Summary Prospectus May 1, 2022
Voya U.S. Bond Index Portfolio
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Class/Ticker: P2/VPUPX
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Before you invest, you may want to review the portfolio's Prospectus, which contains more information about the portfolio
and its risks. For free paper or electronic copies of the Prospectus and other portfolio information (including the Statement of Additional Information
and most recent financial report to shareholders), go to www.individuals.voya.com/literature; email a request to Voyaim_literature@voya.com; call 1-800-992-0180; or ask your salesperson, financial intermediary, or retirement plan administrator. The portfolio's Prospectus and Statement of Additional
Information, each dated May 1, 2022, and the audited financial statements on pages 24-66 of the portfolio’s shareholder report dated December 31,
2021 are incorporated into this Summary Prospectus by reference and may be obtained free of charge at the website, phone number, or e-mail address
noted above.
Investment Objective
The Portfolio seeks investment results (before fees and expenses) that correspond to the total return (which includes capital
appreciation and income) of the Bloomberg U.S. Aggregate Bond Index (“Index”).
Fees and Expenses of the Portfolio
The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance
policies (“Variable Contract”) or a qualified pension or retirement plan (“Qualified Plan”), which are not reflected in the tables and examples below. If these fees or expenses were included in the table, the Portfolio’s expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract or consult your plan administrator.
Annual Portfolio Operating Expenses
Expenses you pay each year as a % of the value of your investment
Expenses you pay each year as a % of the value of your investment
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Class
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P2
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Management Fees
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0.35%
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Distribution and/or Shareholder Services (12b-1) Fees
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None
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Other Expenses
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0.03%
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Total Annual Portfolio Operating Expenses
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0.38%
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Waivers and Reimbursements1
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(0.23)%
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Total Annual Portfolio Operating Expenses after Waivers and
Reimbursements
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0.15%
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1
The adviser is contractually obligated to limit expenses to 0.15% through May 1, 2023. The limitation does not extend to interest, taxes, interest-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible
recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval
by the Portfolio’s board.
Expense Example
The Example is intended to help you compare the cost of investing in shares of the Portfolio with the costs of investing in
other mutual funds. The Example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract or Qualified Plan. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The
Example also assumes that your investment had a 5% return each year and that the Portfolio's operating expenses remain
the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year
period and the first year of the three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Class
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1 Yr
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3 Yrs
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5 Yrs
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10 Yrs
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P2
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$
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15
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99
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190
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458
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Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Expense Example, affect the Portfolio's performance.
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During the most recent fiscal year, the Portfolio's portfolio turnover rate was 488% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes)
in investment-grade debt instruments rated at least A by Moody's Investors Service, Inc., at least A by S&P Global Ratings,
or are of comparable quality if unrated, which are at the time of purchase, included in the Index; derivatives whose economic
returns are, by design, closely equivalent to the returns of the Index or its components; and exchange-traded funds that track
the Index. The Portfolio will provide shareholders with at least 60 days' prior notice of any change in this investment policy.
Under normal market conditions, the Portfolio invests all, or substantially all, of its assets in these securities. The Portfolio
may also invest in To Be Announced (“TBA”) purchase commitments. TBAs shall be deemed included in the Index upon entering into the contract for the TBA if the underlying securities are included in the Index.
The Portfolio may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (“1940 Act”).
The Portfolio invests principally in bonds and employs a “passive management” approach designed to track the performance of the Index. The Portfolio uses quantitative and qualitative techniques to match the expected return of the Index for changes
in spreads and interest rates. The process results in a Portfolio that will hold debt instruments in proportions that differ
from those represented in the Index.
The Index is an unmanaged index of publicly issued investment-grade U.S. government, mortgage-backed, asset-backed, and corporate debt instruments.
The Portfolio uses quantitative techniques to match the expected return of the Index for changes in spreads and interest rates. The process results in a Portfolio that will hold debt instruments in proportions that differ from those represented
in the Index. The Portfolio maintains a weighted average effective duration within one year on either side of the duration of
the Index, which generally ranges between 3.5 and 6 years. Duration is the most commonly used measure of risk in debt instruments
as it incorporates multiple features of the debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rates. Duration is a weighted average of
the times that interest payments and the final return of principal are expected to be received. The weights are the amounts of
the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the debt instrument prices. For example, the
price of a bond with an average duration of five years would be expected to fall approximately 5% if interest rates rose by 1%.
Conversely, the price of a bond with an average duration of five years would be expected to rise approximately 5% if interest
rates drop by 1%.
In seeking to track the performance of the Index, the Portfolio may become “non-diversified,” as defined in the 1940 Act, as a result of a change in relative market capitalizations or index weightings of one or more components of the Index. As a result, whether at any time the Portfolio will be considered “diversified” or “non-diversified” will depend largely on the make-up of the Index at the time.
Generally, the Portfolio will not hold all of the same debt instruments as the Index. The Portfolio may also invest in futures
as a substitute for the sale or purchase of debt instruments in the Index and to provide fixed-income exposure to the Portfolio's
cash position. Although the Portfolio attempts to closely track the performance of the Index, the Portfolio does not always
perform exactly like the Index. Unlike the Index, the Portfolio has operating expenses and transaction costs and therefore,
has a performance disadvantage versus the Index.
The sub-adviser (“Sub-Adviser”) may sell a security when the security's percentage weighting in the Index is reduced, when the security is removed from the Index, or for other reasons.
The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets.
Principal Risks
You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.
Credit: The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates,
whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest
or principal, or could fail to pay its financial obligations altogether.
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Voya U.S. Bond Index Portfolio
Derivative Instruments: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest
rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the
magnitude of exposure assumed by the Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect
on the Portfolio and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected,
so the Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative
may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute
for direct cash investment, the return provided by the derivative may not provide the same return as direct cash investment.
In addition, given their complexity, derivatives expose the Portfolio to the risk of improper valuation.
Index Strategy: The index selected may underperform the overall market. To the extent the Portfolio seeks to track the index’s performance, the Portfolio will not use defensive strategies or attempt to reduce its exposure to poor performing securities
in the index. To the extent the Portfolio’s investments track its target index, such Portfolio may underperform other funds
that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its
methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time
or at all, which may have an adverse impact on the Portfolio. The correlation between the Portfolio’s performance and index
performance may be affected by the Portfolio’s expenses and the timing of purchases and redemptions of the Portfolio’s shares. In addition, the Portfolio’s actual holdings might not match the index and the Portfolio’s effective exposure to index
securities at any given time may not precisely correlate.
Interest Rate: With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and
the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. Duration is a measure of sensitivity
of the price of a debt instrument to a change in interest rate. As of the date of this Prospectus, the United States experiences
a low interest rate environment, which may increase the Portfolio’s exposure to risks associated with rising market interest
rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related
markets to heightened volatility. To the extent that the Portfolio invests in fixed-income securities, an increase in market
interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain
investments, adversely affect values, and increase costs. Increased redemptions may cause the Portfolio to liquidate portfolio
positions when it may not be advantageous to do so and may lower returns. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.
Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could
magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall
below zero, could have unpredictable effects on markets and may expose fixed-income and related markets to heightened volatility.
Changes to monetary policy by the Federal Reserve Board or other regulatory actions could expose fixed-income and related
markets to heightened volatility, interest rate sensitivity and reduced liquidity, which may impact the Portfolio’s operations
and return potential.
Investment Model: A manager’s proprietary model may not adequately allow for existing or unforeseen market factors or the
interplay between such factors. Portfolios that are actively managed, in whole or in part, according to a quantitative investment model can perform differently from the market as a whole based on the investment model and the factors used in the analysis,
the weight placed on each factor, and changes from the factors’ historical trends. Mistakes in the construction and implementation
of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There
is no guarantee that the use of these investment models will result in effective investment decisions for the Portfolio.
Liquidity: If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio’s manager might
wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid
securities, exposing the Portfolio to the risk that the price at which it sells illiquid securities will be less than the price at which
they were valued when held by the Portfolio. The prices of illiquid securities may be more volatile than more liquid investments.
The risks associated with illiquid securities may be greater in times of financial stress. The Portfolio could lose money
if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.
Market Disruption and Geopolitical: The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates
in other countries, including the U.S. Wars, terrorism, global health crises and pandemics, and other geopolitical events
have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and
world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default
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Voya U.S. Bond Index Portfolio
rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in
Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments,
including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of
the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those
events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor
sentiment, and other factors affecting the value of the investments of the Portfolio and the Portfolio. Any of these occurrences could
disrupt the operations of the Portfolio and of the Portfolio’s service providers.
Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations
on the enforceability of any security interest or collateral granted with respect to those underlying assets and the value
of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension
risk and interest rate risk than do other types of debt instruments.
Non-Diversification (Index): Depending on the composition of the Index, the Portfolio may at any time, with respect to 75% of the Portfolio’s total assets, invest more than 5% of the value of its total assets in the securities of any one issuer. As
a result, the Portfolio would at that time be “non-diversified,” as defined in the 1940 Act. A “non-diversified” mutual fund may invest a greater percentage of its assets in the securities of a single issuer than may a “diversified” mutual fund. A “non-diversified” investment company is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies,
including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more
diversified portfolio might be. The Portfolio may significantly underperform other mutual funds or investments due to the
poor performance of relatively few stocks, or even a single stock, and the Portfolio’s shares may experience significant fluctuations
in value.
Other Investment Companies: The main risk of investing in other investment companies, including exchange-traded funds (“ETFs”), is the risk that the value of the securities underlying an investment company might decrease. Shares of investment companies
that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate
share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Portfolio. The investment policies of the other investment companies may not be the
same as those of the Portfolio; as a result, an investment in the other investment companies may be subject to additional
or different risks than those to which the Portfolio is typically subject.
Prepayment and Extension: Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This may occur when interest
rates decline. Prepayment may expose the Portfolio to a lower rate of return upon reinvestment of principal. Also, if a debt
instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected.
This may occur when interest rates rise. This may negatively affect performance, as the value of the debt instrument decreases
when principal payments are made later than expected. Additionally, the Portfolio may be prevented from investing proceeds
it would have received at a given time at the higher prevailing interest rates.
Securities Lending: Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolio will receive cash or U.S. government securities as collateral. Investment risk is the risk that
the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that
the Portfolio will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result
in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Portfolio to be
more volatile. The use of leverage may increase expenses and increase the impact of the Portfolio’s other risks.
U.S. Government Securities and Obligations: U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies or government-sponsored enterprises. U.S. government securities are subject to market and interest rate risk,
and may be subject to varying degrees of credit risk.
When Issued and Delayed Delivery Securities and Forward Commitments: When issued securities, delayed delivery securities and forward commitments involve the risk that the security the Portfolio buys will lose value prior to its delivery. These
investments may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the
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Voya U.S. Bond Index Portfolio
Portfolio to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolio’s other
risks. There also is the risk that the security will not be issued or that the other party will not meet its obligation. If
this occurs, the Portfolio loses both the investment opportunity for the assets it set aside to pay for the security and any gain
in the security’s price.
An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation,
the Federal Reserve Board or any other government agency.
Performance Information
The following information is intended to help you understand the risks of investing in the Portfolio. The following bar chart shows the changes in the Portfolio's performance from year to year, and the table compares the Portfolio's performance to
the performance of a broad-based securities market index/indices for the same period. The Portfolio's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense
limitations, if any, performance would have been lower. The Class P2 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two
classes. If adjusted for such differences, returns would be different.
Class I shares commenced operations on March 7, 2008.
Performance shown in the bar chart and in the Average Annual Total Returns table does not include insurance-related charges
imposed under a Variable Contract or expenses related to a Qualified Plan. If these charges or expenses were included, performance
would be lower. Thus, you should not compare the Portfolio's performance directly with the performance information of other
investment products without taking into account all insurance-related charges and expenses payable under your Variable Contract
or Qualified Plan. The Portfolio's past performance is no guarantee of future results.
Calendar Year Total Returns Class P2
(as of December 31 of each year)
(as of December 31 of each year)
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Best quarter:
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1st Quarter 2020
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3.40%
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Worst quarter:
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1st Quarter 2021
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-3.37%
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Average Annual Total Returns %
(for the periods ended December 31, 2021)
(for the periods ended December 31, 2021)
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1 Yr
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5 Yrs
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10 Yrs
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Since
Inception
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Inception
Date
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Class P2
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%
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-1.62
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3.46
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2.67
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N/A
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05/03/17
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Bloomberg U.S. Aggregate Bond Index1
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%
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-1.54
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3.57
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2.90
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N/A
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1
The index returns do not reflect deductions for fees, expenses, or taxes.
Portfolio Management
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Investment Adviser
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Sub-Adviser
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Voya Investments, LLC
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Voya Investment Management Co. LLC
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Portfolio Managers
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Bob Kase, CFA
Portfolio Manager (since 02/12)
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Matthew Toms, CFA
Portfolio Manager (since 02/12)
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Purchase and Sale of Portfolio Shares
Class P2 shares of the Portfolio are not offered directly to the public. Class P2 shares of the Portfolio may only be purchased
by certain other funds in the Voya family of funds. Class P2 shares may be purchased or sold by those Voya funds on any business day when the New York Stock Exchange opens for regular trading by contacting the Portfolio's transfer agent (“Transfer Agent”).
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Voya U.S. Bond Index Portfolio
Tax Information
Distributions made by the Portfolio to a Variable Contract or Qualified Plan, and exchanges and redemptions of Portfolio shares
made by a Variable Contract or Qualified Plan, ordinarily do not cause the corresponding contract holder or plan participant
to recognize income or gain for federal income tax purposes. See the contract prospectus or the governing documents of your
Qualified Plan for information regarding the federal income tax treatment of the distributions to your Variable Contract or
Qualified Plan and the holders of the contracts or plan participants.
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Voya U.S. Bond Index Portfolio
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SPRO-47116918 (0522-050122)