV | 106030 | 4342256 |
| Koninklijke Heijmans NV | 8187 | 649990 |
|  |  | 15975372 |

---

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

Annual Financial Statements **15**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| **Norway \| 0.2%** |  |  |
| Kongsberg Gruppen ASA | 35940 | $921406 |
| **Philippines \| 0.4%** |  |  |
| International Container Terminal Services, Inc. | 232530 | 2241015 |
| **Poland \| 0.6%** |  |  |
| PGE Polska Grupa Energetyczna SA (\*) | 669514 | 1639520 |
| Tauron Polska Energia SA (\*) | 687878 | 1653494 |
|  |  | 3293014 |
| **Portugal \| 0.4%** |  |  |
| Banco Comercial Portugues SA, Class R | 1836390 | 1932879 |
| **Saudi Arabia \| 0.5%** |  |  |
| Al Babtain Power & Telecommunication Co. | 40316 | 691675 |
| Electrical Industries Co. | 244803 | 730989 |
| Etihad Etisalat Co. | 55902 | 983665 |
|  |  | 2406329 |
| **Singapore \| 1.1%** |  |  |
| Oversea-Chinese Banking Corp. Ltd. | 63500 | 975708 |
| Sea Ltd. ADR (\*) | 11895 | 1517445 |
| Singapore Technologies Engineering Ltd. | 155700 | 1019435 |
| United Overseas Bank Ltd. | 75100 | 2047439 |
|  |  | 5560027 |
| **South Africa \| 1.0%** |  |  |
| FirstRand Ltd. | 122990 | 673588 |
| Gold Fields Ltd. ADR | 55820 | 2437101 |
| Harmony Gold Mining Co. Ltd. ADR | 88897 | 1769050 |
|  |  | 4879739 |

---

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

**16** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| **South Korea \| 4.6%** |  |  |
| Hana Financial Group, Inc. | 13456 | $878976 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 3575 | 1010048 |
| Hyundai Rotem Co. Ltd. | 4958 | 646703 |
| Korea Electric Power Corp. | 134930 | 4421017 |
| Samsung Electronics Co. Ltd. | 125617 | 10455367 |
| SK Hynix, Inc. | 13267 | 5995500 |
|  |  | 23407611 |
| **Spain \| 2.1%** |  |  |
| Acciona SA | 19836 | 4330801 |
| Banco Bilbao Vizcaya Argentaria SA | 68391 | 1610453 |
| Banco Santander SA | 404265 | 4781128 |
|  |  | 10722382 |
| **Sweden \| 1.6%** |  |  |
| Betsson AB, Class B | 77459 | 1241018 |
| Boliden AB (\*) | 66563 | 3719926 |
| Plejd AB (\*) | 5925 | 467249 |
| Saab AB, Class B | 9235 | 538545 |
| Telefonaktiebolaget LM Ericsson ADR | 251667 | 2428586 |
|  |  | 8395324 |
| **Switzerland \| 1.5%** |  |  |
| ABB Ltd. | 73075 | 5462293 |
| Logitech International SA | 5415 | 557323 |
| UBS Group AG | 36712 | 1712686 |
|  |  | 7732302 |
| **Taiwan \| 6.7%** |  |  |
| Accton Technology Corp. | 67000 | 2526854 |
| Arcadyan Technology Corp. | 173000 | 958037 |
| ASE Technology Holding Co. Ltd. | 89000 | 709553 |
| Asia Vital Components Co. Ltd. | 15000 | 720867 |
| Asustek Computer, Inc. | 37000 | 645311 |

---

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

Annual Financial Statements **17**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| Delta Electronics, Inc. | 151000 | $4627966 |
| Himax Technologies, Inc. ADR | 76844 | 629352 |
| MediaTek, Inc. | 114000 | 5188332 |
| Realtek Semiconductor Corp. | 58000 | 902659 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 347000 | 17117805 |
|  |  | 34026736 |
| **Thailand \| 0.6%** |  |  |
| Advanced Info Service PCL (‡) | 101100 | 1004421 |
| TMBThanachart Bank PCL NVDR | 29565400 | 1895639 |
|  |  | 2900060 |
| **United Arab Emirates \| 0.5%** |  |  |
| Adnoc Gas PLC | 676946 | 654294 |
| Emaar Properties PJSC | 501809 | 1919578 |
|  |  | 2573872 |
| **United Kingdom \| 9.4%** |  |  |
| AstraZeneca PLC ADR | 74062 | 6808520 |
| Barclays PLC | 341779 | 2187988 |
| Currys PLC | 370205 | 627409 |
| HSBC Holdings PLC | 232016 | 3663113 |
| Imperial Brands PLC | 149081 | 6254261 |
| International Consolidated Airlines Group SA | 474452 | 2646240 |
| Legal & General Group PLC | 1323084 | 4660808 |
| NatWest Group PLC | 829185 | 7269493 |
| Next PLC | 5538 | 1019007 |
| Rolls-Royce Holdings PLC | 269059 | 4161824 |
| Sage Group PLC | 92236 | 1343591 |
| Standard Chartered PLC | 228334 | 5595737 |
| Vodafone Group PLC | 1564125 | 2080263 |
|  |  | 48318254 |
| **United States \| 6.7%** |  |  |
| BeOne Medicines Ltd., Class H (\*) | 23600 | 543647 |
| Buzzi SpA | 9026 | 551231 |
| GSK PLC | 381195 | 9354689 |

---

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

**18** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (continued)** |  |  |
| Novartis AG | 76114 | $10529624 |
| Roche Holding AG | 19536 | 8093045 |
| Sanofi SA | 23282 | 2261859 |
| Shell PLC | 36268 | 1336634 |
| Spotify Technology SA (\*) | 870 | 505218 |
| Titan SA | 19183 | 1182798 |
|  |  | 34358745 |
| Total Common Stocks<br> (Cost $442,949,887) |  | 502761611 |
| **Preferred Stocks \| 1.4%** |  |  |
| **Brazil \| 0.7%** |  |  |
| Banco Bradesco SA | 149811 | 497297 |
| Petroleo Brasileiro SA - Petrobras | 573419 | 3225106 |
|  |  | 3722403 |
| **Germany \| 0.7%** |  |  |
| Volkswagen AG | 28554 | 3472576 |
| Total Preferred Stocks<br> (Cost $6,747,024) |  | 7194979 |
| **Warrants \| 0.0%** |  |  |
| **Canada \| 0.0%** |  |  |
| Constellation Software, Inc., Expires 03/31/40 (\*), (¢)<br> (Cost $0) | 26 | 0 |
| **Short-Term Investments \| 0.3%** |  |  |
| Lazard Government Money Market Portfolio,<br> 3.59% (7 day yield) (a)<br> (Cost $1,484,079) | 1484079 | 1484079 |

---

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

Annual Financial Statements **19**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Dynamic Equity ETF (concluded)** |  |  |
| **Total Investments \| 100.0%**<br> (Cost $451,180,990) |  | $511440669 |
| **Cash and Other Assets in Excess of Liabilities \| 0.0%** |  | **116504** |
| **Net Assets \| 100.0%** |  | $**511557173** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 1.6% 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 GAAP hierarchy – see Note 9 in the Notes to Financial Statements.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(a)* | *Affiliated investment.* |

---

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

**20** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Japanese Equity ETF** |  |  |
| **Common Stocks \| 99.6%** |  |  |
| **Automobile Components \| 1.9%** |  |  |
| Denso Corp. | 92100 | $1267995 |
| **Automobiles \| 4.2%** |  |  |
| Suzuki Motor Corp. | 97800 | 1456596 |
| Toyota Motor Corp. | 59200 | 1267506 |
|  |  | 2724102 |
| **Banks \| 14.8%** |  |  |
| Mitsubishi UFJ Financial Group, Inc. | 196600 | 3126886 |
| Mizuho Financial Group, Inc. | 66800 | 2429169 |
| Resona Holdings, Inc. | 148300 | 1412561 |
| Sumitomo Mitsui Financial Group, Inc. | 84600 | 2720780 |
|  |  | 9689396 |
| **Building Products \| 1.8%** |  |  |
| Daikin Industries Ltd. | 9300 | 1191387 |
| **Capital Markets \| 1.1%** |  |  |
| Nomura Holdings, Inc. | 82000 | 680609 |
| **Chemicals \| 6.7%** |  |  |
| Mitsui Chemicals, Inc. | 47600 | 607963 |
| Nippon Paint Holdings Co. Ltd. | 49700 | 332136 |
| Nippon Sanso Holdings Corp. | 32700 | 973834 |
| Nissan Chemical Corp. | 9700 | 331884 |
| Nitto Denko Corp. | 39100 | 926706 |
| Shin-Etsu Chemical Co. Ltd. | 38100 | 1184480 |
|  |  | 4357003 |
| **Commercial Services & Supplies \| 0.3%** |  |  |
| Okamura Corp. | 13000 | 190175 |

---

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

Annual Financial Statements **21**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Japanese Equity ETF (continued)** |  |  |
| **Construction & Engineering \| 2.4%** |  |  |
| Shimizu Corp. | 91800 | $1562846 |
| **Consumer Staples Distribution & Retail \| 2.9%** |  |  |
| MatsukiyoCocokara & Co. | 37700 | 652285 |
| Seven & i Holdings Co. Ltd. | 85600 | 1229020 |
|  |  | 1881305 |
| **Containers & Packaging \| 0.9%** |  |  |
| Rengo Co. Ltd. | 74400 | 576945 |
| **Diversified Telecommunication Services \| 2.3%** |  |  |
| NTT, Inc. | 1467800 | 1476743 |
| **Electric Utilities \| 2.4%** |  |  |
| Kansai Electric Power Co., Inc. | 100800 | 1578768 |
| **Electrical Equipment \| 2.3%** |  |  |
| Mitsubishi Electric Corp. | 50900 | 1488893 |
| **Electronic Equipment, Instruments & Components \| 2.9%** |  |  |
| Murata Manufacturing Co. Ltd. | 34000 | 704099 |
| TDK Corp. | 85200 | 1201807 |
|  |  | 1905906 |
| **Financial Services \| 1.7%** |  |  |
| ORIX Corp. | 37800 | 1098224 |
| **Food Products \| 2.3%** |  |  |
| Toyo Suisan Kaisha Ltd. | 9900 | 678969 |
| Yakult Honsha Co. Ltd. | 54200 | 846654 |
|  |  | 1525623 |
| **Ground Transportation \| 1.6%** |  |  |
| East Japan Railway Co. | 40600 | 1070268 |

---

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

**22** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Japanese Equity ETF (continued)** |  |  |
| **Household Durables \| 6.1%** |  |  |
| Rinnai Corp. | 22700 | $573492 |
| Sony Group Corp. | 96100 | 2467105 |
| Sumitomo Forestry Co. Ltd. | 89300 | 914108 |
|  |  | 3954705 |
| **Industrial Conglomerates \| 3.0%** |  |  |
| Hitachi Ltd. | 61800 | 1932716 |
| **Insurance \| 2.6%** |  |  |
| Tokio Marine Holdings, Inc. | 46300 | 1718250 |
| **Interactive Media & Services \| 0.9%** |  |  |
| Kakaku.com, Inc. | 39600 | 584103 |
| **IT Services \| 1.9%** |  |  |
| Fujitsu Ltd. | 44800 | 1237291 |
| **Machinery \| 7.5%** |  |  |
| Daifuku Co. Ltd. | 21300 | 669663 |
| FANUC Corp. | 20400 | 791819 |
| Komatsu Ltd. | 36300 | 1157932 |
| Makita Corp. | 25100 | 758549 |
| SMC Corp. | 2500 | 868608 |
| THK Co. Ltd. | 24000 | 613531 |
|  |  | 4860102 |
| **Oil, Gas & Consumable Fuels \| 2.0%** |  |  |
| Inpex Corp. | 65500 | 1306699 |
| **Pharmaceuticals \| 4.3%** |  |  |
| Daiichi Sankyo Co. Ltd. | 53400 | 1140599 |
| Takeda Pharmaceutical Co. Ltd. | 54900 | 1693461 |
|  |  | 2834060 |

---

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

Annual Financial Statements **23**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Japanese Equity ETF (continued)** |  |  |
| **Professional Services \| 1.9%** |  |  |
| Recruit Holdings Co. Ltd. | 21700 | $1224791 |
| **Real Estate Management & Development \| 2.6%** |  |  |
| Daiwa House Industry Co. Ltd. | 14400 | 477535 |
| Mitsui Fudosan Co. Ltd. | 109300 | 1241562 |
|  |  | 1719097 |
| **Semiconductors & Semiconductor Equipment \| 4.7%** |  |  |
| Disco Corp. | 3400 | 1044869 |
| SUMCO Corp. | 40600 | 371693 |
| Tokyo Electron Ltd. | 7600 | 1664053 |
|  |  | 3080615 |
| **Specialty Retail \| 0.5%** |  |  |
| Nitori Holdings Co. Ltd. | 20000 | 349931 |
| **Technology Hardware, Storage & Peripherals \| 1.3%** |  |  |
| FUJIFILM Holdings Corp. | 40800 | 870428 |
| **Trading Companies & Distributors \| 4.4%** |  |  |
| Mitsubishi Corp. | 82900 | 1896580 |
| Toyota Tsusho Corp. | 29200 | 982492 |
|  |  | 2879072 |
| **Transportation Infrastructure \| 0.6%** |  |  |
| Mitsubishi Logistics Corp. | 49100 | 375114 |
| **Wireless Telecommunication Services \| 2.8%** |  |  |
| SoftBank Group Corp. | 64800 | 1819005 |
| **Total Common Stocks** <br> (Cost $54,772,254) |  | 65012167 |

---

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

**24** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Japanese Equity ETF (concluded)** |  |  |
| **Short-Term Investments \| 0.9%** |  |  |
| Lazard Government Money Market Portfolio,<br> 3.59% (7 day yield) (a) <br> (Cost $587,220) | 587220 | $587220 |
| **Total Investments \| 100.5%** <br> (Cost $55,359,474) |  | $**65599387** |
| **Liabilities in Excess of Cash and Other Assets \| (0.5)%** |  | **(300868)** |
| **Net Assets \| 100.0%** |  | $**65298519** |

---

*(a)* *Affiliated investment.* 

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

Annual Financial Statements **25**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Listed Infrastructure ETF** |  |  |
| **Common Stocks \| 98.9%** |  |  |
| **Australia \| 4.6%** |  |  |
| Transurban Group | 90141 | $854170 |
| **Canada \| 8.0%** |  |  |
| Canadian National Railway Co. | 15067 | 1492136 |
| **France \| 8.0%** |  |  |
| Vinci SA | 10588 | 1492832 |
| **Italy \| 4.3%** |  |  |
| Snam SpA | 62643 | 416118 |
| Terna - Rete Elettrica Nazionale | 36993 | 393364 |
|  |  | 809482 |
| **Spain \| 7.1%** |  |  |
| Aena SME SA (#) | 27676 | 774248 |
| Cellnex Telecom SA (#) | 16897 | 544340 |
|  |  | 1318588 |
| **United Kingdom \| 8.0%** |  |  |
| National Grid PLC | 97020 | 1489620 |
| **United States \| 58.9%** |  |  |
| Ameren Corp. | 3537 | 353205 |
| American Electric Power Co., Inc. | 4649 | 536076 |
| American Tower Corp. | 4405 | 773386 |
| Consolidated Edison, Inc. | 7547 | 749568 |
| Crown Castle, Inc. | 8704 | 773524 |
| CSX Corp. | 23160 | 839550 |
| Evergy, Inc. | 4752 | 344472 |
| Eversource Energy | 5119 | 344662 |
| Exelon Corp. | 17239 | 751448 |
| Ferrovial SE | 6363 | 413557 |
| NextEra Energy, Inc. | 6727 | 540044 |

---

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

**26** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Listed Infrastructure ETF (continued)** |  |  |
| Norfolk Southern Corp. | 2803 | $809282 |
| OGE Energy Corp. | 19368 | 827014 |
| Pinnacle West Capital Corp. | 9497 | 842384 |
| Portland General Electric Co. | 17548 | 842129 |
| PPL Corp. | 9993 | 349955 |
| Spire, Inc. | 4169 | 344776 |
| Union Pacific Corp. | 2315 | 535506 |
|  |  | 10970538 |
| **Total Common Stocks** <br> (Cost $18,431,222) |  | 18427366 |
| **Short-Term Investments \| 0.9%** |  |  |
| Lazard Government Money Market Portfolio,<br> 3.59% (7 day yield) (a)<br> (Cost $166,703) | 166703 | 166703 |
| **Total Investments \| 99.8%** <br> (Cost $18,597,925) (») |  | $**18594069** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** |  | **41049** |
| **Net Assets \| 100.0%** |  | $**18635118** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 7.1% 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.* |

---

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

Annual Financial Statements **27**

------

---

| | |
|:---|:---|
| **Lazard Listed Infrastructure ETF (concluded)** | |
| &nbsp;&nbsp;Asset Class/Sector | Allocation |
| &nbsp;&nbsp;&nbsp;Equity |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 2.9% |
| &nbsp;&nbsp;&nbsp;Industrials | 38.7 |
| &nbsp;&nbsp;&nbsp;Real Estate | 8.3 |
| &nbsp;&nbsp;&nbsp;Utilities | 49.0 |
| &nbsp;&nbsp;&nbsp;Other (includes short-term investments) | 1.1 |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

**Forward Currency Contracts open at December 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | 42444 | AUD | 63942 | MSC | 03/26/26 | $— | $230 |
| USD | 88469 | AUD | 132135 | RBC | 03/26/26 | 285 |  |
| USD | 736344 | AUD | 1109918 | SSB | 03/26/26 |  | 4396 |
| USD | 149226 | CAD | 203235 | RBC | 03/26/26 | 624 |  |
| USD | 1345024 | CAD | 1841825 | SSB | 03/26/26 |  | 1690 |
| USD | 403990 | EUR | 341942 | RBC | 03/26/26 | 639 |  |
| USD | 3444540 | EUR | 2910515 | SSB | 03/26/26 | 11328 |  |
| USD | 109251 | GBP | 81439 | MSC | 03/26/26 |  | 501 |
| USD | 148935 | GBP | 110360 | RBC | 03/26/26 | 207 |  |
| USD | 1312971 | GBP | 978716 | SSB | 03/26/26 |  | 6008 |
| &nbsp;&nbsp;Total gross unrealized appreciation/depreciation on Forward Currency Contracts | &nbsp;&nbsp;Total gross unrealized appreciation/depreciation on Forward Currency Contracts | &nbsp;&nbsp;Total gross unrealized appreciation/depreciation on Forward Currency Contracts | &nbsp;&nbsp;Total gross unrealized appreciation/depreciation on Forward Currency Contracts | &nbsp;&nbsp;Total gross unrealized appreciation/depreciation on Forward Currency Contracts |  | $13083 | $12825 |

---

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

**28** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Next Gen Technologies ETF** |  |  |
| **Common Stocks \| 99.0%** |  |  |
| **Canada \| 1.9%** |  |  |
| Shopify, Inc., Class A (\*) | 5679 | $914149 |
| **China \| 4.8%** |  |  |
| Alibaba Group Holding Ltd. ADR | 5859 | 858812 |
| Tencent Holdings Ltd. ADR | 11852 | 907271 |
| Xiaomi Corp., Class B (#), (\*) | 117400 | 592769 |
|  |  | 2358852 |
| **Italy \| 1.9%** |  |  |
| Prysmian SpA | 8933 | 906244 |
| **Japan \| 2.9%** |  |  |
| Advantest Corp. | 11300 | 1415519 |
| **Netherlands \| 2.9%** |  |  |
| Adyen NV (#), (\*) | 476 | 768678 |
| Nebius Group NV (\*) | 7793 | 652313 |
|  |  | 1420991 |
| **South Korea \| 4.5%** |  |  |
| HD Hyundai Electric Co. Ltd. | 1087 | 584040 |
| SK Hynix, Inc. | 3616 | 1634109 |
|  |  | 2218149 |
| **Taiwan \| 6.3%** |  |  |
| Accton Technology Corp. | 18000 | 678856 |
| King Yuan Electronics Co. Ltd. | 115000 | 905858 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4824 | 1465965 |
|  |  | 3050679 |
| **United Kingdom \| 1.5%** |  |  |
| RELX PLC | 17501 | 710899 |

---

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

Annual Financial Statements **29**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Next Gen Technologies ETF (continued)** |  |  |
| **United States \| 72.3%** |  |  |
| Advanced Micro Devices, Inc. (\*) | 3841 | $822589 |
| Alphabet, Inc., Class A | 4561 | 1427593 |
| Amazon.com, Inc. (\*) | 7364 | 1699758 |
| Ambarella, Inc. (\*) | 10077 | 713855 |
| Amphenol Corp., Class A | 10934 | 1477621 |
| AppLovin Corp., Class A (\*) | 1473 | 992537 |
| Arista Networks, Inc. (\*) | 8571 | 1123058 |
| Autodesk, Inc. (\*) | 2827 | 836820 |
| Broadcom, Inc. | 3693 | 1278147 |
| Cadence Design Systems, Inc. (\*) | 2081 | 650479 |
| Cisco Systems, Inc. | 7980 | 614699 |
| Cloudflare, Inc., Class A (\*) | 5127 | 1010788 |
| Crowdstrike Holdings, Inc., Class A (\*) | 2010 | 942208 |
| CyberArk Software Ltd. (\*) | 1944 | 867141 |
| Datadog, Inc., Class A (\*) | 7349 | 999390 |
| Doximity, Inc., Class A (\*) | 7684 | 340248 |
| Dynatrace, Inc. (\*) | 15382 | 666656 |
| Eaton Corp. PLC | 2515 | 801053 |
| International Business Machines Corp. | 2864 | 848345 |
| JFrog Ltd. (\*) | 8725 | 544963 |
| Manhattan Associates, Inc. (\*) | 3604 | 624609 |
| Mastercard, Inc., Class A | 1650 | 941952 |
| Meta Platforms, Inc., Class A | 1920 | 1267373 |
| Microsoft Corp. | 3612 | 1746835 |
| NVIDIA Corp. | 13705 | 2555982 |
| Palantir Technologies, Inc., Class A (\*) | 5719 | 1016552 |
| Palo Alto Networks, Inc. (\*) | 7154 | 1317767 |
| PTC, Inc. (\*) | 3467 | 603986 |
| Salesforce, Inc. | 3993 | 1057786 |
| Samsara, Inc., Class A (\*) | 14485 | 513493 |
| ServiceNow, Inc. (\*) | 4475 | 685525 |
| Snowflake, Inc. (\*) | 4482 | 983172 |
| Synopsys, Inc. (\*) | 1250 | 587150 |
| Tempus AI, Inc. (\*) | 7904 | 466731 |
| Trimble, Inc. (\*) | 7536 | 590446 |

---

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

**30** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard Next Gen Technologies ETF (concluded)** |  |  |
| Twilio, Inc., Class A (\*) | 5424 | $771510 |
| Uber Technologies, Inc. (\*) | 10000 | 817100 |
|  |  | 35205917 |
| **Total Common Stocks** <br> (Cost $34,883,510) |  | 48201399 |
| **Short-Term Investments \| 1.0%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) <br> (Cost $507,765) | 507765 | 507765 |
| **Total Investments \| 100.0%** <br> (Cost $35,391,275) |  | $**48709164** |
| **Liabilities in Excess of Cash and Other Assets \| 0.0%** |  | **(12171)** |
| **Net Assets \| 100.0%** |  | $**48696993** |

---

---

| | |
|:---|:---|
| (\*) | 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 December 31, 2025, these securities amounted to 2.8% of net assets of the Portfolio. |
| (a) | Affiliated investment. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Asset Class/Sector | Allocation |
| &nbsp;&nbsp;Equity |  |
| &nbsp;&nbsp;Communication Services | 7.4% |
| &nbsp;&nbsp;Consumer Discretionary | 5.3 |
| &nbsp;&nbsp;Financials | 3.5 |
| &nbsp;&nbsp;Health Care | 1.7 |
| &nbsp;&nbsp;Industrials | 7.8 |
| &nbsp;&nbsp;Information Technology | 73.3 |
| &nbsp;&nbsp;Other (includes short-term investments) | 1 |
| &nbsp;&nbsp;Total | 100.0% |

---

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

Annual Financial Statements **31**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF** |  |  |
| **Closed-End Management Investment Companies \| 0.2%** |  |  |
| ASA Gold & Precious Metals Ltd. | 1692 | $100962 |
| Kayne Anderson Energy Infrastructure Fund | 2654 | 32856 |
| **Total Closed-End Management Investment Companies**<br> (Cost $69,010) |  | 133818 |
| **Common Stocks \| 98.8%** |  |  |
| **Aerospace & Defense \| 0.2%** |  |  |
| Innovative Solutions & Support, Inc. (\*) | 5726 | 108450 |
| **Automobile Components \| 2.2%** |  |  |
| Autoliv, Inc. | 2095 | 248676 |
| Dana, Inc. | 4890 | 116186 |
| Dorman Products, Inc. (\*) | 1049 | 129226 |
| Garrett Motion, Inc. | 13010 | 226764 |
| Gentex Corp. | 9484 | 220693 |
| Lear Corp. | 1855 | 212583 |
| Motorcar Parts of America, Inc. (\*) | 1915 | 23631 |
| Strattec Security Corp. (\*) | 1805 | 137433 |
|  |  | 1315192 |
| **Banks \| 4.0%** |  |  |
| 1st Source Corp. | 2071 | 129417 |
| BancFirst Corp. | 701 | 74320 |
| Bank of NT Butterfield & Son Ltd. | 4823 | 240282 |
| Capital City Bank Group, Inc. | 561 | 23882 |
| Central Pacific Financial Corp. | 3210 | 100024 |
| Community Financial System, Inc. | 1411 | 81048 |
| Cullen/Frost Bankers, Inc. | 767 | 97125 |
| First BanCorp | 4492 | 93119 |
| First Business Financial Services, Inc. | 200 | 10860 |
| First Financial Corp. | 1086 | 65616 |
| HomeTrust Bancshares, Inc. | 1320 | 56681 |
| Intercorp Financial Services, Inc. | 2415 | 102299 |

---

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

**32** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| International Bancshares Corp. | 1450 | $96338 |
| Nicolet Bankshares, Inc. | 727 | 88185 |
| Northrim BanCorp, Inc. | 1694 | 45077 |
| Popular, Inc. | 899 | 111944 |
| Republic Bancorp, Inc., Class A | 1139 | 78580 |
| South Plains Financial, Inc. | 1254 | 48655 |
| Southern Missouri Bancorp, Inc. | 1238 | 73191 |
| Synovus Financial Corp. | 1773 | 88739 |
| Trustmark Corp. | 4589 | 178742 |
| Unity Bancorp, Inc. | 1234 | 63822 |
| Western Alliance Bancorp | 1212 | 101893 |
| WSFS Financial Corp. | 1724 | 95234 |
| Zions Bancorp NA | 2128 | 124573 |
|  |  | 2269646 |
| **Beverages \| 0.4%** |  |  |
| Coca-Cola Consolidated, Inc. | 1456 | 223205 |
| **Biotechnology \| 3.6%** |  |  |
| ACADIA Pharmaceuticals, Inc. (\*) | 12266 | 327625 |
| ARS Pharmaceuticals, Inc. (\*) | 14347 | 167143 |
| BioMarin Pharmaceutical, Inc. (\*) | 6124 | 363949 |
| Caris Life Sciences, Inc. | 4000 | 107920 |
| Exact Sciences Corp. (\*) | 2479 | 251767 |
| Ironwood Pharmaceuticals, Inc. (\*) | 32774 | 110448 |
| Kiniksa Pharmaceuticals International PLC (\*) | 5623 | 231949 |
| MiMedx Group, Inc. (\*) | 15623 | 105768 |
| United Therapeutics Corp. (\*) | 602 | 293324 |
| XOMA Royalty Corp. (\*) | 114 | 3031 |
|  |  | 1962924 |
| **Broadline Retail \| 0.2%** |  |  |
| Pattern Group, Inc., Class A | 10739 | 123928 |

---

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

Annual Financial Statements **33**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Building Products \| 2.5%** |  |  |
| A.O. Smith Corp. | 4256 | $284641 |
| AZZ, Inc. | 1781 | 190888 |
| CSW Industrials, Inc. | 995 | 292062 |
| Griffon Corp. | 1438 | 105909 |
| Hayward Holdings, Inc. (\*) | 6938 | 107192 |
| Insteel Industries, Inc. | 3898 | 123450 |
| Simpson Manufacturing Co., Inc. | 649 | 104794 |
| Tecnoglass, Inc. | 2349 | 118202 |
| Zurn Elkay Water Solutions Corp. | 2275 | 105765 |
|  |  | 1432903 |
| **Capital Markets \| 1.5%** |  |  |
| BGC Group, Inc., Class A | 9027 | 80611 |
| Evercore, Inc., Class A | 307 | 104457 |
| Federated Hermes, Inc. | 3949 | 205624 |
| MarketAxess Holdings, Inc. | 492 | 89175 |
| Morningstar, Inc. | 392 | 85185 |
| SEI Investments Co. | 1235 | 101295 |
| Stifel Financial Corp. | 781 | 97797 |
|  |  | 764144 |
| **Chemicals \| 2.0%** |  |  |
| Avient Corp. | 3435 | 107309 |
| Cabot Corp. | 3391 | 224755 |
| Element Solutions, Inc. | 3921 | 97986 |
| ICL Group Ltd. | 24679 | 140917 |
| LSB Industries, Inc. (\*) | 3190 | 27115 |
| Methanex Corp. | 7442 | 295596 |
| Minerals Technologies, Inc. | 1506 | 91791 |
| NewMarket Corp. | 128 | 87969 |
|  |  | 1073438 |

---

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

**34** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Commercial Services & Supplies \| 3.3%** |  |  |
| Brady Corp., Class A | 2466 | $193260 |
| BrightView Holdings, Inc. (\*) | 8533 | 108113 |
| Brink's Co. | 937 | 109376 |
| Healthcare Services Group, Inc. (\*) | 10159 | 194240 |
| Interface, Inc. | 13807 | 385491 |
| Liquidity Services, Inc. (\*) | 7018 | 212716 |
| OPENLANE, Inc. (\*) | 13418 | 399588 |
| Tetra Tech, Inc. | 7096 | 238000 |
|  |  | 1840784 |
| **Communications Equipment \| 3.1%** |  |  |
| Applied Optoelectronics, Inc. (\*) | 6496 | 226451 |
| AudioCodes Ltd. | 3159 | 27578 |
| Aviat Networks, Inc. (\*) | 1422 | 30402 |
| Calix, Inc. (\*) | 1256 | 66480 |
| Gilat Satellite Networks Ltd. (\*) | 12114 | 156755 |
| Harmonic, Inc. (\*) | 27732 | 274269 |
| Ituran Location & Control Ltd. | 3787 | 162879 |
| NETGEAR, Inc. (\*) | 1957 | 48005 |
| NetScout Systems, Inc. (\*) | 11394 | 308322 |
| Viavi Solutions, Inc. (\*) | 18926 | 337261 |
|  |  | 1638402 |
| **Construction & Engineering \| 2.8%** |  |  |
| Arcosa, Inc. | 2615 | 278027 |
| Bowman Consulting Group Ltd. (\*) | 2666 | 88031 |
| Great Lakes Dredge & Dock Corp. (\*) | 9461 | 124128 |
| Legence Corp., Class A | 2372 | 102091 |
| MYR Group, Inc. (\*) | 467 | 102039 |
| NWPX Infrastructure, Inc. (\*) | 1936 | 120981 |
| Primoris Services Corp. | 2433 | 302033 |
| Stantec, Inc. | 1818 | 171546 |
| Tutor Perini Corp. | 1609 | 107835 |
| Valmont Industries, Inc. | 471 | 189493 |
|  |  | 1586204 |

---

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

Annual Financial Statements **35**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Construction Materials \| 0.5%** |  |  |
| U.S. Lime & Minerals, Inc. | 2274 | $272289 |
| **Consumer Finance \| 0.7%** |  |  |
| FirstCash Holdings, Inc. | 695 | 110769 |
| OneMain Holdings, Inc. | 1737 | 117334 |
| PROG Holdings, Inc. | 5738 | 169214 |
|  |  | 397317 |
| **Consumer Staples Distribution & Retail \| 0.5%** |  |  |
| BBB Foods, Inc., Class A (\*) | 6543 | 218471 |
| Village Super Market, Inc., Class A | 1550 | 54862 |
|  |  | 273333 |
| **Containers & Packaging \| 0.4%** |  |  |
| Crown Holdings, Inc. | 1128 | 116150 |
| Sonoco Products Co. | 2511 | 109580 |
|  |  | 225730 |
| **Distributors \| 0.2%** |  |  |
| LKQ Corp. | 3256 | 98331 |
| **Diversified Consumer Services \| 2.8%** |  |  |
| ADT, Inc. | 20426 | 164838 |
| Adtalem Global Education, Inc. (\*) | 2997 | 310100 |
| Afya Ltd., Class A | 6278 | 96744 |
| Frontdoor, Inc. (\*) | 3139 | 181089 |
| Graham Holdings Co., Class B | 93 | 102170 |
| Grand Canyon Education, Inc. (\*) | 506 | 84153 |
| Laureate Education, Inc. (\*) | 7767 | 261515 |
| Perdoceo Education Corp. | 7890 | 231414 |
| Strategic Education, Inc. | 892 | 71538 |
|  |  | 1503561 |

---

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

**36** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Diversified REITs \| 0.2%** |  |  |
| Broadstone Net Lease, Inc. | 5408 | $93937 |
| **Diversified Telecommunication Services \| 0.9%** |  |  |
| Frontier Communications Parent, Inc. (\*) | 2777 | 105720 |
| IDT Corp., Class B | 3706 | 189784 |
| Uniti Group, Inc. | 33061 | 231758 |
|  |  | 527262 |
| **Electric Utilities \| 0.2%** |  |  |
| OGE Energy Corp. | 2198 | 93855 |
| **Electrical Equipment \| 2.3%** |  |  |
| Acuity, Inc. | 515 | 185421 |
| Allient, Inc. | 37 | 1989 |
| Atkore, Inc. | 1771 | 112016 |
| Electrovaya, Inc. (\*) | 5142 | 40622 |
| EnerSys | 1980 | 290565 |
| Fluence Energy, Inc. (\*) | 9701 | 191886 |
| Generac Holdings, Inc. (\*) | 358 | 48820 |
| Nextpower, Inc., Class A (\*) | 1038 | 90420 |
| Regal Rexnord Corp. | 688 | 96540 |
| T1 Energy, Inc. (\*) | 33579 | 224308 |
|  |  | 1282587 |
| **Electronic Equipment, Instruments & Components \| 4.2%** |  |  |
| Advanced Energy Industries, Inc. | 211 | 44177 |
| Arrow Electronics, Inc. (\*) | 1479 | 162956 |
| Belden, Inc. | 619 | 72144 |
| Cognex Corp. | 2393 | 86100 |
| Coherent Corp. (\*) | 2833 | 522887 |
| CTS Corp. | 4136 | 177310 |
| Kimball Electronics, Inc. (\*) | 6573 | 182861 |
| Knowles Corp. (\*) | 4373 | 93713 |
| Littelfuse, Inc. | 692 | 175021 |

---

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

Annual Financial Statements **37**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| Novanta, Inc. (\*) | 189 | $22489 |
| Rogers Corp. (\*) | 1363 | 124810 |
| Sanmina Corp. (\*) | 1145 | 171830 |
| TD SYNNEX Corp. | 732 | 109968 |
| TTM Technologies, Inc. (\*) | 4058 | 280002 |
| Vontier Corp. | 4574 | 170061 |
|  |  | 2396329 |
| **Energy Equipment & Services \| 1.5%** |  |  |
| Archrock, Inc. | 3984 | 103664 |
| Cactus, Inc., Class A | 2202 | 100587 |
| Enerflex Ltd. | 6100 | 94123 |
| Flowco Holdings, Inc., Class A | 6521 | 122203 |
| National Energy Services Reunited Corp. (\*) | 7366 | 115352 |
| Ranger Energy Services, Inc., Class A | 4571 | 63903 |
| SLB Ltd. | 2771 | 106351 |
| Weatherford International PLC | 1466 | 114729 |
|  |  | 820912 |
| **Entertainment \| 0.8%** |  |  |
| CuriosityStream, Inc. | 15891 | 60386 |
| Lionsgate Studios Corp. (\*) | 16540 | 151010 |
| Madison Square Garden Entertainment Corp. (\*) | 2271 | 122384 |
| Stubhub Holdings, Inc., Class A | 7794 | 105453 |
|  |  | 439233 |
| **Financial Services \| 1.4%** |  |  |
| Banco Latinoamericano de Comercio Exterior SA | 2089 | 93170 |
| Cass Information Systems, Inc. | 1549 | 64314 |
| Jack Henry & Associates, Inc. | 610 | 111313 |
| MGIC Investment Corp. | 4204 | 122841 |
| NMI Holdings, Inc. (\*) | 5150 | 210068 |
| Paymentus Holdings, Inc., Class A (\*) | 2507 | 79196 |
| Radian Group, Inc. | 2656 | 95589 |
|  |  | 776491 |

---

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

**38** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Food Products \| 1.4%** |  |  |
| Dole PLC | 14430 | $216306 |
| Fresh Del Monte Produce, Inc. | 4629 | 164931 |
| Seaboard Corp. | 38 | 168903 |
| Seneca Foods Corp., Class A (\*) | 1023 | 113174 |
| TreeHouse Foods, Inc. (\*) | 1138 | 26845 |
| Vital Farms, Inc. (\*) | 3372 | 107702 |
|  |  | 797861 |
| **Gas Utilities \| 0.3%** |  |  |
| National Fuel Gas Co. | 2205 | 176532 |
| **Ground Transportation \| 0.6%** |  |  |
| ArcBest Corp. | 1602 | 118852 |
| Landstar System, Inc. | 769 | 110505 |
| Ryder System, Inc. | 678 | 129762 |
|  |  | 359119 |
| **Health Care Equipment & Supplies \| 4.5%** |  |  |
| Align Technology, Inc. (\*) | 1411 | 220328 |
| AtriCure, Inc. (\*) | 2930 | 115911 |
| Avanos Medical, Inc. (\*) | 17627 | 197951 |
| Bioventus, Inc., Class A (\*) | 7615 | 56656 |
| Glaukos Corp. (\*) | 1165 | 131540 |
| Globus Medical, Inc., Class A (\*) | 4758 | 415421 |
| LeMaitre Vascular, Inc. | 2618 | 212320 |
| LivaNova PLC (\*) | 3175 | 195358 |
| NeuroPace, Inc. (\*) | 6404 | 98878 |
| Omnicell, Inc. (\*) | 2100 | 95130 |
| Penumbra, Inc. (\*) | 627 | 194941 |
| SANUWAVE Health, Inc. (\*) | 1556 | 46431 |
| SI-BONE, Inc. (\*) | 5156 | 101676 |
| Teleflex, Inc. | 2112 | 257748 |
|  |  | 2340289 |

---

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

Annual Financial Statements **39**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Health Care Providers & Services \| 2.2%** |  |  |
| Addus HomeCare Corp. (\*) | 1652 | $177408 |
| Astrana Health, Inc. (\*) | 4767 | 118269 |
| Chemed Corp. | 174 | 74448 |
| Encompass Health Corp. | 877 | 93085 |
| Enhabit, Inc. (\*) | 20102 | 185340 |
| Nutex Health, Inc. (\*) | 879 | 144701 |
| Pediatrix Medical Group, Inc. (\*) | 10358 | 221558 |
| Universal Health Services, Inc., Class B | 639 | 139315 |
| Viemed Healthcare, Inc. (\*) | 6292 | 46750 |
|  |  | 1200874 |
| **Health Care REITs \| 0.8%** |  |  |
| American Healthcare REIT, Inc. | 2506 | 117932 |
| Healthcare Realty Trust, Inc. | 5409 | 91683 |
| Healthpeak Properties, Inc. | 5278 | 84870 |
| Omega Healthcare Investors, Inc. | 2219 | 98390 |
|  |  | 392875 |
| **Health Care Technology \| 0.5%** |  |  |
| Doximity, Inc., Class A (\*) | 4447 | 196913 |
| HealthStream, Inc. | 2571 | 59313 |
|  |  | 256226 |
| **Hotels, Restaurants & Leisure \| 2.0%** |  |  |
| Accel Entertainment, Inc. (\*) | 17727 | 202265 |
| Churchill Downs, Inc. | 1074 | 122200 |
| Global Business Travel Group I (\*) | 14994 | 114704 |
| Life Time Group Holdings, Inc. (\*) | 4231 | 112460 |
| Monarch Casino & Resort, Inc. | 3346 | 320212 |
| Texas Roadhouse, Inc. | 659 | 109394 |
| Travel & Leisure Co. | 1589 | 112072 |
|  |  | 1093307 |

---

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

**40** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Household Durables \| 0.5%** |  |  |
| Hamilton Beach Brands Holding Co., Class A | 1123 | $18473 |
| Taylor Morrison Home Corp. (\*) | 4855 | 285814 |
|  |  | 304287 |
| **Household Products \| 0.2%** |  |  |
| Central Garden & Pet Co., Class A (\*) | 3313 | 96706 |
| **Independent Power & Renewable Electricity Producers \| 0.4%** |  |  |
| ReNew Energy Global PLC, Class A (\*) | 39788 | 224802 |
| **Industrial REITs \| 0.6%** |  |  |
| EastGroup Properties, Inc. | 479 | 85329 |
| First Industrial Realty Trust, Inc. | 1337 | 76570 |
| LXP Industrial Trust | 2279 | 112993 |
| STAG Industrial, Inc. | 2020 | 74255 |
|  |  | 349147 |
| **Insurance \| 2.5%** |  |  |
| American Financial Group, Inc. | 670 | 91576 |
| Assurant, Inc. | 438 | 105492 |
| Axis Capital Holdings Ltd. | 1244 | 133220 |
| Brighthouse Financial, Inc. (\*) | 2728 | 176747 |
| CNO Financial Group, Inc. | 2308 | 98021 |
| Globe Life, Inc. | 968 | 135384 |
| Hamilton Insurance Group Ltd., Class B (\*) | 7519 | 209780 |
| Hanover Insurance Group, Inc. | 677 | 123735 |
| Old Republic International Corp. | 2453 | 111955 |
| RLI Corp. | 1312 | 83942 |
| Selective Insurance Group, Inc. | 1192 | 99735 |
|  |  | 1369587 |

---

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

Annual Financial Statements **41**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Interactive Media & Services \| 1.4%** |  |  |
| Cargurus, Inc. (\*) | 5696 | $218442 |
| EverQuote, Inc., Class A (\*) | 12381 | 334287 |
| Taboola.com Ltd. (\*) | 53502 | 246644 |
|  |  | 799373 |
| **IT Services \| 0.8%** |  |  |
| ASGN, Inc. (\*) | 2140 | 103084 |
| Backblaze, Inc., Class A (\*) | 11311 | 52709 |
| CI&T, Inc., Class A (\*) | 2478 | 10085 |
| EPAM Systems, Inc. (\*) | 694 | 142187 |
| Whitefiber, Inc. | 5544 | 87595 |
|  |  | 395660 |
| **Life Sciences Tools & Services \| 1.0%** |  |  |
| Adaptive Biotechnologies Corp. (\*) | 2293 | 37238 |
| Avantor, Inc. (\*) | 9099 | 104275 |
| Bio-Techne Corp. | 452 | 26582 |
| Charles River Laboratories International, Inc. (\*) | 480 | 95750 |
| CryoPort, Inc. (\*) | 5959 | 57206 |
| ICON PLC (\*) | 613 | 111701 |
| Qiagen NV | 2383 | 107163 |
|  |  | 539915 |
| **Machinery \| 6.3%** |  |  |
| AGCO Corp. | 984 | 102651 |
| Alamo Group, Inc. | 881 | 147893 |
| Atmus Filtration Technologies, Inc. | 2348 | 121885 |
| Enpro, Inc. | 470 | 100641 |
| Esab Corp. | 939 | 104905 |
| ESCO Technologies, Inc. | 1259 | 245996 |
| Franklin Electric Co., Inc. | 1911 | 182558 |
| Gates Industrial Corp. PLC (\*) | 8599 | 184620 |
| JBT Marel Corp. | 345 | 51981 |
| Lincoln Electric Holdings, Inc. | 462 | 110714 |
| Lindsay Corp. | 916 | 107969 |

---

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

**42** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| Luxfer Holdings PLC | 10189 | $137857 |
| Middleby Corp. (\*) | 865 | 128600 |
| Mueller Industries, Inc. | 4804 | 551499 |
| Mueller Water Products, Inc., Class A | 12740 | 303467 |
| Proto Labs, Inc. (\*) | 5035 | 254721 |
| REV Group, Inc. | 4707 | 286233 |
| SPX Technologies, Inc. (\*) | 46 | 9203 |
| Stanley Black & Decker, Inc. | 341 | 25329 |
| Timken Co. | 3266 | 274769 |
| Toro Co. | 1388 | 109263 |
| Trinity Industries, Inc. | 1490 | 39396 |
|  |  | 3582150 |
| **Media \| 0.3%** |  |  |
| Liberty Broadband Corp., Class C (\*) | 2891 | 140503 |
| **Office REITs \| 0.3%** |  |  |
| COPT Defense Properties | 2586 | 71891 |
| Cousins Properties, Inc. | 2977 | 76747 |
| Postal Realty Trust, Inc., Class A | 4533 | 73163 |
|  |  | 221801 |
| **Oil, Gas & Consumable Fuels \| 2.4%** |  |  |
| Antero Midstream Corp. | 4033 | 71747 |
| Bw Lpg Ltd. (#) | 12061 | 157999 |
| California Resources Corp. | 2148 | 96037 |
| DHT Holdings, Inc. | 8680 | 105983 |
| DT Midstream, Inc. | 1028 | 123031 |
| Excelerate Energy, Inc., Class A | 4166 | 116856 |
| Granite Ridge Resources, Inc. | 18281 | 85921 |
| Hafnia Ltd. | 23129 | 123278 |
| New Fortress Energy, Inc. (\*) | 86520 | 98633 |
| Ovintiv, Inc. | 2603 | 102012 |
| South Bow Corp. | 3675 | 100952 |
| Vermilion Energy, Inc. | 12455 | 103875 |
|  |  | 1286324 |

---

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

Annual Financial Statements **43**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Paper & Forest Products \| 0.2%** |  |  |
| Sylvamo Corp. | 2539 | $122253 |
| **Passenger Airlines \| 0.7%** |  |  |
| Copa Holdings SA, Class A | 2825 | 340723 |
| SkyWest, Inc. (\*) | 490 | 49201 |
|  |  | 389924 |
| **Personal Care Products \| 0.1%** |  |  |
| Nature's Sunshine Products, Inc. (\*) | 3617 | 78055 |
| **Pharmaceuticals \| 1.1%** |  |  |
| CorMedix, Inc. (\*) | 18525 | 215446 |
| Esperion Therapeutics, Inc. (\*) | 33741 | 124842 |
| Phibro Animal Health Corp., Class A | 7797 | 291296 |
|  |  | 631584 |
| **Professional Services \| 4.2%** |  |  |
| Barrett Business Services, Inc. | 5227 | 189270 |
| CRA International, Inc. | 633 | 127040 |
| ExlService Holdings, Inc. (\*) | 3446 | 146248 |
| Genpact Ltd. | 6226 | 291252 |
| Huron Consulting Group, Inc. (\*) | 2083 | 360171 |
| IBEX Holdings Ltd. (\*) | 4399 | 167954 |
| Kforce, Inc. | 3486 | 107787 |
| Korn Ferry | 3760 | 248235 |
| Paycom Software, Inc. | 664 | 105815 |
| Paylocity Holding Corp. (\*) | 1283 | 195657 |
| TIC Solutions, Inc. (\*) | 19249 | 194607 |
| Verra Mobility Corp. (\*) | 7526 | 168658 |
|  |  | 2302694 |
| **Real Estate Management & Development \| 1.2%** |  |  |
| Colliers International Group, Inc. | 585 | 86001 |
| Cushman & Wakefield Ltd. (\*) | 7317 | 118462 |
| Kennedy-Wilson Holdings, Inc. | 11396 | 110199 |
| Newmark Group, Inc., Class A | 5544 | 96133 |

---

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

**44** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| Real Brokerage, Inc. (\*) | 19931 | $72748 |
| Seaport Entertainment Group, Inc. (\*) | 3236 | 63976 |
| St. Joe Co. | 1781 | 105738 |
|  |  | 653257 |
| **Residential REITs \| 0.6%** |  |  |
| American Homes 4 Rent, Class A | 3007 | 96525 |
| Elme Communities | 6374 | 110908 |
| UMH Properties, Inc. | 5551 | 88316 |
|  |  | 295749 |
| **Retail REITs \| 0.7%** |  |  |
| Brixmor Property Group, Inc. | 3711 | 97302 |
| InvenTrust Properties Corp. | 3618 | 102064 |
| Kite Realty Group Trust | 3241 | 77687 |
| Urban Edge Properties | 4490 | 86163 |
|  |  | 363216 |
| **Semiconductors & Semiconductor Equipment \| 4.4%** |  |  |
| AXT, Inc. (\*) | 9729 | 159069 |
| Cirrus Logic, Inc. (\*) | 1788 | 211878 |
| Credo Technology Group Holding Ltd. (\*) | 946 | 136120 |
| Diodes, Inc. (\*) | 4623 | 228099 |
| MACOM Technology Solutions Holdings, Inc. (\*) | 1492 | 255550 |
| Onto Innovation, Inc. (\*) | 2661 | 420065 |
| Power Integrations, Inc. | 2730 | 97024 |
| Qorvo, Inc. (\*) | 1243 | 105046 |
| Rambus, Inc. (\*) | 5542 | 509254 |
| SkyWater Technology, Inc. (\*) | 11261 | 204500 |
| SolarEdge Technologies, Inc. (\*) | 2681 | 77347 |
| Universal Display Corp. | 156 | 18218 |
|  |  | 2422170 |

---

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

Annual Financial Statements **45**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Software \| 7.6%** |  |  |
| ACI Worldwide, Inc. (\*) | 3690 | $176419 |
| Adeia, Inc. | 17899 | 308758 |
| Agilysys, Inc. (\*) | 1702 | 202266 |
| Alarm.com Holdings, Inc. (\*) | 2952 | 150611 |
| AvePoint, Inc. (\*) | 8603 | 119496 |
| Bit Digital, Inc. (\*) | 88143 | 166590 |
| Bitdeer Technologies Group, Class A (\*) | 16705 | 187263 |
| Bitfarms Ltd. (\*) | 40179 | 94421 |
| CCC Intelligent Solutions Holdings, Inc. (\*) | 10881 | 86504 |
| Cognyte Software Ltd. (\*) | 8002 | 75219 |
| Commvault Systems, Inc. (\*) | 1121 | 140529 |
| Dolby Laboratories, Inc., Class A | 2615 | 167935 |
| Elastic NV (\*) | 2346 | 176982 |
| Hive Digital Technologies Ltd. (\*) | 54160 | 139733 |
| Intapp, Inc. (\*) | 2370 | 108593 |
| IREN Ltd. (\*) | 2553 | 96427 |
| JFrog Ltd. (\*) | 4790 | 299183 |
| Karooooo Ltd. | 639 | 29075 |
| LiveRamp Holdings, Inc. (\*) | 6480 | 190318 |
| Magic Software Enterprises Ltd. | 1747 | 44986 |
| Mitek Systems, Inc. (\*) | 20536 | 216655 |
| OneSpan, Inc. | 11522 | 147942 |
| Open Text Corp. | 3905 | 127225 |
| Porch Group, Inc. (\*) | 6358 | 58049 |
| Q2 Holdings, Inc. (\*) | 2616 | 188771 |
| Radware Ltd. (\*) | 7146 | 172147 |
| SentinelOne, Inc., Class A (\*) | 5122 | 76830 |
| SPS Commerce, Inc. (\*) | 1291 | 115067 |
| Tenable Holdings, Inc. (\*) | 3525 | 82943 |
| Yext, Inc. (\*) | 20328 | 163844 |
|  |  | 4310781 |

---

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

**46** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| **Specialized REITs \| 0.8%** |  |  |
| EPR Properties | 1614 | $80539 |
| Four Corners Property Trust, Inc. | 3685 | 84976 |
| Gaming & Leisure Properties, Inc. | 2163 | 96664 |
| Millrose Properties, Inc. | 2907 | 86832 |
| Rayonier, Inc. | 3676 | 79585 |
|  |  | 428596 |
| **Specialty Retail \| 1.1%** |  |  |
| Asbury Automotive Group, Inc. (\*) | 635 | 147657 |
| AutoNation, Inc. (\*) | 1119 | 231051 |
| EVgo, Inc. (\*) | 34547 | 100532 |
| Haverty Furniture Cos., Inc. | 4471 | 104443 |
|  |  | 583683 |
| **Technology Hardware, Storage & Peripherals \| 0.7%** |  |  |
| CompoSecure, Inc., Class A (\*) | 5444 | 104960 |
| Diebold Nixdorf, Inc. (\*) | 4482 | 304283 |
|  |  | 409243 |
| **Textiles, Apparel & Luxury Goods \| 1.4%** |  |  |
| Canada Goose Holdings, Inc. (\*) | 8251 | 106850 |
| Deckers Outdoor Corp. (\*) | 3697 | 383268 |
| Gildan Activewear, Inc. | 1857 | 115988 |
| Kontoor Brands, Inc. | 2557 | 156207 |
|  |  | 762313 |
| **Trading Companies & Distributors \| 2.0%** |  |  |
| Applied Industrial Technologies, Inc. | 484 | 124277 |
| BlueLinx Holdings, Inc. (\*) | 581 | 35691 |
| DNOW, Inc. (\*) | 15555 | 206104 |
| DXP Enterprises, Inc. (\*) | 2173 | 238574 |
| Global Industrial Co. | 2496 | 72933 |
| Herc Holdings, Inc. | 861 | 127755 |

---

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

Annual Financial Statements **47**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (continued)** |  |  |
| Hudson Technologies, Inc. (\*) | 14303 | $97976 |
| NPK International, Inc. (\*) | 8755 | 104360 |
| WESCO International, Inc. | 392 | 95899 |
|  |  | 1103569 |
| **Water Utilities \| 0.2%** |  |  |
| American States Water Co. | 1368 | 99153 |
| **Wireless Telecommunication Services \| 0.4%** |  |  |
| Millicom International Cellular SA | 3709 | 205627 |
| **Total Common Stocks** <br> (Cost $48,672,495) |  | 54629592 |
| **Rights \| 0.0%** |  |  |
| **Biotechnology \| 0.0%** |  |  |
| Epizyme, Inc. CVR, Expires 2099 (\*), (¢) | 41136 | 823 |
| **Consumer Staples Distribution & Retail \| 0.0%** |  |  |
| Walgreens Boots Alliance, Inc. CVR, Expires 2099 (\*), (¢) | 15004 | 7952 |
| **Paper & Forest Products \| 0.0%** |  |  |
| Resolute Forest Products, Inc. CVR, Expires 2099 (\*), (¢) | 10077 | 0 |
| **Pharmaceuticals \| 0.0%** |  |  |
| Adamas Pharmaceuticals, Inc. CVR, Expires 2099 (\*), (¢) | 1139 | 0 |
| **Total Rights** <br> (Cost $23,153) |  | 8775 |

---

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

**48** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Systematic Small Cap Equity ETF (concluded)** |  |  |
| **Short-Term Investments \| 1.1%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $582,485) | 582485 | $582485 |
| **Total Investments \| 100.1%** |  |  |
| (Cost $49,347,143) |  | $**55354670** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** |  | **(62082)** |
| **Net Assets \| 100.0%** |  | $**55292588** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 0.3% of net assets of the Portfolio.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(a)* | *Affiliated investment.* |

---

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

Annual Financial Statements **49**

**Lazard Active ETF Trust** Abbreviations

December 31, 2025

---

| | |
|:---|:---|
| Security Abbreviations: | Security Abbreviations: |
| ADR | — American Depositary Receipt |
| CVR | — Contingent Value Rights |
| GDR | — Global Depositary Receipt |
| NVDR | — Non-Voting Depository Receipt |
| PJSC | — Public Joint Stock Company |
| REITs | — Real Estate Investment Trust |
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| GBP | — British Pound Sterling |
| USD | — United States Dollar |
| Counterparty Abbreviations: | Counterparty Abbreviations: |
| MSC | — Morgan Stanley & Co. |
| RBC | — Royal Bank of Canada |
| SSB | — State Street Bank & Trust Co. |

---

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

**50** Annual Financial Statements

[This page intentionally left blank]

**51**

**Lazard Active ETF Trust** Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard <br> Emerging Markets <br> Opportunities <br> ETF | Lazard <br> Equity <br> Megatrends <br> ETF |
| **ASSETS** |  |  |
| Investments in securities, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $121390727 | $45930648 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | 1099706 | 452755 |
| Cash |  |  |
| Foreign currency, at fair value | 10012 | 65 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 102626 | 16447 |
| &nbsp;&nbsp;&nbsp;Investments sold |  |  |
| Gross unrealized appreciation on forward currency contracts |  |  |
| Other assets |  |  |
| Total assets | 122603071 | 46399915 |
| **LIABILITIES** |  |  |
| Foreign currency due to custodian | 65 |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 75894 | 19268 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 47334 |  |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 36820 |  |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 16267 |  |
| &nbsp;&nbsp;&nbsp;Offering costs (Note 2(i)) | 2206 | 2690 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 962 |  |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 172 |  |
| &nbsp;&nbsp;&nbsp;Foreign capital gains taxes |  |  |
| &nbsp;&nbsp;&nbsp;Accrued registration fees |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased |  |  |
| Gross unrealized depreciation on forward currency contracts |  |  |
| Other accrued expenses and payables | 4382 |  |
| Total liabilities | 184102 | 21958 |
| Net assets | $122418969 | $46377957 |
| **NET ASSETS** |  |  |
| Paid in capital | $141867902 | $38888073 |
| Distributable earnings (Accumulated loss) | (19448933) | 7489884 |
| Net assets | $122418969 | $46377957 |
| Net assets | $122418969 | $46377957 |
| Shares of capital stock outstanding | 4855397 | 1425000 |
| **Net asset value, offering and redemption price per share** | $25.21 | $32.55 |
| Cost of investments in securities | $86720161 | $38436405 |
| Cost of affiliated issuers | $1099706 | $452755 |
| Cost of foreign currency | $10008 | $65 |

---

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

**52** Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Dynamic Equity<br> ETF | Lazard<br> Japanese<br> Equity<br> ETF | Lazard<br> Listed<br> Infrastructure<br> ETF | Lazard<br> Next Gen<br> Technologies<br> ETF | Lazard<br> US Systematic<br> Small Cap Equity<br> ETF |
| $509956590 | $65012167 | $18427366 | $48201399 | $54772185 |
| 1484079 | 587220 | 166703 | 507765 | 582485 |
|  | 315 |  | 36 | 739 |
| 86705 |  | 44 | 903 |  |
| 709106 | 93329 | 53437 | 10634 | 30212 |
|  |  | 10008 |  | 150898 |
|  |  | 13083 |  |  |
| 31168 |  |  |  |  |
| 512267648 | 65693031 | 18670641 | 48720737 | 55536519 |
|  | 357639 |  |  |  |
| 167856 | 33318 | 13374 | 20661 | 27953 |
| 15061 |  |  |  | 38303 |
| 17691 |  |  |  | 50343 |
| 378 |  |  |  | 8253 |
| 19994 | 3555 | 385 | 3083 | 1589 |
| 438 |  |  |  | 3192 |
| 304010 |  |  |  |  |
|  |  |  |  | 21419 |
| 185047 |  | 8939 |  | 86874 |
|  |  | 12825 |  |  |
|  |  |  |  | 6005 |
| 710475 | 394512 | 35523 | 23744 | 243931 |
| $511557173 | $65298519 | $18635118 | $48696993 | $55292588 |
| $453616115 | $55502276 | $18768184 | $35601427 | $50247859 |
| 57941058 | 9796243 | (133066) | 13095566 | 5044729 |
| $511557173 | $65298519 | $18635118 | $48696993 | $55292588 |
| $511557173 | $65298519 | $18635118 | $48696993 | $55292588 |
| 16842753 | 2050000 | 750000 | 1300000 | 2187690 |
| $30.37 | $31.85 | $24.85 | $37.46 | $25.27 |
| $449696911 | $54772254 | $18431222 | $34883510 | $48764658 |
| $1484079 | $587220 | $166703 | $507765 | $582485 |
| $79098 | $— | $44 | $905 | $— |

---

Annual Financial Statements **53**

**Lazard Active ETF Trust** Statements of Operations

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2025 | Lazard <br> Emerging Markets <br> Opportunities <br> ETF (a) | Lazard <br> Equity Megatrends <br> ETF (b) |
| **Investment Income** |  |  |
| Dividends |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers\* | $3126085 | $265026 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (c) | 6241 | 6375 |
| Interest |  | 1692 |
| Total investment income | 3132326 | 273093 |
| **Expenses** |  |  |
| Management fees (Note 3) | 1197426 | 168845 |
| Professional services | 56407 |  |
| Registration fees | 48554 |  |
| Custodian fees | 42872 |  |
| Administration fees | 27093 |  |
| Shareholders' services | 13779 |  |
| Shareholders' reports | 12817 |  |
| Directors' fees and expenses | 11980 |  |
| Distribution fees | 4500 |  |
| Offering costs (Note 2(i)) | 2206 | 2784 |
| Other^ | 13403 |  |
| Total gross expenses | 1431037 | 171629 |
| Management fees waived and expenses reimbursed | (118732) | (28393) |
| Total net expenses | 1312305 | 143236 |
| Net investment income (loss) | 1820021 | 129857 |

---

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

**54** Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Dynamic Equity<br> ETF (d) | Lazard<br> Japanese Equity<br> ETF (b) | Lazard<br> Listed<br> Infrastructure <br> ETF (e) | Lazard<br> Next Gen <br> Technologies<br> ETF (b) | Lazard<br> US Systematic<br> Small Cap Equity<br> ETF (f) |
| $4988251 | $810215 | $131644 | $142367 | $736138 |
| 29697 | 3206 | 1705 | 5853 | 5557 |
| 5995 | 469 |  | 73 |  |
| 5023943 | 813890 | 133349 | 148293 | 741695 |
| 903564 | 216997 | 37115 | 192722 | 346843 |
| 15828 |  |  |  | 49711 |
| 11931 |  |  |  | 34926 |
| 17898 |  |  |  | 61063 |
| 7681 |  |  |  | 16655 |
| 3010 |  |  |  | 6742 |
| 1027 |  |  |  | 15035 |
| 2337 |  |  |  | 7952 |
| 4583 |  |  |  | 158 |
| 19994 | 3556 | 385 | 3192 | 1589 |
| 2109 |  |  |  | 6199 |
| 989962 | 220553 | 37500 | 195914 | 546873 |
| (35391) | (126) | (65) | (32342) | (125572) |
| 954571 | 220427 | 37435 | 163572 | 421301 |
| 4069372 | 593463 | 95914 | (15279) | 320394 |

---

Annual Financial Statements **55**

**Lazard Active ETF Trust** Statements of Operations

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2025 | Lazard <br> Emerging Markets <br> Opportunities <br> ETF (a) | Lazard <br> Equity Megatrends <br> ETF (b) |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments\*\* | $17486482 | $(1111) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | 559114 | 1616122 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (159608) | (11632) |
| Total net realized gain (loss) | 17885988 | 1603379 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments† | 13761300 | 7494243 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (121) | 100 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |
| Total net change in unrealized appreciation (depreciation) | 13761179 | 7494343 |
| Net realized and unrealized gain (loss) | 31647167 | 9097722 |
| Net increase (decrease) in net assets resulting from operations | $33467188 | $9227579 |
| \* Net of foreign withholding taxes of | $368651 | $16422 |
| \*\* Net of foreign capital gains taxes of | $622984 | $— |
| † Includes net change in foreign capital gains taxes of | $491328 | $— |
| ^Includes interest on line of credit | $4359 | $— |

---

*(a)* *On October 24, 2025, Lazard Emerging Markets Core Equity Portfolio (the "Target Portfolio") was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on October 24, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.* 

*(b)* *The Portfolio commenced operations on April 7, 2025.* 

*(c)* *See Note 5 for information on affiliated issuers.* 

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

**56** Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Dynamic Equity<br> ETF (d) | Lazard<br> Japanese Equity <br> ETF (b) | Lazard<br> Listed<br> Infrastructure <br> ETF (e) | Lazard<br> Next Gen <br> Technologies<br> ETF (b) | Lazard<br> US Systematic <br> Small Cap Equity<br> ETF (f) |
| $(1579351) | $(240183) | $(636) | $(222361) | $1033633 |
| 6948051 | 511094 |  | 1934932 | 3006142 |
| (231905) | 369831 | (16861) | 2775 |  |
| 5136795 | 640742 | (17497) | 1715346 | 4039775 |
| 58840826 | 10239913 | (3856) | 13317889 | (1838083) |
| 12657 | (146) | 496 | 38 |  |
|  |  | 258 |  |  |
| 58853483 | 10239767 | (3102) | 13317927 | (1838083) |
| 63990278 | 10880509 | (20599) | 15033273 | 2201692 |
| $68059650 | $11473972 | $75315 | $15017994 | $2522086 |
| $505761 | $77636 | $13394 | $6471 | $11643 |
| $9030 | $— | $— | $— | $— |
| $(304010) | $— | $— | $— | $— |
| $40 | $— | $— | $— | $738 |

---

*(d)* *On May 9, 2025, Lazard International Equity Advantage Portfolio (the "Target Portfolio") was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on May 9, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.* 

*(e)* *The Portfolio commenced operations on October 6, 2025.* 

*(f)* *On September 12, 2025, Lazard US Systematic Small Cap Equity Portfolio (the "Target Portfolio") was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on September 12, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.* 

Annual Financial Statements **57**

**Lazard Active ETF Trust** Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | Lazard <br> Emerging Markets Opportunities ETF | Lazard <br> Emerging Markets Opportunities ETF |
| | Year Ended <br> December 31,<br> 2025 (a) | Year Ended <br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From Operations** |  |  |
| Net investment income (loss) | $1820021 | $1475023 |
| Net realized gain (loss) | 17885988 | 4269392 |
| Net change in unrealized appreciation (depreciation) | 13761179 | 2332757 |
| Net increase (decrease) in net assets resulting from operations | 33467188 | 8077172 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;ETF Shares |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1406180) | (1406797) |
| &nbsp;&nbsp;&nbsp;Open Shares | (25930) | (21851) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (19303) | (10331) |
| Net decrease in net assets resulting from distributions | (1451413) | (1438979) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;ETF Shares | 1263836 |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 27489750 | 15054618 |
| &nbsp;&nbsp;&nbsp;Open Shares | 1222052 | 1646816 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 820509 | 601019 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;ETF Shares |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 1389895 | 1385444 |
| &nbsp;&nbsp;&nbsp;Open Shares | 25005 | 20415 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 19303 | 10331 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;ETF Shares | (2510676) |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (45695979) | (29125479) |
| &nbsp;&nbsp;&nbsp;Open Shares | (3855723) | (2052455) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (1999469) | (19086) |
| Net increase (decrease) in net assets from capital stock transactions | (21831497) | (12478377) |
| Total increase (decrease) in net assets | 10184278 | (5840184) |
| Net assets at beginning of period | 112234691 | 118074875 |
| Net assets at end of period | $122418969 | $112234691 |

---

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

**58** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard <br> Equity Megatrends ETF | Lazard International <br> Dynamic Equity ETF | Lazard International <br> Dynamic Equity ETF | Lazard Japanese <br> Equity ETF |
| Period Ended<br> December 31,<br> 2025 (b) | Year Ended<br> December 31,<br> 2025 (c) | Year Ended<br> December 31,<br> 2024 | Period Ended<br> December 31,<br> 2025 (b) |
| $129857 | $4069372 | $359162 | $593463 |
| 1603379 | 5136795 | 1160396 | 640742 |
| 7494343 | 58853483 | 513550 | 10239767 |
| 9227579 | 68059650 | 2033108 | 11473972 |
| (120090) | (3542282) |  | (1148239) |
|  | (539960) | (265333) |  |
|  |  | (1033302) |  |
| (120090) | (4082242) | (1298635) | (1148239) |
| 44352185 | 469613005 |  | 58252245 |
|  | 35879080 | 2123545 |  |
|  | 19725672 | 6539952 |  |
|  | 539942 | 265333 |  |
|  |  | 1033302 |  |
| (7081717) | (50154259) |  | (3279459) |
|  | (11802136) | (145668) |  |
|  | (43515596) | (2677616) |  |
| 37270468 | 420285708 | 7138848 | 54972786 |
| 46377957 | 484263116 | 7873321 | 65298519 |
|  | 27294057 | 19420736 |  |
| $46377957 | $511557173 | $27294057 | $65298519 |

---

Annual Financial Statements **59**

**Lazard Active ETF Trust** Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | Lazard <br> Emerging Markets Opportunities ETF | Lazard <br> Emerging Markets Opportunities ETF |
| | Year Ended <br> December 31,<br> 2025 (a) | Year Ended <br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **ETF Shares** |  |  |
| Shares outstanding at beginning of period | 5564541 (d) | 6225042 (d) |
| Shares sold | 1142010 (d) | 768541 (d) |
| Shares issued to shareholders from reinvestment of distributions | 60068 (d) | 69576 (d) |
| Shares converted from Open Shares | 99586 (d) | — (d) |
| Shares converted from R6 Shares | 67856 (d) | — (d) |
| Shares redeemed | (2078664)(d) | (1498619)(d) |
| Net increase (decrease) | (709144)(d) | (660502)(d) |
| Shares outstanding at end of period | 4855397 (d) | 5564541 (d) |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 196087 | 233032 |
| Shares sold | 109218 | 156719 |
| Shares issued to shareholders from reinvestment of distributions | 2055 | 1942 |
| Shares converted to ETF Shares | (188565) |  |
| Shares redeemed | (118795) | (195606) |
| Net increase (decrease) | (196087) | (36945) |
| Shares outstanding at end of period |  | 196087 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 74469 | 16343 |
| Shares sold | 76863 | 58914 |
| Shares issued to shareholders from reinvestment of distributions | 1577 | 981 |
| Shares converted to ETF Shares | (128485) |  |
| Shares redeemed | (24424) | (1769) |
| Net increase (decrease) | (74469) | 58126 |
| Shares outstanding at end of period |  | 74469 |

---

*(a)* *On October 24, 2025, Lazard Emerging Markets Core Equity Portfolio (the "Target Portfolio") was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on October 24, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.* 

*(b)* *The Portfolio commenced operations on April 7, 2025.* 

*(c)* *On May 9, 2025, Lazard International Equity Advantage Portfolio (the "Target Portfolio") was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on May 9, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.* 

*(d)* *Amounts have been adjusted to reflect the impact of the change in capital structure associated with the ETF conversion.* 

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

**60** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard <br> Equity Megatrends ETF | Lazard International <br> Dynamic Equity ETF | Lazard International <br> Dynamic Equity ETF | Lazard Japanese <br> Equity ETF |
| Period Ended <br> December 31,<br> 2025 (b) | Year Ended <br> December 31,<br> 2025 (c) | Year Ended <br> December 31,<br> 2024 | Period Ended <br> December 31,<br> 2025 (b) |
|  | 239504 (d) | 145245 (d) |  |
| 1650000 | 17907931 (d) | 88723 (d) | 2154000 |
|  | 22225 (d) | 11794 (d) |  |
|  | 976833 (d) | — (d) |  |
|  | — (d) | — (d) |  |
| (225000) | (2303740)(d) | (6258)(d) | (104000) |
| 1425000 | 16603249 (d) | 94259 (d) | 2050000 |
| 1425000 | 16842753 (d) | 239504 (d) | 2050000 |
|  | 1855975 | 1469615 |  |
|  | 1508212 | 519374 |  |
|  |  | 87445 |  |
|  | (1861258) |  |  |
|  | (1502929) | (220459) |  |
|  | (1855975) | 386360 |  |
|  |  | 1855975 |  |

---

Annual Financial Statements **61**

**Lazard Active ETF Trust** Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | Lazard <br> Listed Infrastructure <br> ETF | Lazard <br> Next Gen <br> Technologies <br> ETF |
| | Period Ended <br> December 31,<br> 2025 (a) | Period Ended <br> December 31,<br> 2025 (b) |
| **Increase (Decrease) in Net Assets From Operations** |  |  |
| Net investment income (loss) | $95914 | $(15279) |
| Net realized gain (loss) | (17497) | 1715346 |
| Net change in unrealized appreciation (depreciation) | (3102) | 13317927 |
| Net increase (decrease) resulting from operations | 75315 | 15017994 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;ETF Shares | (210555) | (22160) |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;Open Shares |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (210555) | (22160) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;ETF Shares | 18770358 | 42545737 |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;Open Shares |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;ETF Shares |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;Open Shares |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;ETF Shares |  | (8844578) |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;Open Shares |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | 18770358 | 33701159 |
| Total increase (decrease) in net assets | 18635118 | 48696993 |
| Net assets at beginning of period |  |  |
| Net assets at end of period | $18635118 | $48696993 |

---

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

**62** Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> US Systematic Small Cap Equity ETF | Lazard<br> US Systematic Small Cap Equity ETF |
| Year Ended <br> December 31,<br> 2025 (c) | Year Ended <br> December 31,<br> 2024 |
| $320394 | $393203 |
| 4039775 | 3866193 |
| (1838083) | 1235789 |
| 2522086 | 5495185 |
| (3036962) | (1742806) |
|  | (4245) |
|  | (3730) |
| (3036962) | (1750781) |
| 18508230 | 18988341 |
| 6365176 | 2500 |
| 7800 |  |
| 3036962 | 1742806 |
|  | 4245 |
|  | 3730 |
| (16586467) |  |
| (14830182) | (4932096) |
| (158776) | (698) |
| (118723) |  |
| (3775980) | 15808828 |
| (4290856) | 19553232 |
| 59583444 | 40030212 |
| $55292588 | $59583444 |

---

Annual Financial Statements **63**

**Lazard Active ETF Trust** Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | Lazard <br> Listed Infrastructure <br> ETF | Lazard <br> Next Gen <br> Technologies <br> ETF |
| | Period Ended <br> December 31,<br> 2025 (a) | Period Ended <br> December 31,<br> 2025 (b) |
| **Shares issued and redeemed** |  |  |
| **ETF Shares** |  |  |
| Shares outstanding at beginning of period |  |  |
| Shares sold | 750000 | 1550000 |
| Shares issued to shareholders from reinvestment of distributions |  |  |
| Shares converted from Open Shares |  |  |
| Shares converted from R6 Shares |  |  |
| Shares redeemed |  | (250000) |
| Net increase (decrease) | 750000 | 1300000 |
| Shares outstanding at end of period | 750000 | 1300000 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period |  |  |
| Shares sold |  |  |
| Shares issued to shareholders from reinvestment of distributions |  |  |
| Shares converted to ETF Shares |  |  |
| Shares redeemed |  |  |
| Net increase (decrease) |  |  |
| Shares outstanding at end of period |  |  |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period |  |  |
| Shares sold |  |  |
| Shares issued to shareholders from reinvestment of distributions |  |  |
| Shares converted to ETF Shares |  |  |
| Shares redeemed |  |  |
| Net increase (decrease) |  |  |
| Shares outstanding at end of period |  |  |

---

*(a)* *The Portfolio commenced operations on October 6, 2025.* 

*(b)* *The Portfolio commenced operations on April 7, 2025.* 

*(c)* *On September 12, 2025, Lazard US Systematic Small Cap Equity Portfolio (the "Target Portfolio") was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on September 12, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.* 

*(d)* *Amounts have been adjusted to reflect the impact of the change in capital structure associated with the ETF conversion.* 

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

**64** Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> US Systematic Small Cap Equity ETF | Lazard<br> US Systematic Small Cap Equity ETF |
| Year Ended <br> December 31,<br> 2025 (c) | Year Ended <br> December 31,<br> 2024 |
| 2333167 (d) | 1714906 (d) |
| 1001313 (d) | 753277 (d) |
| 126512 (d) | 68502 (d) |
| 4534 (d) | — (d) |
| 4955 (d) | — (d) |
| (1282791)(d) | (203518)(d) |
| (145477)(d) | 618261 (d) |
| 2187690 (d) | 2333167 (d) |
| 14258 | 13713 |
| 783 | 223 |
|  | 379 |
| (10336) |  |
| (4705) | (57) |
| (14258) | 545 |
|  | 14258 |
| 11296 | 10962 |
| (11296) | 334 |
| (11296) | 334 |
|  | 11296 |

---

Annual Financial Statements **65**

**Lazard Active ETF Trust** Financial Highlights

------

LAZARD EMERGING MARKETS OPPORTUNITIES ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25\* | 12/31/24\* | 12/31/23\* | 12/31/22\* | 12/31/21\* |
| Net asset value, beginning of period | $19.67 | $18.58 | $16.80 | $21.89 | $24.84 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.32 | 0.25 | 0.32 | 0.32 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.47 | 1.09 | 1.74 | (5.05) | (2.93) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.79 | 1.34 | 2.06 | (4.73) | (2.78) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25 | (0.25) | (0.28) | (0.36) | (0.17) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25 | (0.25) | (0.28) | (0.36) | (0.17) |
| Net asset value, end of period | $25.21 | $19.67 | $18.58 | $16.80 | $21.89 |
| **Total Return** (b) | 29.50 | 7.26% | 12.29% | -21.63% | -11.21% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $122419 | $109428 | $115633 | $92730 | $156284 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.04 | 1.10% | 11.50% | 1.22% | 1.16% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.13 | 1.24% | 12.70% | 12.30% | 11.60% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.44 | 1.27% | 1.82% | 1.75% | 0.64% |
| Portfolio turnover rate | 71 | 39% | 74% | 28% | 31% |

---

---

| | |
|:---|:---|
| *\** | *Per share amounts have been adjusted to account for changes in the capital structure resulting from the merger.* |
| *^* | *Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any.* |

---

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

**66** Annual Financial Statements

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LAZARD EQUITY MEGATRENDS ETF

---

| | |
|:---|:---|
| &nbsp;&nbsp;Selected data for a share of capital stock<br> outstanding throughout each period | For the<br> Period<br> 4/7/25\*<br> to 12/31/25 |
| Net asset value, beginning of period | $25.00 |
| Income (Loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7.55 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.65 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.10) |
| Net asset value, end of period | $32.55 |
| **Total Return** (b) | 30.64% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $46378 |
| Ratios to average net assets (c): |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.51% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.61% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.46% |
| Portfolio turnover rate^ | 5% |

---

---

| | |
|:---|:---|
| *\** | *The Portfolio commenced operations on April 7, 2025.* |
| *^* | *Portfolio turnover rate is not annualized for the periods less than one year and does not include in-kind transactions, if applicable.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any. The Investment Manager has voluntarily agreed to waive a portion of its management fee payable by the Portfolio in the amount of 0.10% of average daily net assets, without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one yea*r. |

---

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

Annual Financial Statements **67**

------

LAZARD INTERNATIONAL DYNAMIC EQUITY ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25\* | 12/31/24\* | 12/31/23\* | 12/31/22\* | 12/31/21\* |
| Net asset value, beginning of period | $22.48 | $21.19 | $17.79 | $21.32 | $19.66 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.52 | 0.42 | 0.50 | 0.55 | 0.55 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 8.31 | 2.03 | 3.03 | (3.41) | 2.19 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 8.83 | 2.45 | 3.53 | (2.86) | 2.74 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.78) | (0.40) | (0.13) | (0.57) | (0.55) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.16 | (0.76) |  | (0.10) | (0.53) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.94 | (1.16) | (0.13) | (0.67) | (1.08) |
| Net asset value, end of period | $30.37 | $22.48 | $21.19 | $17.79 | $21.32 |
| **Total Return** (b) | 40.07 | 11.68% | 19.82% | -13.45% | 13.94% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $511557 | $5384 | $3076 | $2444 | $2855 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.42 | 0.80% | 0.80% | 0.85% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.43 | 1.54% | 5.66% | 7.06% | 5.81% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.84 | 1.79% | 2.50% | 3.01% | 2.54% |
| Portfolio turnover rate | 88 | 82% | 88% | 85% | 99% |

---

---

| | |
|:---|:---|
| *\** | *Per share amounts have been adjusted to account for changes in the capital structure resulting from the merger.* |
| *^* | *Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any.* |

---

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

**68** Annual Financial Statements

------

LAZARD JAPANESE EQUITY ETF

---

| | |
|:---|:---|
| &nbsp;&nbsp;Selected data for a share of capital stock<br> outstanding throughout each period | For the<br> Period<br> 4/7/25\*<br> to 12/31/25 |
| Net asset value, beginning of period | $25.00 |
| Income (Loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7.25 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.61 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.76) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.76) |
| Net asset value, end of period | $31.85 |
| **Total Return** (b) | 30.81% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $65299 |
| Ratios to average net assets (c): |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.61% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.61% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.64% |
| Portfolio turnover rate^ | 8% |

---

---

| | |
|:---|:---|
| *\** | *The Portfolio commenced operations on April 7, 2025.* |
| *^* | *Portfolio turnover rate is not annualized for the periods less than one year and does not include in-kind transactions, if applicable.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

Annual Financial Statements **69**

------

LAZARD LISTED INFRASTRUCTURE ETF

---

| | |
|:---|:---|
| &nbsp;&nbsp;Selected data for a share of capital stock<br> outstanding throughout each period | For the<br> Period<br> 10/6/25\*<br> to 12/31/25 |
| Net asset value, beginning of period | $25.00 |
| Income (Loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.02 (b) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.17 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.32) |
| Net asset value, end of period | $24.85 |
| **Total Return** (c) | 0.70% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $18635 |
| Ratios to average net assets (d): |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.96% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.48% |
| Portfolio turnover rate^ | 3% |

---

---

| | |
|:---|:---|
| *\** | *The Portfolio commenced operations on October 6, 2025.* |
| *^* | *Portfolio turnover rate is not annualized for the periods less than one year and does not include in-kind transactions, if applicable.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales and repurchases of Portfolio shares in relation to fluctuating market values for investments held by the Portfolio.* |
| *(c)* | *Total returns reflect reinvestment of all dividends and distributions, if any. Returns for a period of less than one year are not annualized.* |
| *(d)* | *Annualized for a period of less than one year.* |

---

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

**70** Annual Financial Statements

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LAZARD NEXT GEN TECHNOLOGIES ETF

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| | |
|:---|:---|
| &nbsp;&nbsp;Selected data for a share of capital stock<br> outstanding throughout each period | For the<br> Period<br> 4/7/25\*<br> to 12/31/25 |
| Net asset value, beginning of period | $25.00 |
| Income (Loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 12.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 12.48 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.02) |
| Net asset value, end of period | $37.46 |
| **Total Return** (b) | 49.92% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $48697 |
| Ratios to average net assets (c): |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.51% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.61% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | -0.05% |
| Portfolio turnover rate^ | 11% |

---

---

| | |
|:---|:---|
| *\** | *The Portfolio commenced operations on April 7, 2025.* |
| *^* | *Portfolio turnover rate is not annualized for the periods less than one year and does not include in-kind transactions, if applicable.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any. The Investment Manager has voluntarily agreed to waive a portion of its management fee payable by the Portfolio in the amount of 0.10% of average daily net assets, without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

Annual Financial Statements **71**

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LAZARD US SYSTEMATIC SMALL CAP EQUITY ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock | Year Ended | Year Ended | Year Ended | Year Ended | For the<br> Period |
| &nbsp;&nbsp;outstanding throughout | 12/31/25† | 12/31/24† | 12/31/23† | 12/31/22† | 10/29/21\* |
| &nbsp;&nbsp;each period |  |  |  |  | to 12/31/21† |
| Net asset value, beginning of period | $25.42 | $23.18 | $19.42 | $23.39 | $22.80 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 | 0.21 | 0.11 | 0.21 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.23 | 2.81 | 3.74 | (4.04) | 0.59 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.38 | 3.02 | 3.85 | (3.83) | 0.64 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.14) | (0.09) | (0.14) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.39 | (0.64) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.53 | (0.78) | (0.09) | (0.14) | (0.05) |
| Net asset value, end of period | $25.27 | $25.42 | $23.18 | $19.42 | $23.39 |
| **Total Return** (b) | 5.78 | 12.92% | 19.80% | -16.33% | -2.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $55293 | $59298 | $39779 | $24786 | $3983 |
| Ratios to average net assets (c): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.81 | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.05 | 1.15% | 1.37% | 2.67% | 5.13% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.62 | 0.83% | 0.53% | 1.00% | 1.39% |
| Portfolio turnover rate | 156 | 111% | 110% | 74% | 22% |

---

---

| | |
|:---|:---|
| *†* | *Per share amounts have been adjusted to account for changes in the capital structure resulting from the merger.* |
| *\** | *The Target Portfolio commenced operations on October 29, 2021.* |
| *^* | *Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

**72** Annual Financial Statements

**Lazard Active ETF Trust** Notes to Financial Statements

December 31, 2025

**1. Organization**

The Lazard Active ETF Trust (the "Fund") was organized in Delaware on October 29, 2024 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2025, the Fund was comprised of seven portfolios (each referred to as a "Portfolio").

During the year ended December 31, 2025, certain predecessor Portfolios ("Target Portfolios") were reorganized into International Dynamic Equity, US Systematic Small Cap Equity and Emerging Markets Opportunities. The Target Portfolios were the accounting survivors in each reorganization, and, as such, the financial statements and financial highlights of the Portfolios reflect the financial information of the Target Portfolios through May 9, 2025, September 12, 2025 and October 24, 2025, respectively (see Note 12).

Emerging Markets Opportunities, International Dynamic Equity, Listed Infrastructure and US Systematic Small Cap are operated as "diversified" funds, as defined in the 1940 Act. The other Portfolios, are operated as "non-diversified" funds, as defined in the 1940 Act.

**2. Significant Accounting Policies**

The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

*(a) Valuation of Investments—*Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for U.S. listed equity securities) or the closing price (for non-U.S. listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the

Annual Financial Statements **73**

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Nasdaq Official Closing Price. If there is no available closing price for a non-U.S. listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund's net asset value ("NAV") per share.

Trading on certain non-U.S. securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the "NYSE") is open). In addition, securities in non-U.S. countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

The Board of Trustees (the "Board") has designated Lazard Asset Management LLC (the "Investment Manager") to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of its Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

*(b) Portfolio Securities Transactions and Investment Income—*Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the

**74** Annual Financial Statements

------

ex-dividend date except for certain dividends from non-U.S. securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by a Portfolio. Interest income, if any, is accrued daily.

A Portfolio may be subject to taxes imposed by non-U.S. countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded within dividend income on the Statements of Operations. Such amounts, if and when recorded, would increase dividend income, resulting in an increase in a Portfolio's NAV per share.

*(c) Foreign Currency Translation and Forward Currency Contracts—*The accounting records of the Fund are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rates on the respective transaction dates.

Annual Financial Statements **75**

------

The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios' accounting records and the U.S. dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the period ended December 31, 2025, Listed Infrastructure traded in forward currency contracts.

*(d) Federal Income Taxes—*The Fund's policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2025, the following Portfolios had unused realized capital loss carryovers which, for federal income tax

**76** Annual Financial Statements

------

purposes, could be used to offset future realized capital gains with no expiration date as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Short-Term | Long-Term |
| Emerging Markets Opportunities | $(17279599) | $(36655110) |
| International Dynamic Equity | (1076005) |  |
| Japanese Equity | (266210) |  |
| Next Gen Technologies | (222361) |  |

---

During the year ended December 31, 2025, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| Emerging Markets Opportunities | $17593763 |

---

Post-October capital losses or certain late-year ordinary losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2025, the following Portfolios elected to defer such losses as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Post-October<br> Capital Loss<br> Deferral | Late-Year<br> Ordinary Loss<br> Deferral |
| Listed Infrastructure | $— | $127931 |
| US Systematic Small Cap Equity | 605267 |  |

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For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Aggregate<br> Cost | Aggregate<br> Gross<br> Unrealized<br> Appreciation | Aggregate<br> Gross<br> Unrealized<br> Depreciation | Net<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Emerging Markets Opportunities | $87986258 | $38382612 | $3878437 | $34504175 |
| Equity Megatrends | 38893619 | 8398370 | 908586 | 7489784 |
| International Dynamic Equity | 452599695 | 68703926 | 9863134 | 58840792 |
| Japanese Equity | 55656477 | 10808143 | 865233 | 9942910 |
| Listed Infrastructure | 18599700 | 325280 | 330884 | (5604) |
| Next Gen Technologies | 35391275 | 13755716 | 437827 | 13317889 |
| US Systematic Small Cap Equity | 49704674 | 7489803 | 1839807 | 5649996 |

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Annual Financial Statements **77**

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Management has analyzed the Portfolios' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction's statute of limitations. Each Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

*(e) Dividends and Distributions—*For Emerging Markets Opportunities, International Dynamic Equity and Japanese Equity, income dividends, if any, are anticipated to be paid semi-annually. For all other Portfolios, income dividends, if any, are anticipated to be paid quarterly. Net capital gains, if any, are normally distributed annually but may be distributed more frequently.

Each Portfolio intends to elect on its tax returns to treat a portion of redemption proceeds paid to redeeming shareholders as a distribution of net investment income and net capital gain. This portion represents the redeeming shareholders' share of the Portfolio's undistributed investment company taxable income and net capital gain. This practice, known as equalization accounting, reduces the amount of income and gains that the Portfolio would otherwise need to distribute as dividends in order to avoid federal income and excise taxes. As a result, fewer distributions are required to be made to non-redeeming shareholders, and those shareholders may defer recognition of taxable income. Because any undistributed income is reflected in the Portfolio's share value, the total return on a shareholder's investment is not affected by the use of equalization accounting.

Real estate investment trust ("REIT") distributions received by a Portfolio are generally comprised of ordinary income, long-term capital gains and a return of REIT capital. However, as the actual character of such distributions received are not known until after the calendar year end, distributions made by a Portfolio during

**78** Annual Financial Statements

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the year are subject to re-characterization that may result in some portion of the distributions being reclassified as a return of capital distribution to Portfolio shareholders.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency gains and losses, wash sales, merger activity, passive foreign investment companies, expiring capital loss carryovers, forward currency mark to market, net operating loss, certain expenses, foreign capital gains taxes, non-deductible organization expenses, REIT basis adjustments, distribution in excess of current earnings, equalization accounting (as described above), non-REIT non-taxable dividend adjustment to income, distributions redesignations, return of capital distributions, receivable from tax reclaim and distributions from real estate investment trusts and partnerships.

The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Paid in<br> Capital | Distributable<br> Earnings<br> (Accumulated Loss) |
| Emerging Markets Opportunities | $125323 | $(125323) |
| Equity Megatrends | 1617605 | (1617605) |
| International Dynamic Equity | 7267253 | (7267253) |
| Japanese Equity | 529490 | (529490) |
| Listed Infrastructure | (2174) | 2174 |
| Next Gen Technologies | 1900268 | (1900268) |
| US Systematic Small Cap Equity | 2912177 | (2912177) |

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Annual Financial Statements **79**

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The tax character of dividends and distributions paid during the years ended December 31, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Ordinary Income | Ordinary Income | Long-Term Capital Gain | Long-Term Capital Gain |
| &nbsp;&nbsp;Portfolio | 2025 | 2024 | 2025 | 2024 |
| Emerging Markets Opportunities | $1451413 | $1438979 | $— | $— |
| Equity Megatrends | 120090 |  |  |  |
| International Dynamic Equity | 4082242 | 1057048 |  | 241587 |
| Japanese Equity | 1148239 |  |  |  |
| Listed Infrastructure | 210555 |  |  |  |
| Next Gen Technologies | 22160 |  |  |  |
| US Systematic Small Cap Equity | 577258 | 291941 | 2459704 | 1458840 |

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At December 31, 2025, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Undistributed<br> Ordinary Income<br> (Deferred<br> Ordinary Losses) | Undistributed<br> Long-Term<br> Capital Gain<br> (Deferred Capital<br> Losses) | Net Unrealized<br> Appreciation<br> (Depreciation)<br> Including<br> Foreign Currency |
| Emerging Markets Opportunities | $— | $(53934709) | $34485776 |
| Equity Megatrends |  |  | 7489884 |
| International Dynamic Equity | 467996 | (1076005) | 58549067 |
| Japanese Equity | 119689 | (266210) | 9942764 |
| Listed Infrastructure | (127931) |  | (5135) |
| Next Gen Technologies |  | (222361) | 13317927 |
| US Systematic Small Cap Equity |  | (605267) | 5649996 |

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*(f) Estimates—*The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

**80** Annual Financial Statements

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*(g) Net Asset Value—*The NAV per share of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE.

*(h) In-kind Redemptions—*For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Portfolios. Because such gains or losses are not taxable to the Portfolios and are not distributed to existing Portfolio shareholders, the gains or losses are reclassified from distributable earnings (accumulated loss) to paid-in capital at the end of the Portfolios' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

*(i) Offering Costs—*Costs incurred by the Fund in connection with the offering of shares of a new Portfolio or share class of a Portfolio are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio or share class. The Investment Manager will generally pay for any offering costs incurred by a new Portfolio and be reimbursed by that Portfolio within the amortization period.

**3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements**

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the "Management Agreement") with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio's investment objectives, policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment

Annual Financial Statements **81**

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Manager earns a management fee, accrued daily as a percentage of each Portfolio's average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Annual Rate |
| Emerging Markets Opportunities (a) | 0.74% |
| Equity Megatrends | 0.60 |
| International Dynamic Equity (b) | 0.40 |
| Japanese Equity | 0.60 |
| Listed Infrastructure | 0.96 |
| Next Gen Technologies | 0.60 |
| US Systematic Small Cap Equity (c) | 0.60 |

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*(a)* *On October 24, 2025, in connection with the Portfolio's reorganization with Target Portfolio, the rate was lowered from 1.00%.* 

*(b)* *On May 9, 2025, in connection with the Portfolio's reorganization with Target Portfolio, the rate was lowered from 0.65%.* 

*(c)* *On September 12, 2025, in connection with the Portfolio's reorganization with Target Portfolio, the rate was lowered from 0.70%.* 

The Investment Manager will pay all expenses of each Portfolio, except for the fee payment under the Management Agreement, fees and expenses of "Acquired Funds" (as defined in Form N-1A), interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Investment Manager has agreed to pay a portion of each Portfolio's offering costs during the Portfolio's first year of operations so that offering costs borne by each Portfolio do not amount to .01% of its average net assets.

With respect to Equity Megatrends and Next Gen Technologies, the Investment Manager has voluntarily agreed to waive a portion of its management fee payable by each Portfolio in the amount of .10% of the respective Portfolio's average daily net assets. This fee waiver arrangement will continue until at least April 7, 2026 and prior to such date the Investment Manager may not terminate the arrangement without the approval of the Board.

During the year/period ended December 31, 2025, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

**82** Annual Financial Statements

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived |
| Emerging Markets Opportunities (a) | $118732 |
| Equity Megatrends | 28393 |
| International Dynamic Equity (a) | 35391 |
| Japanese Equity | 126 |
| Listed Infrastructure | 65 |
| Next Gen Technologies | 32342 |
| US Systematic Small Cap Equity (a) | 125572 |

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*(a)* *The waiver amount disclosed is of the Target Portfolio.* 

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

State Street Bank and Trust Company ("State Street") serves as the Fund's custodian and provides the Fund with certain administrative services.

The Fund has a distribution agreement with Foreside Fund Services, LLC (the "Distributor"), a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), to serve as the distributor for shares of each Portfolio. The Distributor bears, among other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.

State Street acts as the Fund's transfer agent and dividend disbursing agent.

**4. Directors' Compensation**

Pursuant to the Management Agreement described in Note 3, the Investment Manager pays the fees and expenses of the Independent Trustees' of the Portfolios (an "Independent Trustee" is a Trustee who is not an "interested person" as defined in the 1940 Act). Certain Trustees of the Fund are officers of the Investment Manager, and such "interested persons" of the Fund are not compensated by the Portfolios. Trustees do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

Annual Financial Statements **83**

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**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding in-kind transactions and short-term investments) for the year/period ended December 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Emerging Markets Opportunities | $88926860 | $109467531 |
| Equity Megatrends | 36906935 | 1727172 |
| International Dynamic Equity | 332559290 | 195823474 |
| Japanese Equity | 34831764 | 4134880 |
| Listed Infrastructure | 15216217 | 519134 |
| Next Gen Technologies | 40568235 | 4686147 |
| US Systematic Small Cap Equity | 86017103 | 80569233 |

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In-kind transactions associated with creation and redemptions for the year/period ended December 31, 2025, were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Gain/Loss on in-kind<br> redemptions | Purchases | Sales |
| Emerging Markets Opportunities | $559114 | $— | $1914212 |
| Equity Megatrends | 1616122 | 7003401 | 5361706 |
| International Dynamic Equity | 6948051 | 327021261 | 45353815 |
| Japanese Equity | 511094 | 25062520 | 1258061 |
| Listed Infrastructure |  | 3734818 |  |
| Next Gen Technologies | 1934932 | 3518221 | 6229205 |
| US Systematic Small Cap Equity | 3006142 | 1867856 | 13895829 |

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For the year ended December 31, 2025, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

At December 31, 2025, the Investment Manager owned of record the following percentages of the outstanding shares of each Portfolio:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | % of Outstanding<br> Shares Owned by<br> Investment Manager |
| Equity Megatrends | 70.70% |
| Japanese Equity | 43.70 |
| Listed Infrastructure | 76.00 |
| Next Gen Technologies | 86.50 |
| US Systematic Small Cap Equity | 50.20 |

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**84** Annual Financial Statements

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A summary of the Fund's transactions in Lazard mutual funds for the year ended December 31, 2025 is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issue | Value at<br> December 31,<br> 2024 | Purchase<br> cost | Sales<br> proceeds | Dividend <br> income | Shares at<br> December 31,<br> 2025 | Values at<br> December 31,<br> 2025 |
| **Emerging Markets Opportunities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $4977228 | $(3877522) | $6241 | $1099706 | $1099706 |
| **Equity Megatrends** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $2702147 | $(2249392) | 6375 | 452755 | $452755 |
| **International Dynamic Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $36979513 | $(35495434) | 29697 | 1484079 | $1484079 |
| **Japanese Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $1117288 | $(530068) | 3206 | 587220 | $587220 |
| **Listed Infrastructure** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $5547794 | $(5381091) | 1705 | 166703 | $166703 |
| **Next Gen Technologies** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $2711122 | $(2203357) | 5853 | 507765 | $507765 |
| **US Systematic Small Cap Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $2815187 | $(2232702) | 5557 | 582485 | $582485 |

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Annual Financial Statements **85**

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**6. Line of Credit**

On November 21, 2025, the Fund and The Lazard Funds, Inc. entered into an amendment to a $100 million committed line of credit (the "Line of Credit") with State Street, primarily for temporary or emergency purposes.

Interest on borrowings is payable at 1.00% plus the "Applicable Rate," which is defined as the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, on an annualized basis. Under the terms of the Line of Credit, the Trust has agreed to pay a 0.20% per annum fee on the unused portion of the commitment, payable quarterly in arrears. The Trust also paid an upfront fee of 0.05% of the committed line amount. Costs for the unused portion of the commitment and the upfront fee are allocated among the participating Lazard funds and their respective portfolios primarily on the basis of relative net assets.

During the year/period ended December 31, 2025, the following Portfolio had borrowings under the Line of Credit as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Average<br> Daily Loan<br> Balance\* | Maximum<br> Daily Loan<br> Outstanding | Weighted<br> Average<br> Interest<br> Rate | Number<br> of Days<br> Borrowings<br> were<br> Outstanding |
| Emerging Markets Opportunities (a) | $1628265 | $7076721 | 5.23% | 19 |
| International Dynamic Equity (a) | 1419253 | 3918612 | 5.43% | 8 |
| US Systematic Small Cap Equity (a) | 203753 | 1060226 | 5.43% | 24 |

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*\** *For days borrowings were outstanding.*

*(a)* *The amount disclosed is of the Target Portfolio.*

Management believes that the fair value of the liabilities under the Agreement is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates with the Applicable Rate. A Portfolio's outstanding balance under the Agreement, if any, would be categorized as Level 2.

**86** Annual Financial Statements

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**7. Investment Risks**

*Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio's investment strategy and related risks.*

*(a) Market Risk—*The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio's investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio's securities, including changes in interest rates, currency

Annual Financial Statements **87**

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rates or monetary policies. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.

*(b) Non-U.S. Securities Risk—*A Portfolio's performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-U.S. securities may be subject to economic sanctions or other similar governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, or problems related to share registration, trade settlement or asset custody, which could, among other things, effectively restrict or eliminate the Portfolio's ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates.

*(c) Emerging Market Risk—*Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than

**88** Annual Financial Statements

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more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

*(d) Foreign Currency Risk—*Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio's investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.

*(e) Forward Currency Contracts and Currency Hedging Risk—*Forward currency contracts, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since forward currency contracts, like most derivative instruments, have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Forward currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment could have a potentially large impact on a Portfolio's performance. Forward currency contracts incur costs, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging

Annual Financial Statements **89**

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activities. Successful use of forward currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager's ability to accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange rates that could cause a Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

*(f) Country Risk—*When a significant portion of a Portfolio's assets are invested in a particular country, such as Japan, the Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.

*(g) Sector Concentration Risk—*Listed Infrastructure and Next Gen Technologies concentrate their investments in specific industries or groups of industries in particular (i.e., more than 25% of the value of the Portfolio's assets) in securities of issuers having their principal business activities in sectors, and such Portfolio would be expected to be affected by developments in those sectors.

*(h) Other Equity Securities Risk—*Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of the Portfolio's entire investment.

*(i) Depositary Receipts Risk—*ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.

**90** Annual Financial Statements

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*(j) REIT Risk—*A Portfolio's investments in Real Estate Investments (as defined in the prospectus), could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of Real Estate Investments may be determined to a great extent by the current status of the real estate industry in general, or by other factors that may affect the real estate industry, even if other industries would not be so affected. Consequently, Real Estate Investments could lead to investment results that may be significantly different from investments in other real assets categories or investments in the broader securities markets. The risks related to investments in Real Estate Investments include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.

Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect a Portfolio's ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company's status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.

*(k) Non-Diversification and Focused Investing Risk—*Certain Portfolios' net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolios' investments consisted of securities issued by a larger number of issuers.

*(l) Quantitative Model Risk—*The success of certain Portfolios' investment strategy depends largely upon the effectiveness of the Investment Manager's quantitative model. A quantitative model,

Annual Financial Statements **91**

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such as the risk and other models used by the Investment Manager for certain Portfolios requires adherence to a systematic, disciplined process. The Investment Manager's ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors, including incorrect or outdated market and other data inputs. Factors that affect a security's value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value.

*(m) Cybersecurity Risk—*The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to the Portfolio's investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with the Portfolio's ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Portfolio invests; counterparties with which the Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio's

**92** Annual Financial Statements

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maximum exposure under these arrangements is unknown. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**9. Fair Value Measurements**

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities

● Level 2 – other significant observable inputs (including unadjusted quoted prices for similar assets and liabilities, interest
 rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of
 assets and liabilities)

Changes in valuation methodology or inputs may result in transfers into or out of the current assigned level within the hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

Annual Financial Statements **93**

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The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> December 31,<br> 2025 |
| **Emerging Markets Opportunities ETF** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $1015474 | $— | $— | $1015474 |
| &nbsp;&nbsp;&nbsp;Brazil | 6702994 |  |  | 6702994 |
| &nbsp;&nbsp;&nbsp;China | 32450001 |  |  | 32450001 |
| &nbsp;&nbsp;&nbsp;Greece | 3825547 |  |  | 3825547 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 854705 |  |  | 854705 |
| &nbsp;&nbsp;&nbsp;India | 19576401 |  |  | 19576401 |
| &nbsp;&nbsp;&nbsp;Indonesia | 1134132 |  |  | 1134132 |
| &nbsp;&nbsp;&nbsp;Mexico | 4292336 |  |  | 4292336 |
| &nbsp;&nbsp;&nbsp;Peru | 1405152 |  |  | 1405152 |
| &nbsp;&nbsp;&nbsp;Philippines | 1745999 |  |  | 1745999 |
| &nbsp;&nbsp;&nbsp;Portugal | 984611 |  |  | 984611 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 2950135 |  |  | 2950135 |
| &nbsp;&nbsp;&nbsp;Singapore | 722301 |  |  | 722301 |
| &nbsp;&nbsp;&nbsp;South Africa | 5515406 |  |  | 5515406 |
| &nbsp;&nbsp;&nbsp;South Korea | 13634746 |  |  | 13634746 |
| &nbsp;&nbsp;&nbsp;Taiwan | 21493469 |  |  | 21493469 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 3087318 |  |  | 3087318 |
| Short-Term Investments | 1099706 |  |  | 1099706 |
| Total | $122490433 | $— | $— | $122490433 |
| **Equity Megatrends ETF** |  |  |  |  |
| Common Stocks\* | $45930648 | $— | $— | $45930648 |
| Short-Term Investments | 452755 |  |  | 452755 |
| Total | $46383403 | $— | $— | $46383403 |
| **International Dynamic Equity ETF** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $18754469 | $— | $— | $18754469 |
| &nbsp;&nbsp;&nbsp;Belgium | 1182042 |  |  | 1182042 |
| &nbsp;&nbsp;&nbsp;Brazil | 1753191 |  |  | 1753191 |
| &nbsp;&nbsp;&nbsp;Canada | 43454632 |  |  | 43454632 |
| &nbsp;&nbsp;&nbsp;Chile | 695583 |  |  | 695583 |
| &nbsp;&nbsp;&nbsp;China | 48978178 |  |  | 48978178 |
| &nbsp;&nbsp;&nbsp;Denmark | 5106017 |  |  | 5106017 |
| &nbsp;&nbsp;&nbsp;France | 34144881 |  |  | 34144881 |
| &nbsp;&nbsp;&nbsp;Germany | 16722718 |  |  | 16722718 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 8717888 |  |  | 8717888 |
| &nbsp;&nbsp;&nbsp;Hungary | 1265556 |  |  | 1265556 |
| &nbsp;&nbsp;&nbsp;India | 24626764 |  |  | 24626764 |
| &nbsp;&nbsp;&nbsp;Indonesia | 1428799 |  |  | 1428799 |
| &nbsp;&nbsp;&nbsp;Ireland | 727756 |  |  | 727756 |
| &nbsp;&nbsp;&nbsp;Israel | 1188651 |  |  | 1188651 |

---

**94** Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> December 31,<br> 2025 |
| &nbsp;&nbsp;&nbsp;Italy | $13637139 | $— | $— | $13637139 |
| &nbsp;&nbsp;&nbsp;Japan | 68619557 |  |  | 68619557 |
| &nbsp;&nbsp;&nbsp;Malaysia | 1439421 |  |  | 1439421 |
| &nbsp;&nbsp;&nbsp;Mexico | 673302 |  |  | 673302 |
| &nbsp;&nbsp;&nbsp;Netherlands | 15975372 |  |  | 15975372 |
| &nbsp;&nbsp;&nbsp;Norway | 921406 |  |  | 921406 |
| &nbsp;&nbsp;&nbsp;Philippines | 2241015 |  |  | 2241015 |
| &nbsp;&nbsp;&nbsp;Poland | 3293014 |  |  | 3293014 |
| &nbsp;&nbsp;&nbsp;Portugal | 1932879 |  |  | 1932879 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 2406329 |  |  | 2406329 |
| &nbsp;&nbsp;&nbsp;Singapore | 5560027 |  |  | 5560027 |
| &nbsp;&nbsp;&nbsp;South Africa | 4879739 |  |  | 4879739 |
| &nbsp;&nbsp;&nbsp;South Korea | 23407611 |  |  | 23407611 |
| &nbsp;&nbsp;&nbsp;Spain | 10722382 |  |  | 10722382 |
| &nbsp;&nbsp;&nbsp;Sweden | 8395324 |  |  | 8395324 |
| &nbsp;&nbsp;&nbsp;Switzerland | 7732302 |  |  | 7732302 |
| &nbsp;&nbsp;&nbsp;Taiwan | 34026736 |  |  | 34026736 |
| &nbsp;&nbsp;&nbsp;Thailand | 1895639 | 1004421 |  | 2900060 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 2573872 |  |  | 2573872 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 48318254 |  |  | 48318254 |
| &nbsp;&nbsp;&nbsp;United States | 34358745 |  |  | 34358745 |
| Preferred Stocks\* | 7194979 |  |  | 7194979 |
| Warrants\* |  |  |  |  |
| Short-Term Investments | 1484079 |  |  | 1484079 |
| Total | $510436248 | $1004421 | $— | $511440669 |
| **Japanese Equity ETF** |  |  |  |  |
| Common Stocks\* | $65012167 | $— | $— | $65012167 |
| Short-Term Investments | 587220 |  |  | 587220 |
| Total | $65599387 | $— | $— | $65599387 |
| **Listed Infrastructure ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* | $18427366 | $— | $— | $18427366 |
| Short-Term Investments | 166703 |  |  | 166703 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 13083 |  | 13083 |
| Total | $18594069 | $13083 | $— | $18607152 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(12825) | $— | $(12825) |
| **Next Gen Technologies ETF** |  |  |  |  |
| Common Stocks\* | $48201399 | $— | $— | $48201399 |
| Short-Term Investments | 507765 |  |  | 507765 |
| Total | $48709164 | $— | $— | $48709164 |

---

Annual Financial Statements **95**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> December 31,<br> 2025 |
| **US Systematic Small Cap Equity ETF** |  |  |  |  |
| Closed-End Management Investment Companies | $133818 | $— | $— | $133818 |
| Common Stocks\* | 54629592 |  |  | 54629592 |
| Rights |  |  | 8775 | 8775 |
| Short-Term Investments | 582485 |  |  | 582485 |
| Total | $55345895 | $— | $8775 | $55354670 |

---

---

| | |
|:---|:---|
| *\** | *Portfolio holdings are disclosed on an individual basis in the Portfolios of Investments.* |
| *†* | *Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).* |

---

Certain equity securities to which footnote (‡) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of the investment or if a price is not available through a pricing source in the Fund's pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Fund's Valuation and Liquidity Committee, reflecting its fair market value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.

When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm's-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.

**96** Annual Financial Statements

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**10. Derivative Instruments**

Listed Infrastructure uses forward currency contracts primarily for hedging purposes.

During the period ended December 31, 2025, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | |
|:---|:---|
| Average amounts sold | $7,200,000\* |

---

*\** *Represents average monthly notional exposure for three months the derivative instrument was open during the period.*

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Total |
| Forward currency contracts <br> Unrealized appreciation on forward currency contracts | $13083 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments | Total |
| Forward currency contracts <br> Unrealized depreciation on forward currency contracts | $12825 |

---

The effect of derivative instruments on the Statement of Operations for the period ended December 31, 2025 was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $258 |

---

None of the other Portfolios traded in derivative instruments during the year ended December 31, 2025.

As of December 31, 2025, Listed Infrastructure held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

Annual Financial Statements **97**

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The required information for the affected Portfolio is presented in the below table, as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Assets | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities |
| Forward currency contracts | $13083 | $— | $13083 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities | Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities | Financial<br> Instruments | Collateral<br> Received | Net Amounts of<br> Derivative Assets |
| Royal Bank of Canada | $1755 | $— | $— | $1755 |
| State Street Bank & Trust Co. | 11328 | (11328) |  |  |
| Total | $13083 | $(11328) | $— | $1755 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Liabilities | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities |
| Forward currency contracts | $12825 | $— | $12825 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset <br>in the Statement of <br>Assets and Liabilities | Amounts Not Offset <br>in the Statement of <br>Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of <br>Liabilities Presented <br>in the Statement of <br>Assets and Liabilities | Financial <br>Instruments | Collateral <br>Pledged | Net Amounts of <br>Derivative Liabilities |
| Morgan Stanley & Co. | $731 | $— | $— | $731 |
| State Street Bank & Trust Co. | 12094 | (11328) |  | 766 |
| Total | $12825 | $(11328) | $— | $1497 |

---

**98** Annual Financial Statements

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**11. Capital Share Transactions**

Each Portfolio issues and redeems shares at NAV only with certain Authorized Participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities and/or cash to a Portfolio. Redemption proceeds are paid with a basket of securities from a Portfolio's holdings, along with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A Portfolio's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized Participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a Portfolio. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units. Such variable charges, if any, are included in Net proceeds from sale of shares in the Statements of Changes in Net Assets.

**12. Reorganization**

At meetings held on January 9, 2025, May 20, 2025 and June 24, 2025 the Board approved the respective reorganizations of Lazard International Equity Advantage Portfolio, Lazard US Systematic Small Cap Equity Portfolio and Lazard Emerging Markets Core Equity Portfolio (each, a "Target Portfolio"), series of The Lazard Funds, Inc., into International Dynamic Equity, Lazard US Systematic Small Cap Equity and Lazard Emerging Markets Opportunities (each, an "Acquiring Portfolio"), respectively, newly organized series of the Fund (each, a "Reorganization"). The Reorganization was completed for International Dynamic Equity on May 9, 2025, US Systematic Small Cap Equity on September 12, 2025 and Emerging Markets Opportunities on October 24, 2025. Each Reorganization was accomplished by a tax-free exchange of shares (with the exception of cash paid to the shareholders of the Target Portfolios in lieu of fractional shares of the Acquiring Portfolios) of the Acquiring Portfolios for Institutional Shares of the Target Portfolios of equivalent aggregate net asset value. The other share classes of the Target Portfolios were converted into the Institutional Shares prior to the

Annual Financial Statements **99**

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respective Reorganization date. Pursuant to the Agreement and Plan of Reorganization, the Target Portfolios reorganized into the Acquiring Portfolios on the respective Reorganization date. The Acquiring Portfolios had no investment operations or performance history prior to the respective Reorganization date. The Acquiring Portfolios are the surviving legal entities, but have adopted the performance and financial history of the Target Portfolios, which is included in these financial statements. Historical share transactions and per-share information for the Target Portfolios were retroactively adjusted to reflect the change in capital structure due to the Reorganizations. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolios were recorded at fair value; however, the cost basis of the investments received from the Target Portfolios was carried forward to align ongoing reporting of the Acquiring Portfolios' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The table below shows a summary of investments, unrealized appreciation/(depreciation), net assets, shares exchanged and shares exchanged ratio before and after the Reorganizations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Target Portfolio | Investments | Unrealized<br> appreciation<br> (depreciation) | Net assets | Shares<br> exchanged | Shares<br> exchanged<br> ratio |
| Lazard Emerging Markets Core Equity Portfolio | $136783892 | $49564118 | $122636002 | 9288414 | 0.528124 |
| Lazard International Equity Advantage Portfolio | $30742622 | $3383314 | $31068910 | 2367951 | 0.524824 |
| Lazard US Systematic Small Cap Equity Portfolio | $52272317 | $6884737 | $52817408 | 4816331 | 0.438652 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Acquiring Portfolio | Shares after<br> exchange | Net assets<br> per share | Total<br> net assets<br> after the<br> reorganizations |
| Emerging Markets Opportunities | 4905440 | $25 | $122636002 |
| International Dynamic Equity | 1242756 | $25 | $31068910 |
| US Systematic Small Cap Equity | 2112690 | $25 | $52817408 |

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**100** Annual Financial Statements

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Assuming the reorganizations had been completed on January 1, 2025, the beginning of the reporting period, pro forma results of operations for the period ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Acquiring Portfolio | Net investment<br> income (loss) | Total net<br> realized<br> gain (loss) | Total change in<br> net unrealized<br> appreciation<br> (depreciation) | Net increase<br> (decrease) in<br> net assets<br> resulting from<br> operations |
| Emerging Markets Opportunities | $2192374 | $17885988 | $13761179 | $33839541 |
| International Dynamic Equity | $4129568 | $5136795 | $58853483 | $68119846 |
| US Systematic Small Cap Equity | $426296 | $4039775 | $(1838083) | $2627988 |

---

Because the investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Portfolios that have been included in the respective Acquiring Portfolio's Statement of Operations since the respective Reorganization date.

**13. Segment Reporting**

During the period ended June 30, 2025, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances segment information disclosure in the notes to the financial statements. An operating segment, as defined in ASU 2023-07, is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses. The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker ("CODM") for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the Fund's prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment's financial statements.

Annual Financial Statements **101**

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**14. New Accounting Pronouncements**

During the year ended December 31, 2025, the Portfolios adopted FASB ASU 2023-09 Income Taxes (Topic 740) "Improvements to Income Tax Disclosures ("ASU 2023-09"), which was intended to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The adoption of ASU 2023-09 did not result in any changes to the Portfolios' financial statements or disclosures.

**15. Subsequent Events**

Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

**102** Annual Financial Statements

**Lazard Active ETF Trust**

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Lazard Active ETF Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lazard Active ETF Trust comprising Lazard Emerging Markets Opportunities ETF, Lazard Equity Megatrends ETF, Lazard International Dynamic Equity ETF, Lazard Japanese Equity ETF, Lazard Listed Infrastructure ETF, Lazard Next Gen Technologies ETF, and Lazard US Systematic Small Cap Equity ETF (the "Portfolios"), including the portfolios of investments, as of December 31, 2025, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the portfolios listed above constituting Lazard Active ETF Trust as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Portfolio**<br> **Comprising the Lazard**<br> **Active ETF Trust** | **Statement of**<br> **Operations** | **Statements of**<br> **Changes in**<br> **Net Assets** | **Financial**<br> **Highlights** |
| Lazard Emerging Markets Opportunities ETF Lazard International Dynamic Equity ETF | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the five years in the period ended December 31, 2025 |
| Lazard Equity Megatrends ETF <br> Lazard Japanese Equity ETF <br> Lazard Next Gen Technologies ETF | For the period from April 7, 2025 (commencement of operations) through December 31, 2025 | For the period from April 7, 2025 (commencement of operations) through December 31, 2025 | For the period from April 7, 2025 (commencement of operations) through December 31, 2025 |
| Lazard Listed Infrastructure ETF | For the period from October 6, 2025 (commencement of operations) through December 31, 2025 | For the period from October 6, 2025 (commencement of operations) through December 31, 2025 | For the period from October 6, 2025 (commencement of operations) through December 31, 2025 |
| Lazard US Systematic Small Cap Equity ETF | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the four years in the period ended December 31, 2025 and the period from October 29, 2021 (commencement of operations) through December 31, 2021 |

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Annual Financial Statements **103**

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**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 25, 2026

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

**104** Annual Financial Statements

**Lazard Active ETF Trust** Tax and Other Information (unaudited)

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**Tax Information**

**Year Ended December 31, 2025**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2025.

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Emerging Markets Opportunities | 13.98% |
| Equity Megatrends | 100.00 |
| International Dynamic Equity | 80.94 |
| Japanese Equity | 63.21 |
| Listed Infrastructure | 62.56 |
| Next Gen Technologies |  |
| US Systematic Small Cap Equity | 50.20 |

---

Of the dividends paid by the Portfolios, the corresponding percentage represents the amount of each dividend that qualifies for the dividends received deduction available to corporate shareholders.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Emerging Markets Opportunities | 0.10% |
| Equity Megatrends | 83.73 |
| International Dynamic Equity |  |
| Japanese Equity |  |
| Listed Infrastructure | 30.29 |
| Next Gen Technologies |  |
| US Systematic Small Cap Equity | 38.84 |

---

Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to U.S. nonresident shareholders.

The Portfolios intend to pass through to shareholders foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Annual Financial Statements **105**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Foreign<br> Source<br> Income | Foreign Tax<br> Paid/Credit |
| Emerging Markets Opportunities | $3434005 | $991635 |
| Equity Megatrends |  |  |
| International Dynamic Equity | 5457973 | 514257 |
| Japanese Equity | 884333 | 77636 |
| Listed Infrastructure |  |  |
| Next Gen Technologies |  |  |
| US Systematic Small Cap Equity |  |  |

---

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Long-Term Capital Gains |
| Emerging Markets Opportunities | $— |
| Equity Megatrends |  |
| International Dynamic Equity |  |
| Japanese Equity |  |
| Listed Infrastructure |  |
| Next Gen Technologies |  |
| US Systematic Small Cap Equity | 2459704 |

---

**Proxy Voting**

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the "SEC") website at https://www.sec.gov.

The Fund's proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC's website at https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

**Schedule of Portfolio Holdings**

The Fund files the complete schedule of each Portfolio's holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at https://www.sec.gov.

**106** Annual Financial Statements

**Lazard Active ETF Trust** Additional Information (unaudited)

------

**Changes in and Disagreements with Accountants (N-CSR Item 8)**

This information is not applicable for the reporting period.

**Proxy Disclosures (N-CSR Item 9)**

This information is not applicable for the reporting period.

**Remuneration Paid to Trustees, Officers, and Others (N-CSR Item 10)**

This information can be found in N-CSR Item 7, Note 4.

**Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)**

At meetings of the Board held on May 20, 2025 (the "May Meeting") and June 24, 2025 (the "June Meeting"), the Board considered the approval of the Management Agreement between Lazard Active ETF Trust ("LAE"), on behalf of Lazard Listed Infrastructure ETF ("GLIX") and Lazard US Systematic Small Cap Equity ETF ("SYZ") (each, a "Portfolio" and together, the "Portfolios"), and the Investment Manager, with the Board considering the approval of the Management Agreement with respect to SYZ at the May Meeting only. The Independent Trustees were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Trustees in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager's written materials provided in advance of the meetings relating to the organization of the Portfolios. Certain information was provided by reference to information presented by the Investment Manager in connection with (i) the organizational Board meeting for LAE held on December 3, 2024 and (ii) the Board's consideration of the renewal of the Management Agreement between The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc. (together, the "Lazard Mutual Funds") on behalf of their existing Portfolios, and the Investment Manager at the May Meeting and the June Meeting.

Annual Financial Statements **107**

<u>Services Provided</u>

The Investment Manager's materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager would provide to each Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 29 active funds comprised approximately $18 billion of the approximately $227.4 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2025).The Board also received presentations at the May Meeting on the investment strategy to be employed for each Portfolio.

The Board considered the various services to be provided by the Investment Manager, including the Investment Manager's research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager's representatives stated that the Investment Manager believes that each Portfolio and its respective shareholders would be able to obtain significant benefits as a result of the resources and support of the Investment Manager's global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the funds in the Lazard Funds complex and the adequacy of the Investment Manager's staffing to provide services pursuant to the Management Agreement; the distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of funds in the Lazard Funds complex, which would include the Portfolios; and the Investment Manager's financial condition. The Board accepted the assertion of representatives of the Investment Manager that each Portfolio would be expected to benefit from

**108** Annual Financial Statements

the services and infrastructure provided by the Investment Manager and that such services and infrastructure would be greater than those typically provided to a $18 billion fund complex not managed by a large, global firm such as the Investment Manager.

<u>Comparative Fee and Expense Ratio Information</u>

*ISS Advisory Fee and Expense Ratio Comparisons.* The Board reviewed, for each Portfolio, information prepared by Institutional Shareholder Services, Inc. ("ISS"), an independent provider of investment company data, including, among other information, each Portfolio's proposed contractual advisory fee (*i.e.*, without giving effect to any fee waivers), compared to those of groups of funds not advised by the Investment Manager selected by ISS as comparable, for expense comparison purposes, with respect to each Portfolio in terms of relevant criteria as appropriate, with certain exclusions as specified by ISS (the "Expense Peer Groups"<sup>1</sup>). The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board considered the terms of, and scope of services that the Investment Manager would provide under, the Management Agreement, including, where applicable, (i) the Investment Manager's agreement to pay all of the direct expenses of each Portfolio (except for the fee payment under the Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses); and (ii) the Investment Manager's agreement to pay a portion of each Portfolio's offering costs during the Portfolio's first year of operations to prevent offering costs borne by each Portfolio from exceeding agreed upon limits.

The results of the ISS comparisons showed that the advisory fee and net expense ratio of each Portfolio were generally competitive within each Portfolio's respective Expense Peer Group.

---

| | |
|:---|:---|
| 1 | The ISS materials outlined the process for constructing the Expense Peer Groups. Representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodology used by ISS in constructing the Expense Peer Groups, including how the methodology could affect the results of the comparisons. |

---

Annual Financial Statements **109**

*Other Accounts Advisory Fee Comparison*. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, "Other Accounts").The Investment Manager reported to the Board that it did not manage any other funds or accounts that utilize the same investment strategy as GLIX. Consequently, there was no advisory fee or performance of such funds or accounts for the Board to consider.

Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios, as applicable. At the request of the Board and in connection with the Board's approval of management agreements with regard to the Lazard Mutual Funds advised by the Investment Manager, representatives of the Investment Manager discussed the differences in the competitive markets for ETFs and mutual funds; the relatively recent growth of the ETF industry as compared to the mutual fund industry; the differences in the services provided to ETF and mutual fund shareholders, including with respect to portfolio management services; and the differences in the investment teams, processes, strategies and/or policies, as applicable, between certain ETFs and mutual funds managed by the Investment Manager.The Board considered the relevance of the fee information provided for Other Accounts and ETFs, in light of the Investment Manager's discussion of the significant differences in services provided and/or different competitive markets and other factors, to evaluate the advisory fees of the relevant Portfolios.

<u>Investment Manager Profitability and Economies of Scale</u>

Representatives of the Investment Manager noted that because each Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of each Portfolio's assets was uncertain, specific information concerning the cost of services to be provided to each Portfolio and the estimated profitability percentage of the

**110** Annual Financial Statements

Management Agreement with LAE, on behalf of each Portfolio, to the Investment Manager and its affiliates from their relationships with each Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representatives stated that they did not expect the Investment Manager to realize any current profits on each Portfolio initially, noting the Investment Manager's agreement to pay a portion of each Portfolio's offering costs during each Portfolio's first year of operations. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager's brokerage and soft dollar practices. The Investment Manager's representatives stated that neither the Investment Manager nor its affiliates were expected to receive any significant ancillary benefits from the Investment Manager acting as investment manager to the Portfolios other than the benefit of soft dollar commissions in connection with managing the Portfolios. The representatives of the Investment Manager stated that the Investment Manager intends to pay for each Portfolio's distribution expenses out of its resources under the unitary fee structure.

<u>Conclusions and Determinations</u>

At the conclusion of the discussions at the May Meeting, with respect to SYZ, and at the June Meeting with respect to GLIX, the Board members expressed the opinion that they had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to the evaluation of the Management Agreement with LAE, on behalf of the Portfolios. In evaluating the Management Agreement with LAE, on behalf of the Portfolios, the Board relied on the information described above as well as other information provided by the Investment Manager.The Board members also relied on their previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided by the Investment Manager to funds overseen by the Board in the Lazard Funds complex. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

Annual Financial Statements **111**

● The Board concluded that the nature, extent and quality of the services to be provided by the Investment
 Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an
 approximately $227.4 billion global asset management business.

● The Board concluded that each Portfolio's fee to be paid to the Investment Manager was reasonable in light of the
 factors considered by the Board and the totality of the services to be provided as discussed above.

● The Board recognized that potential economies of scale may be realized, particularly as the assets of each Portfolio increase
 over time, and determined that it would continue to consider the potential for material economies of scale and how they could
 be shared with investors.

The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Management Agreement with LAE, on behalf of the Portfolios. In deciding whether to vote to approve the Management Agreement with LAE, on behalf of the Portfolios, each Trustee may have accorded different weights to different factors so that each Trustee may have had a different basis for his or her decision.

**112** Annual Financial Statements

------

**Lazard Active ETF Trust**

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

www.lazardassetmanagement.com

**Investment Manager**

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

**Distributor**

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

**Custodian, Transfer Agent and Dividend Disbursing Agent**

State Street Bank and Trust Company

One Iron Street

Boston, Massachusetts 02210-1641

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, New York 10112-0015

**Legal Counsel**

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036-6797

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The Registrant's remuneration paid to directors, officers and others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board during the period covered by this report.

ITEM 16. 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-CSR 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-CSR 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) See Item 2

(a)(2) Not applicable.

(a)(3) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.](c114848_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.](c114848_ex99-906cert.htm)

**SIGNATURES**

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

Lazard Active ETF Trust

By /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 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/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 27, 2026

By /s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

Date: February 27, 2026

## Ex-99.Cert

Exhibit (a)(2)

Rule 30a-2(a) CERTIFICATIONS

I, Nathan A. Paul, certify that:

1. I have reviewed this report on Form N-CSR of Lazard Active ETF Trust;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Date: February 27, 2026

/s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Rule 30a-2(a) CERTIFICATIONS

I, Christina Kennedy, certify that:

1. I have reviewed this report on Form N-CSR of Lazard Active ETF Trust;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Date: February 27, 2026

/s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

## Exhibit 99.906

Exhibit (b)

Rule 30a-2(b) CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Registrant.

By: /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 27, 2026

By: /s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

Date: February 27, 2026

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*