Summary Prospectus May 1, 2023
Voya U.S. Bond Index Portfolio
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Class/Ticker: ADV/ILUAX; I/ILBAX; S/ILABX; S2/IUSBX
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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 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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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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0.35
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0.35
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0.35
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0.35
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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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0.03
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0.03
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0.03
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0.03
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Total Annual Portfolio Operating Expenses
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%
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0.88
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0.38
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0.63
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0.78
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Waivers and Reimbursements1
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%
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(0.02)
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(0.02)
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(0.02)
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(0.02)
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Total Annual Portfolio Operating Expenses after Waivers and
Reimbursements
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%
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0.86
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0.36
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0.61
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0.76
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1
Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.88%, 0.38%, 0.63%, and 0.78% for Class ADV, Class I, Class S, and Class S2 shares, respectively, through May 1, 2024. 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. In addition, the Investment Adviser is contractually obligated to further limit expenses to 0.86%, 0.36%, 0.61%, and 0.76% for Class ADV,
Class I, Class S, and Class S2 shares, respectively, through May 1, 2024. The limitations do not extend to interest, taxes, investment-related costs,
leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations 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 $10,000 in the Portfolio for the time periods indicated. The
Example also assumes that your investment had a 5% return each year and that the Portfolio's operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 of 7
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Class
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|
1 Yr
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3 Yrs
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5 Yrs
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10 Yrs
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ADV
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$
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88
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279
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486
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1,082
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|
I
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$
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37
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120
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211
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478
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S
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$
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62
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200
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349
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784
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S2
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$
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78
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247
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431
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964
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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 464% 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, 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 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. As a result of the process, the Portfolio will hold debt instruments in proportions that differ
from those represented in the Index.
The Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond
market. The Index includes U.S. Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed
securities, asset-backed securities, and commercial mortgage-backed securities (agency and non-agency).
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 fixed-income 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 a commonly used measure of risk in fixed-income instruments as it incorporates multiple features of the fixed-income instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income 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 received. The weights are
the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number
of years. The bigger the duration number, the greater the interest rate risk or reward for the fixed-income instrument prices.
For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market
interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped 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 fixed-income instruments as the Index. The Portfolio may also invest
in futures as a substitute for the sale or purchase of fixed-income 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.
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Voya U.S. Bond Index Portfolio
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.
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.
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. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default
because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The
credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the
structural support (if any) provided to the securities.
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.
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 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.
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Voya U.S. Bond Index Portfolio
Investment Model: The Sub-Adviser’s proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors, and there is no guarantee that the use of the investment model will result
in effective investment decisions for the Portfolio. Portfolios that are actively managed, in whole or in part, according to a quantitative investment model can perform differently from the market, 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.
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 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.
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 fixed-income 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 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
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Voya U.S. Bond Index Portfolio
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.
Prepayment and Extension: Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk
is heightened in a falling market interest rate environment. Prepayment may expose the Portfolio to a lower rate of return upon reinvestment
of principal. Also, if a fixed-income 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 fixed-income instrument
will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may
negatively affect performance, as the value of the fixed-income 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 risk and interest rate
risk, and may be subject to varying degrees of credit risk.
When-Issued, Delayed Delivery and Forward Commitment Transactions: When-issued, delayed delivery and forward commitment transactions involve the risk that the security the Portfolio buys will lose value prior to its delivery. These transactions
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. 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 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.
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.
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Voya U.S. Bond Index Portfolio
Calendar Year Total Returns Class ADV
(as of December 31 of each year)
(as of December 31 of each year)
|
Best quarter:
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1st Quarter 2020
|
3.31%
|
|
Worst quarter:
|
1st Quarter 2022
|
-6.00%
|
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
|
%
|
-13.60
|
-0.77
|
0.23
|
N/A
|
03/10/08
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-13.01
|
0.02
|
1.06
|
N/A
|
|
|
Class I
|
%
|
-13.10
|
-0.27
|
0.74
|
N/A
|
03/07/08
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-13.01
|
0.02
|
1.06
|
N/A
|
|
|
Class S
|
%
|
-13.37
|
-0.52
|
0.48
|
N/A
|
03/10/08
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-13.01
|
0.02
|
1.06
|
N/A
|
|
|
Class S2
|
%
|
-13.50
|
-0.67
|
0.33
|
N/A
|
02/27/09
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-13.01
|
0.02
|
1.06
|
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
|
|
|
Sean Banai, CFA
Portfolio Manager (since 05/23)
|
Bob Kase, CFA
Portfolio Manager (since 02/12)
|
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.
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
Summary Prospectus
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Voya U.S. Bond Index Portfolio
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.
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Voya U.S. Bond Index Portfolio
