Summary Prospectus May 1, 2023
Voya Government Money Market Portfolio
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Class/Ticker: I/IVMXX; S/IMSXX
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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 to provide high current return, consistent with preservation of capital and liquidity, through investment
in high-quality money market instruments while maintaining a stable share price of $1.00.
Fees and Expenses of the Portfolio
The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance
policies (“Variable Contract”) or a qualified pension or retirement plan (“Qualified Plan”), which are not reflected in the tables and examples below. If these fees or expenses were included in the table, the Portfolio’s expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract or consult your plan administrator.
Annual Portfolio Operating Expenses
Expenses you pay each year as a % of the value of your investment
Expenses you pay each year as a % of the value of your investment
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Class
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I
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S
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Management Fees
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%
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0.35
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0.35
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Distribution and/or Shareholder Services (12b-1) Fees
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%
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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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0.15
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0.15
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Total Annual Portfolio Operating Expenses
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%
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0.50
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0.75
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Waivers and Reimbursements1
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%
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(0.05)
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(0.15)
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Total Annual Portfolio Operating Expenses
after Waivers and Reimbursements
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%
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0.45
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0.60
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1
Voya Investments, LLC (the “Investment Adviser”) and the distributor are contractually obligated to waive a portion of their advisory fees and distribution and/or shareholder servicing fees, as applicable, and to reimburse certain expenses of the Portfolio to the extent necessary
to assist the Portfolio in maintaining a net yield of not less than zero through May 1, 2024. Including this waiver, Total Annual Portfolio Operating Expenses after Waivers and Reimbursements (for this Portfolio’s most recent fiscal year) would have been 0.35% and 0.35% for Class I and Class S shares,
respectively. There is no guarantee that the Portfolio will maintain such a yield. Any advisory fees waived or expenses reimbursed may be subject
to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser
of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense
limitation in effect at the time of recoupment. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses)
of the Portfolio on that day. The distributor is contractually obligated to waive 0.10% of the distribution and/or shareholder service fee for Class
S shares through May 1, 2024. The Investment Adviser is contractually obligated to waive 0.045% of the management fee through May 1, 2024. Termination or modification of these obligations 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 $10,000 in the Portfolio for the time periods indicated. The
Example also assumes that your investment had a 5% return each year and that the Portfolio's operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 of 5
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Class
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1 Yr
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3 Yrs
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5 Yrs
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10 Yrs
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I
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$
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46
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155
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275
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623
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S
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$
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61
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225
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402
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916
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Principal Investment Strategies
The Portfolio invests at least 99.5% of its total assets in government securities, cash and repurchase agreements collateralized
fully by government securities or cash. For purposes of this policy, “government securities” mean any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an agency
or instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States;
or any certificate of deposit for any of the foregoing.
In addition, under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment
purposes) in government securities and repurchase agreements that are collateralized by government securities. The Portfolio
will provide shareholders with at least 60 days’ prior notice of any change in this investment policy.
The Portfolio invests in a portfolio of securities maturing in 397 days or less (with certain exceptions) that will have a
dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Portfolio may invest in variable
and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.
The securities purchased by the Portfolio are subject to the quality, diversification, and other requirements of Rule 2a-7
under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable
no-action relief or exemptive orders granted thereunder (the “1940 Act”). Portfolio investments of the Portfolio are valued based on the amortized cost valuation method pursuant to Rule 2a-7 under the 1940 Act.
The Portfolio may maintain a rating from one or more rating agencies that provide ratings on money market funds. There can
be no assurance that the Portfolio will maintain any particular rating or maintain it with a particular rating agency. To
maintain a rating, the sub-adviser (the “Sub-Adviser”) may manage the Portfolio more conservatively than if it was not rated.
The Portfolio may invest in other investment companies that are money market funds to the extent permitted under the 1940
Act.
In choosing investments for the Portfolio, the Sub-Adviser employs a disciplined, four-step investment process designed to
ensure preservation of capital and liquidity, as well as adherence to regulatory requirements. The four steps are: first,
a formal list of approved issuers is actively maintained; second, securities of issuers on the approved list that meet the Portfolio’s
guidelines are selected for investment; third, diversification is continuously monitored to ensure that regulatory limits
are not exceeded; and finally, portfolio maturity decisions are made based upon expected cash flows, income opportunities available
in the market, and expectations of future interest rates.
Principal Risks
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.
You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio
at any time.
Cash/Cash Equivalents: Investments in cash or cash equivalents may lower returns and result in potential lost opportunities to participate in market appreciation which could negatively impact the Portfolio’s performance and ability to achieve its
investment objective.
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.
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
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Voya Government Money Market Portfolio
a rising market interest rate environment, which may increase the Portfolio’s exposure to risks associated with rising market
interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Portfolio invests in fixed-income instruments, an increase
in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for
certain investments, adversely affect values, and increase costs. Increased redemptions may cause the Portfolio to liquidate
portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in fixed-income markets
is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.
Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could
magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall
below zero, could have unpredictable effects on markets and may expose fixed-income and related markets to heightened volatility.
Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Portfolio’s
operations and return potential.
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.
Liquidity: If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio’s manager might
wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid
securities, exposing the Portfolio to the risk that the prices at which it sells illiquid securities will be less than the prices at which
they were valued when held by the Portfolio, which could cause the Portfolio to lose money. The prices of illiquid securities may
be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of
financial stress.
Market Disruption and Geopolitical: The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates
in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical
events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects
on U.S., and global economies and markets, generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher
default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and
environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition,
military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore
could affect the value of the Portfolio’s investments, including beyond the Portfolio’s direct exposure to Russian issuers
or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are
impossible to predict and could be substantial. In March 2023, a number of U.S. domestic banks and foreign (non-U.S.) banks experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by
regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions
or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions
will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions
and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates,
credit ratings, inflation, investor sentiment, and other factors affecting the value of the Portfolio’s investments. Any of these
occurrences could disrupt the operations of the Portfolio and of the Portfolio’s service providers.
Money Market Regulatory: Changes in government regulations may adversely affect the value of a security held by the Portfolio. In addition, the SEC has adopted amendments to money market fund regulation, which permit a money market fund to impose discretionary or default liquidity fees or temporary suspensions of redemption due to declines in such fund’s weekly liquid
assets. As of the date of this Prospectus, the Board has elected not to subject the Portfolio to such liquidity fees or temporary
suspensions of redemptions. These changes may result in reduced yields for money market funds, including the Portfolio, which may invest in other money market funds. The SEC or other regulators may adopt additional money market fund reforms,
which may impact the structure and operation or performance of the Portfolio.
Other Investment Companies – Money Market Funds: A money market fund may only invest in other investment companies that qualify as money market funds under Rule 2a-7 of the 1940 Act. The risk of investing in the money market funds is that such
money market funds may not comply with Rule 2a-7. You will pay a proportionate share of the expenses of those other investment
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Voya Government Money Market Portfolio
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 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.
Repurchase Agreements: In the event that the other party to a repurchase agreement defaults on its obligations, the Portfolio would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, the value
of collateral may be insufficient to satisfy the counterparty's obligation and/or the Portfolio may encounter delay and incur
costs before being able to sell the security. Such a delay may involve loss of interest or a decline in price of the security,
which could result in a loss. In addition, if the Portfolio is characterized by a court as an unsecured creditor, it would
be at risk of losing some or all of the principal and interest involved in the transaction.
U.S. Government Securities and Obligations: U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate
risk, and may be subject to varying degrees of credit risk.
When-Issued, Delayed Delivery and Forward Commitment Transactions: When-issued, delayed delivery and forward commitment transactions involve the risk that the security the Portfolio buys will lose value prior to its delivery. These transactions
may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Portfolio
to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolio’s other risks. There
also is the risk that the security will not be issued or that the other party will not meet its obligation. If this occurs,
the Portfolio loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s
price.
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 provides additional performance information. 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 I shares. Performance for other share classes would differ to the extent they have differences in their fees and expenses.
Performance prior to August 29, 2018 and after April 26, 2020 reflects the actual performance of Class S shares. No Class
S shares were outstanding from August 29, 2018 through April 26, 2020 and the performance shown for this period is that of Class I shares, adjusted for any difference in expenses between the two classes.
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.
Prior to May 1, 2016, the Portfolio operated as a prime money market fund and invested in certain types of securities that
the Portfolio is no longer permitted to hold. Consequently, the performance information below may have been different if the
current investment limitations had been in effect during the period prior to the Portfolio’s conversion to a government money
market fund.
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Voya Government Money Market Portfolio
Calendar Year Total Returns Class I
(as of December 31 of each year)
(as of December 31 of each year)
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Best quarter:
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4th Quarter 2022
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0.85%
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Worst quarter:
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1st Quarter 2022
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0.00%
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Average Annual Total Returns %
(for the periods ended December 31, 2022)
(for the periods ended December 31, 2022)
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1 Yr
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5 Yrs
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10 Yrs
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Since
Inception
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Inception
Date
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Class I
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%
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1.39
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1.05
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0.61
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N/A
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01/01/80
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Class S
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%
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1.31
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0.47
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0.29
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N/A
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03/15/10
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For the Portfolio's current 7 day yield and current 7 day effective yield, when available, please call the Portfolio at 1-800-992-0180.
Portfolio Management
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Investment Adviser
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Voya Investments, LLC
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Sub-Adviser
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Voya Investment Management Co. LLC
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Portfolio Manager
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David S. Yealy
Portfolio Manager (since 11/04)
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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
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Voya Government Money Market Portfolio
