Summary Prospectus May 1, 2023
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, 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 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
|
%
|
0.08
|
0.08
|
0.08
|
0.08
|
|
Acquired Fund Fees and Expenses
|
%
|
0.02
|
0.02
|
0.02
|
0.02
|
|
Total Annual Portfolio Operating Expenses1
|
%
|
1.10
|
0.60
|
0.85
|
1.00
|
|
Waivers and Reimbursements2
|
%
|
(0.05)
|
(0.05)
|
(0.05)
|
(0.05)
|
|
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
Voya Investments, LLC (the “Investment 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, 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 Trustees (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 8
|
Class
|
|
1 Yr
|
3 Yrs
|
5 Yrs
|
10 Yrs
|
|
ADV
|
$
|
107
|
345
|
601
|
1,336
|
|
I
|
$
|
56
|
187
|
330
|
745
|
|
S
|
$
|
82
|
266
|
466
|
1,044
|
|
S2
|
$
|
97
|
313
|
548
|
1,220
|
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 246% 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) fixed-income 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 (the “Sub-Adviser”) maintains a dollar-weighted average duration between three and ten 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%.
The Portfolio may also invest in: preferred stocks; high quality money market instruments; municipal bonds; fixed-income instruments of foreign (non-U.S.) issuers (including those located in emerging market countries); securities denominated in
foreign (non-U.S.) currencies; foreign (non-U.S.) 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 (non-U.S.) 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. Buy backs and dollar rolls involve selling
securities and simultaneously entering into a commitment to purchase those or similar securities on a specified future date
and price from the same party.
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 Sub-Adviser believes that relationships between the drivers of fixed-income instrument returns change over time and that
recognizing this is key to managing fixed-income 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 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 an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social,
Summary Prospectus
2 of 8
Voya Intermediate Bond Portfolio
and governance (“ESG”) factors to determine whether one or more factors may have a material effect. 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 an issuer’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 an issuer,
if at all, will depend on the analysis and 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.
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. In the event of a bank insolvency or failure, the Portfolio may be considered a general
creditor of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that
a bank might be in danger of insolvency or failure, the Portfolio might not be able to withdraw or transfer its money from the
bank in time to avoid any adverse effects of the insolvency or failure.
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.
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.
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 credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of
the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller
generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount
if the swap is cash settled. As a seller of a credit default 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 reference obligation as expected. Certain standardized credit default 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 it 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 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
Summary Prospectus
3 of 8
Voya Intermediate Bond Portfolio
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 (Fixed Income): 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 obligations of an issuer 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 obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser
may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of
ESG factors. It is possible that the Portfolio will have less exposure to obligations of certain issuers 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.
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 floating rate loan. 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 borrower’s obligations under the loan, and 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,
and may limit the ability of the Portfolio to repay debt, pay dividends, or to take advantage of new investment opportunities.
Foreign (Non-U.S.) 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, 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. Foreign (non-U.S.) 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 fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer,
and have greater liquidity risk and price volatility.
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: 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
Summary Prospectus
4 of 8
Voya Intermediate Bond Portfolio
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.
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.
London Inter-Bank Offered Rate: The obligations of the parties under many financial arrangements, such as fixed-income 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 for example, the Secured
Overnight Funding Rate (“SOFR”) for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms, including
as a daily, compounded, and forward-looking term rate. The discontinuance of LIBOR and the 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 the Portfolio; and the risk of general market disruption during the transition
period. Markets relying on alternative rates are developing slowly and may offer limited liquidity. The general unavailability
of LIBOR and the transition away from LIBOR to alternative rates could have a substantial adverse impact on the performance of the Portfolio.
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 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-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization 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 large-capitalization companies. As a result, stocks of mid- and small-capitalization companies
may be more volatile and may decline significantly in market downturns.
Summary Prospectus
5 of 8
Voya Intermediate Bond Portfolio
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.
Municipal Obligations: The municipal securities market is volatile and can be affected significantly 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 an 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 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.
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
Summary Prospectus
6 of 8
Voya Intermediate Bond Portfolio
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.
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.
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 2022
|
-6.42%
|
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
|
%
|
-14.90
|
-0.54
|
1.10
|
N/A
|
12/20/06
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-13.01
|
0.02
|
1.06
|
N/A
|
|
|
Class I
|
%
|
-14.44
|
-0.02
|
1.61
|
N/A
|
05/23/73
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-13.01
|
0.02
|
1.06
|
N/A
|
|
|
Class S
|
%
|
-14.68
|
-0.27
|
1.36
|
N/A
|
05/03/02
|
|
Bloomberg U.S. Aggregate Bond Index1
|
%
|
-13.01
|
0.02
|
1.06
|
N/A
|
|
|
Class S2
|
%
|
-14.88
|
-0.44
|
1.20
|
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.
Summary Prospectus
7 of 8
Voya Intermediate Bond Portfolio
Portfolio Management
|
Investment Adviser
|
|
Voya Investments, LLC
|
|
Sub-Adviser
|
|
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.
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
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 (0523-050123)