Summary Prospectus May 1, 2023
Voya Small Company Portfolio
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Class/Ticker: ADV/IASCX; I/IVCSX; R6/VSPRX; S/IVPSX
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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 17-49 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 growth of capital primarily through investment in a diversified portfolio of common stock of companies
with smaller market capitalizations.
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 Expenses1
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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R6
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S
|
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Management Fees
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%
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0.75
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0.75
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0.75
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0.75
|
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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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None
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0.25
|
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Other Expenses
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%
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0.16
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0.16
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0.03
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0.16
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Total Annual Portfolio Operating Expenses
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%
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1.41
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0.91
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0.78
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1.16
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|
Waivers and Reimbursements2
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%
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(0.05)
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(0.05)
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None
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(0.05)
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|
Total Annual Portfolio Operating Expenses after Waivers and
Reimbursements
|
%
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1.36
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0.86
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0.78
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1.11
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1
Expense information has been restated to reflect current contractual rates.
2
Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 1.36%, 0.86%, 0.86%, and 1.11%, for Class ADV, Class I, Class R6 and Class S 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 $10,000 in the Portfolio for the time periods indicated. The
Example also assumes that your investment had a 5% return each year and that the Portfolio's operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 of 7
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Class
|
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1 Yr
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3 Yrs
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5 Yrs
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10 Yrs
|
|
ADV
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$
|
138
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441
|
766
|
1,687
|
|
I
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$
|
88
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285
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499
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1,115
|
|
R6
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$
|
80
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249
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433
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966
|
|
S
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$
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113
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364
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633
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1,405
|
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 209% 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 common stocks of small-capitalization companies. The Portfolio will provide shareholders with at least 60 days’ prior notice
of any change in this investment policy.
For this Portfolio, the sub-adviser and the sub-sub-adviser (together, the “Sub-Adviser”) defines small-capitalization companies as companies that are included in the S&P SmallCap 600® Index or the Russell 2000® Index at the time of purchase, or if not included in either index, have market capitalizations that fall within the range of the market capitalizations of companies
included in the S&P SmallCap 600® Index or the Russell 2000® Index. The market capitalization of companies within the S&P SmallCap 600® Index and the Russell 2000® Index will change with market conditions. The market capitalization range of companies in the S&P SmallCap 600® Index as of December 31, 2022, ranged from $203.1 million to $6.3 billion. The market capitalization range of companies in the Russell 2000® Index as of December 31, 2022, ranged from $6.1 million to $7.9 billion.
The Portfolio may also invest in real estate-related securities including, real estate investment trusts (“REITs”).
The Portfolio may invest in derivative instruments including, but not limited to, put and call options. The Portfolio typically
uses derivative instruments to seek to reduce exposure to other risks, such as currency risk, to substitute for taking a position
in the underlying asset, to maintain equity market exposure on its cash balance, and/or to seek to enhance returns in the
Portfolio. The Portfolio may also invest, to a limited extent, in foreign (non-U.S.) stocks and depositary receipts.
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.
In managing the Portfolio, the Sub-Adviser invests in a portfolio of stocks that it believes have the potential to outperform
the Portfolio’s benchmark index over the long term. The Sub-Adviser uses quantitative methods, including artificial intelligence
(“AI”) models, to select securities and to support portfolio trading.
To select securities, the AI model analyzes a variety of inputs, including among other things, financial, fundamental, macro,
and technical characteristics. The data may include structured data (e.g., financial information) and unstructured data (e.g.,
press releases, news articles). The AI model seeks to identify companies whose perceived value is not reflected in the stock
price by identifying persistent patterns in company data that have historically led to outperformance. The Sub-Adviser may
also use other quantitative techniques or inputs to implement its investment strategy. Portfolio managers and analysts at
the Sub-Adviser oversee the operation of all quantitative models to mitigate a number of risks the models might pose, including
any biases or operational deficiencies in the models.
In evaluating investments for the Portfolio, the Sub-Adviser takes into account a wide variety of factors and considerations
to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects
of a company. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social,
and governance (“ESG”) factors. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of a company’s ESG standing. ESG factors will be
only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors
will affect the Sub-Adviser’s decision to invest in a company, if at all, will depend on the analysis and judgment of the
Sub-Adviser.
Summary Prospectus
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Voya Small Company Portfolio
The Sub-Adviser may give ESG factors equal consideration or may focus on one or more of those factors as the Sub-Adviser considers appropriate. The Sub-Adviser may consider specific ESG metrics or a company’s progress or lack of progress toward
meeting ESG targets. ESG factors will be only one consideration in the Sub-Adviser’s evaluation of any potential investment,
and the effect, if any, of ESG factors on the Sub-Adviser’s decision whether to invest in any case will vary depending on
the judgment of the Sub-Adviser.
The Sub-Adviser may sell securities for a variety of reasons, such as to 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.
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.
Currency: To the extent that the Portfolio invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated
in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will
decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative
to the currency being hedged by the Portfolio through foreign currency exchange transactions.
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.
Environmental, Social, and Governance (Equity): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Portfolio is based on information that is not standardized, some of which can be qualitative and subjective by nature.
The Sub-Adviser’s assessment of ESG factors in respect of a company may rely on third party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Portfolio’s assets that will be invested
in companies that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in
companies that compare favorably to other companies on the basis of ESG factors. It is possible that the Portfolio will have
less exposure to certain companies due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds.
There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors,
will provide more favorable investment performance than another potential investment, and such an investment may, in fact,
underperform other potential investments.
Foreign (Non-U.S.) Investments: Investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller
markets; differing reporting, accounting, auditing, and financial reporting standards and practices; nationalization, expropriation,
or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign
debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country, or region may adversely impact
investments or issuers in another market, country, or region.
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Voya Small Company Portfolio
Growth Investing: Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk
that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks
tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.
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: 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.
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.
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Voya Small Company Portfolio
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.
Value Investing: Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they
generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings
and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Portfolio
holds may not reach their full values. Risks associated with value investing include that a security that is perceived by
the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital
growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Portfolio’s
relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other
funds that invest more broadly.
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. The Class R6 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.
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.
Summary Prospectus
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Voya Small Company Portfolio
Calendar Year Total Returns Class ADV
(as of December 31 of each year)
(as of December 31 of each year)
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Best quarter:
|
4th Quarter 2020
|
30.92%
|
|
Worst quarter:
|
1st Quarter 2020
|
-32.18%
|
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
|
%
|
-17.04
|
2.17
|
8.15
|
N/A
|
12/16/08
|
|
Russell 2000® Index1
|
%
|
-20.44
|
4.13
|
9.01
|
N/A
|
|
|
Class I
|
%
|
-16.68
|
2.66
|
8.69
|
N/A
|
12/27/96
|
|
Russell 2000® Index1
|
%
|
-20.44
|
4.13
|
9.01
|
N/A
|
|
|
Class R6
|
%
|
-16.62
|
2.68
|
8.70
|
N/A
|
11/24/15
|
|
Russell 2000® Index1
|
%
|
-20.44
|
4.13
|
9.01
|
N/A
|
|
|
Class S
|
%
|
-16.86
|
2.41
|
8.42
|
N/A
|
11/01/01
|
|
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
|
|
|
Vincent Costa, CFA
Portfolio Manager (since 06/22)
|
Russell Shtern, CFA
Portfolio Manager (since 07/22)
|
|
Sub-Sub-Adviser
|
|
|
Voya Investment Management (UK) Limited
|
|
|
Portfolio Manager
|
|
|
Gareth Shepherd, PhD, CFA
Portfolio Manager (since 06/22)
|
|
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 Small Company 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 Small Company Portfolio
