Summary Prospectus May 1, 2023
Voya RussellTM Small Cap Index Portfolio
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Class/Ticker: ADV/IRSIX; I/IIRSX; S/IRSSX; S2/IRCIX
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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, 2023, and the audited financial statements on pages 23-65 of the portfolio’s shareholder report dated December 31,
2022 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 2000® 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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ADV
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I
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S
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S2
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Management Fees
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%
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0.43
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0.43
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0.43
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0.43
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Distribution and/or Shareholder Services (12b-1) Fees
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%
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0.50
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None
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0.25
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0.40
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Other Expenses
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%
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0.14
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0.14
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0.14
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0.14
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Total Annual Portfolio Operating Expenses
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%
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1.07
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0.57
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0.82
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0.97
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Waivers and Reimbursements1
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%
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(0.12)
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(0.12)
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(0.12)
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(0.12)
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Total Annual Portfolio Operating Expenses after Waivers and
Reimbursements
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%
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0.95
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0.45
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0.70
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0.85
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1
Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.95%, 0.45%, 0.70%, and 0.85% for Class ADV, Class I, Class S, and Class S2 shares, respectively, through May 1, 2024. 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 Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that
would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in
effect at the time of recoupment. Termination or modification of this obligation requires approval by the Portfolio’s Board of Directors (the “Board”).
Expense Example
This 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 $10,000 in the Portfolio for the time periods indicated. The
Example also assumes that your investment had a 5% return each year and that the Portfolio's operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 of 7
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Class
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1 Yr
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3 Yrs
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5 Yrs
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10 Yrs
|
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ADV
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$
|
97
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328
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578
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1,295
|
|
I
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$
|
46
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171
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306
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702
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S
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$
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72
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250
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443
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1,002
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S2
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$
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87
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297
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525
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1,179
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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 14% 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, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder (the “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 measures the performance of the small-capitalization segment of the U.S. equity universe. The Index is a subset
of the Russell 3000® Index, includes approximately 2,000 of the smallest securities (based on a combination of their market capitalization and current index membership), and represents approximately 7% of the total market capitalization of the Russell
3000® 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, 2022 ranged from $6.1 million to $7.9 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, 2023, portions of the Index were focused in the financials sector, the health care sector,
and the industrials sector and a portion of the Index was invested in real estate-related securities, including real estate investment
trusts (“REITs”).
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 (the “Sub-Adviser”) may sell securities for a variety of reasons, such as to rebalance and reconstitute its investments in connection with such changes in the Index, secure gains, limit losses, or redeploy assets into opportunities
believed to be more promising, among others.
The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets.
Summary Prospectus
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Voya RussellTM Small Cap Index Portfolio
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. The principal risks are presented
in alphabetical order to facilitate readability, and their order does not imply that the realization of one risk is more likely
to occur or have a greater adverse impact than another risk.
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 the company’s goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, 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 fixed-income instruments, such
as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying
stock, they are subject to market risk.
Credit: The Portfolio could lose money if the issuer or guarantor of a fixed-income instrument in which the Portfolio invests, or the counterparty to a derivative contract the Portfolio entered into, is unable or unwilling, or is perceived (whether
by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.
Derivative Instruments: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to
changes in market interest rates, liquidity risk, valuation risk, 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 asset, reference rate, or index 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.
Focused Investing (Index): To the extent that the Portfolio’s benchmark or other index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Portfolio may allocate its investments to approximately
the same extent as the index as part of its investment strategy. As a result, the Portfolio may be more sensitive to financial,
economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting
issuers in a particular industry, sector, market segment, or geographic area in which the Portfolio focuses its investments,
and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Portfolio could underperform,
or be more volatile than, a fund that has greater diversification.
•
Financial Services Sector: Investments in the financial services sector may be subject to credit risk, interest rate risk, and regulatory risk, among others. Banks and other financial institutions can be affected by such factors as downturns in the
U.S. and foreign economies and general economic cycles, fiscal and monetary policy (including the effects of changes in interest rates), adverse developments in the real estate market, the deterioration or failure of other financial institutions,
and changes in banking or securities regulations.
•
Health Care Sector: Investments in companies involved in the health care sector are strongly affected by worldwide scientific or technological developments. Products sold by companies in the health care sector may rapidly become obsolete and are also often dependent on access to resources and the company’s ability to receive patents from regulatory agencies. Many health care companies also are subject to significant government regulation and may be affected by changes in governmental
policies. As a result, investments in health care companies include the risk that the economic prospects, and the share prices, of such companies can fluctuate dramatically.
•
Industrials Sector: Companies involved in the industrials sector include those whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace and defense, construction,
engineering and building products, electrical equipment, and industrial machinery; the provision of commercial services and supplies, including printing, employment, environmental, and office services; and the provision of transportation services,
including airlines, couriers, marine, road and rail, and transportation infrastructure. Companies involved in the industrials
sector are affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability, and general economic conditions, among other factors.
Index Strategy (Portfolio): The index selected may underperform the overall market. To the extent the Portfolio (or a portion of the Portfolio) seeks to track an 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,
the
Summary Prospectus
3 of 7
Voya RussellTM Small Cap Index Portfolio
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: A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; 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 to changes in market interest rates. Duration is a measure of sensitivity
of the price of a fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing
a rising market interest rate environment, which may increase the Portfolio’s exposure to risks associated with rising market
interest rates. Rising market interest rates 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 instruments, 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 U.S. 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 prices at which it sells illiquid securities will be less than the prices at which
they were valued when held by the Portfolio, which could cause the Portfolio to lose money. The prices of illiquid securities may
be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of
financial stress.
Market: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions,
governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments,
and other factors. Prices of equity securities tend to rise and fall more dramatically than those of fixed-income instruments.
Additionally, legislative, regulatory, or tax policies or developments 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 United States. Wars, terrorism, global health crises and pandemics, and other geopolitical
events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects
on U.S., and global economies and markets, generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher
default rates, supply chain disruptions, 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 has, and may continue to, adversely affect global energy and financial markets and therefore
could affect the value of the Portfolio’s investments, including beyond the 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. In March 2023, a number of U.S. domestic banks and foreign (non-U.S.) banks experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by
regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions
or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions
will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions
and economies. These events as well as other changes in foreign (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 Portfolio’s investments. Any of these
occurrences could disrupt the operations of the Portfolio and of the Portfolio’s service providers.
Summary Prospectus
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Voya RussellTM Small Cap Index Portfolio
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 investment company
may invest a greater percentage of its assets in the securities of a single issuer than may a diversified investment company.
A non-diversified investment company is subject to the risks of focusing investments in a small number of issuers, 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 securities, or even a single security, and the Portfolio’s shares may experience significant fluctuations
in value.
Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments 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 Portfolio’s expenses. 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. In addition, shares of ETFs may trade at a premium or discount to
net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity,
wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized
participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net
asset value.
Real Estate Companies and Real Estate Investment Trusts: 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, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars,
or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that
a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management
skill of the REIT’s sponsor. 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.
Small-Capitalization Company: Investments in small-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, small size, limited
markets and financial resources, narrow product lines, less management depth and more reliance on key personnel. The securities of small-capitalization companies are subject to liquidity risk as they are often traded over-the-counter and may
not be traded in volumes typically seen on national securities exchanges.
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 with investment characteristics similar to those of the Portfolio 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 bar chart shows the performance of the Portfolio's Class ADV shares. Performance for other share classes would differ to the extent they have differences in their fees and expenses.
Summary Prospectus
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Voya RussellTM Small Cap Index Portfolio
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 ADV
(as of December 31 of each year)
(as of December 31 of each year)
|
Best quarter:
|
4th Quarter 2020
|
31.05%
|
|
Worst quarter:
|
1st Quarter 2020
|
-30.76%
|
Average Annual Total Returns %
(for the periods ended December 31, 2022)
(for the periods ended December 31, 2022)
|
|
|
1 Yr
|
5 Yrs
|
10 Yrs
|
Since
Inception
|
Inception
Date
|
|
Class ADV
|
%
|
-21.02
|
3.30
|
8.23
|
N/A
|
03/10/08
|
|
Russell 2000® Index1
|
%
|
-20.44
|
4.13
|
9.01
|
N/A
|
|
|
Class I
|
%
|
-20.69
|
3.78
|
8.76
|
N/A
|
03/10/08
|
|
Russell 2000® Index1
|
%
|
-20.44
|
4.13
|
9.01
|
N/A
|
|
|
Class S
|
%
|
-20.89
|
3.54
|
8.49
|
N/A
|
03/10/08
|
|
Russell 2000® Index1
|
%
|
-20.44
|
4.13
|
9.01
|
N/A
|
|
|
Class S2
|
%
|
-21.01
|
3.38
|
8.33
|
N/A
|
02/27/09
|
|
Russell 2000® Index1
|
%
|
-20.44
|
4.13
|
9.01
|
N/A
|
|
1
The index returns do not reflect deductions for fees, expenses, or taxes.
Portfolio Management
|
Investment Adviser
|
|
Voya Investments, LLC
|
|
Sub-Adviser
|
|
Voya Investment Management Co. LLC
|
|
Portfolio Managers
|
|
|
Steve Wetter
Portfolio Manager (since 04/12)
|
Kai Yee Wong
Portfolio Manager (since 06/13)
|
Purchase and Sale of Portfolio Shares
Shares of the Portfolio are not offered directly to the public. Purchase and sale of shares may be made only by separate accounts of insurance companies serving as investment options under Variable Contracts or by Qualified Plans, custodian accounts, and certain investment advisers and their affiliates, other investment companies, or permitted investors. Please
refer to the prospectus for the appropriate insurance company separate account, investment company, or your plan documents
for information on how to direct investments in, or sale from, an investment option corresponding to the Portfolio and any
fees that may apply. Participating insurance companies and certain other designated organizations are authorized to receive
purchase orders on the Portfolio's behalf.
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.
Summary Prospectus
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Voya RussellTM Small Cap Index Portfolio
Payments to Broker-Dealers and Other Financial Intermediaries
If you invest in the Portfolio through a Variable Contract issued by an insurance company or through a Qualified Plan that,
in turn, was purchased or serviced through an insurance company, broker-dealer or other financial intermediary, the Portfolio
and its Investment Adviser or distributor or their affiliates may: (1) make payments to the insurance company issuer of the
Variable Contract or to the company servicing the Qualified Plan; and (2) make payments to the insurance company, broker-dealer
or other financial intermediary. These payments may create a conflict of interest by: (1) influencing the insurance company
or the company servicing the Qualified Plan to make the Portfolio available as an investment option for the Variable Contract
or the Qualified Plan; or (2) by influencing the broker-dealer or other intermediary and your salesperson to recommend the
Variable Contract or the pension servicing agent and/or the Portfolio over other options. Ask your salesperson or Qualified
Plan administrator or visit your financial intermediary's website for more information.
Summary Prospectus
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Voya RussellTM Small Cap Index Portfolio
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.
Summary Prospectus
SPRO-471166 (0523-050123)