Lazard Emerging Markets Equity Portfolio - Institutional ...

1 Lazard Emerging Markets Equity Portfolio - Institutional SharesRelease Emerging MktsInvestment Objective & StrategyFrom the investment's prospectusThe investment seeks long-term capital appreciation. The fund invests primarily in Equity securities, principally common stocks, of 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 and RiskVolatilityas of 09-30-18 LowModerateHighInvestmentCategoryRisk Measures as of 09-30-18 Port AvgRel S&P 500 Rel Cat3 Yr Std Yr RisksCurrency, Emerging Markets , Foreign Securities, Loss ofMoney, Not FDIC Insured, Value Investing, Issuer, market / market Volatility, Depositary Receipts, Management, SmallCap, Mid-Cap, Large CapImportant InformationMorningstar Investment Profiles must be accompaniedby Morningstar Disclosure and Glossary.

2 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 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 FDIC INSURED. NOT INSURED BY ANY FEDERALGOVERNMENT AGENCY. NOT GUARANTEED BY THEINSTITUTION.

3 MAY GO DOWN IN AnalysisComposition as of 09-30-18% Style Box as of 09-30-18% Mkt CapLargeMidSmallValue Blend 10 Holdings as of 09-30-18% AssetsChina Construction Bank Corp Electronics Co Mobile Ltd Semiconductor Manufacturing Co of Russia Hynix Consultancy Services do Brasil SA BB Inc Financial Group Co Super Sectors as of 09-30-18% Fundh World Regions as of 09-30-18% Prosp Exp of fund assetsNet Prosp Exp of fund assetsManagement Fee(s) Inception Date07-15-94 Total Fund Assets ($mil)9, Turnover Ratio % Family NameLazardWaiver DataTypeExp. Date%.. Portfolio Manager(s)James Donald, CFA. Since Reinsberg. Since Asset Management 2018 Morningstar, Inc.

4 , Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any useof information. Past performance is no guarantee of future performance. Visit our investment website at (10/18)CN0207-39981-0320D