Lazard Emerging Markets Equity Portfolio - Institutional Shares Release Date

09-30-18..........................................................................................................................................................................................................................................................................................................................................CategoryDiversified Emerging Mkts

Investment Objective & StrategyFrom the investment's prospectus

The investment seeks long-term capital appreciation. The fund invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in emerging market countries and that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. Under normal circumstances, it invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. Past name(s) : Lazard Emerging Markets Instl.

Volatility and RiskVolatility as of 09-30-18

Low Moderate High

Investment

Category

Risk Measures as of 09-30-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 15.24 1.66 1.123 Yr Beta 1.16 . 1.12

Principal RisksCurrency, Emerging Markets, Foreign Securities, Loss ofMoney, Not FDIC Insured, Value Investing, Issuer, Market/Market Volatility, Depositary Receipts, Management, SmallCap, Mid-Cap, Large Cap

Important InformationMorningstar Investment Profiles must be accompaniedby Morningstar Disclosure and Glossary.

Funds or their affiliates may pay compensation to Voya®affiliates offering a fund. Such compensation may be paid outof distribution, service and/or 12b-1 fees that are deducted fromthe fund's assets, and/or may be paid directly by the fund'saffiliates. Any fees deducted from fund assets are discussed inthe fund's prospectus and disclosed in the fund fact sheet.Because these fees are paid on an on-going basis, over timethese fees will increase the cost of your investment and maycost you more than paying other types of sales charges. Ifoffered through a retirement program, additional fees andexpenses may be charged under that program. NOT A DEPOSIT.NOT FDIC INSURED. NOT INSURED BY ANY FEDERALGOVERNMENT AGENCY. NOT GUARANTEED BY THEINSTITUTION. MAY GO DOWN IN VALUE.

Portfolio AnalysisComposition as of 09-30-18 % Assets

U.S. Stocks 0.0Non-U.S. Stocks 98.0Bonds 0.0Cash 2.1Other 0.0

Morningstar Style Box™ as of 09-30-18 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 60.38..........................................................Large 21.71Medium 15.77Small 1.77..........................................................Micro 0.36

Top 10 Holdings as of 09-30-18 % Assets

China Construction Bank Corp H 4.90Samsung Electronics Co Ltd 4.57China Mobile Ltd ADR 3.90Taiwan Semiconductor Manufacturing Co Ltd 3.72Sberbank of Russia PJSC 3.53.......................................................................................................SK Hynix Inc 3.17Tata Consultancy Services Ltd 2.75Banco do Brasil SA BB Brasil 2.58NetEase Inc ADR 2.33Shinhan Financial Group Co Ltd 2.18

Morningstar Super Sectors as of 09-30-18 % Fund

h Cyclical 42.19j Sensitive 50.99k Defensive 6.82

Morningstar World Regions as of 09-30-18 % Fund

Americas 13.73........................................................................................................North America 0.00Latin America 13.73

Greater Europe 25.23........................................................................................................United Kingdom 0.00Europe Developed 0.00Europe Emerging 14.54Africa/Middle East 10.68

Greater Asia 61.04........................................................................................................Japan 0.00Australasia 0.00Asia Developed 23.44Asia Emerging 37.60

OperationsGross Prosp Exp Ratio 1.08% of fund assetsNet Prosp Exp Ratio 1.08% of fund assetsManagement Fee 1.00%12b-1 Fee .Other Fee 0.00%Miscellaneous Fee(s) 0.08%Fund Inception Date 07-15-94Total Fund Assets ($mil) 9,900.3Annual Turnover Ratio % 14.00Fund Family Name Lazard

Waiver Data Type Exp. Date %

. . . .

Portfolio Manager(s)

James Donald, CFA. Since 2001.John Reinsberg. Since 1994.................................................................................................Advisor Lazard Asset Management LLCSubadvisor .

Notes

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