FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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)

Lazard Emerging Markets Opportunities ETF

NYSE Arca: EMKT

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard Emerging Markets Opportunities ETF for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Emerging Markets Opportunities ETF	$42	0.75%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Lazard Emerging Markets Opportunities ETF	MSCI Emerging Markets Index
6/16	$10,000	$10,000
7/16	$10,308	$10,503
8/16	$10,570	$10,764
9/16	$10,764	$10,903
10/16	$10,593	$10,929
11/16	$10,068	$10,426
12/16	$10,146	$10,449
1/17	$10,801	$11,020
2/17	$10,973	$11,358
3/17	$11,376	$11,644
4/17	$11,697	$11,899
5/17	$11,996	$12,251
6/17	$12,180	$12,375
7/17	$12,961	$13,112
8/17	$13,308	$13,405
9/17	$13,458	$13,351
10/17	$13,791	$13,819
11/17	$13,848	$13,847
12/17	$14,240	$14,344
1/18	$15,305	$15,540
2/18	$14,552	$14,823
3/18	$14,355	$14,547
4/18	$13,985	$14,483
5/18	$13,441	$13,970
6/18	$13,047	$13,389
7/18	$13,371	$13,684
8/18	$12,806	$13,314
9/18	$12,656	$13,243
10/18	$11,648	$12,090
11/18	$12,112	$12,588
12/18	$11,659	$12,254
1/19	$12,827	$13,327
2/19	$12,779	$13,357
3/19	$12,921	$13,469
4/19	$13,216	$13,753
5/19	$12,296	$12,755
6/19	$13,098	$13,551
7/19	$12,909	$13,385
8/19	$12,273	$12,733
9/19	$12,626	$12,976
10/19	$13,086	$13,523
11/19	$13,145	$13,504
12/19	$14,177	$14,512
1/20	$13,383	$13,835
2/20	$12,722	$13,106
3/20	$10,257	$11,087
4/20	$11,075	$12,103
5/20	$11,327	$12,196
6/20	$12,073	$13,092
7/20	$13,191	$14,262
8/20	$13,440	$14,577
9/20	$13,211	$14,343
10/20	$13,452	$14,639
11/20	$14,763	$15,993
12/20	$15,874	$17,168
1/21	$16,274	$17,695
2/21	$16,540	$17,830
3/21	$16,177	$17,561
4/21	$16,274	$17,998
5/21	$16,467	$18,415
6/21	$16,431	$18,447
7/21	$15,354	$17,206
8/21	$15,333	$17,656
9/21	$14,570	$16,954
10/21	$14,800	$17,122
11/21	$14,001	$16,424
12/21	$14,095	$16,732
1/22	$13,949	$16,415
2/22	$13,034	$15,925
3/22	$12,717	$15,565
4/22	$11,851	$14,699
5/22	$11,998	$14,764
6/22	$11,047	$13,783
7/22	$11,278	$13,749
8/22	$11,208	$13,806
9/22	$9,915	$12,188
10/22	$9,988	$11,809
11/22	$11,452	$13,561
12/22	$11,047	$13,370
1/23	$12,205	$14,426
2/23	$11,433	$13,491
3/23	$11,918	$13,899
4/23	$11,769	$13,742
5/23	$11,570	$13,511
6/23	$12,068	$14,024
7/23	$12,691	$14,897
8/23	$11,817	$13,979
9/23	$11,468	$13,614
10/23	$11,181	$13,085
11/23	$11,954	$14,132
12/23	$12,404	$14,684
1/24	$11,974	$14,003
2/24	$12,530	$14,669
3/24	$12,872	$15,032
4/24	$12,846	$15,099
5/24	$13,074	$15,185
6/24	$13,516	$15,784
7/24	$13,441	$15,831
8/24	$13,589	$16,086
9/24	$14,324	$17,160
10/24	$13,652	$16,397
11/24	$13,361	$15,808
12/24	$13,304	$15,786
1/25	$13,573	$16,068
2/25	$13,560	$16,146
3/25	$13,663	$16,249
4/25	$13,791	$16,462
5/25	$14,444	$17,164
6/25	$15,264	$18,196
7/25	$15,507	$18,551
8/25	$15,740	$18,789
9/25	$16,698	$20,133
10/25	$17,277	$20,974
11/25	$16,874	$20,473
12/25	$17,229	$21,085
1/26	$18,494	$22,952
2/26	$19,539	$24,213
3/26	$17,216	$21,050
4/26	$19,580	$24,147
5/26	$21,938	$26,486
6/26	$21,949	$26,113

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	5 Years	10 Years
Lazard Emerging Markets Opportunities ETF	43.80%	5.96%	8.18%
MSCI Emerging Markets Index	43.51%	7.20%	10.07%

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

Table Summary
Total Net Assets	$180,860,371
# of Portfolio Holdings	74
Portfolio Turnover Rate	10%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$557,390

Top 10 Holdings (% of Net Assets)

Table Summary
Samsung Electronics Co. Ltd. GDR	11.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	8.9%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	8.3%
SK hynix, Inc. GDR	6.6%
MediaTek, Inc.	3.0%
Tencent Holdings Ltd.	3.0%
China Merchants Bank Co. Ltd., Class H	2.2%
Anglo American PLC	2.1%
Contemporary Amperex Technology Co. Ltd., Class A	2.0%
Lenovo Group Ltd.	2.0%

Sector Allocation (% of Net Assets)

Table Summary
Information Technology	44.9%
Financials	16.3%
Industrials	11.0%
Consumer Discretionary	7.8%
Communication Services	4.6%
Materials	4.2%
Energy	3.7%
Consumer Staples	2.6%
Other (includes short-term investments)	4.9%

Additional Information

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr

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.

Lazard Equity Megatrends ETF

NASDAQ: THMZ

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard Equity Megatrends ETF for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Equity Megatrends ETF	$25	0.50%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Lazard Equity Megatrends ETF	MSCI ACWI Index
4/25	$10,000	$10,000
4/25	$11,092	$10,921
5/25	$11,664	$11,548
6/25	$12,140	$12,067
7/25	$12,272	$12,231
8/25	$12,292	$12,533
9/25	$12,690	$12,987
10/25	$13,043	$13,277
11/25	$12,995	$13,276
12/25	$13,064	$13,414
1/26	$12,944	$13,812
2/26	$12,900	$13,990
3/26	$11,635	$12,985
4/26	$13,045	$14,306
5/26	$13,524	$15,044
6/26	$13,603	$14,923

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	Since Inception 4/7/25
Lazard Equity Megatrends ETF	12.05%	28.35%
MSCI ACWI Index	23.67%	38.37%

Key Portfolio Statistics

Table Summary
Total Net Assets	$54,088,855
# of Portfolio Holdings	60
Portfolio Turnover Rate	21%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$122,211

Top 10 Holdings (% of Net Assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	6.1%
Applied Materials, Inc.	5.5%
Alphabet, Inc., Class A	3.5%
Amazon.com, Inc.	3.5%
Microsoft Corp.	2.8%
NVIDIA Corp.	2.8%
Mitsubishi Electric Corp.	2.7%
Keysight Technologies, Inc.	2.6%
FANUC Corp.	2.5%
Siemens AG	2.4%

Sector Allocation (% of Net Assets)

Table Summary
Information Technology	34.1%
Industrials	20.4%
Financials	17.4%
Health Care	12.3%
Communication Services	6.3%
Consumer Discretionary	6.1%
Other (includes short-term investments)	3.4%

Additional Information

Lazard International Dynamic Equity ETF

NYSE Arca: IDEQ

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard International Dynamic Equity ETF for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard International Dynamic Equity ETF	$21	0.40%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Lazard International Dynamic Equity ETF	MSCI ACWI ex USA Index	MSCI EAFE/ACWI ex US Linked Index
6/16	$10,000	$10,000	$10,000
7/16	$10,509	$10,495	$10,507
8/16	$10,446	$10,561	$10,514
9/16	$10,608	$10,691	$10,643
10/16	$10,422	$10,537	$10,426
11/16	$10,225	$10,294	$10,218
12/16	$10,540	$10,557	$10,567
1/17	$10,930	$10,931	$10,874
2/17	$11,036	$11,105	$11,030
3/17	$11,415	$11,387	$11,333
4/17	$11,746	$11,631	$11,622
5/17	$12,054	$12,008	$12,048
6/17	$12,077	$12,045	$12,027
7/17	$12,397	$12,489	$12,374
8/17	$12,456	$12,555	$12,369
9/17	$12,763	$12,788	$12,677
10/17	$13,000	$13,028	$12,869
11/17	$13,047	$13,134	$13,004
12/17	$13,172	$13,428	$13,213
1/18	$13,872	$14,175	$13,876
2/18	$13,124	$13,507	$13,249
3/18	$13,003	$13,269	$13,011
4/18	$13,184	$13,481	$13,308
5/18	$12,882	$13,169	$13,009
6/18	$12,641	$12,922	$12,850
7/18	$12,991	$13,231	$13,166
8/18	$12,642	$12,954	$12,912
9/18	$12,715	$13,013	$13,024
10/18	$11,719	$11,955	$11,987
11/18	$11,610	$12,068	$11,972
12/18	$11,030	$11,522	$11,391
1/19	$11,866	$12,392	$12,139
2/19	$12,069	$12,634	$12,449
3/19	$12,171	$12,709	$12,527
4/19	$12,399	$13,045	$12,880
5/19	$11,676	$12,345	$12,261
6/19	$12,297	$13,088	$12,988
7/19	$11,942	$12,930	$12,824
8/19	$11,625	$12,531	$12,491
9/19	$11,955	$12,853	$12,849
10/19	$12,348	$13,302	$13,311
11/19	$12,488	$13,419	$13,461
12/19	$12,945	$14,000	$13,898
1/20	$12,686	$13,624	$13,608
2/20	$11,688	$12,547	$12,378
3/20	$10,081	$10,730	$10,726
4/20	$10,665	$11,543	$11,419
5/20	$11,105	$11,921	$11,916
6/20	$11,390	$12,460	$12,322
7/20	$11,572	$13,015	$12,609
8/20	$12,078	$13,573	$13,257
9/20	$11,832	$13,239	$12,913
10/20	$11,404	$12,954	$12,397
11/20	$12,921	$14,697	$14,319
12/20	$13,645	$15,491	$14,985
1/21	$13,500	$15,525	$14,825
2/21	$13,923	$15,832	$15,158
3/21	$14,412	$16,032	$15,506
4/21	$14,862	$16,504	$15,973
5/21	$15,470	$17,021	$16,494
6/21	$15,272	$16,910	$16,308
7/21	$15,483	$16,632	$16,431
8/21	$15,710	$16,948	$16,721
9/21	$14,996	$16,405	$16,235
10/21	$15,446	$16,797	$16,635
11/21	$14,758	$16,040	$15,860
12/21	$15,548	$16,703	$16,672
1/22	$15,159	$16,088	$15,867
2/22	$14,575	$15,769	$15,586
3/22	$14,519	$15,795	$15,686
4/22	$13,547	$14,803	$14,672
5/22	$13,991	$14,909	$14,782
6/22	$12,713	$13,626	$13,410
7/22	$13,324	$14,093	$14,078
8/22	$12,554	$13,640	$13,410
9/22	$11,364	$12,277	$12,155
10/22	$12,064	$12,643	$12,809
11/22	$13,660	$14,136	$14,252
12/22	$13,456	$14,030	$14,263
1/23	$14,594	$15,168	$15,418
2/23	$14,291	$14,636	$15,096
3/23	$14,623	$14,994	$15,470
4/23	$14,911	$15,254	$15,907
5/23	$14,320	$14,699	$15,329
6/23	$15,069	$15,359	$16,017
7/23	$15,617	$15,983	$16,668
8/23	$15,016	$15,262	$15,915
9/23	$14,656	$14,780	$15,412
10/23	$14,223	$14,170	$14,776
11/23	$15,434	$15,445	$16,107
12/23	$16,122	$16,221	$16,916
1/24	$16,064	$16,060	$16,748
2/24	$16,760	$16,467	$17,172
3/24	$17,326	$16,981	$17,709
4/24	$16,992	$16,677	$17,391
5/24	$17,935	$17,161	$17,895
6/24	$17,862	$17,144	$17,878
7/24	$18,297	$17,541	$18,292
8/24	$18,671	$18,041	$18,813
9/24	$18,991	$18,527	$19,320
10/24	$18,352	$17,618	$18,372
11/24	$18,395	$17,458	$18,206
12/24	$18,006	$17,119	$17,852
1/25	$18,814	$17,809	$18,571
2/25	$19,394	$18,056	$18,829
3/25	$19,547	$18,015	$18,786
4/25	$20,103	$18,665	$19,464
5/25	$21,116	$19,520	$20,356
6/25	$21,871	$20,183	$21,047
7/25	$21,821	$20,125	$20,987
8/25	$22,507	$20,823	$21,715
9/25	$23,548	$21,573	$22,497
10/25	$23,912	$22,009	$22,952
11/25	$24,300	$22,004	$22,946
12/25	$25,247	$22,663	$23,634
1/26	$27,342	$24,019	$25,047
2/26	$29,113	$25,225	$26,305
3/26	$25,688	$22,503	$23,467
4/26	$28,090	$24,675	$25,732
5/26	$29,354	$25,917	$27,027
6/26	$29,142	$25,765	$26,868

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	5 Years	10 Years
Lazard International Dynamic Equity ETF	33.25%	13.80%	11.29%
MSCI ACWI ex USA Index	27.66%	8.79%	9.93%
MSCI EAFE/ACWI ex US Linked Index	27.66%	10.50%	10.39%

Key Portfolio Statistics

Table Summary
Total Net Assets	$1,517,823,563
# of Portfolio Holdings	251
Portfolio Turnover Rate	46%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$1,979,278

Top 10 Holdings (% of Net Assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	5.1%
Samsung Electronics Co. Ltd.	3.6%
ASML Holding NV	3.4%
SK Hynix, Inc.	2.7%
Vinci SA	2.1%
BNP Paribas SA	2.0%
GSK PLC	1.8%
Roche Holding AG	1.7%
Japan Post Holdings Co. Ltd.	1.7%
Banco Santander SA	1.7%

Sector Allocation (% of Net Assets)

Table Summary
Financials	23.8%
Information Technology	23.5%
Industrials	14.1%
Health Care	7.7%
Consumer Discretionary	6.7%
Materials	6.4%
Consumer Staples	4.7%
Energy	4.5%
Communication Services	4.1%
Utilities	2.6%
Other (includes short-term investments)	1.9%

Additional Information

Lazard Japanese Equity ETF

NASDAQ: JPY

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard Japanese Equity ETF for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Japanese Equity ETF	$32	0.60%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Lazard Japanese Equity ETF	TOPIX Net Total Return Index
4/25	$10,000	$10,000
4/25	$11,008	$10,965
5/25	$11,488	$11,391
6/25	$11,728	$11,600
7/25	$11,601	$11,487
8/25	$12,470	$12,305
9/25	$12,911	$12,580
10/25	$13,058	$12,807
11/25	$13,086	$12,823
12/25	$13,083	$12,929
1/26	$13,782	$13,708
2/26	$14,944	$14,962
3/26	$13,124	$13,147
4/26	$14,365	$14,223
5/26	$15,314	$14,873
6/26	$15,044	$14,718

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	Since Inception 4/7/25
Lazard Japanese Equity ETF	28.28%	39.27%
TOPIX Net Total Return Index	26.88%	36.82%

Key Portfolio Statistics

Table Summary
Total Net Assets	$78,267,394
# of Portfolio Holdings	63
Portfolio Turnover Rate	2%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$222,410

Top 10 Holdings (% of Net Assets)

Table Summary
Mitsubishi UFJ Financial Group, Inc.	5.2%
Tokyo Electron Ltd.	4.8%
Sumitomo Mitsui Financial Group, Inc.	4.4%
Mizuho Financial Group, Inc.	3.5%
Recruit Holdings Co. Ltd.	3.5%
Hitachi Ltd.	3.0%
Sony Group Corp.	2.9%
SoftBank Group Corp.	2.9%
Tokio Marine Holdings, Inc.	2.7%
TDK Corp.	2.5%

Sector Allocation (% of Net Assets)

Table Summary
Industrials	24.8%
Financials	20.8%
Information Technology	17.0%
Consumer Discretionary	9.4%
Materials	7.4%
Communication Services	5.8%
Consumer Staples	4.4%
Health Care	3.8%
Other (includes short-term investments)	6.6%

Additional Information

Lazard Listed Infrastructure ETF

NYSE Arca: GLIX

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard Listed Infrastructure ETF for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Listed Infrastructure ETF	$50	0.96%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Lazard Listed Infrastructure ETF	MSCI World Index	MSCI World Core Infrastructure (USD) Index
9/25	$10,000	$10,000	$10,000
10/25	$10,008	$10,093	$9,886
11/25	$10,276	$10,121	$10,190
12/25	$10,070	$10,203	$10,025
1/26	$10,374	$10,431	$10,319
2/26	$11,432	$10,508	$11,251
3/26	$10,853	$9,838	$10,887
4/26	$11,182	$10,782	$11,265
5/26	$11,068	$11,273	$11,020
6/26	$11,285	$11,192	$11,063

Average Annual Total Returns (%)

Table Summary
Fund	Since Inception 10/6/25
Lazard Listed Infrastructure ETF	12.85%
MSCI World Index	11.92%
MSCI World Core Infrastructure (USD) Index	10.63%

Key Portfolio Statistics

Table Summary
Total Net Assets	$29,664,648
# of Portfolio Holdings	28
Portfolio Turnover Rate	4%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$114,899

Top 10 Holdings (% of Net Assets)

Table Summary
Canadian National Railway Co.	8.6%
National Grid PLC	8.1%
Vinci SA	6.4%
CSX Corp.	4.7%
Pinnacle West Capital Corp.	4.7%
Aena SME SA	4.6%
OGE Energy Corp.	4.6%
Transurban Group	4.4%
Norfolk Southern Corp.	4.3%
Portland General Electric Co.	4.2%

Sector Allocation (% of Net Assets)

Table Summary
Utilities	49.5%
Industrials	39.1%
Real Estate	7.1%
Communication Services	2.6%
Other (includes short-term investments)	1.7%

Additional Information

Lazard Next Gen Technologies ETF

NASDAQ: TEKY

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard Next Gen Technologies ETF for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Next Gen Technologies ETF	$28	0.50%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Lazard Next Gen Technologies ETF	MSCI World Index
4/25	$10,000	$10,000
4/25	$11,500	$11,004
5/25	$12,648	$11,655
6/25	$13,716	$12,158
7/25	$14,060	$12,314
8/25	$14,180	$12,636
9/25	$15,205	$13,042
10/25	$16,457	$13,303
11/25	$15,168	$13,340
12/25	$14,992	$13,448
1/26	$14,916	$13,749
2/26	$14,392	$13,850
3/26	$13,373	$12,968
4/26	$16,184	$14,212
5/26	$18,483	$14,859
6/26	$18,872	$14,752

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	Since Inception 4/7/25
Lazard Next Gen Technologies ETF	37.59%	67.38%
MSCI World Index	21.34%	37.07%

Key Portfolio Statistics

Table Summary
Total Net Assets	$61,151,606
# of Portfolio Holdings	49
Portfolio Turnover Rate	31%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$125,811

Top 10 Holdings (% of Net Assets)

Table Summary
SK Hynix, Inc.	5.7%
Alphabet, Inc., Class A	5.2%
NVIDIA Corp.	4.9%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	4.0%
Amazon.com, Inc.	3.7%
Advanced Micro Devices, Inc.	3.6%
Broadcom, Inc.	3.3%
Applied Materials, Inc.	3.1%
Datadog, Inc., Class A	3.1%
Palo Alto Networks, Inc.	2.6%

Sector Allocation (% of Net Assets)

Table Summary
Information Technology	76.4%
Industrials	10.5%
Consumer Discretionary	5.5%
Communication Services	5.2%
Other (includes short-term investments)	2.4%

Additional Information

Lazard US Systematic Small Cap Equity ETF

NASDAQ: SYZ

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard US Systematic Small Cap Equity ETF for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard US Systematic Small Cap Equity ETF	$34	0.61%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Lazard US Systematic Small Cap Equity ETF	Russell 3000 Index	Russell 2000 Index
10/21	$10,000	$10,000	$10,000
11/21	$9,800	$9,848	$9,583
12/21	$10,283	$10,236	$9,797
1/22	$9,371	$9,633	$8,854
2/22	$9,421	$9,391	$8,949
3/22	$9,471	$9,695	$9,060
4/22	$8,719	$8,825	$8,162
5/22	$8,860	$8,813	$8,174
6/22	$8,158	$8,076	$7,502
7/22	$9,090	$8,834	$8,285
8/22	$8,763	$8,504	$8,116
9/22	$7,951	$7,716	$7,338
10/22	$8,753	$8,348	$8,146
11/22	$9,114	$8,784	$8,336
12/22	$8,603	$8,270	$7,795
1/23	$9,371	$8,839	$8,555
2/23	$9,240	$8,633	$8,410
3/23	$9,017	$8,863	$8,009
4/23	$8,765	$8,958	$7,865
5/23	$8,846	$8,993	$7,792
6/23	$9,613	$9,607	$8,425
7/23	$10,078	$9,951	$8,941
8/23	$9,704	$9,759	$8,493
9/23	$9,219	$9,294	$7,993
10/23	$8,624	$9,048	$7,448
11/23	$9,351	$9,892	$8,122
12/23	$10,307	$10,416	$9,115
1/24	$10,104	$10,532	$8,760
2/24	$10,631	$11,102	$9,256
3/24	$10,935	$11,460	$9,587
4/24	$10,266	$10,956	$8,912
5/24	$10,732	$11,473	$9,359
6/24	$10,611	$11,828	$9,273
7/24	$11,411	$12,048	$10,215
8/24	$11,381	$12,311	$10,062
9/24	$11,492	$12,565	$10,133
10/24	$11,259	$12,473	$9,986
11/24	$12,293	$13,303	$11,082
12/24	$11,639	$12,896	$10,166
1/25	$11,994	$13,303	$10,433
2/25	$11,357	$13,048	$9,875
3/25	$10,678	$12,287	$9,203
4/25	$10,428	$12,205	$8,990
5/25	$10,939	$12,978	$9,470
6/25	$11,367	$13,638	$9,985
7/25	$11,252	$13,938	$10,158
8/25	$12,102	$14,260	$10,884
9/25	$12,189	$14,753	$11,223
10/25	$11,907	$15,069	$11,426
11/25	$12,131	$15,110	$11,535
12/25	$12,311	$15,107	$11,468
1/26	$12,969	$15,341	$12,082
2/26	$13,281	$15,269	$12,179
3/26	$12,741	$14,509	$11,570
4/26	$14,088	$15,990	$12,983
5/26	$14,391	$16,800	$13,550
6/26	$15,104	$16,748	$14,057

Average Annual Total Returns (%)

Table Summary
Fund	1 year	Since Inception 10/29/21
Lazard US Systematic Small Cap Equity ETF	32.87%	9.24%
Russell 3000 Index	22.81%	11.68%
Russell 2000 Index	40.78%	7.57%

Key Portfolio Statistics

Table Summary
Total Net Assets	$68,423,283
# of Portfolio Holdings	417
Portfolio Turnover Rate	34%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$181,434

Top 10 Holdings (% of Net Assets)

Table Summary
Onto Innovation, Inc.	0.9%
Mueller Industries, Inc.	0.9%
Adeia, Inc.	0.9%
OPENLANE, Inc.	0.8%
Clover Health Investments Corp.	0.8%
Garrett Motion, Inc.	0.8%
MYR Group, Inc.	0.8%
Timken Co.	0.8%
Interface, Inc.	0.8%
ESCO Technologies, Inc.	0.8%

Sector Allocation (% of Net Assets)

Table Summary
Information Technology	26.4%
Industrials	20.7%
Health Care	10.7%
Financials	10.6%
Consumer Discretionary	9.6%
Materials	6.5%
Real Estate	5.0%
Energy	4.5%
Communication Services	2.9%
Other (includes short-term investments)	3.1%

Additional Information

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.

Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about Lazard Active ETF Trust (the “Trust”), 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.

The Lazard Active ETF Trust (the “Trust”) 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 June 30, 2026, the Trust was comprised of seven portfolios (each referred to as a “Portfolio”).

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.

The accompanying financial statements are presented in conformity with GAAP. The Portfolios are investment companies and therefore apply specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Portfolios 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 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 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 Trust 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.

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 June 30, 2026, Listed Infrastructure traded in forward currency contracts.

(d) Federal Income Taxes—The Trust’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 purposes, could be used to offset future realized capital gains with no expiration date as follows:

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

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:

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:

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 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 may result in reclassifications among certain capital accounts.

(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.

(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 Trust 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 Trust 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 Trust, 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 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 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:

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, 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 May 1, 2027 and prior to such date the Investment Manager may not terminate the arrangement without the approval of the Board.

Additionally, each Portfolio may invest in other investment companies managed by the Investment Manager. The Portfolio deducts any fees charged by such investment company from the payment to be made to the Investment Manager under the Management Agreement.

During the period ended June 30, 2026, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

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 Trust’s custodian and provides the Trust with certain administrative services.

The Trust 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 Trust’s transfer agent and dividend disbursing agent.

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 Trust are officers of the Investment Manager, and such “interested persons” of the Trust are not compensated by the Portfolios. Trustees do not receive benefits from the Trust pursuant to any pension, retirement or similar arrangement.

Purchases and sales of portfolio securities (excluding in-kind transactions and short-term investments) for the period ended June 30, 2026 were as follows:

In-kind transactions associated with creation and redemptions for the period ended June 30, 2026, were as follows:

For the period ended June 30, 2026, 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 Trust for portfolio transactions executed on behalf of the Portfolios.

At June 30, 2026, the Investment Manager owned of record the following percentages of the outstanding shares of each Portfolio:

A summary of the Portfolios’ transactions in Lazard mutual funds for the period ended June 30, 2026 is as follows:

On November 21, 2025, the Trust 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 period ended June 30, 2026, the following Portfolio had borrowings under the Line of Credit as follows:

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.

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, market manipulations, 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 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 also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices.

(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 limited reliable access to capital, 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 threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets, thus, a Portfolio may be unable to liquidate its positions in such securities at a favorable time or price.

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. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.

(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 generally 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 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.

(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, 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. Geopolitical tensions may increase the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing. 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.

The Trust enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio’s maximum exposure under these arrangements is unknown. Management has reviewed the Trust’s existing contracts and expects the risk of loss to be remote.

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 Trust. Unobservable inputs reflect the Trust’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 Trust 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:

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.

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2026:

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 Trust’s pricing matrix. In this case, the investment will be valued by the Valuation Sub-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.

Listed Infrastructure uses forward currency contracts primarily for hedging purposes.

During the period ended June 30, 2026, the approximate average monthly notional exposure for derivative instruments was as follows:

The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2026:

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2026 was:

None of the other Portfolios traded in derivative instruments during the period ended June 30, 2026.

As of June 30, 2026, the 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.

The required information for the affected Portfolio is presented in the below table, as of June 30, 2026:

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.

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 Trust (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 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.

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:

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.

The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker (“CODM”) for the Trust, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the 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.

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.

A description of the policies and procedures used to determine how proxies relating to 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 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.

The Trust 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 Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.

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

At meetings of the Board held on May 27, 2026 and June 30, 2026, the Board considered the approval, for an additional annual period, of the Management Agreement between the Trust, on behalf of each of the Portfolios, and the Investment Manager. 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 in response to detailed questions from the Independent Trustees and their counsel, including, at the June 30, 2026 meeting, additional information requested by the Independent Trustees at the May 27, 2026 meeting.

In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and extent of the Investment Manager’s services, (ii) the investment performance of each Portfolio as well as performance information for comparable funds, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds and other clients of the Investment Manager, (iv) the profitability of the Investment Manager and its affiliates from their respective relationships with each Portfolio, (v) whether economies of scale have been realized as each Portfolio grows and whether potential

economies have been shared, in some measure, with investors and (vi) other benefits to the Investment Manager from its relationship with the Portfolios. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve continuation of the Management Agreement, and each Trustee may have afforded different weight to the various factors.

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2026, the Lazard Fund Complex of 29 active funds comprised approximately $26.3 billion of the approximately $259.2 billion of total assets under the management of the Investment Manager and its global affiliates.

The Board considered the various services 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 the Trust and its shareholders continue to 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; the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the Trust’s distribution channels and the relationships with various intermediaries; marketing activities on behalf of the Portfolios; each Portfolio’s asset flows

and the growth or decline in asset levels; and the Investment Manager’s financial condition.

The Board considered the position of the Investment Manager that the Trust benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a fund complex of comparable size not managed by a large, global firm such as the Investment Manager.

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 contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to any fee waivers agreed to by the Investment Manager) compared to those of:

Representatives of the Investment Manager discussed the results of the ISS advisory fee and net expense ratio comparisons with the Board, which showed that the advisory fees and net expense ratios of each Portfolio were generally competitive within each Portfolio’s respective Peer Group. The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager, and noted that the Investment Manager continues to voluntarily waive

a portion of its management fee payable by certain Portfolios. The Board also received a description of ISS’s methodology for its construction of the Peer Groups and a summary of how the methodology was applied, including, as applicable, deviations from the stated methodology and the reasons therefor.

Other Accounts Advisory Fee Comparisons. 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”). 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. The Board considered the relevance of the fee information provided for Other Accounts, 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.

ISS Performance Comparisons. The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each Portfolio’s performance for the one-, three-, five- and ten-year periods ended February 28, 2026, as applicable, compared to performance for the same time periods to that of:

When evaluating the performance of each Portfolio, the Board considered ISS’s performance analysis along with other information provided by the Investment Manager, including additional information regarding performance expectations, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information from the Investment Manager in respect of Portfolios with relative underperformance in certain periods and Portfolios which otherwise are not performing in accordance with expectations as well as any other Portfolios for which the Board requested additional information.

The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the Investment Manager’s estimated profitability percentage resulting from its, and its affiliates’, relationship with the Portfolio for the calendar year ended December 31, 2025 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s costs to the Investment Manager. The Investment Manager’s representatives reviewed with the Board information provided on the Investment Manager’s brokerage practices and the Portfolios’ brokerage allocations, commission payments and soft dollar commissions and benefits. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any significant benefits from the Investment Manager acting as investment manager to the Portfolios other than the benefit of soft dollar commissions.

The Board considered that the profitability percentages were within or below ranges determined not to be excessive by relevant court cases. The Board (1) considered the Investment Manager’s estimated profitability percentage with respect to each Portfolio as part of the evaluation of the Portfolio’s fee under the Management Agreement, considered in relation to the mix of services provided by the Investment Manager (including the nature, extent and quality of such services), and (2) evaluated the profitability percentage in light of the relevant circumstances

for each Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may be shared, including the Investment Manager’s reinvestment of profits back into its business, waiving or reducing Portfolio management fees, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting management fees at inception that account for future scale. The Board noted that, although the Portfolios’ unitary management fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of each Portfolio’s fees at competitive levels over the contract period even if the Portfolio’s operating costs rise when assets remain flat or decrease. The Board also noted that increases in each Portfolio’s assets would not lead to unitary management fee decreases for the Portfolio even if economies of scale are achieved.

At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the May 27, 2026 and June 30, 2026 meetings and throughout the year as may reasonably be necessary to make an informed business decision with respect to evaluation of the renewal of the Management Agreement. In evaluating the Management Agreement, the Board relied on the information described above, in addition to other information provided by the Investment Manager throughout the year relating to the operations of the Trust and the investment management and other services provided under the Management Agreement. Such other information included the investment performance of the Portfolios in comparison to similar funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for the Portfolios in different market conditions; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to the Trust by the Investment Manager. 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.

The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, 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.

30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com

Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300

State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641

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

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.

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

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

(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.

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.

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.



Description	Shares		Value

Lazard Emerging Markets Opportunities ETF

Common Stocks \| 99.6%

Argentina \| 0.6%
Grupo Financiero Galicia SA ADR		21,930	$	1,097,158

Australia \| 0.6%
Anglogold Ashanti PLC		14,074		1,138,446

Brazil \| 4.8%
Banco BTG Pactual SA		163,331		1,706,851
Itau Unibanco Holding SA ADR		257,296		2,102,108
MercadoLibre, Inc. (*)		1,044		1,772,075
NU Holdings Ltd., Class A (*)		75,808		1,012,795
PRIO SA (*)		100,614		1,013,731
TOTVS SA		182,510		1,011,995
				8,619,555

China \| 17.0%
Alebund Pharmaceuticals Jiangsu Ltd.		312,700		1,831,050
Alibaba Group Holding Ltd.		287,000		3,398,085
Atour Lifestyle Holdings Ltd. ADR		31,994		1,017,409
BYD Co. Ltd., Class H		170,800		1,577,962
China Merchants Bank Co. Ltd., Class H		681,500		3,903,696
Contemporary Amperex Technology Co. Ltd., Class A		62,000		3,591,037
Full Truck Alliance Co. Ltd. ADR		139,609		1,133,625
Innovent Biologics, Inc. (#), (*)		107,500		1,091,169
Lenovo Group Ltd.		1,206,000		3,540,161
Shenzhen Inovance Technology Co. Ltd., Class A		142,999		1,397,873
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		31,500		630,566
Tencent Holdings Ltd.		97,692		5,354,215
Trip.com Group Ltd. (*)		23,800		945,681
Weichai Power Co. Ltd., Class H		315,000		1,369,731
				30,782,260

Greece \| 2.5%
GEK Terna SA		34,147		1,717,772
Jumbo SA		28,023		718,948
National Bank of Greece SA		119,736		2,065,049
				4,501,769



Description	Shares		Value

Lazard Emerging Markets Opportunities ETF (continued)

Hong Kong \| 0.8%
Techtronic Industries Co. Ltd.		90,000	$	1,486,219

India \| 10.8%
Amber Enterprises India Ltd. (*)		11,418		908,289
Bharti Airtel Ltd.		114,785		2,245,770
HDFC Bank Ltd. ADR		89,282		2,306,154
Hindalco Industries Ltd. GDR (#)		179,112		1,809,031
ICICI Bank Ltd. ADR		79,516		2,308,349
InterGlobe Aviation Ltd. (#)		24,970		1,416,128
ITC Ltd.		224,143		679,471
Larsen & Toubro Ltd. GDR		30,475		1,325,663
Lodha Developers Ltd. (#)		135,402		1,366,411
Polycab India Ltd.		14,723		1,549,311
Reliance Industries Ltd. GDR (#)		36,636		2,029,634
Supreme Industries Ltd.		77		2,569
Thermax Ltd.		28,511		1,554,030
				19,500,810

Indonesia \| 0.5%
Bank Central Asia Tbk. PT		2,727,600		846,654

Mexico \| 2.7%
Arca Continental SAB de CV		117,645		1,411,033
Corp. Inmobiliaria Vesta SAB de CV ADR		47,197		1,619,329
Grupo Financiero Banorte SAB de CV, Class O		168,067		1,775,242
				4,805,604

Peru \| 0.9%
Credicorp Ltd.		4,246		1,654,157

Philippines \| 1.2%
BDO Unibank, Inc.		377,871		729,635
International Container Terminal Services, Inc.		94,830		1,375,244
				2,104,879

Portugal \| 0.5%
Jeronimo Martins SGPS SA		48,196		923,518



Description	Shares		Value

Lazard Emerging Markets Opportunities ETF (continued)

Qatar \| 0.4%
Ooredoo QPSC		204,374	$	743,739

Russia \| 0.0%
Sberbank of Russia PJSC (¢)		213,889		0

Saudi Arabia \| 2.7%
Co. for Cooperative Insurance		31,528		1,234,368
Saudi Arabian Oil Co. (#)		296,494		2,061,222
Saudi National Bank		153,720		1,581,714
				4,877,304

South Africa \| 5.1%
Anglo American PLC		75,626		3,710,847
Bidvest Group Ltd.		70,599		1,031,504
Capitec Bank Holdings Ltd.		6,430		1,863,535
Sasol Ltd. (*)		94,429		931,384
Shoprite Holdings Ltd.		98,114		1,765,932
				9,303,202

South Korea \| 21.2%
Hyundai Mobis Co. Ltd.		3,807		1,228,619
Kia Corp.		17,353		1,545,675
Samsung Electronics Co. Ltd. GDR		3,878		20,902,420
Shinhan Financial Group Co. Ltd. ADR		41,275		2,610,644
SK hynix, Inc. GDR (#)		6,798		11,998,470
				38,285,828

Taiwan \| 24.7%
Accton Technology Corp.		23,000		1,801,359
ASE Technology Holding Co. Ltd.		156,000		3,329,933
Hon Hai Precision Industry Co. Ltd. GDR		123,851		1,994,001
MediaTek, Inc.		41,000		5,463,406
Nien Made Enterprise Co. Ltd.		89,000		966,647
Taiwan Semiconductor Manufacturing Co. Ltd.		212,000		16,038,171
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		31,534		15,059,693
				44,653,210



Description	Shares		Value

Lazard Emerging Markets Opportunities ETF (concluded)

Turkey \| 0.4%
Akbank TAS		435,326	$	718,460

United Arab Emirates \| 2.2%
Adnoc Gas PLC		1,753,850		1,642,705
Alec Holdings PJSC		2,240,937		903,025
Emaar Properties PJSC		429,806		1,394,946
				3,940,676

Total Common Stocks (Cost $111,119,844)				179,983,448

Short-Term Investments \| 0.4%
Lazard Government Money Market Portfolio, 3.47% (7 Day Yield) (a) (Cost $809,454)		809,454		809,454

Total Investments \| 100.0% (Cost $111,929,298)			$	180,792,902

Cash and Other Assets in Excess of Liabilities \| 0.0%				67,469

Net Assets \| 100.0%			$	180,860,371

(*)	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 June 30, 2026, these securities amounted to 12.0% of net assets of the Portfolio.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(a)	Affiliated investment.

2		Portfolios of Investments (N-CSR Item 7)
2		Lazard Emerging Markets Opportunities ETF
6		Lazard Equity Megatrends ETF
10		Lazard International Dynamic Equity ETF
21		Lazard Japanese Equity ETF
26		Lazard Listed Infrastructure ETF
29		Lazard Next Gen Technologies ETF
32		Lazard US Systematic Small Cap Equity ETF
49		Abbreviations (N-CSR Item 7)
50		Statements of Assets and Liabilities (N-CSR Item 7)
52		Statements of Operations (N-CSR Item 7)
54		Statements of Changes in Net Assets (N-CSR Item 7)
62		Financial Highlights (N-CSR Item 7)
69		Notes to Financial Statements (N-CSR Item 7)
99		Other Information (N-CSR Item 7)
100		Additional Information (N-CSR Items 8-11)

(*)	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 June 30, 2026, these securities amounted to 1.0% 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 8 in the Notes to Financial Statements.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(a)	Affiliated investment.

(#)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2026, these securities amounted to 7.2% 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.

Asset Class/Sector	Allocation
Communication Services		2.6	%
Industrials		39.1
Real Estate		7.1
Utilities		49.5
Other (includes short-term investments)		1.7
Total		100.0	%

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD	279,617	AUD	396,022	MSC	09/24/26		$	5,839		$	—
USD	254,191	AUD	360,112	RBC	09/24/26			5,239			—
USD	881,887	AUD	1,249,194	SSB	09/24/26			18,296			—
USD	229,719	CAD	320,110	MSC	09/24/26			3,166			—
USD	465,690	CAD	648,949	RBC	09/24/26			6,406			—
USD	1,731,442	CAD	2,412,766	SSB	09/24/26			23,842			—
USD	1,228,546	EUR	1,055,229	MSC	09/24/26			18,618			—
USD	656,259	EUR	563,632	RBC	09/24/26			9,998			—
USD	364,829	EUR	317,283	SSB	09/24/26			1,032			—
USD	3,875,827	EUR	3,329,634	SSB	09/24/26			58,063			—
USD	319,628	GBP	238,644	MSC	09/24/26			3,078			—
USD	137,541	GBP	103,667	RBC	09/24/26			31			—
USD	396,182	GBP	295,828	RBC	09/24/26			3,779			—
USD	1,501,575	GBP	1,121,277	SSB	09/24/26			14,252			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	171,639		$	—

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

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

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

June 30, 2026	Lazard Emerging Markets Opportunities ETF			Lazard Equity Megatrends ETF

ASSETS
Investments in securities, at fair value:
Unaffiliated issuers		$	179,983,448		$	53,180,534
Affiliated issuers (Note 5)			809,454			1,875,586
Cash			—			2,071
Foreign currency, at fair value			1,399			95
Receivables for:
Dividends and interest			230,096			43,525
Investments sold			—			424,518
Gross unrealized appreciation on forward currency contracts			—			—
Total assets			181,024,397			55,526,329

LIABILITIES
Foreign currency due to custodian			377			—
Payables for:
Management fees			109,572			21,665
Accrued professional services			32,910			—
Accrued custodian fees			18,998			—
Accrued directors’ fees			962			—
Accrued distribution fees			172			—
Accrued registration fees			—			—
Investments purchased			—			1,415,809
Other accrued expenses and payables			1,035			—
Total liabilities			164,026			1,437,474
Net assets		$	180,860,371		$	54,088,855

NET ASSETS
Paid in capital		$	164,508,541		$	44,507,812
Distributable earnings (Accumulated loss)			16,351,830			9,581,043
Net assets		$	180,860,371		$	54,088,855
Net assets		$	180,860,371		$	54,088,855
Shares of capital stock outstanding			5,655,397			1,600,000
Net asset value, offering and redemption price per share		$	31.98		$	33.81
Cost of unaffiliated issuers		$	111,119,844		$	43,933,691
Cost of affiliated issuers		$	809,454		$	1,875,586
Cost of foreign currency		$	1,945		$	96

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

$	1,500,318,066	$	76,996,717	$	29,146,243	$	60,432,049	$	67,874,081
	19,232,875		290		247,802		726,676		698,871
	—		122		—		3,516		—
	1,873,439		1,170,792		11,831		2,761		—

	3,675,713		115,098		111,295		20,398		34,209
	340,285		23,924		—		458,983		78,644

	—		—		171,639		—		—
	1,525,440,378		78,306,943		29,688,810		61,644,383		68,685,805

	13,035		—		—		—		—

	469,334		39,549		22,977		24,156		33,010
	17,869		—		—		—		50,363
	15,061		—		—		—		19,556
	438		—		—		—		3,190
	—		—		—		—		—
	—		—		—		—		27,463
	6,787,950		—		—		468,621		117,521
	313,128		—		1,185		—		11,419
	7,616,815		39,549		24,162		492,777		262,522
$	1,517,823,563	$	78,267,394	$	29,664,648	$	61,151,606	$	68,423,283

$	1,351,702,560	$	58,778,646	$	27,483,321	$	35,532,860	$	51,176,362
	166,121,003		19,488,748		2,181,327		25,618,746		17,246,921
$	1,517,823,563	$	78,267,394	$	29,664,648	$	61,151,606	$	68,423,283

$	1,517,823,563	$	78,267,394	$	29,664,648	$	61,151,606	$	68,423,283
	43,642,753		2,150,000		1,075,000		1,300,000		2,212,690

$	34.78	$	36.40	$	27.60	$	47.04	$	30.92
$	1,348,460,519	$	60,702,484	$	27,452,386	$	35,756,924	$	55,033,217
$	19,232,875	$	290	$	247,802	$	726,676	$	698,871
$	1,873,287	$	1,177,540	$	11,812	$	2,768	$	—

For the Six Months Ended June 30, 2026	Lazard Emerging Markets Opportunities ETF				Lazard Equity Megatrends ETF

Investment Income
Dividends:
Unaffiliated issuers*		$	1,500,659			$	324,750
Affiliated issuers (Note 5)			14,329				14,961
Interest			—				1,292
Total investment income			1,514,988				341,003

Expenses
Management fees (Note 3)			558,023				147,447
Offering costs (Note 2(i))			6,049				—
Other^			774				—
Total gross expenses			564,846				147,447
Management fees waived and expenses reimbursed			(633	)			(25,236	)
Total net expenses			564,213				122,211
Net investment income (loss)			950,775				218,792

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**			1,014,502				(1,431,068	)
In-kind redemptions			427,524				1,671,090
Foreign currency transactions			1,787				(552	)
Total net realized gain (loss)			1,443,813				239,470
Net change in unrealized appreciation (depreciation) on:
Investments†			34,193,038				1,752,600
Foreign currency translations			(706	)			(862	)
Forward currency contracts			—				—
Total net change in unrealized appreciation (depreciation)			34,192,332				1,751,738
Net realized and unrealized gain (loss)			35,636,145				1,991,208
Net increase (decrease) resulting from operations		$	36,586,920			$	2,210,000
* Net of foreign withholding taxes of		$	181,222			$	27,445
** Net of foreign capital gains taxes of		$	—			$	—
† Includes net change in foreign capital gains taxes of		$	—			$	—
^ Includes interest on line of credit		$	774			$	—

	Lazard Emerging Markets Opportunities ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025 (a)

Increase (Decrease) in Net Assets From

Operations
Net investment income (loss)	$	950,775			$	1,820,021
Net realized gain (loss)		1,443,813				17,885,988
Net change in unrealized appreciation (depreciation)		34,192,332				13,761,179
Net increase (decrease) resulting from operations		36,586,920				33,467,188

Distributions to shareholders (Note 2(e))
Net investment income and/or net realized gains
ETF Shares		(786,157	)			—
Institutional Shares		—				(1,406,180	)
Open Shares		—				(25,930	)
R6 Shares		—				(19,303	)
Net decrease in net assets resulting from distributions		(786,157	)			(1,451,413	)

Capital stock transactions
Net proceeds from sales
ETF Shares		25,361,769				1,263,836
Institutional Shares		—				27,489,750
Open Shares		—				1,222,052
R6 Shares		—				820,509
Net proceeds from reinvestment of distributions
ETF Shares		—				—
Institutional Shares		—				1,389,895
Open Shares		—				25,005
R6 Shares		—				19,303
Cost of shares redeemed
ETF Shares		(2,721,130	)			(2,510,676	)
Institutional Shares		—				(45,695,979	)
Open Shares		—				(3,855,723	)
R6 Shares		—				(1,999,469	)
Net increase (decrease) in net assets from capital stock transactions		22,640,639				(21,831,497	)
Total increase in net assets		58,441,402				10,184,278
Net assets at beginning of period		122,418,969				112,234,691
Net assets at end of period	$	180,860,371			$	122,418,969

Lazard Equity Megatrends ETF						Lazard International Dynamic Equity ETF
Six Months Ended June 30, 2026 (unaudited)			Period Ended December 31, 2025 (b)			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025 (c)

$	218,792		$	129,857		$	14,444,500		$	4,069,372
	239,470			1,603,379			13,816,783			5,136,795
	1,751,738			7,494,343			91,534,907			58,853,483
	2,210,000			9,227,579			119,796,190			68,059,650

	(118,841	)		(120,090	)		(11,616,245	)		(3,542,282	)
	—			—			—			(539,960	)
	—			—			—			—
	—			—			—			—

	(118,841	)		(120,090	)		(11,616,245	)		(4,082,242	)

	9,699,709			44,352,185			978,852,105			469,613,005
	—			—			—			35,879,080
	—			—			—			19,725,672
	—			—			—			—

	—			—			—			—
	—			—			—			539,942
	—			—			—			—
	—			—			—			—

	(4,079,970	)		(7,081,717	)		(80,765,660	)		(50,154,259	)
	—			—			—			(11,802,136	)
	—			—			—			(43,515,596	)
	—			—			—			—

	5,619,739			37,270,468			898,086,445			420,285,708
	7,710,898			46,377,957			1,006,266,390			484,263,116
	46,377,957			—			511,557,173			27,294,057
$	54,088,855		$	46,377,957		$	1,517,823,563		$	511,557,173

(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.

	Lazard Japanese Equity ETF
	Six Months Ended June 30, 2026 (unaudited)			Period Ended December 31, 2025 (a)

Increase (Decrease) in Net Assets From

Operations
Net investment income (loss)	$	510,558			$	593,463
Net realized gain (loss)		3,644,099				640,742
Net change in unrealized appreciation (depreciation)		6,043,584				10,239,767
Net increase (decrease) resulting from operations		10,198,241				11,473,972

Distributions to shareholders (Note 2(e))
Net investment income and/or net realized gains
ETF Shares		(505,736	)			(1,148,239	)
Net decrease in net assets resulting from distributions		(505,736	)			(1,148,239	)

Capital stock transactions
Net proceeds from sales
ETF Shares		15,544,110				58,252,245
Net proceeds from reinvestment of distributions
ETF Shares		—				—
Cost of shares redeemed
ETF Shares		(12,267,740	)			(3,279,459	)
Net increase (decrease) in net assets from capital stock transactions		3,276,370				54,972,786
Total increase in net assets		12,968,875				65,298,519
Net assets at beginning of period		65,298,519				—
Net assets at end of period	$	78,267,394			$	65,298,519

Shares issued and redeemed

ETF Shares
Shares outstanding at beginning of period		2,050,000				—
Shares sold		450,000				2,154,000
Shares converted from Open Shares		—				—
Shares converted from R6 Shares		—				—
Shares redeemed		(350,000	)			(104,000	)
Net increase		100,000				2,050,000
Shares outstanding at end of period		2,150,000				2,050,000

(a)	The Portfolio commenced operations on April 7, 2025.
(b)	The Portfolio commenced operations on October 6, 2025.

Lazard Listed Infrastructure ETF						Lazard Next Gen Technologies ETF
Six Months Ended June 30, 2026 (unaudited)			Period Ended December 31, 2025 (b)			Six Months Ended June 30, 2026 (unaudited)			Period Ended December 31, 2025 (a)

$	351,373		$	95,914		$	2,900		$	(15,279	)
	321,201			(17,497	)		1,261,621			1,715,346
	1,867,873			(3,102	)		11,357,160			13,317,927
	2,540,447			75,315			12,621,681			15,017,994

	(226,054	)		(210,555	)		(98,501	)		(22,160	)

	(226,054	)		(210,555	)		(98,501	)		(22,160	)


	10,782,607			18,770,358			2,904,918			42,545,737

	—			—			—			—

	(2,067,470	)		—			(2,973,485	)		(8,844,578	)

	8,715,137			18,770,358			(68,567	)		33,701,159
	11,029,530			18,635,118			12,454,613			48,696,993
	18,635,118			—			48,696,993			—
$	29,664,648		$	18,635,118		$	61,151,606		$	48,696,993

	750,000			—			1,300,000			—
	400,000			750,000			75,000			1,550,000
	—			—			—			—
	—			—			—			—
	(75,000	)		—			(75,000	)		(250,000	)
	325,000			750,000			—			1,300,000
	1,075,000			750,000			1,300,000			1,300,000

	Lazard US Systematic Small Cap Equity ETF
	Six Months Ended June 30, 2026 (unaudited)				Year Ended December 31, 2025 (a)

Increase (Decrease) in Net Assets From

Operations
Net investment income (loss)		$	227,716		$	320,394
Net realized gain (loss)			5,299,826			4,039,775
Net change in unrealized appreciation (depreciation)			6,833,337			(1,838,083	)
Net increase (decrease) resulting from operations			12,360,879			2,522,086

Distributions to shareholders (Note 2(e))
Net investment income and/or net realized gains
ETF Shares			(158,687	)		—
Institutional Shares			—			(3,036,962	)
Open Shares			—			—
R6 Shares			—			—
Net decrease in net assets resulting from distributions			(158,687	)		(3,036,962	)

Capital stock transactions
Net proceeds from sales
ETF Shares			36,812,005			18,508,230
Institutional Shares			—			6,365,176
Open Shares			—			7,800
R6 Shares			—			—
Net proceeds from reinvestment of distributions
ETF Shares			—			—
Institutional Shares			—			3,036,962
Open Shares			—			—
R6 Shares			—			—
Cost of shares redeemed
ETF Shares			(35,883,502	)		(16,586,467	)
Institutional Shares			—			(14,830,182	)
Open Shares			—			(158,776	)
R6 Shares			—			(118,723	)
Net increase (decrease) in net assets from capital stock transactions			928,503			(3,775,980	)
Total increase (decrease) in net assets			13,130,695			(4,290,856	)
Net assets at beginning of period			55,292,588			59,583,444
Net assets at end of period		$	68,423,283		$	55,292,588

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

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/26†				12/31/25*			12/31/24*			12/31/23*			12/31/22*			12/31/21*

Net asset value, beginning of period		$	25.21		$	19.67		$	18.58		$	16.80		$	21.89		$	24.84
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.18			0.32			0.25			0.32			0.32			0.15
Net realized and unrealized gain (loss)			6.73			5.47			1.09			1.74			(5.05	)		(2.93	)
Total from investment operations			6.91			5.79			1.34			2.06			(4.73	)		(2.78	)
Less distributions from:
Net investment income			(0.14	)		(0.25	)		(0.25	)		(0.28	)		(0.36	)		(0.17	)
Total distributions			(0.14	)		(0.25	)		(0.25	)		(0.28	)		(0.36	)		(0.17	)
Net asset value, end of period		$	31.98		$	25.21		$	19.67		$	18.58		$	16.80		$	21.89
Total Return (b)			27.39	%		29.50	%		7.26	%		12.29	%		-21.63	%		-11.21	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	180,860		$	122,419		$	109,428		$	115,633		$	92,730		$	156,284
Ratios to average net assets (c):
Net expenses			0.75	%		1.04	%		1.10	%		11.50	%		1.22	%		1.16	%
Gross expenses			0.75	%		1.13	%		1.24	%		12.70	%		12.30	%		11.60	%
Net investment income (loss)			1.26	%		1.44	%		1.27	%		1.82	%		1.75	%		0.64	%
Portfolio turnover rate			10	%^{^}		71	%^{^}		39	%		74	%		28	%		31	%

†	Unaudited
*	Per share amounts have been adjusted to account for changes in the capital structure resulting from the merger.
^	Portfolio turnover rate is not annualized for the periods less than one year and 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. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/26†				For the Period 4/7/25* to 12/31/25

Net asset value, beginning of period		$	32.55		$	25.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.14			0.10
Net realized and unrealized gain (loss)			1.19			7.55
Total from investment operations			1.33			7.65
Less distributions from:
Net investment income			(0.07	)		(0.10	)
Total distributions			(0.07	)		(0.10	)
Net asset value, end of period		$	33.81		$	32.55
Total Return (b)			4.12	%		30.64	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	54,089		$	46,378
Ratios to average net assets (c):
Net expenses			0.50	%		0.51	%
Gross expenses			0.60	%		0.61	%
Net investment income (loss)			0.89	%		0.46	%
Portfolio turnover rate^{^}			21	%		5	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/26†				For the Period 10/6/25* to 12/31/25

Net asset value, beginning of period		$	24.85		$	25.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.39			0.15
Net realized and unrealized gain (loss)			2.60			0.02	(b)
Total from investment operations			2.99			0.17
Less distributions from:
Net investment income			(0.24	)		(0.32	)
Total distributions			(0.24	)		(0.32	)
Net asset value, end of period		$	27.60		$	24.85
Total Return (c)			12.06	%		0.70	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	29,665		$	18,635
Ratios to average net assets (d):
Net expenses			0.96	%		0.96	%
Gross expenses			0.97	%		0.96	%
Net investment income (loss)			2.93	%		2.48	%
Portfolio turnover rate^			4	%		3	%

Selected data for a share of capital stock	Six Months				Year Ended												For the Period 10/29/21#
outstanding throughout each period	Ended 6/30/26†				12/31/25*			12/31/24*			12/31/23*			12/31/22*			to 12/31/21*

Net asset value, beginning of period		$	25.27		$	25.42		$	23.18		$	19.42		$	23.39		$	22.80
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.15			0.21			0.11			0.21			0.05
Net realized and unrealized gain (loss)			5.62			1.23			2.81			3.74			(4.04	)		0.59
Total from investment operations			5.72			1.38			3.02			3.85			(3.83	)		0.64
Less distributions from:
Net investment income			(0.07	)		(0.14	)		(0.14	)		(0.09	)		(0.14	)		(0.05	)
Net realized gains			—			(1.39	)		(0.64	)		—			—			—
Total distributions			(0.07	)		(1.53	)		(0.78	)		(0.09	)		(0.14	)		(0.05	)
Net asset value, end of period		$	30.92		$	25.27		$	25.42		$	23.18		$	19.42		$	23.39
Total Return (b)			22.68	%		5.78	%		12.92	%		19.80	%		-16.33	%		-2.83	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	68,423		$	55,293		$	59,298		$	39,779		$	24,786		$	3,983
Ratios to average net assets (c):
Net expenses			0.61	%		0.81	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses			0.61	%		1.05	%		1.15	%		1.37	%		2.67	%		5.13	%
Net investment income (loss)			0.75	%		0.62	%		0.83	%		0.53	%		1.00	%		1.39	%
Portfolio turnover rate			34	%^{^}		156	%^{^}		111	%		110	%		74	%		22	%

†	Unaudited
*	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 is not annualized for the periods less than one year and 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. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

Portfolio	Short-Term			Long-Term
Emerging Markets Opportunities	$	(17,279,599	)	$	(36,655,110	)
International Dynamic Equity		(1,076,005	)		—
Japanese Equity		(266,210	)		—
Next Gen Technologies		(222,361	)		—

Portfolio	Post-October capital loss deferral		Late-Year Ordinary loss deferral
Listed Infrastructure	$	—	$	127,931
US Systematic Small Cap Equity		605,267		—

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Opportunities	$	111,929,298	$	76,954,635	$	8,091,031	$	68,863,604
Equity Megatrends		45,809,277		12,324,930		3,078,087		9,246,843
International Dynamic Equity		1,367,693,394		207,573,118		55,715,571		151,857,547
Japanese Equity		60,702,774		18,565,949		2,271,716		16,294,233
Listed Infrastructure		27,700,188		2,342,437		476,941		1,865,496
Next Gen Technologies		36,483,600		25,340,048		664,923		24,675,125
US Systematic Small Cap Equity		55,732,088		14,011,577		1,170,713		12,840,864

Portfolio	Annual Rate
Emerging Markets Opportunities		0.74	%
Equity Megatrends		0.60
International Dynamic Equity		0.40
Japanese Equity		0.60
Listed Infrastructure		0.96
Next Gen Technologies		0.60
US Systematic Small Cap Equity		0.60

Portfolio	Management Fees Waived
Emerging Markets Opportunities	$	633
Equity Megatrends		25,236
International Dynamic Equity		8,760
Japanese Equity		15
Listed Infrastructure		230
Next Gen Technologies		26,105
US Systematic Small Cap Equity		544