Summary Prospectus May 1, 2022
Voya RussellTM Mid Cap Index Portfolio
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Class/Ticker: P2/VRMPX
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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 Russell Midcap® 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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0.41%
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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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0.44%
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Waivers and Reimbursements1
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(0.29)%
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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, investment-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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112
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217
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526
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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.
During the most recent fiscal year, the Portfolio's portfolio turnover rate was 33% 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 equity securities of companies, which are at the time of purchase, included in the Index; convertible securities that are
convertible into stocks included in the Index; other 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 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 currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the Index.
The Index is an unmanaged index that measures the performance of the 800 smaller companies in the Russell 1000® Index, which together represent approximately 31% of the total market capitalization of the Russell 1000® Index. The market capitalization of companies within the Index will change with market conditions. The market capitalization of companies in the Index as of
December 31, 2021 ranged from $739.3 million to $73.8 billion. Because the Portfolio’s assets invested in common stocks will be allocated in approximately the same relative proportion as the Index, the Portfolio may concentrate to approximately
the same extent that the Index concentrates in the stock of a particular industry or group of industries. As of February 28,
2022, a portion of the Index was focused in the information technology sector and a portion of the Index was invested in real
estate-related securities, including real estate investment trusts.
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.
The Portfolio may not always hold all of the same securities as the Index. The Portfolio may also invest in stock index futures
as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Portfolio's cash
position. Although the Portfolio attempts to track, as closely as possible, 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.
Company: The price of a company’s stock could decline or underperform for many reasons including, among others, poor management, financial problems, reduced demand for company goods or services, regulatory fines and judgments, or business
challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.
Convertible Securities: Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest
rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they
convert, they are subject to market risk.
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Voya RussellTM Mid Cap Index Portfolio
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.
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.
Focused Investing (Index): To the extent that the Portfolio’s index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Portfolio will allocate its investments to approximately the same extent as
the index. As a result, the Portfolio may be subject to greater market fluctuation than a fund that is more broadly invested.
Economic conditions, political or regulatory conditions, or natural or other disasters affecting the particular industry,
sector, market segment, or geographic area in which the Portfolio focuses its investments will have a greater effect on the Portfolio,
and if securities of a particular industry, sector, market segment, or geographic area as a group fall out of favor the Portfolio
could underperform, or be more volatile than, funds that have greater diversification.
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.
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: Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be
cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market
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Voya RussellTM Mid Cap Index Portfolio
segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform
bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in
these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Portfolio to achieve its investment objectives.
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
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.
Mid-Capitalization Company: Investments in mid-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of a limited operating history, smaller size, limited
markets and financial resources, narrow product lines, less management depth, and more reliance on key personnel. Consequently,
the securities of mid-capitalization companies may have limited market stability and may be subject to more abrupt or erratic
market movements than securities of larger, more established growth companies or the market averages in general.
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.
Real Estate Companies and Real Estate Investment Trusts (“REITs”): Investing in real estate companies and REITs may subject the Portfolio to risks similar to those associated with the direct ownership of real estate, including losses from casualty
or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, wars, or other acts
that destroy real property. Investments in REITs are affected by the management skill and creditworthiness of the REIT. The
Portfolio will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which
it invests.
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.
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Voya RussellTM Mid Cap Index Portfolio
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 10, 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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2nd Quarter 2020
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24.59%
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Worst quarter:
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1st Quarter 2020
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-27.16%
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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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22.46
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14.93
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14.61
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N/A
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05/03/17
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Russell Midcap® Index1
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%
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22.58
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15.10
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14.91
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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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Steve Wetter
Portfolio Manager (since 04/12)
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Kai Yee Wong
Portfolio Manager (since 06/13)
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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 RussellTM Mid Cap 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 RussellTM Mid Cap Index Portfolio
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The “Russell” Portfolios are not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investment Group (“Russell”). Russell is not responsible for and has not reviewed a Portfolio nor any associated literature or publications and Russell makes no representation
or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indices.
Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining,
composing or calculating any of the Russell Indices.
Russell’s publication of the Russell Indices in no way suggests or implies an opinion by Russell as to the attractiveness
or appropriateness of investment in any or all securities upon which the Russell Indices are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE
AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDICES OR ANY DATA INCLUDED IN THE RUSSELL INDICES. RUSSELL MAKES
NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE, OF THE RUSSELL INDICES OR ANY DATA INCLUDED THEREIN, OR ANY
SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDICES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY
DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
WITH RESPECT TO THE RUSSELL INDEX OR INDICES OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.
SPRO-47116818 (0522-050122)