Lazard Equity Megatrends ETF

NASDAQ: THMZ

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the Lazard Equity Megatrends ETF for the period of April 7, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Equity Megatrends ETF	$13	0.50%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

	Lazard Equity Megatrends ETF	MSCI ACWI Index
03/25	$10,000	$10,000
04/25	$11,136	$10,000
05/25	$11,696	$10,575
06/25	$12,192	$11,050

Average Annual Total Returns (%)

Fund	Since Inception 4/7/25
Lazard Equity Megatrends ETF	21.39%
MSCI ACWI Index	20.67%

The performance quoted represents past performance. Past performance does not guarantee future results. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

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

Key Portfolio Statistics

Total Net Assets	$36,296,951
# of Portfolio Holdings	55
Portfolio Turnover Rate	2%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$39,600

Top 10 Holdings (% of Net Assets)

Microsoft Corp.	4.5%
Alphabet, Inc., Class A	3.9%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	3.7%
Amazon.com, Inc.	3.5%
Broadcom, Inc.	2.6%
Reliance Industries Ltd. GDR	2.1%
Applied Materials, Inc.	2.1%
SAP SE	2.1%
Siemens AG	2.0%
Apple, Inc.	2.0%

Sector Allocation (% of Net Assets)

Information Technology	42.0%
Industrials	16.4%
Health Care	15.7%
Financials	9.5%
Consumer Discretionary	6.0%
Communication Services	5.9%
Energy	2.1%
Other (includes short-term investments)	2.4%

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/funds/list/mutual-funds/42

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 International Dynamic Equity ETF

NYSE Arca: IEQ

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the Lazard International Dynamic Equity ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

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	$65	1.18%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

	Lazard International Dynamic Equity ETF	MSCI EAFE/ACWI ex US Linked Index	MSCI ACWI ex USA Index
6/15	$10,000	$10,000	$10,000
7/15	$10,123	$10,208	$9,972
8/15	$9,406	$9,457	$9,210
9/15	$9,079	$8,977	$8,783
10/15	$9,724	$9,678	$9,437
11/15	$9,662	$9,528	$9,242
12/15	$9,557	$9,399	$9,068
1/16	$8,945	$8,720	$8,451
2/16	$8,644	$8,560	$8,354
3/16	$9,194	$9,117	$9,034
4/16	$9,298	$9,381	$9,272
5/16	$9,412	$9,296	$9,115
6/16	$8,966	$8,984	$8,976
7/16	$9,422	$9,439	$9,419
8/16	$9,365	$9,445	$9,479
9/16	$9,511	$9,562	$9,596
10/16	$9,344	$9,366	$9,458
11/16	$9,167	$9,179	$9,239
12/16	$9,449	$9,493	$9,476
1/17	$9,799	$9,769	$9,811
2/17	$9,895	$9,908	$9,968
3/17	$10,234	$10,181	$10,220
4/17	$10,531	$10,440	$10,439
5/17	$10,807	$10,823	$10,778
6/17	$10,828	$10,804	$10,811
7/17	$11,114	$11,116	$11,210
8/17	$11,167	$11,112	$11,268
9/17	$11,443	$11,388	$11,478
10/17	$11,655	$11,561	$11,694
11/17	$11,698	$11,682	$11,789
12/17	$11,809	$11,870	$12,052
1/18	$12,437	$12,465	$12,723
2/18	$11,766	$11,903	$12,123
3/18	$11,658	$11,688	$11,910
4/18	$11,820	$11,955	$12,100
5/18	$11,550	$11,686	$11,820
6/18	$11,333	$11,543	$11,598
7/18	$11,647	$11,828	$11,876
8/18	$11,334	$11,599	$11,627
9/18	$11,400	$11,700	$11,680
10/18	$10,507	$10,769	$10,730
11/18	$10,409	$10,755	$10,832
12/18	$9,889	$10,233	$10,341
1/19	$10,639	$10,906	$11,123
2/19	$10,821	$11,184	$11,340
3/19	$10,912	$11,254	$11,408
4/19	$11,116	$11,570	$11,709
5/19	$10,468	$11,015	$11,080
6/19	$11,025	$11,668	$11,748
7/19	$10,707	$11,520	$11,605
8/19	$10,423	$11,222	$11,247
9/19	$10,718	$11,543	$11,536
10/19	$11,071	$11,958	$11,939
11/19	$11,196	$12,093	$12,044
12/19	$11,606	$12,486	$12,566
1/20	$11,374	$12,225	$12,228
2/20	$10,479	$11,120	$11,262
3/20	$9,039	$9,636	$9,631
4/20	$9,561	$10,258	$10,361
5/20	$9,956	$10,705	$10,700
6/20	$10,212	$11,069	$11,184
7/20	$10,375	$11,327	$11,682
8/20	$10,829	$11,910	$12,182
9/20	$10,608	$11,600	$11,883
10/20	$10,225	$11,137	$11,627
11/20	$11,584	$12,863	$13,191
12/20	$12,234	$13,461	$13,904
1/21	$12,103	$13,318	$13,935
2/21	$12,483	$13,617	$14,210
3/21	$12,921	$13,930	$14,390
4/21	$13,324	$14,349	$14,814
5/21	$13,870	$14,817	$15,277
6/21	$13,692	$14,650	$15,178
7/21	$13,882	$14,761	$14,928
8/21	$14,085	$15,021	$15,212
9/21	$13,445	$14,585	$14,725
10/21	$13,848	$14,944	$15,076
11/21	$13,232	$14,248	$14,397
12/21	$13,939	$14,978	$14,992
1/22	$13,590	$14,254	$14,440
2/22	$13,067	$14,002	$14,154
3/22	$13,017	$14,092	$14,177
4/22	$12,145	$13,180	$13,286
5/22	$12,544	$13,279	$13,382
6/22	$11,398	$12,047	$12,231
7/22	$11,946	$12,647	$12,649
8/22	$11,255	$12,047	$12,242
9/22	$10,189	$10,920	$11,019
10/22	$10,816	$11,507	$11,348
11/22	$12,247	$12,803	$12,688
12/22	$12,064	$12,813	$12,593
1/23	$13,084	$13,851	$13,614
2/23	$12,813	$13,562	$13,137
3/23	$13,110	$13,898	$13,458
4/23	$13,368	$14,290	$13,691
5/23	$12,839	$13,771	$13,194
6/23	$13,510	$14,389	$13,786
7/23	$14,001	$14,974	$14,346
8/23	$13,463	$14,297	$13,698
9/23	$13,140	$13,846	$13,266
10/23	$12,752	$13,274	$12,718
11/23	$13,837	$14,469	$13,863
12/23	$14,455	$15,196	$14,560
1/24	$14,403	$15,045	$14,415
2/24	$15,027	$15,426	$14,780
3/24	$15,534	$15,908	$15,242
4/24	$15,235	$15,623	$14,968
5/24	$16,079	$16,076	$15,403
6/24	$16,015	$16,061	$15,388
7/24	$16,404	$16,433	$15,744
8/24	$16,740	$16,901	$16,193
9/24	$17,026	$17,356	$16,629
10/24	$16,453	$16,504	$15,813
11/24	$16,492	$16,355	$15,670
12/24	$16,143	$16,037	$15,365
1/25	$16,868	$16,683	$15,984
2/25	$17,388	$16,915	$16,206
3/25	$17,525	$16,877	$16,169
4/25	$18,006	$17,486	$16,753
5/25	$18,899	$18,287	$17,521
6/25	$19,670	$18,907	$18,115

Average Annual Total Returns (%)

Fund	1 Year	5 Years	10 Years
Lazard International Dynamic Equity ETF	22.32%	13.91%	6.95%
MSCI EAFE/ACWI ex US Linked Index	17.72%	11.30%	6.58%
MSCI ACWI ex USA Index	17.72%	10.13%	6.12%

Key Portfolio Statistics

Total Net Assets	$39,519,963
# of Portfolio Holdings	260
Portfolio Turnover Rate	61%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$61,394

Top 10 Holdings (% of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd.	2.8%
Novartis AG	2.1%
Mitsubishi Electric Corp.	1.6%
Japan Post Holdings Co. Ltd.	1.5%
WH Group Ltd.	1.4%
Roche Holding AG	1.4%
Tencent Holdings Ltd.	1.4%
Wolters Kluwer NV	1.4%
Ferrari NV	1.3%
Vinci SA	1.3%

Sector Allocation (% of Net Assets)

Financials	26.2%
Industrials	15.2%
Information Technology	13.2%
Consumer Discretionary	9.5%
Health Care	7.7%
Consumer Staples	7.1%
Communication Services	6.9%
Materials	5.3%
Energy	4.5%
Utilities	3.0%
Other (includes short-term investments)	1.5%

Additional Information

Lazard Japanese Equity ETF

NASDAQ: JPY

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the Lazard Japanese Equity ETF for the period of April 7, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Japanese Equity ETF	$15	0.60%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

	Lazard Japanese Equity ETF	TOPIX Net Total Return Index
03/25	$10,000	$10,000
04/25	$10,984	$10,000
05/25	$11,472	$10,389
06/25	$11,727	$10,579

Average Annual Total Returns (%)

Fund	Since Inception 4/7/25
Lazard Japanese Equity ETF	17.27%
TOPIX Net Total Return Index	16.00%

Key Portfolio Statistics

Total Net Assets	$37,366,254
# of Portfolio Holdings	59
Portfolio Turnover Rate	3%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$48,240

Top 10 Holdings (% of Net Assets)

Mitsubishi UFJ Financial Group, Inc.	4.8%
Sony Group Corp.	4.3%
Hitachi Ltd.	3.8%
Sumitomo Mitsui Financial Group, Inc.	3.8%
Tokio Marine Holdings, Inc.	3.4%
Mizuho Financial Group, Inc.	3.2%
Tokyo Electron Ltd.	3.1%
Takeda Pharmaceutical Co. Ltd.	2.9%
Mitsubishi Corp.	2.9%
Nippon Telegraph & Telephone Corp.	2.7%

Sector Allocation (% of Net Assets)

Industrials	23.2%
Financials	20.0%
Consumer Discretionary	14.6%
Information Technology	10.8%
Materials	8.7%
Consumer Staples	6.4%
Communication Services	6.3%
Health Care	2.9%
Real Estate	2.7%
Utilities	2.1%
Other (includes short-term investments)	2.3%

Additional Information

Lazard Next Gen Technologies ETF

NASDAQ: TEKY

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the Lazard Next Gen Technologies ETF for the period of April 7, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

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	$14	0.50%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

	Lazard Next Gen Technologies ETF	MSCI World Index
03/25	$10,000	$10,000
04/25	$11,520	$10,000
05/25	$12,676	$10,592
06/25	$13,768	$11,049

Average Annual Total Returns (%)

Fund	Since Inception 4/7/25
Lazard Next Gen Technologies ETF	37.16%
MSCI World Index	21.58%

Key Portfolio Statistics

Total Net Assets	$43,697,172
# of Portfolio Holdings	57
Portfolio Turnover Rate	1%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$42,815

Top 10 Holdings (% of Net Assets)

NVIDIA Corp.	4.7%
Broadcom, Inc.	3.3%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	3.2%
Meta Platforms, Inc., Class A	3.1%
Microsoft Corp.	2.9%
Advantest Corp.	2.7%
Eaton Corp. PLC	2.5%
SK Hynix, Inc.	2.4%
Amphenol Corp., Class A	2.3%
Palo Alto Networks, Inc.	2.3%

Sector Allocation (% of Net Assets)

Information Technology	68.9%
Industrials	7.9%
Financials	6.0%
Communication Services	6.0%
Consumer Discretionary	4.2%
Health Care	3.1%
Other (includes short-term investments)	3.8%

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 “Fund”), you may obtain a prospectus or the Portfolio’s summary prospectus by calling 800-823-6300, or online, at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs. Read the Portfolio’s summary prospectus or prospectus carefully before you invest. The summary prospectus and prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.

Lazard Active ETF Trust Portfolios of Investments
June 30, 2025 (N-CSR Item 7) (unaudited)

Lazard Active ETF Trust Notes to Financial Statements
June 30, 2025 (N-CSR Item 7) (unaudited)

The Lazard Active ETF Trust (the “Fund”) was organized in Delaware on October 29, 2024 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of June 30, 2025, the Trust was comprised of four portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Lazard Equity Megatrends ETF (“Equity Megatrends”), Lazard International Dynamic Equity ETF (“International Dynamic Equity”), Lazard Japanese Equity ETF (“Japanese Equity”) and Lazard Next Gen Technologies ETF (“Next Gen Technologies”).

Effective May 9, 2025, Lazard International Equity Advantage Portfolio (the “Target Portfolio”) reorganized into the newly created exchange traded fund (ETF) “Lazard International Dynamic Equity ETF”. The Target Portfolio was the accounting survivor in the reorganization, and, as such, the financial statements and financial highlights of the Portfolio reflect the financial information of the Target Portfolio through May 9, 2025 (see Note 10).

The Portfolios, other than International Dynamic Equity ETF, are operated as “non-diversified” funds, as defined in the 1940 Act.

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

(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US 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-US 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-US 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-US 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 the Funds’ 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-US 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-US 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—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US 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.

(d) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”),

and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

During the year ended December 31, 2024, the International Equity Advantage Portfolio utilized $36,034 realized capital loss carryovers from previous year.

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 US 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 Lazard Equity Megatrends and Lazard Next Gen Technologies, income dividends, if any, are anticipated to be paid quarterly. For all other Portfolios, income dividends are anticipated to be paid semi-annually. Net capital gains, if any, are normally distributed annually but may be distributed more frequently.

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 resulted 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 Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares

as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The NAV per share of a class is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

(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 accumulated net realized gain (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.

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

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, Investment Manager will pay all expenses of the Portfolio, except for the fee payment under the investment 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 the Portfolio’s offering costs during the Portfolio’s first year of operations so that offering costs borne by the Portfolio do not amount to .01% of its average net assets. The Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment 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:

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 the Portfolio in the amount of .10% of average daily net assets. This fee waiver arrangement will continue until at least April 7, 2026 and prior to such date the Investment Manager may not terminate the arrangement without the approval of the Board of Trustees.

During the period ended June 30, 2025, 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 serves as the Fund’s custodian and provides the Fund with certain administrative services.

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

State Street Bank and Trust Company (“State Street”) acts as the Trust’s transfer agent and dividend disbursing agent.

The Statements of Operations show the fees and expenses paid by each Portfolio to the Independent Trustees of the Fund (an “Independent Trustee” is a Trustee who is not an “interested person” (as defined in the 1940 Act)). Certain Trustees of the Fund are officers of the Investment Manager, and such “interested persons” of the Fund are not compensated by the Portfolios. Trustees do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

Purchases and sales of portfolio securities (excluding in-kind transactions and short-term investments) for the period ended June 30, 2025 were as follows:

In-kind transactions associated with creation and redemptions for the period ended June 30, 2025, were as follows:

For the period ended June 30, 2025, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to

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

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

(b) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US 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-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates.

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

of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(d) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US 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 US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge a Portfolio’s foreign currency exposure.

(e) Country Risk—Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular country, such as Japan, and the Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.

Over the last few decades, Japan’s economic growth rate had remained relatively low compared to that of its Asian neighbors and other major developed economies mainly due to deflation. The economy is characterized by an aging demographic, a declining population, a large government debt and a highly regulated labor market. Monetary and fiscal policies designed to stimulate economic growth in Japan have had limited success in the past prior to the current government. Overseas trade is important to Japan’s economy, although exports as a percentage of global domestic product is lower than other Asian countries and most developed countries. Japan has few natural resources and limited land area and is reliant on imports for its commodity needs. Fluctuations or shortages in relevant commodity markets could have a negative impact on Japan’s economy. The Japanese economy also faces several concerns, including a financial system

with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits. These issues may cause a slowdown of the Japanese economy. The Japanese economy also can be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners.

Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries, whether resulting from country, regional or global events, could have an adverse effect on Japan’s economy. Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has shown concern over the increased nuclear and military activity by North Korea and China. Strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy, particularly in times of crisis. In addition, China has become an important trading partner with Japan. Japan’s political relationship with China, however, is strained and delicate. Should political tension increase, it could adversely affect the Japanese economy and destabilize the region as a whole.

The Japanese yen has fluctuated widely at times, and any increase in the yen’s value may cause a decline in Japan’s exports. The Japanese government has, in the past, intervened in the currency markets to attempt to maintain or reduce the value of the yen, and such intervention could cause the value of the yen to fluctuate sharply and unpredictably and could cause losses to investors.

Natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could occur in Japan or surrounding areas and could negatively affect the Japanese economy, and, in turn, could negatively affect the value of the Portfolio. The specific risks of investing in Japan, certain of which are summarized in this section, could, individually or in the aggregate, adversely impact investments in Japan.

(f) Sector Concentration Risk—The Portfolio will be concentrated (i.e., more than 25% of the value of the Portfolio’s assets) in securities of issuers having their principal business activities in the group of industries that comprise the industrials and information technology sectors, and the Portfolio would be expected to be affected by developments in that sector.

Information technology companies generally operate in intensely competitive markets on a worldwide basis. This level of competition can put pressure on the prices of their products and services which could adversely affect their profitability. Also, because technological development in many areas increases at a rapid rate, these companies often produce products with very short life cycles and face the risk of product obsolescence. Other risks include changes in consumer preferences, competition for qualified personnel, the effects of economic slowdowns, dependence on intellectual property rights and the impact of government regulation.

Companies in the industrials sector can be significantly affected by, among other things: supply and demand for products and services, product obsolescence, government regulation, changes in commodity prices, claims for environmental damage and product liability and imposition of import controls.

(g) 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.

(h) 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-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities,

because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.

(i) 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.

(j) Non-Diversification Risk—The Portfolio’s 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 Portfolio’s investments consisted of securities issued by a larger number of issuers.

(k) Quantitative Model Risk—The success of certain Portfolio’s 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.

(l) Cybersecurity Risk—The Portfolios and its service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to the Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with the Portfolio’s ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from

cybersecurity incidents affecting issuers of securities in which the Portfolio invests; counterparties with which the Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

The Fund 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 Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

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, 2025:

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 this 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 of the Trust’s Valuation and Liquidity Committee, reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.

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

Portfolios issue and redeem 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 and redemption proceeds are paid with a basket of securities from a portfolio’s 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 fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

At a meeting held on January 9, 2025 the Board approved the reorganization of Lazard International Equity Advantage Portfolio (the “Target Portfolio”), a series of The Lazard Funds, Inc., into Lazard International Dynamic Equity ETF (the “Acquiring Portfolio”) a newly organized series of the Trust (the “Reorganization”). The Reorganization was completed on May 9, 2025. The Reorganization was accomplished by a tax-free exchange of shares (with the exception of cash paid to the shareholders of the Target Fund in lieu of fractional shares of the Acquiring Fund) of the Acquiring Fund for Institutional Shares of the Target Fund of equivalent aggregate net asset value. The Open Shares of the Target Fund were converted into the Institutional Shares prior to the Reorganization date. Pursuant to the Agreement and Plan of Reorganization, the Target Fund was converted to an ETF on the Reorganization Date. The Acquiring Fund had no investment operations or performance history prior to the Reorganization Date. The Acquiring Fund is the surviving legal entity, but has adopted the performance and financial history of the Target Fund, which is included in these financial statements. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Target Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s 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 Reorganization.

Assuming the acquisition of Lazard International Equity Advantage Portfolio had been completed on January 1, 2025, the beginning of the reporting period, Lazard International Dynamic Equity ETF’s pro forma results of operations for the period ended June 30, 2025 were as follows:

Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of International Equity Advantage Portfolio that have been included in International Dynamic Equity ETF’s Statement of Operations since May 9, 2025.

For financial reporting purposes, assets received and shares issued by International Dynamic Equity ETF were recorded at fair value; however, the cost basis of the investments received from International Equity Advantage Portfolio in the amount of $27,359,308, was carried forward to align ongoing reporting of International Dynamic Equity ETF’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

During the period ended June 30, 2025, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances segment information disclosure in the notes to the financial statements. An operating segment, as defined in ASU 2023-07, is a component of a public entity that

engages in business activities from which it may recognize revenues and incur expenses. The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker (“CODM”) for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the Fund’s prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment’s financial statements.

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09 (the “ASU”), amending ASC 740-10-50-12, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The ASU will be effective for annual reporting periods beginning after December 15, 2024. Management is currently assessing the impact of the ASU on the financial statements and disclosures.

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 Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at https://www.sec.gov.

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

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

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

At meetings of the Board held on January 9, 2025 (the “January Meeting”) and February 25, 2025 (the “February Meeting”), the Board considered the approval of the Management Agreement between Lazard Active ETF Trust (“LAE”), on behalf of Lazard Equity Megatrends ETF (“THMZ”), Lazard International Dynamic Equity ETF (“IEQ”), Lazard Japanese Equity ETF (“JPY”) and Lazard Next Gen Technologies ETF (“TEKY”) (each, a “Portfolio” and together, the “Portfolios”), and the Investment Manager, with the Board considering the approval of the Management Agreement with respect to IEQ at the January Meeting only. The Independent Trustees were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Trustees in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings relating to the organization of the Portfolios. Certain information was provided by reference to information presented by the Investment Manager in connection with (i) organizational Board meetings for LAE held on November 7, 2024 and December 3, 2024 (the “December Meeting”) and (ii) the Board’s consideration of renewal of the Management Agreement between The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc. on behalf of their existing Portfolios, and the Investment Manager at Board meetings held on June 5, 2024 and June 26, 2024.

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager would provide to each Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 29 active funds comprised approximately $18 billion of the approximately $226 billion of total assets under the management of the Investment Manager and its global affiliates as of December 31, 2024). The Board also received presentations at the December Meeting on the investment strategy to be employed for each Portfolio.

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

The Board accepted the assertion of representatives of the Investment Manager that each Portfolio would be expected to benefit from the services and infrastructure provided by the Investment Manager and that such services and infrastructure would be greater than those typically provided to a $18 billion fund complex not managed by a large, global firm such as the Investment Manager.

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

The results of the ISS comparisons showed that the advisory fee (after giving effect to any applicable fee waivers) and net expense ratio of each Portfolio were generally competitive within each Portfolio’s respective Expense Peer Group.

Other Accounts Advisory Fee Comparison. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, “Other Accounts”). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios, as applicable. 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, to evaluate the advisory fees of the relevant Portfolios. The Investment Manager reported to the Board that it did not manage any other funds or accounts that utilize the same investment strategy as TEKY. Consequently, there was no advisory fee or performance information of such funds or accounts for the Board to consider.

Investment Manager Profitability and Economies of Scale
Representatives of the Investment Manager noted that because each Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of each Portfolio’s assets was uncertain, specific information concerning the cost of services to be provided to each Portfolio and the estimated profitability percentage of the Management Agreement with LAE, on behalf of each Portfolio, to the Investment Manager and its affiliates from their relationships with each Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representatives stated that they did not expect the Investment Manager to realize any current profits on each Portfolio initially, noting the Investment Manager’s agreement to pay a portion of

each Portfolio’s offering costs during each Portfolio’s first year of operations and to waive fees, with respect to THMZ and TEKY for at least their first year of operations. In connection with the fee waiver with respect to THMZ and TEKY, the Board determined to revisit this waiver prior to their expiration. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager’s brokerage and soft dollar practices. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates were expected to receive any significant ancillary benefits from the Investment Manager acting as investment manager to the Portfolios other than the benefit of soft dollar commissions in connection with managing the Portfolios. The representatives of the Investment Manager stated that the Investment Manager intends to pay for each Portfolio’s distribution expenses out of its resources under the unitary fee structure.

At the conclusion of the discussions at the January Meeting, with respect to IEQ, and at the February meeting with respect to THMZ, JPY and TEKY, the Board members expressed the opinion that they had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to the evaluation of the Management Agreement with LAE, on behalf of the Portfolios. 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.

In evaluating the Management Agreement with LAE, on behalf of the Portfolios, the Board relied on the information described above as well as other information provided by the Investment Manager. The Board members also relied on their previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided by the Investment Manager to funds overseen by the Board in the Lazard Funds complex. The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Management Agreement with LAE, on behalf of the Portfolios. In deciding whether to vote to approve the Management Agreement with LAE, on behalf of the Portfolios, each Trustee may have accorded different weights to different factors so that each Trustee may have had a different basis for his or her decision.

Description	Shares		Fair Value

Lazard Equity Megatrends ETF

Common Stocks \| 97.6%

Denmark \| 0.7%
Novo Nordisk AS, Class B		3,654	$	252,730

France \| 2.7%
EssilorLuxottica SA		2,514		687,301
LVMH Moet Hennessy Louis Vuitton SE		592		308,961
				996,262

Germany \| 5.5%
SAP SE		2,486		753,331
Siemens AG		2,876		734,784
Siemens Healthineers AG (#)		8,904		491,869
				1,979,984

India \| 2.1%
Reliance Industries Ltd. GDR (#)		11,111		775,548

Ireland \| 1.5%
Accenture PLC, Class A		1,807		540,094

Japan \| 6.8%
FANUC Corp.		20,800		567,358
Keyence Corp.		1,600		640,687
Mitsubishi Electric Corp.		29,900		643,974
Sony Group Corp. ADR		23,791		619,280
				2,471,299

Netherlands \| 1.9%
Wolters Kluwer NV		4,115		685,674

Sweden \| 3.2%
Atlas Copco AB, A Shares		26,257		421,114
Hexagon AB, B Shares		73,285		731,742
				1,152,856

Description	Shares		Fair Value

Lazard Equity Megatrends ETF (continued)

Switzerland \| 1.6%
TE Connectivity PLC		3,334	$	562,346

Taiwan \| 3.7%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		5,974		1,353,051

United Kingdom \| 1.5%
RELX PLC		10,347		558,227

United States \| 66.4%
Adobe, Inc. (*)		922		356,703
Alphabet, Inc., Class A		8,115		1,430,107
Amazon.com, Inc. (*)		5,725		1,256,008
Analog Devices, Inc.		2,928		696,923
Apple, Inc.		3,576		733,688
Applied Materials, Inc.		4,134		756,811
Autodesk, Inc. (*)		2,321		718,512
Boston Scientific Corp. (*)		6,131		658,531
Broadcom, Inc.		3,486		960,916
CyberArk Software Ltd.		497		202,219
Danaher Corp.		2,917		576,224
Dolby Laboratories, Inc., Class A		6,349		471,477
Electronic Arts, Inc.		4,389		700,923
Eli Lilly & Co.		577		449,789
Equifax, Inc.		1,946		504,734
Experian PLC		13,976		718,583
GE HealthCare Technologies, Inc.		5,790		428,865
Intercontinental Exchange, Inc.		3,843		705,075
Intuit, Inc.		771		607,263
IQVIA Holdings, Inc.		2,126		335,036
Keysight Technologies, Inc. (*)		3,584		587,274
Labcorp Holdings, Inc.		2,487		652,862
Marsh & McLennan Cos., Inc.		3,145		687,623
Marvell Technology, Inc.		8,743		676,708
MasterCard, Inc., Class A		1,216		683,319
Microsoft Corp.		3,300		1,641,453

Description	Shares		Fair Value

Lazard Equity Megatrends ETF (concluded)

NVIDIA Corp.		4,556	$	719,803
PTC, Inc. (*)		3,492		601,811
Rockwell Automation, Inc.		2,073		688,589
S&P Global, Inc.		1,283		676,513
Salesforce, Inc.		2,580		703,540
Schneider Electric SE		1,638		434,161
ServiceNow, Inc.		205		210,756
Stryker Corp.		1,584		626,678
Thermo Fisher Scientific, Inc.		1,357		550,209
Visa, Inc., A Shares		1,937		687,732
				24,097,418

Total Common Stocks (Cost $29,145,444)				35,425,489

Short-Term Investments \| 2.4%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield) (Cost $866,231)		866,231	$	866,231

Total Investments \| 100.0% (Cost $30,011,675)			$	36,291,720

Cash and Other Assets in Excess of Liabilities \| 0.0%				5,231

Net Assets \| 100.0%			$	36,296,951

(#)	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, 2025, these securities amounted to 3.5% of net assets of the Portfolio.
(*)	Non-income producing security.

Description	Shares		Fair Value

Lazard International Dynamic Equity ETF

Common Stocks \| 99.1%

Argentina \| 0.1%
Vista Energy SAB de CV ADR (*)		891	$	42,599

Australia \| 3.8%
AGL Energy Ltd.		20,765		132,409
Brambles Ltd.		24,816		380,883
Evolution Mining Ltd.		19,682		100,480
Inghams Group Ltd.		23,148		53,854
IRESS Ltd.		14,286		74,899
Northern Star Resources Ltd.		10,230		124,363
Perseus Mining Ltd.		16,744		37,309
Qantas Airways Ltd.		49,497		348,383
Ramelius Resources Ltd.		33,290		54,978
REA Group Ltd.		1,185		186,762
				1,494,320

Belgium \| 0.4%
Anheuser-Busch InBev SA		634		43,344
Colruyt Group NV		956		41,207
Proximus SADP		6,276		60,852
				145,403

Brazil \| 0.8%
BB Seguridade Participacoes SA		16,084		105,501
Cia De Sanena Do Parana		20,666		144,227
Vale SA		6,005		57,928
				307,656

Burkina Faso \| 0.1%
IAMGOLD Corp. (*)		7,465		54,873

Canada \| 7.2%
ARC Resources Ltd.		1,820		38,294
Barrick Mining Corp.		1,937		40,245
Brookfield Corp.		1,291		79,740

2		Portfolios of Investments (N-CSR Item 7)
2		Lazard Equity Megatrends ETF
5		Lazard International Dynamic Equity ETF
16		Lazard Japanese Equity ETF
18		Lazard Next Gen Technologies ETF
21		Abbreviations (N-CSR Item 7)
22		Statements of Assets and Liabilities (N-CSR Item 7)
24		Statements of Operations (N-CSR Item 7)
26		Statements of Changes in Net Assets (N-CSR Item 7)
28		Financial Highlights (N-CSR Item 7)
32		Notes to Financial Statements (N-CSR Item 7)
54		Other Information (N-CSR Item 7)
55		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, 2025, these securities amounted to 3.5% of net assets of the Portfolio.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under 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.

ADR	— American Depositary Receipt
GDR	— Global Depositary Receipt
NVDR	— Non-Voting Depository Receipt
PJSC	— Public Joint Stock Company
REITs	— Real Estate Investment Trusts

June 30, 2025	Lazard Equity Megatrends ETF			Lazard International Dynamic Equity ETF
ASSETS
Investments in securities, at fair value		$	36,291,720		$	39,498,209
Foreign currency, at fair value			41			73,292
Receivables for:
Dividends and interest			19,791			119,949
Investments sold			—			—
Capital stock sold			—			—
Other assets			—			2,439
Total assets			36,311,552			39,693,889

LIABILITIES
Due to custodian			—			16,173
Foreign currency due to custodian			—			64,639
Payables for:
Management fees			14,601			20,191
Accrued custodian fees			—			29,128
Accrued professional services			—			22,461
Accrued directors’ fees			—			438
Accrued registration fees			—			1,407
Investments purchased			—			12,571
Other accrued expenses and payables			—			6,918
Total liabilities			14,601			173,926
Net assets		$	36,296,951		$	39,519,963

NET ASSETS
Paid in capital		$	30,000,000		$	33,309,751
Distributable earnings (Accumulated loss)			6,296,951			6,210,212
Net assets		$	36,296,951		$	39,519,963

Net assets		$	36,296,951		$	39,519,963
Shares of capital stock outstanding			1,200,000			1,492,753
Net asset value, offering and redemption price per share		$	30.25		$	26.47

Cost of investments in securities		$	30,011,675		$	34,538,984
Cost of foreign currency		$	40		$	73,069

Lazard Japanese Equity ETF		Lazard Next Gen Technologies ETF

$	37,122,438	$	42,638,870
	84,982		1,018

	39,496		18,048
	137,504		266,226
	—		1,713,595
	—		—
	37,384,420		44,637,757

	—		—
	—		—
	18,166		16,400
	—		—
	—		—
	—		—
	—		—
	—		924,185
	—		—
	18,166		940,585
$	37,366,254	$	43,697,172

$	32,781,306	$	32,531,312
	4,584,948		11,165,860
$	37,366,254	$	43,697,172
$	37,366,254	$	43,697,172
	1,300,000		1,275,000

$	28.74	$	34.27

$	32,210,015	$	31,649,254
$	84,896	$	1,013

For the Six Months Ended June 30, 2025	Lazard Equity Megatrends ETF (a)				Lazard International Dynamic Equity ETF (b)

Investment Income (Loss)
Income
Dividends		$	109,509			$	636,776
Total investment income*			109,509				636,776

Expenses
Management fees (Note 3)			47,520				95,628
Directors’ fees and expenses			—				2,337
Distribution fees (Open Shares)			—				4,583
Shareholders’ reports			—				1,027
Custodian fees			—				17,898
Professional services			—				15,828
Shareholders’ services			—				3,010
Administration fees			—				7,680
Registration fees			—				11,931
Other^			—				2,109
Total gross expenses			47,520				162,031
Management fees waived and expenses reimbursed			(7,920	)			(34,234	)
Total net expenses			39,600				127,797
Net investment income (loss)			69,909				508,979

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments			71,704				819,244
In-kind redemptions			—				816,096
Foreign currency transactions			(10,438	)			23,989
Total net realized gain (loss)			61,266				1,659,329
Net change in unrealized appreciation (depreciation) on:
Investments			6,280,045				3,844,382
Foreign currency translations			235				4,256
Total net change in unrealized appreciation (depreciation)			6,280,280				3,848,638
Net realized and unrealized gain (loss)			6,341,546				5,507,967
Net increase (decrease) in net assets resulting from operations		$	6,411,455			$	6,016,946
* Net of foreign withholding taxes of		$	8,471			$	72,408
^Includes interest on line of credit of		$	—			$	40


(a)	The Portfolio commenced operations on April 7, 2025.
(b)	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. Refer to Note 9 in the Notes to Financial Statements for additional information on the reorganization.

Lazard Japanese Equity ETF (a)			Lazard Next Gen Technologies ETF (a)

$	42,877		$	73,677
	42,877			73,677

	48,240			51,378
	—			—
	—			—
	—			—
	—			—
	—			—
	—			—
	—			—
	—			—
	—			—
	48,240			51,378
	—			(8,563	)
	48,240			42,815
	(5,363	)		30,862

	(12,102	)		(63,795	)
	—			224,910
	408,106			6,383
	396,004			167,498

	4,912,423			10,989,616
	382			44

	4,912,805			10,989,660
	5,308,809			11,157,158

$	5,303,446		$	11,188,020
$	4,375		$	3,670
$	—		$	—

	Lazard Equity Megatrends ETF				Lazard International Dynamic Equity ETF
	Period Ended June 30, 2025 (unaudited) (a)				Period Ended June 30, 2025 (unaudited) (b)

Increase (Decrease) in Net Assets From Operations
Net investment income (loss)		$	69,909			$	508,979
Net realized gain (loss)			61,266				1,659,329
Net change in unrealized appreciation (depreciation)			6,280,280				3,848,638
Net increase (decrease) resulting from operations			6,411,455				6,016,946
Distributions to shareholders (Note 2(e))
Net investment income and/or net realized gains			(114,504	)			(1,037,638	)
Net decrease in net assets resulting from distributions			(114,504	)			(1,037,638	)
Capital stock transactions
Net proceeds from sales			30,000,000				64,630,830
Net proceeds from reinvestment of distributions			—				539,942
Cost of shares redeemed			—				(57,933,534	)
Net increase in net assets from capital stock transactions			30,000,000				7,237,238
Other capital			—				9,360
Total increase in net assets			36,296,951				12,225,906
Net assets at beginning of period			—				27,294,057
Net assets at end of period		$	36,296,951			$	39,519,963
Shares issued and redeemed
Shares outstanding at beginning of period			—				239,504	(e)
Shares sold			1,200,000				1,834,768	(e)
Shares issued to shareholders from reinvestment of distributions			—				22,226	(e)
Shares redeemed			—				(603,745	)(e)
Net increase			1,200,000				1,253,249	(e)
Shares outstanding at end of period			1,200,000				1,492,753	(e)


(a)	The Portfolio commenced operations on April 7, 2025.
(b)	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. Refer to Note 9 in the Notes to Financial Statements for additional information on the reorganization.
(c)	Amounts consist of distribution to Institutional Shares and Open Shares of the Target Portfolio. The amounts distributed to the Institutional Shares and Open Shares were $(265,333) and $(1,033,302), respectively.
(d)	The dollar amounts disclosed are the total of the Institutional Shares and Open Shares of the Target Portfolio. Net proceeds from sale of shares, Reinvestment of distributions and Cost of shares redeemed are $2,123,545, $265,333, and $(145,668), respectively, for the Institutional Shares, and $6,539,952, $1,033,302 and $(2,677,616), respectively, for the Open Shares.
(e)	The Target Portfolio’s Institutional Shares underwent a reverse stock split. The shares data presented here has been retroactively adjusted to reflect this split.

Description	Shares		Fair Value

Lazard International Dynamic Equity ETF (continued)

Canadian Natural Resources Ltd.		9,159	$	287,288
Centerra Gold, Inc.		11,314		81,341
CGI, Inc.		1,708		179,011
Constellation Software, Inc.		22		80,506
Dollarama, Inc.		2,658		373,756
Emera, Inc.		1,728		78,998
Empire Co. Ltd., Class A		1,810		74,960
Fairfax Financial Holdings Ltd.		250		450,348
Hudbay Minerals, Inc.		7,766		82,242
Kinross Gold Corp.		8,538		133,154
Loblaw Cos. Ltd.		1,454		240,025
Manulife Financial Corp.		5,782		184,499
Metro, Inc.		1,426		111,791
Parex Resources, Inc.		3,556		36,251
Shopify, Inc., Class A (*)		527		60,660
Suncor Energy, Inc.		4,300		160,750
Torex Gold Resources, Inc. (*)		1,694		55,147
				2,829,006

China \| 9.2%
Alibaba Group Holding Ltd. ADR		776		88,006
Alibaba Group Holding Ltd.		27,000		377,656
Bank of China Ltd., Class H		178,000		103,399
BOC Hong Kong Holdings Ltd.		17,000		73,847
BYD Co. Ltd., Class H		6,000		93,631
China Construction Bank Corp., Class H		71,000		71,633
China Life Insurance Co. Ltd., Class H		28,000		67,200
China Merchants Bank Co. Ltd., Class H		9,000		62,885
China Pacific Insurance Group Co. Ltd., Class H		12,200		41,729
China Tower Corp. Ltd., Class H (#)		30,500		43,594
H World Group Ltd. ADR		2,807		95,214
Haidilao International Holding Ltd. (#)		32,000		60,739
Huaxia Bank Co. Ltd., Class A		65,700		72,526
JD.com, Inc., Class A		13,350		217,512
Kanzhun Ltd. ADR (*)		4,535		80,904
KE Holdings, Inc. ADR		2,861		50,754

Description	Shares		Fair Value

Lazard International Dynamic Equity ETF (continued)

Kunlun Energy Co. Ltd.		52,000	$	50,476
Meituan, Class B (#), (*)		12,400		197,926
Midea Group Co. Ltd., Class H		6,500		61,647
NetEase, Inc.		10,700		287,605
New China Life Insurance Co. Ltd., Class H		9,800		53,370
PDD Holdings, Inc. ADR (*)		861		90,112
PetroChina Co. Ltd., Class H		66,000		56,752
Ping An Insurance Group Co. of China Ltd., Class H		31,500		200,035
Pop Mart International Group Ltd. (#)		2,400		81,508
Qifu Technology, Inc. ADR		1,247		54,070
Tencent Holdings Ltd.		8,600		551,057
Tencent Music Entertainment Group ADR		2,637		51,395
Xiaomi Corp., Class B (#), (*)		24,400		186,341
				3,626,738

Denmark \| 0.6%
Novo Nordisk AS, Class B		3,504		242,355

France \| 6.2%
Airbus SE		541		112,569
BNP Paribas SA		5,565		498,558
Carrefour SA		7,162		100,633
Cie de Saint-Gobain SA		917		107,254
Covivio SA REIT		943		59,277
Credit Agricole SA		4,718		88,972
Gaztransport Et Technigaz SA		614		121,229
L’Oreal SA		385		164,097
Orange SA		2,691		40,796
Societe Generale SA		3,639		207,388
TotalEnergies SE		5,948		363,765
Unibail-Rodamco-Westfield REIT		625		59,529
Vinci SA		3,541		519,991
				2,444,058

Germany \| 3.9%
Allianz SE		263		106,231

Description	Shares		Fair Value

Lazard International Dynamic Equity ETF (continued)

Deutsche Bank AG		10,675	$	315,401
IONOS Group SE (*)		1,463		68,522
Mercedes-Benz Group AG		1,431		83,468
Rheinmetall AG		114		240,472
SAP SE		209		63,333
Siemens AG		189		48,287
Siemens Energy AG (*)		1,020		117,410
TAG Immobilien AG		2,778		49,208
Traton SE		1,932		62,412
TUI AG (*)		14,961		130,275
				1,560,137

Greece \| 0.9%
Alpha Bank SA		37,645		132,127
National Bank of Greece SA		8,768		111,465
OPAP SA		4,185		94,567
				338,159

Hong Kong \| 1.7%
Prudential PLC		9,843		123,094
WH Group Ltd. (#)		592,000		569,376
				692,470

Hungary \| 0.2%
OTP Bank Nyrt		1,045		83,169

India \| 3.6%
Axis Bank Ltd. GDR		1,199		83,211
Dr. Reddy’s Laboratories Ltd. ADR		20,773		312,218
GAIL India Ltd. GDR		3,764		50,061
Infosys Ltd. ADR		5,305		98,302
Larsen & Toubro Ltd. GDR		1,012		43,313
Mahindra & Mahindra Ltd. GDR		1,663		60,866
MakeMyTrip Ltd. (*)		456		44,697
Reliance Industries Ltd. GDR (#)		943		65,821
State Bank of India GDR		5,437		518,146

Description	Shares		Fair Value

Lazard International Dynamic Equity ETF (continued)

Indonesia \| 0.4%
Indofood Sukses Makmur Tbk. PT		148,500	$	74,318
Japfa Comfeed Indonesia Tbk. PT		806,400		75,251
				149,569

Ireland \| 0.2%
AerCap Holdings NV		338		39,546
AIB Group PLC		5,966		48,917
				88,463

Israel \| 0.7%
Nice Ltd. ADR (*)		778		131,412
Nova Ltd. (*)		171		47,059
Wix.com Ltd. (*)		636		100,781
				279,252

Italy \| 3.6%
Buzzi SpA		1,629		89,988
Ferrari NV		1,082		528,491
Intesa Sanpaolo SpA		33,001		189,488
Leonardo SpA		3,938		220,869
Telecom Italia SpA (*)		176,783		86,866
UniCredit SpA		4,510		301,285
				1,416,987

Japan \| 13.5%
Advantest Corp.		900		66,389
Central Japan Railway Co.		2,200		49,226
Chugai Pharmaceutical Co. Ltd.		1,200		62,515
Credit Saison Co. Ltd.		2,200		59,400
Dai-ichi Life Holdings, Inc.		7,200		54,631
Daiichi Sankyo Co. Ltd.		3,900		90,855
Daito Trust Construction Co. Ltd.		600		65,111
Daiwa Securities Group, Inc.		6,800		48,230
Denso Corp.		6,700		90,473
East Japan Railway Co.		2,400		51,640

Selected data for a share of capital stock outstanding throughout each period	For the Period 4/7/25* to 6/30/25†
Net asset value, beginning of period		$	25.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06
Net realized and unrealized gain (loss)			5.29

Total from investment operations			5.35
Less distributions from:
Net investment income			(0.10	)

Total distributions			(0.10	)

Net asset value, end of period		$	30.25
Total Return (b)			21.39	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	36,297
Ratios to average net assets (c):
Net expenses			0.50	%
Gross expenses			0.60	%
Net investment income (loss)			0.88	%
Portfolio turnover rate^			2	%


†	Unaudited
*	The Portfolio commenced operations on April 7, 2025.
^	Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. The Investment Manager has voluntarily agreed to waive a portion of its management fee payable by the Portfolio in the amount of .10% of average daily net assets, without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/25†*				12/31/24*			12/31/23*			12/31/22*			12/31/21*			12/31/20*
Net asset value, beginning of period		$	22.49		$	21.19		$	17.79		$	21.32		$	19.66		$	19.03
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.58			0.42			0.50			0.55			0.55			0.38
Net realized and unrealized gain (loss)			4.16			2.04			3.03			(3.41	)		2.19			0.63
Total from investment operations			4.74			2.46			3.53			(2.86	)		2.74			1.01
Less distributions from:
Net investment income			(0.60	)		(0.40	)		(0.13	)		(0.57	)		(0.55	)		(0.38	)
Net realized gains			(0.16	)		(0.76	)		—			(0.10	)		(0.53	)		—
Total distributions			(0.76	)		(1.16	)		(0.13	)		(0.67	)		(1.08	)		(0.38	)
Net asset value, end of period		$	26.47		$	22.49		$	21.19		$	17.79		$	21.32		$	19.66
Total Return (b)			21.28	%		11.68	%		19.82	%		-13.45	%		13.94	%		5.41	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	39,520		$	5,384		$	3,076		$	2,444		$	2,855		$	2,472
Ratios to average net assets (c):
Net expenses			1.18	%		0.80	%		0.80	%		0.85	%		0.90	%		0.90	%
Gross expenses			1.50	%		1.54	%		5.66	%		7.06	%		5.81	%		8.57	%
Net investment income (loss)			4.71	%		1.79	%		2.50	%		3.01	%		2.54	%		2.24	%
Portfolio turnover rate^			61	%		82	%		88	%		85	%		99	%		109	%


†	Unaudited
*	As further described in the Organization and Reorganization information notes, per share amounts have been adjusted to account for changes in the capital structure resulting from the merger. On May 9, 2025, the Target Portfolio’s Institutional Shares underwent a reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split.
^	Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Megatrends	$	30,011,675	$	6,392,458	$	112,413	$	6,280,045
International Dynamic Equity		34,538,984		5,306,958		347,733		4,959,225
Japanese Equity		32,210,015		5,006,568		94,145		4,912,423
Next Gen Technologies		31,649,254		11,099,139		109,523		10,989,616

Portfolio	Annual Rate
Equity Megatrends		0.60	%
International Dynamic Equity (a)		0.40
Japanese Equity		0.60
Next Gen Technologies		0.60

Portfolio	Management Fees Waived		Expenses Reimbursed
Equity Megatrends	$	7,920	$	—
International Dynamic Equity (a)		34,234		—
Next Gen Technologies		8,563		—

Portfolio	Purchases		Sales
Equity Megatrends	$	29,686,265	$	612,484
International Dynamic Equity		24,019,906		20,675,948
Japanese Equity		30,357,163		911,889
Next Gen Technologies		31,452,040		266,226

●	Level 2 – other significant observable inputs (including unadjusted quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.)
●	Level 3 – significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of assets and liabilities)

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Balance as of June 30, 2025
Equity Megatrends ETF
Common Stocks *		$	35,425,489		$	—		$	—		$	35,425,489
Short-Term Investments			866,231			—			—			866,231
Total		$	36,291,720		$	—		$	—		$	36,291,720

International Dynamic Equity ETF
Common Stocks*
Argentina		$	42,599		$	—		$	—		$	42,599
Australia			1,494,320			—			—			1,494,320
Belgium			145,403			—			—			145,403
Brazil			307,656			—			—			307,656
Burkina Faso			54,873			—			—			54,873
Canada			2,829,006			—			—			2,829,006
China			3,626,738			—			—			3,626,738
Denmark			242,355			—			—			242,355
France			2,444,058			—			—			2,444,058
Germany			1,560,137			—			—			1,560,137
Greece			338,159			—			—			338,159
Hong Kong			692,470			—			—			692,470
Hungary			83,169			—			—			83,169

Target Portfolio		Investments		Unrealized appreciation (depreciation)		Net assets		Shares exchanged		Shares exchanged ratio
Lazard International Equity Advantage Portfolio		$30,742,622		$3,383,314		$31,068,910		$2,367,951		0.524824

Acquiring Portfolio		Net assets			Total net assets after the acquisition
Lazard International Dynamic Equity ETF		$25			$31,068,935

Acquiring Portfolio		Net investment income (loss)			Total net realized gain (loss)			Total change in net unrealized appreciation (depreciation)			Net increase (decrease) in net assets resulting from operations
Lazard International Dynamic Equity ETF		$850,588			$2,520,965			$3,848,638			$7,220,191

●	The Board concluded that the nature, extent and quality of the services to be provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $226 billion global asset management business.

●	The Board concluded that each Portfolio’s fee to be paid to the Investment Manager was appropriate under the circumstances and in light of the factors and the totality of the services to be provided as discussed above.