Summary Prospectus May 1, 2022
Voya Intermediate Bond Portfolio
|
Class/Ticker: ADV/IIBPX; I/IPIIX; S/IPISX; S2/IIBTX
|
Before you invest, you may want to review the portfolio's Prospectus, which contains more information about the portfolio
and its risks. For free paper or electronic copies of the Prospectus and other portfolio information (including the Statement of Additional Information
and most recent financial report to shareholders), go to www.individuals.voya.com/literature; email a request to Voyaim_literature@voya.com; call 1-800-992-0180; or ask your salesperson, financial intermediary, or retirement plan administrator. The portfolio's Prospectus and Statement of Additional
Information, each dated May 1, 2022, and the audited financial statements on pages 18-50 of the portfolio’s shareholder report dated December 31,
2021 are incorporated into this Summary Prospectus by reference and may be obtained free of charge at the website, phone number, or e-mail address
noted above.
Investment Objective
The Portfolio seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments
in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment
income will both be major factors in achieving total return.
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
|
Class
|
|
ADV
|
I
|
S
|
S2
|
|
Management Fees
|
%
|
0.50
|
0.50
|
0.50
|
0.50
|
|
Distribution and/or Shareholder Services (12b-1) Fees
|
%
|
0.50
|
None
|
0.25
|
0.40
|
|
Other Expenses
|
%
|
0.07
|
0.07
|
0.07
|
0.07
|
|
Acquired Fund Fees and Expenses
|
%
|
0.02
|
0.02
|
0.02
|
0.02
|
|
Total Annual Portfolio Operating Expenses1
|
%
|
1.09
|
0.59
|
0.84
|
0.99
|
|
Waivers and Reimbursements2
|
%
|
(0.04)
|
(0.04)
|
(0.04)
|
(0.04)
|
|
Total Annual Portfolio Operating Expenses
after Waivers and Reimbursements
|
%
|
1.05
|
0.55
|
0.80
|
0.95
|
1
Total Annual Portfolio Operating Expenses shown may be higher than the Portfolio's ratio of expenses to average net assets
shown in the Financial Highlights, which reflects the operating expenses of the Portfolio and does not include Acquired Fund Fees and Expenses.
2
The adviser is contractually obligated to limit expenses to 1.03%, 0.53%, 0.78%, and 0.93% for Class ADV, Class I, Class S,
and Class S2 shares, respectively, through May 1, 2023. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses,
and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of
the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio’s board.
Expense Example
The Example is intended to help you compare the cost of investing in shares of the Portfolio with the costs of investing in
other mutual funds. The Example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract or Qualified Plan. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The
Example also assumes that your investment had a 5% return each year and that the Portfolio's operating expenses remain
the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year
period and the first year of the three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 of 8
|
Class
|
|
|
1 Yr
|
3 Yrs
|
5 Yrs
|
10 Yrs
|
|
|
|
|
|
|
|
ADV
|
|
$
|
107
|
343
|
597
|
1,325
|
|
|
|
|
|
|
|
I
|
|
$
|
56
|
185
|
325
|
734
|
|
|
|
|
|
|
|
S
|
|
$
|
82
|
264
|
462
|
1,033
|
|
|
|
|
|
|
|
S2
|
|
$
|
97
|
311
|
543
|
1,209
|
|
|
|
|
|
|
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 139% 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 a portfolio of bonds, including but not limited to corporate, government and mortgage bonds, which, at the time of purchase,
are rated investment-grade (e.g., rated at least BBB- by S&P Global Ratings or Baa3 by Moody's Investors Service, Inc.) or have an equivalent rating by a nationally recognized statistical rating organization (“NRSRO”), or are of comparable quality if unrated. The Portfolio will provide shareholders with at least 60 days' prior notice of any change in this investment policy.
Although the Portfolio may invest a portion of its assets in high-yield (high risk) debt instruments rated below investment
grade (commonly referred to as “junk bonds”), the Portfolio will seek to maintain a minimum weighted average portfolio quality rating of at least investment-grade. Generally, the sub-adviser (“Sub-Adviser”) maintains a dollar-weighted average duration between three and ten years. Duration is the most commonly used measure of risk in debt instruments as it incorporates multiple features of the debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rates. Duration is a weighted average of the times that interest
payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the
greater the interest-rate risk or reward for the debt instrument prices. For example, the price of a bond with an average
duration of five years would be expected to fall approximately 5% if interest rates rose by 1%. Conversely, the price of a bond with
an average duration of five years would be expected to rise approximately 5% if interest rates drop by 1%.
The Portfolio may also invest in: preferred stocks; high quality money market instruments; municipal bonds; debt instruments
of foreign issuers (including those located in emerging market countries); securities denominated in foreign currencies; foreign
currencies; mortgage-backed and asset-backed securities; bank loans and floating rate secured loans (“Senior Loans”); and derivatives including futures, options, and swaps (including credit default swaps, interest rate swaps and total return swaps)
involving securities, securities indices and interest rates, which may be denominated in the U.S. dollar or foreign currencies.
The Portfolio typically uses derivatives to reduce exposure to other risks, such as interest rate or currency risk, to substitute
for taking a position in the underlying asset, and/or to enhance returns in the Portfolio.
The Portfolio may seek to obtain exposure to the securities in which it invests by entering into a series of purchase and
sale contracts or through other investment techniques such as buy backs and dollar rolls.
The Portfolio may invest in other investment companies, including exchange-traded funds, to the extent permitted under the
Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (“1940 Act”).
The Sub-Adviser believes that relationships between the drivers of debt instrument returns change over time and that recognizing
this is key to managing debt instrument assets. Therefore, the Sub-Adviser employs a dynamic investment process that seeks
to balance top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process - sector allocation, security selection, duration and yield curve management. This includes utilizing proprietary
qualitative analysis along with quantitative tools throughout the portfolio construction process.
In evaluating investments for the Portfolio, the Sub-Adviser normally expects to take into account environmental, social,
or governance (“ESG”) factors, to determine whether any or all of those factors might have a significant effect on the performance, risks, or prospects of a company or issuer. The Sub-Adviser intends to rely primarily on third-party evaluations of a company’s
ESG standing and/or on factors identified through its proprietary research as material to a particular company or the industry
in which it operates. The Sub-Adviser may give environmental, social, and governance factors equal consideration or may focus on one or more of those factors as it considers appropriate. The Sub-Adviser may consider specific ESG metrics or a
Summary Prospectus
2 of 8
Voya Intermediate Bond Portfolio
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.
Bank Instruments: Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory or political conditions, or other events
that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties
in transactions with the Portfolio.
Company: The price of a company’s stock could decline or underperform for many reasons including, among others, poor management, financial problems, reduced demand for company goods or services, regulatory fines and judgments, or business
challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.
Credit: The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates,
whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest
or principal, or could fail to pay its financial obligations altogether.
Credit Default Swaps: The Portfolio may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a swap pays a fee to buy protection against the risk that a security will default. If no default occurs, the Portfolio will
have paid the fee, but typically will recover nothing under the swap. A seller of a swap receives payment(s) in return for an obligation
to pay the counterparty the full notional value of a security in the event of a default of the security issuer. As a seller
of a swap, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio
would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject
to counterparty, credit, valuation, liquidity and leveraging risks and the risk that the swap may not correlate with its underlying
asset as expected. Certain standardized swaps are subject to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however, there is no assurance that central clearing will achieve
that result, and in the meantime, central clearing and related requirements expose the Portfolio to new kinds of costs and risks.
In addition, credit default swaps expose the Portfolio to the risk of improper valuation.
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 securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest
rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the
magnitude of exposure assumed by the Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect
on the Portfolio and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected,
so the Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative
may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute
for direct cash investment, the return provided by the derivative may not provide the same return as direct cash investment.
In addition, given their complexity, derivatives expose the Portfolio to the risk of improper valuation.
Environmental, Social and/or Governance (strategy): The Sub-Adviser’s consideration of environmental, social and/or governance (“ESG”) factors in selecting investments for the Portfolio may cause it to forego other favorable investments that other investors
who do not consider similar factors or who evaluate them differently might select. This may cause the Portfolio to underperform
the stock market or relevant benchmark as a whole or other funds that do not consider ESG factors or that use such factors
differently. The Sub-Adviser’s consideration of ESG factors is qualitative and subjective by nature, and it is possible that
it will have an adverse effect on the Portfolio’s performance. In evaluating a company or issuer in light of ESG factors, the
Summary Prospectus
3 of 8
Voya Intermediate Bond Portfolio
Sub-Adviser may consider information and data obtained through voluntary or third-party reporting that may be incomplete or inaccurate. It is possible the companies or issuers identified through the Sub-Adviser’s consideration of ESG factors will
not operate as expected and will not exhibit positive ESG characteristics to the extent the Sub-Adviser might have anticipated.
Floating Rate Loans: In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Portfolio will experience a reduction in its income and a decline in the market value
of such investment. This will likely reduce the amount of dividends paid and may lead to a decline in the net asset value. If
a floating rate loan is held by the Portfolio through another financial institution, or the Portfolio relies upon another financial
institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk
of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions
of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations under the loan. Furthermore, such collateral may be difficult to liquidate.
No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on
resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result,
the Portfolio may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the
receipts of settlement proceeds may impair the ability of the Portfolio to meet its redemption obligations. It may also limit the ability
of the Portfolio to repay debt, pay dividends, or to take advantage of new investment opportunities.
Foreign Investments/Developing and Emerging Markets: 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 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; or political changes or diplomatic developments, which may include the imposition of economic sanctions
or other measures by the United States 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. Foreign investment risks may be greater in developing and emerging markets than in developed markets.
High-Yield Securities: Lower quality securities (including securities that have fallen below investment-grade and are classified as “junk bonds” or “high yield securities”) have greater credit risk and liquidity risk than higher quality (investment-grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower quality bonds
or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity and price volatility risk.
Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether.
A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased,
such collateral may become illiquid or decline in value.
Interest Rate: With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and
the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. Duration is a measure of sensitivity
of the price of a debt instrument to a change in interest rate. As of the date of this Prospectus, the United States experiences
a low interest rate environment, which may increase the Portfolio’s exposure to risks associated with rising market interest
rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related
markets to heightened volatility. To the extent that the Portfolio invests in fixed-income securities, an increase in market
interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain
investments, adversely affect values, and increase costs. Increased redemptions may cause the Portfolio to liquidate portfolio
positions when it may not be advantageous to do so and may lower returns. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.
Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could
magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall
below zero, could have unpredictable effects on markets and may expose fixed-income and related markets to heightened volatility.
Changes to monetary policy by the Federal Reserve Board or other regulatory actions could expose fixed-income and related
markets to heightened volatility, interest rate sensitivity and reduced liquidity, which may impact the Portfolio’s operations
and return potential.
Summary Prospectus
4 of 8
Voya Intermediate Bond Portfolio
Investment Model: A manager’s proprietary model may not adequately allow for existing or unforeseen market factors or the
interplay between such factors. Portfolios that are actively managed, in whole or in part, according to a quantitative investment model can perform differently from the market as a whole based on the investment model and the factors used in the analysis,
the weight placed on each factor, and changes from the factors’ historical trends. Mistakes in the construction and implementation
of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There
is no guarantee that the use of these investment models will result in effective investment decisions for the Portfolio.
LIBOR: The obligations of the parties under many financial arrangements, such as debt instruments (including senior loans) and derivatives, may be determined based in whole or in part on the London Inter-Bank Offered Rate (“LIBOR”). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain
LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings
on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no
new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies, including among others a Secured Overnight Funding Rate (“SOFR”) for U.S. dollar LIBOR. Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation and liquidity necessary
to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions,
and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Portfolio’s existing
investments, including the possibility that some of those investments may terminate or their terms may be adjusted to the
disadvantage of an the Portfolio; and the risk of general market disruption during the transition period. Markets relying
on new, non-LIBOR rates are developing slowly, and may offer limited liquidity. The general unavailability of LIBOR and the transition
away from LIBOR to other rates could have a substantial adverse impact on the performance of an the Portfolio.
Liquidity: If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio’s manager might
wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid
securities, exposing the Portfolio to the risk that the price at which it sells illiquid securities will be less than the price at which
they were valued when held by the Portfolio. The prices of illiquid securities may be more volatile than more liquid investments.
The risks associated with illiquid securities may be greater in times of financial stress. The Portfolio could lose money
if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.
Market: Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be
cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market
segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform
bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in
these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Portfolio to achieve its investment objectives.
Market Capitalization: Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors.
If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization
companies, investors may migrate to the stocks of mid- and small-sized companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in larger companies. Investing in mid- and small-capitalization
companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller
management groups, more limited publicly available information, and a more limited trading market for their stocks as compared
with larger companies. As a result, stocks of mid- and small-capitalization companies may be more volatile and may decline
significantly in market downturns.
Market Disruption and Geopolitical: The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates
in other countries, including the U.S. Wars, terrorism, global health crises and pandemics, and other geopolitical events
have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and
world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default
rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in
Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments,
Summary Prospectus
5 of 8
Voya Intermediate Bond Portfolio
including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of
the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those
events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor
sentiment, and other factors affecting the value of the investments of the Portfolio and the Portfolio. Any of these occurrences could
disrupt the operations of the Portfolio and of the Portfolio’s service providers.
Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations
on the enforceability of any security interest or collateral granted with respect to those underlying assets and the value
of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension
risk and interest rate risk than do other types of debt instruments.
Municipal Obligations: The municipal securities market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in
municipal securities are subject to the risk that the issuer may delay payment, restructure its debt, or refuse to pay interest or repay
principal on its debt.
Other Investment Companies: The main risk of investing in other investment companies, including exchange-traded funds (“ETFs”), is the risk that the value of the securities underlying an investment company might decrease. Shares of investment companies
that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate
share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Portfolio. The investment policies of the other investment companies may not be the
same as those of the Portfolio; as a result, an investment in the other investment companies may be subject to additional
or different risks than those to which the Portfolio is typically subject.
Prepayment and Extension: Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This may occur when interest
rates decline. Prepayment may expose the Portfolio to a lower rate of return upon reinvestment of principal. Also, if a debt
instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected.
This may occur when interest rates rise. This may negatively affect performance, as the value of the debt instrument decreases
when principal payments are made later than expected. Additionally, the Portfolio may be prevented from investing proceeds
it would have received at a given time at the higher prevailing interest rates.
Securities Lending: Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolio will receive cash or U.S. government securities as collateral. Investment risk is the risk that
the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that
the Portfolio will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result
in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Portfolio to be
more volatile. The use of leverage may increase expenses and increase the impact of the Portfolio’s other risks.
U.S. Government Securities and Obligations: U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies or government-sponsored enterprises. U.S. government securities are subject to market and interest rate risk,
and may be subject to varying degrees of credit risk.
An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation,
the Federal Reserve Board or any other government agency.
Performance Information
The following information is intended to help you understand the risks of investing in the Portfolio. The following bar chart shows the changes in the Portfolio's performance from year to year, and the table compares the Portfolio's performance to
the performance of a broad-based securities market index/indices for the same period. The Portfolio's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense
limitations, if any, performance would have been lower. The 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
6 of 8
Voya Intermediate Bond 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:
|
2nd Quarter 2020
|
5.83%
|
|
Worst quarter:
|
1st Quarter 2021
|
-3.08%
|
Average Annual Total Returns %
(for the periods ended December 31, 2021)
(for the periods ended December 31, 2021)
|
|
|
1 Yr
|
5 Yrs
|
10 Yrs
|
Since
Inception
|
Inception
Date
|
|
Class ADV
|
%
|
-1.42
|
3.64
|
3.62
|
N/A
|
12/20/06
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-1.54
|
3.57
|
2.90
|
N/A
|
|
|
Class I
|
%
|
-0.88
|
4.17
|
4.14
|
N/A
|
05/23/73
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-1.54
|
3.57
|
2.90
|
N/A
|
|
|
Class S
|
%
|
-1.07
|
3.91
|
3.88
|
N/A
|
05/03/02
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-1.54
|
3.57
|
2.90
|
N/A
|
|
|
Class S2
|
%
|
-1.24
|
3.76
|
3.73
|
N/A
|
02/27/09
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-1.54
|
3.57
|
2.90
|
N/A
|
|
1
The index returns do not reflect deductions for fees, expenses, or taxes.
Portfolio Management
|
Investment Adviser
|
Sub-Adviser
|
|
Voya Investments, LLC
|
Voya Investment Management Co. LLC
|
|
Portfolio Managers
|
|
|
Sean Banai, CFA
Portfolio Manager (since 07/21)
|
David Goodson
Portfolio Manager (since 04/17)
|
|
Randall Parrish, CFA
Portfolio Manager (since 04/17)
|
Matthew Toms, CFA
Portfolio Manager (since 08/10)
|
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.
Summary Prospectus
7 of 8
Voya Intermediate Bond Portfolio
Tax Information
Distributions made by the Portfolio to a Variable Contract or Qualified Plan, and exchanges and redemptions of Portfolio shares
made by a Variable Contract or Qualified Plan, ordinarily do not cause the corresponding contract holder or plan participant
to recognize income or gain for federal income tax purposes. See the contract prospectus or the governing documents of your
Qualified Plan for information regarding the federal income tax treatment of the distributions to your Variable Contract or
Qualified Plan and the holders of the contracts or plan participants.
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 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
8 of 8
SPRO-10000601 (0522-050122)