Voya PARTNERS N-CSRCertified annual shareholder report (management investment company)

Voya Investment Management

Annual Report

December 31, 2020

Classes ADV, I, R6, S and S2

Voya Partners, Inc.

n Voya Global Bond Portfolio

n Voya International High Dividend Low Volatility Portfolio

n VY^® American Century Small-Mid Cap Value Portfolio

n VY^® Baron Growth Portfolio

n VY^® Columbia Contrarian Core Portfolio

n VY^® Columbia Small Cap Value II Portfolio

n VY^® Invesco Comstock Portfolio

n VY^® Invesco Equity and Income Portfolio

n VY^® Invesco Oppenheimer Global Portfolio

n VY^® JPMorgan Mid Cap Value Portfolio

n VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio

n VY^® T. Rowe Price Growth Equity Portfolio

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Portfolio's annual and semi-annual shareholder reports, like this annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-800-283-3427. Your election to receive reports in paper will apply to all the funds in which you invest.

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

PROXY VOTING INFORMATION

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios' website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios' website at www.voyainvestments.com and on the SEC's website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This report contains a summary portfolio of investments for the Portfolios. The Portfolios' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Portfolio's complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT'S LETTER

Beyond the Headlines, a Glimpse of Global Economic Recovery

Dear Shareholder,

For those of us hoping that 2021 would bring more encouraging headlines, it has been a rough start to the year: political turmoil, surging COVID-19 cases and a new, more virulent strain of the coronavirus. On the surface, economic news also has seemed disappointing: labor markets have cooled, manufacturing and services activity has slowed and consumer sentiment has dropped. Yet, the financial markets continue to march higher, begging the question: Where are the markets getting their news?

Voya investment strategists have written about the uneven pressures that have created a "two-speed" or "K-shaped" economic recovery. Consumers on the higher end of the income distribution have largely kept their jobs and adapted to the pandemic by working from home. By contrast, jobs in lower paying segments of the labor market such as leisure, lodging and retail have been eliminated or furloughed and have yet to return. For lower income consumers, the good news is that the fiscal response to help offset job losses has been enormous — and fiscal relief is expected to grow under a Democratic-controlled government. The initial rollout of the coronavirus vaccines, while slower than many had hoped, still represents a significant milestone as vaccines are the bridge that are expected to allow the economy to reopen fully.

In addition to fiscal support, the response from central banks has been extraordinary. The U.S. Federal Reserve Board ("Fed") has adjusted its policy framework in ways that make the Fed more likely to remain accommodative longer than might otherwise be expected during economic recovery phases, a game changer for financial assets. We believe that analogous developments across the world should help reignite global economic growth in 2021 and breathe new life into struggling sectors. Despite today's negative headlines, the data is telling us that the future is likely to be better. Looking broadly at the economic picture, in our opinion, it appears that a global synchronous expansion is underway.

Of course there are still risks, and we believe that one should not overlook the potential for episodic market stresses connected to the vaccine rollout or other global factors. As always, we glimpse the future "through a glass darkly," and must allow for contingencies we can't foresee. For this reason, we maintain that staying fully invested and broadly diversified is the most likely way to achieve one's long-term investment goals. Should your goals change, discuss them thoroughly with your investment advisor before making any changes to your portfolio.

We remain humble and realistic in the face of the challenges ahead, but well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 22, 2021

The views expressed in the President's Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.

International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

BENCHMARK DESCRIPTIONS

VOYA GLOBAL BOND PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Voya Global Bond Portfolio (the "Portfolio") seeks to maximize total return through a combination of current income and capital appreciation. The Portfolio is managed by Sean Banai, CFA, and Brian Timberlake, Ph.D., CFA, Portfolio Managers of Voya Investment Management Co. LLC ("Voya IM") — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of 8.85% compared to the Bloomberg Barclays Global Aggregate Index, which returned 9.20% for the same period.

Portfolio Specifics: The Portfolio performed in line with the Bloomberg Barclays Global Aggregate Index before fees and expenses, for the period. Positive contributions from country and duration positioning and sector allocation were partially offset by detractions in currency decisions.

Fixed income markets witnessed another roller coaster in 2020, as the extraordinary volatility and market performance in the first quarter, and ensuing rebound, dominated the performance profile for the trailing 12 months. While the news of the COVID-19 pandemic ignited a flight to quality, with the U.S. Treasury market remaining the world's preferred risk-free asset, the response by the U.S. Federal Reserve Board ( "Fed") as well as other global central banks and government agencies was equally swift to stabilize economies and financial markets. The Fed slashed official short-term interest rates to effectively zero, with guidance that zero interest-rate policy would be in place for the foreseeable future. While the European Central Bank and Bank of Japan had little room to reduce interest rates, their asset purchase programs promoted stability in their respective markets. Non-government sectors meaningfully underperformed in the earlier part of the year, only to stage significant rebounds. The first leg of the rebound was supported by various government programs as well as signs of a recovering global economy. The rally was extended with the announcements from both Pfizer and Moderna regarding a vaccine that fueled further optimism for continued progress going into 2021. The dollar rallied in the COVID-19-related flight to quality, then declined as concerns over COVID-19 receded.

Sector allocation, in aggregate, contributed to performance. Allocations to corporate credit, spanning investment-grade and high-yield added to performance. The Portfolio benefited from the rebound in credit markets post the COVID-19 volatility as well as a tactical increase in corporate bonds during the turmoil. Agency residential mortgage-backed securities, which included allocations to collateralized mortgage obligations, also contributed. Securitized credit proved to be a headwind to performance as markets remained worried about the impacts from COVID-19 on the commercial mortgage-backed securities sector, and our more credit sensitive investments lagged.

Overall duration positioning was in line with the benchmark and duration allocations to local emerging markets ("EM") contributed to performance, while exposure to emerging currencies offset some of the performance. Currency positioning across developed currencies, in aggregate, detracted over the period.

The Portfolio used derivatives, such as used futures, swaps, options and forward contracts, for hedging and overall risk management. The use of derivatives positively impacted performance for the period.

Current Strategy and Outlook: Heading into 2021, in our view, the market backdrop for cyclical sectors is extraordinarily positive. We believe consumers, supported by excess savings, robust net worth and additional fiscal aid, will drive a recovery in discretionary spending, leading to a full re-engagement of the service sector as the vaccine rollout becomes more widespread. We also believe the recovery in services spending, coupled with resilience in goods demand, should usher in an extended period of synchronous, above-trend global growth, easing pressures on the income divide.

In the near-term, cyclical sectors across non-government sectors are relatively attractive, in our opinion. We believe that a rebound in economic growth, fostered by a duality of fiscal and central bank support, will push spreads uncomfortably tight in 2021. EM are also expected to outperform, in our opinion, given their sensitivity to global growth that can support higher structural growth rates in an economic upswing.

However, we also recognize the market seems to be very aligned on the near-term positive direction of risk assets. In our opinion, this one-way sentiment opens the door for volatility. The vaccine news is overwhelmingly positive, and we believe the vaccine ultimately will succeed. However, it is our view that the potential for episodic market stresses, whether connected to the vaccine or other global factors, should not be overlooked.

We believe that the heavy use of economic stabilizers creates vulnerability to shocks and will leave investors exposed to increasingly asymmetric risk profiles. Security selection, which is always important, will be critical, as we believe the dispersion between "winning" and "losing" investments within sectors will remain extremely wide. It is our opinion that diversification, tail risk hedging and careful analysis of cyclical versus structural factors are necessary to mitigate downside risks and prepare portfolios for the income-starved world we face ahead.

Regarding currencies, we believe the U.S. dollar will continue to reflect broader market sentiment on global economic prospects and the progression of COVID-19. We expect further depreciation, albeit at a slower pace than witnessed in the latter part of 2020. In our opinion, accommodative global central bank policies combined with above-trend growth are supportive for EM currencies, but the uneven nature of the recovery will result in above average performance dispersion across individual countries.

Geographic Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments and purchased options.

^  Includes 10 countries, which each represents 0.0%-0.7% of net assets.

⁽¹⁾  Includes 22.3% total investment in Voya Emerging Markets Corporate Debt Fund, Voya Emerging Markets Hard Currency Debt Fund, Voya Emerging Markets Local Currency Debt Fund and Voya High Yield Bond Fund.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020
(as a percentage of net assets)

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

PORTFOLIO MANAGERS' REPORT

VOYA GLOBAL BOND PORTFOLIO

VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Voya International High Dividend Low Volatility Portfolio (the "Portfolio") seeks maximum total return. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio, CFA, and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC ("Voya IM") — the Sub-Adviser.

Performance*: For the year ended December 31, 2020, the Portfolio's Class I shares provided a total return of -0.71% compared to the MSCI EAFE^® Value Index and the MSCI EAFE^® Index, which returned -2.63% and 7.82%, respectively, for the same period.

Portfolio Specifics: For the reporting period, the Portfolio outperformed its benchmark, the MSCI EAFE^® Value Index. In terms of the Portfolio's performance, the stock ranking model outperformed along with the portfolio's lower dividend yield (relative to the MSCI EAFE^® Value Index). Conversely, the lower beta and small market capitalization tilt detracted from performance.

On the regional level, stock selection within Europe and North America was additive. By contrast, stock selection within developed Asian and Japan had the largest negative impact on performance.

On the sector level, the underweight and stock selection within financials had the largest positive impact on performance, followed by stock selection in healthcare, although this was slightly mitigated by the negative allocation impact from the portfolio overweight to the sector. Conversely, the largest detractor from performance was the underweight and stock selection in utilities, followed by negative stock selection in industrials.

At the individual stock level, not owning benchmark stocks HSBC Holdings Plc and Royal Dutch Shell Plc, as well as an overweight to Pandora A/S were among the key contributors for the period. The key detractors for the period included not owning benchmark stocks SoftBank Group Corp. and Rio Tinto plc, as well as an underweight to Schneider Electric SE.

Current Strategy and Outlook: This is an actively managed international quantitative equity strategy that seeks to generate higher dividend income and total returns, with lower volatility and better downside capture, than the MSCI EAFE^® Value Index. The investment process seeks to create a universe of sustainable dividend-paying stocks and utilizes fundamentally driven sector-specific alpha models to identify the most attractive stocks within each region-sector. The managers then seek to optimize the Portfolio's potential to achieve its dividend, alpha and volatility objectives.

Geographic Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments and exchange-traded funds.

^  Includes 12 countries, which each represents 0.2%-2.2% of net assets.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020
(as a percentage of net assets)

Portfolio holdings are subject to change daily.

*  On November 19, 2020, the Board of Directors approved changes with respect to the Portfolio's principal investment strategies effective on or about December 31, 2020. In conjunction with strategy changes, effective December 31, 2020, the Portfolio's benchmark changed from the MSCI EAFE^® Index to the MSCI EAFE^® Value Index.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

PORTFOLIO MANAGERS' REPORT

VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® American Century Small-Mid Cap Value Portfolio (the "Portfolio") seeks long-term capital growth. Income is a secondary objective. The Portfolio is managed by a team of portfolio managers comprised of Jeff John, CFA, Vice President and Ryan Cope, CFA, Vice President (responsible for the management of the Small Cap Value portion of the Portfolio) and Kevin Toney, CFA, Co-Chief Investment Officer — Global Value Equity and Senior Vice President, Phillip N. Davidson, CFA, Senior Vice President and Co-Chief Investment Officer — Global Value Equity and Senior Vice President, Michael Liss, CFA, CPA and Vice President, and Brian Woglom, CFA, Vice President (responsible for the Mid Cap Value portion of the Portfolio) (each a "Sleeve"), Portfolio Managers* of American Century Investment Management, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of 3.52% compared to the Russell 2500^TM Value Index and the S&P SmallCap 600^® Value Index, which returned 4.88% and 2.53%, respectively, for the same period.

Portfolio Specifics: Broad U.S. equity markets ended the year higher despite volatility in the first quarter, when markets plunged dramatically on pandemic fears and heightened global economic uncertainty. Stocks rapidly entered bear market territory as coronavirus containment efforts disrupted economic activity and fueled massive unemployment. Stocks recovered ground in the second quarter after the U.S. Federal Reserve Board intervened with several aggressive stimulus measures and Congress passed a $2 trillion economic relief package. This market recovery extended through the second half of the year, supported by stronger-than-expected economic and earnings growth. The approval of several COVID-19 vaccines and the passage of additional fiscal stimulus measures supported robust fourth-quarter gains. Against this backdrop, large-cap stocks outperformed mid- and small-cap stocks. Growth stocks outperformed value stocks.

The Portfolio underperformed the Russell 2500 ^TM Value Index. Although the Russell 2500 ^TM Value Index is the overall portfolio benchmark, the Small Cap Value and Mid Cap Value sleeves are managed against the Russell 2000^® Value and Russell Midcap Value^® indices, respectively.

The Small Cap Value sleeve outperformed its benchmark, the Russell 2000^® Value Index. Stock selection in financials was a positive contributor, aided by a lack of exposure to mortgage REITs and performance by several bank investments. An overweight to consumer staples also lifted returns. Stock selection in industrials detracted from relative performance, due in part to several holdings in commercial services and supplies.

The Mid Cap Value sleeve had positive returns but underperformed its benchmark, the Russell Midcap^® Value Index. Stock selection and an underweight in the materials sector detracted from the sleeve's relative performance. In particular, a lack of exposure to metals and mining companies weighed on results. Not owning a number of outperforming internet media and services companies dampened relative performance in the communication services sector. An underweight and stock selection in the real estate sector contributed positively to relative performance.

The blended Portfolio had positive performance but underperformed its benchmark, the Russell 2500 ^TM Value Index. Stock selection and an underweight in communication services hindered relative performance, due in part to a lack of exposure to internet media and services companies that were strong contributors for the Index. Positioning in the consumer discretionary sector also detracted, as the pandemic pressured several hotel, restaurant and leisure investments. Among individual holdings, specialty insurance company ProAssurance was a notable detractor. ProAssurance stock declined in the second quarter after the company missed its earnings and revenue estimates. It also faced an outsized insurance claim by a large national health care account. Banking company Comerica was also a laggard, as low interest rates and increased credit risk weighed on the stock performance.

On a positive note, the Portfolio's notable underweight in the real estate sector benefited performance. Stock selection in financials also contributed to performance. Several information technology stocks were notable contributors. Engineering materials company II-VI develops building block elements for technologies such as 5G and electric vehicles. II-VI's stock rose as the company reported healthy profits and a positive outlook that provided insight into its earnings power potential, driven by new product areas like 3D sensing. Semiconductor equipment company Applied Materials was also a top contributor, as it benefited from strong trends in key end markets and demand for connectivity during the pandemic.

Current Strategy and Outlook: We follow a stock-specific, valuation-driven strategy. The Portfolio's sector allocation is a result of our bottom-up investment process. We seek to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company.

We also do not rely on impending catalysts in our process. Investors wonder if there are impending catalysts that might bring about a long-awaited and lasting shift toward value stocks. We believe value catalysts are embedded in our security selection. Our process involves buying what we believe to be higher-quality companies trading at a discount to fair value. We believe our fundamental analysis leads us to companies that are undervalued for transitory reasons, and their shares will inherently revert at some point. Relying on catalysts can be precarious. When a catalyst becomes recognizable to the market, the corresponding securities may have already become less attractive on a relative risk/reward basis.

We also believe disruption themes will continue in 2021. The coronavirus pandemic accelerated paradigm-shifting structural trends, in our view. For example, de-densification has reshaped the real estate market as millennials migrate from urban cores, boosted by low mortgage interest rates and the acceptance of work-from-home practices. We believe declining technology costs and growing environmental concerns have created opportunities for utilities to transition power generation from coal and natural gas to renewable sources such as solar and wind. In addition, we believe government entities will support renewables by enacting policies intended to combat global warming. In our view, these and other significant themes may create investment opportunities while increasing the importance of fundamental analysis and security selection.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020*
(as a percentage of net assets)

*  Excludes short-term investments.

Portfolio holdings are subject to change daily.

*  Effective April 24, 2020, Miles Lewis was removed as a portfolio manager of the Portfolio and Ryan Cope was added as a portfolio manager of the Portfolio.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® BARON GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® Baron Growth Portfolio (the "Portfolio") seeks capital appreciation. The Portfolio is managed by Ronald Baron, Founder, Chief Executive Officer, Chairman, and Portfolio Manager and Neal Rosenberg, Portfolio Manager of BAMCO, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of 33.26% compared to the Russell 2000^® Growth Index and the Russell 2500^TM Growth Index, which returned 34.63% and 40.47%, respectively, for the same period.

Portfolio Specifics: This year was marked by an unprecedented black swan event — the COVID-19 pandemic — which resulted in extreme market volatility. After a deep dive that began in mid-February and continued through March, the market roared back, initially propelled by accommodative U.S. Federal Reserve Board policies and massive federal stimulus. The market continued its rally through year-end as interest rates stayed low and significant progress was made on several vaccines to combat the virus.

Absolute Performance: Shares of investment decision support tools provider MSCI, Inc. increased on solid earnings despite the challenging COVID-19 backdrop as it proactively managed its cost base. MSCI Inc.'s asset-based fee revenue also contributed due to strong market conditions and inflows. Shares of regional casino company Penn National Gaming, Inc. surged 238% on a quick rebound in revenues at re-opened properties as the pandemic lessened its grip, improved margins due to cost cutting, and strong betting activity after the launch of the Barstool Sports Book app, in which Penn has a 36% stake. Veterinary diagnostics leader IDEXX Laboratories, Inc. had a strong year as veterinary visits exhibited a "V" shaped recovery from the onset of the pandemic. IDEXX's competitive trends are outstanding, and we believe new proprietary innovations and field sales force expansion to be meaningful contributors to growth.

Arch Capital Group Ltd., a specialty insurance company, detracted from performance. Headwinds in the mortgage business caused the company's shares to detract as lender forbearance and high unemployment during the pandemic resulted in higher mortgage delinquencies, which pressured earnings due to Arch Capital Group's provision for credit losses even if these delinquencies don't ultimately result in cash losses. Office REIT Douglas Emmett, Inc. detracted due to the pandemic's impact as some tenants elected to defer rental payments. Investor concerns that a recession and/or an increase in work-from-home arrangements could negatively impact demand and market rents also pressured shares. Corporate day care provider Bright Horizons Family Solutions, Inc. detracted after the company temporarily closed 80% of its centers due to the pandemic. The company's stock has since recovered from post-pandemic lows.

Relative Performance: The Portfolio performed roughly in line with the Russell 2000^® Growth Index, before fees and expenses, as positive stock selection offset the negative impact of relative sector/sub-industry weights. Industrials, communication services, and financials and minimal exposure to the lagging materials, utilities, energy, and consumer staples sectors contributed the most. Strength in industrials was partly due to Trex Company, Inc. and CoStar Group, Inc. Lower exposure to underperforming industrial machinery stocks also aided relative results. The sole holding within communication services, Iridium Communications Inc., added value. Favorable stock selection in financials, owing largely to MSCI, Inc. and Kinsale Capital Group, Inc., was partly offset by significantly higher exposure to this lagging sector.

Information technology ("IT"), real estate, and consumer discretionary and meaningfully lower exposure to strong performing biotechnology stocks within health care hurt results. Negative stock selection in IT was driven by Gartner, Inc. and Guidewire Software, Inc. Weakness in real estate was partly due to Douglas Emmett, Inc. Higher exposure to lagging specialized REITs through positions in Gaming and Leisure Properties, Inc. and Alexandria Real Estate Equities, Inc. also weighed on results. Within consumer discretionary, Vail Resorts, Inc. and Bright Horizons Family Solutions, Inc. hampered performance. Elevated exposure to hotels, resorts & cruise lines, whose businesses were hurt by the pandemic, also pressured results.

Current Strategy and Outlook: As long-term investors in what we view as high quality growth stocks, we are always actively looking for companies with open-ended growth opportunities, competitive advantages, and what we believe to be excellent management, at attractive valuations. We continue to position the Portfolio to seek to benefit from what we believe to be strong, long-term growth opportunities.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020
(as a percentage of net assets)

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

PORTFOLIO MANAGERS' REPORT

VY^® BARON GROWTH PORTFOLIO

VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® Columbia Contrarian Core Portfolio (the "Portfolio") seeks total return consisting of long-term capital appreciation and current income. The Portfolio is managed by Guy W. Pope, CFA, Senior Portfolio Manager and Head of Contrarian Core Strategy with Columbia Management Investment Advisers, LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of 21.45% compared to the Russell 1000^® Index, which returned 20.96% for the same period.

Portfolio Specifics: Global financial markets were battered by news concerning the spread of the novel coronavirus disease (COVID-19) throughout the second half of the first quarter of the year. U.S .equities mostly plummeted during the last 10 days of February and the month of March, which included the biggest one-week selloff since 2008. The S&P 500^® Index declined by 19.60% during the quarter and the Russell 1000^® Index lost 20.22%. U.S. equities posted a sizable gain in the second quarter, reflecting the strong rebound in investor sentiment from the fear-driven market of late March. The U.S. Federal Reserve provided support to the markets through a wide range of accommodative policies and communications indicating it would keep short-term interest rates at zero for an extended period. For much of the third quarter, risk appetite continued to be supported by accommodative monetary policy and a gradual reopening of the economy. Equity markets peaked in early September, but four weeks of declines followed. The selloff in September was marked by increased volatility, which was attributed to a number of factors, including an unwinding of extended valuations, delays to additional fiscal stimulus, uncertainty with the U.S. presidential election, which was further complicated by the fight to replace Supreme Court Justice Ruth Bader Ginsburg, and the threat of a second wave of COVID-19 and its accompanying lockdowns. The focus for the fourth quarter of 2020 was squarely on both the U.S. election and positive COVID-19 vaccine news. A contested U.S. presidential election was officially resolved on December 14 when the Electoral College confirmed Joe Biden's victory, removing a source of uncertainty that had weighed on the markets in September and October. November saw a robust rally in equity markets on positive vaccine news as Pfizer/BioNTech's vaccine reported an effective rate of approximately 95% in preventing COVID-19, followed shortly by equally positive news on Moderna's vaccine. Equity markets moved higher as a bipartisan effort delivered a roughly $900 billion economic relief package that provided for $600 stimulus checks, an additional round of the Paycheck Protection Program and extended unemployment benefits.

A combination of positive sector allocation and strong stock selection drove the Portfolio's relative outperformance vs. the benchmark, the Russell 1000^® Index, during calendar year 2020. Sector allocation accounted for much of the Portfolio's relative outperformance. The Portfolio's positioning was favorable in seven of 11 sectors and neutral in two. The underweight to real estate was the leading contributor, in terms of sector allocation, followed by our underweights to utilities, industrials, health care and consumer staples. Among the Portfolio's sector overweights, our weight to financials had the most positive impact, followed by the largest average overweight during the year which was to communication services. Stock selection was favorable within six of 11 sectors during the year. Selection within industrials had the most positive impact, followed by selection within financials, communication services, consumer staples and materials. At the stock level, Amazon, Activision Blizzard, Inc., Lam Research Corporation, Microsoft Corporation and BlackRock, Inc. were among the top relative contributors to outperformance.

Two sector weightings detracted from the Portfolio's relative performance — the Portfolio's overweights to energy and financials. In terms of stock selection, the Portfolio's holdings in information technology and health care detracted most from relative performance. Individual detractors from relative performance included Citigroup Inc, JPMorgan Chase & Co., Berkshire Hathaway Inc. (Class B Shares), Chevron Corporation and EOG Resources, Inc.

Current Strategy and Outlook: With the beginning of President Joseph Biden's term and the COVID-19 inoculation effort under way, in our view we are seeing reduced uncertainty and volatility. In our opinion, there are areas of the market where valuations are clearly stretched, and we have been appropriately trimming positions in some of our technology exposures which contributed quite strongly to absolute and relative performance during calendar year 2020. We are starting to find opportunities in areas of the market that were impacted most severely by the pandemic, which we believe could rebound sharply as the world begins to emerge from economic shutdown.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020
(as a percentage of net assets)

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® Columbia Small Cap Value II Portfolio (the "Portfolio") seeks long-term growth of capital. The Portfolio is managed by Christian K. Stadlinger, Ph.D., CFA, and Jarl Ginsberg, CFA, CAIA, Portfolio Managers, of Columbia Management Investment Advisers, LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class I shares provided a total return of 9.89% compared to the Russell 2000^® Value Index, which returned 4.63% for the same period.

Portfolio Specifics: For the year, the Portfolio outperformed its benchmark, the Russell 2000^® Value Index. Outperformance was driven by strong, broad-based stock selection. Selection within industrials, healthcare, financials, and information technology were especially noteworthy. Selection within consumer discretionary and materials detracted from relative results. Sector allocation detracted from relative results, mostly due to an underweight to consumer discretionary.

In an unprecedented market environment dominated by the coronavirus pandemic, our long-standing investment process of searching for value companies that are exhibiting signs of early improvements and upward inflection was largely able to catch the unprecedented resurgence in the market post selloff. Positioning the Portfolio to names with upward inflections allowed us to generate significant returns post the market sell-off and in the fourth quarter when more value-oriented names outperformed on news of potential vaccines. We have used this same investment process since the strategy's inception, and it has helped us navigate the Portfolio through all types of past market crises as well.

In terms of specific securities, one of the top contributors to relative performance was our position in industrials company Sunrun. Shares in the company, which designs and sells residential solar energy systems, soared during the year as demand for green energy grew. The company established itself as the premier solar energy name, acquiring Vivint Solar during the year in a move that was well received by the market and is expected to provide numerous synergies.

Current Strategy and Outlook: As of December 31, 2020, we believe we are currently positioned for a continued, gradual recovery in the economy. While we have now moved past the U.S. presidential election, which has removed a tremendous amount of uncertainty from the markets, the coronavirus pandemic still remains a key issue. The vaccine announcements and subsequent approvals are a reason for optimism, however rapidly accelerating cases and hospitalizations remain things to monitor, especially coming out of the holiday season.

As of the end of the reporting period, our overweights are in information technology and materials, while we are underweight real estate, consumer discretionary, and industrials.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020*
(as a percentage of net assets)

*  Excludes short-term investments.

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

PORTFOLIO MANAGERS' REPORT

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

VY^® INVESCO COMSTOCK PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® Invesco Comstock Portfolio (the "Portfolio") seeks capital growth and income. The Portfolio is managed by Kevin Holt, Co-Lead Portfolio Manager, Devin Armstrong, Co-Lead Portfolio Manager, James Warwick and Charles DyReyes, Portfolio Managers of Invesco Advisers, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of -0.47% compared to the Russell 1000^® Value Index and the S&P 500^® Index, which returned 2.80% and 18.40%, respectively, for the same period.

Portfolio Specifics: For the year ended December 31, 2020, the Portfolio underperformed the Russell 1000^® Value Index. Sector performance was mixed within the Russell 1000^® Value Index, with materials, healthcare and industrials performing the best. Energy, real estate and financials posted negative returns.

Stock selection within information technology was the largest contributor to relative performance for the period. QUALCOMM and Microsoft were the largest contributors to the Portfolio's performance. Large software and equipment companies benefited from increased demand as many service sector employees worked from home. Strong security selection in the industrials sector was also a key contributor. FedEx, a relatively new holding (purchased in the first quarter), was the largest individual contributor. A material underweight to real estate also benefited relative performance for the quarter, as the sector underperformed.

Stock selection and a material overweight position in energy detracted the most from relative performance for the period. Oil prices tumbled due to Saudi Arabia and Russia increasing supply to gain market share and global demand shocks from the COVID-19 virus. Within consumer discretionary, Carnival (eliminated in April) was a notable detractor as the cruise industry was hit particularly hard by the coronavirus outbreak. Stock selection in communication services also dampened relative performance. The Portfolio did not own Walt Disney and the stock rose over 25% for the period. Stock selection and material overweight hindered relative performance within financials. The precipitous decline in interest rates during the first quarter 2020, from already low levels, weighed heavily on the sector.

We used currency forward contracts during the reporting period for the purpose of hedging currency exposure of non-U.S.-based companies held in the Portfolio. Derivatives were not used for speculative purposes or leverage. The use of currency forward contracts had a slightly positive impact on the Portfolio's performance relative to the Russell 1000 Value^® Index for the reporting period.

Current Strategy and Outlook: The Portfolio currently has a cyclical bias with overweight exposures to financial and energy companies. The Portfolio is also overweight technology stocks and healthcare. Conversely, the fund is underweight real estate, utilities, communication services, consumer discretionary and consumer staples.

As we've seen a rotation towards value stocks towards the end of the year, we remain cautiously optimistic towards the longer-term outlook for the U.S. and global economies. Though the distribution of coronavirus vaccines should provide a level of stability, we believe equity markets may experience continued volatility due to the leadership transition in Washington DC and rising COVID-19 infection rates.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020*
(as a percentage of net assets)

*  Excludes short-term investments.

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

PORTFOLIO MANAGERS' REPORT

VY^® INVESCO COMSTOCK PORTFOLIO

VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® Invesco Equity and Income Portfolio (the "Portfolio") seeks total return consisting of long-term capital appreciation and current income. The Portfolio is managed by Brian Jurkash, Co-lead Portfolio Manager, Matthew Titus, Co-lead Portfolio Manager, Sergio Marcheli and Chuck Burge, Portfolio Managers of Invesco Advisers, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of 9.88% compared to the Russell 1000^® Value Index, Bloomberg Barclays U.S. Government/Credit Index and the 60% Russell 1000^® Value Index/40% Bloomberg Barclays U.S. Government/Credit Index, which returned 2.80%, 8.93% and 6.15%, respectively, for the same period.

Portfolio Specifics: For the year ended December 31, 2020, the Portfolio outperformed Its benchmarks. The equities sleeve outperformed the Russell 1000^® Value Index for the year.

Stock selection in and an overweight in information technology ("IT") was the largest contributor to the Portfolio's relative return. Within the sector, Apple, Qualcomm and Cognizant Technology Solutions were the largest contributors, benefitting from a strong rally in the sector that began in the second quarter of 2020.

Stock selection and the Portfolio's underweight exposure to the real estate sector also helped relative performance as the sector underperformed, posting a decline for the year.

The Portfolio holds investment grade bonds and convertible securities as a source of income and to provide a measure of stability amid market volatility. Both asset classes outperformed the Russell 1000^® Value Index during the fiscal year and aided relative performance.

Stock selection in consumer discretionary was the largest detractor from the Portfolio's relative underperformance. Carnival and Capri Holdings were significant detractors, driven in large part by the pandemic-related sell-off in early 2020.

Security selection and an overweight in energy also detracted from relative performance, as oil prices declined sharply due to an ongoing supply/demand imbalance, exacerbated by the sharp deceleration in demand due to COVID-19 pandemic. Key detractors from relative performance included Royal Dutch Shell and Marathon Oil.

Security selection in and underweight in consumer staples also detracted from relative returns. Restaurant supplier US Foods was a key detractor from Portfolio performance as demand declined sharply due to COVID-19-related restaurant closures.

The Portfolio's non-equity sleeve consisting of high-grade bonds, convertibles and cash outperformed the Bloomberg Barclays U.S. Government/Credit Index. Although the bonds suffered from relatively low duration in a falling interest rate environment and the cash allocation was a drag on returns in strong markets, this was more than offset by the sleeves allocation to convertibles, which provided returns similar to equities.

The Portfolio held currency forward contracts during the fiscal year for the purpose of hedging currency exposure of non-U.S.-based companies held in the Portfolio. These derivatives were not for speculative purposes or leverage, and these positions had a small negative impact on the Portfolio's relative performance for the fiscal year.

Current Strategy and Outlook: During the fiscal year, the team reduced the Portfolio's relative overweight exposure to the financials and energy sectors within the equity portion of the Portfolio, and increased exposure to the industrials, communication services, IT and real estate sectors. At the end of the fiscal year, the Portfolio's largest overweight exposures were in the financials, IT and health care sectors, while the largest underweight exposures were to the communication services, utilities and real estate sectors.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

**  Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020*
(as a percentage of net assets)

*  Excludes short-term investments.

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® INVESCO OPPENHEIMER GLOBAL PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® Invesco Oppenheimer Global Portfolio (the "Portfolio") seeks capital appreciation. The Portfolio is managed by John Delano, CFA, Portfolio Manager of Invesco Advisers, Inc. ("Invesco") — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of 27.43% compared to the MSCI All Country World Index^SM (the "Index"), which returned 16.25% for the same period.

Portfolio Specifics: For the reporting period, the Portfolio outperformed the Index. The Portfolio's positions outperformed 8 of the 11 economic sectors within the Index. The exceptions being our holdings in materials, real estate and healthcare. Our stock selection was the determining factor among our real estate and healthcare though the latter was very minor. We held no positions in materials during the calendar year.

The top individual positions which contributed to our results were JD.com Inc., the number two e-commerce in China, PayPal Holdings Inc., a leading global player in digital payments and Alphabet Inc., the holding company of Google, the Andriod operating system, YouTube, and a number of artificial intelligence initiatives.

Even in a good year some things don't go as well as hoped and 2020 was not an exception. Airbus SE, Citigroup, and DLF Limited were our three largest negative contributors. 2020 was a terrible year for aviation but business and tourist travel will return, we believe, and Airbus SE will benefit. Citigroup was adversely impacted by the pandemic driven interest rate collapse, and we eliminated it from the Portfolio. DLF Limited is an Indian real estate owner/developer that declined sharply in the downdraft of spring but recovered towards year end. In an up market its flat return for the year was a negative. It remains a holding.

Current Strategy and Outlook: Our thematic, long-term, investment style leads us towards what we believe to be quality businesses with sustainability of both enterprise and advantaged position. We hope to buy these at prices that do not fully reflect their future value, usually because the current understanding of that value by the market is misestimated for a reason that is temporary. Unpopularity is a price we are willing to incur for a while. Additionally, it has been our experience that competitively advantaged companies in ascendant industries can create economic value that can go on for decades. This is why we think and behave with a long-term focus.

Geographic Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

^  Includes 4 countries, which each represents 0.1%-1.1% of net assets.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020*
(as a percentage of net assets)

*  Excludes short-term investments.

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

PORTFOLIO MANAGERS' REPORT

VY^® INVESCO OPPENHEIMER GLOBAL PORTFOLIO

VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® JPMorgan Mid Cap Value Portfolio (the "Portfolio") seeks growth from capital appreciation. The Portfolio is managed by Jonathan K.L. Simon and Lawrence Playford, CFA, Managing Directors and Portfolio Managers of J.P. Morgan Investment Management Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of 0.28% compared to the Russell Midcap^® Value Index (the "Index" or "Russell Midcap^® Value"), which returned 4.96% for the same period.

Portfolio Specifics: The Portfolio underperformed the Index during the year. After performing more or less in line during the first quarter drawdown, the Portfolio failed to keep pace with the strong cyclical bounce we've seen off the March lows. Specifically, our benchmark is up a whopping 82% off the bottom, yet our portfolio is up 78%. Notably, the cyclical areas of the market — materials, energy, industrials, and housing — have doubled off their March troughs. The Portfolio's more conservative posture has led to underperformance during this cyclically driven rotation. Put simply, not owning 2 stocks with exposure to metals and mining (Freeport McMoran, FCX & Newmont Mining, NEM), two stocks with ostensibly growth-like characteristics that made their way into our benchmark (Twitter, TWTR & Zillow, ZG), and not owning the consumer oriented recovery plays (autos, housing, travel & leisure), account for the gap in performance vs. our benchmark.

For the full year, two areas that have detracted from a stock selection perspective are communication services and REITs. Despite disappointing results this year, these are areas where we perceive there to be great value.

A double edged sword cut against us in communication services, as Discovery & Liberty Sirius had their business models adversely impacted by the ramifications of the COVID-19 pandemic due to sharply shrinking advertising budgets. However, our conviction in these companies is strong as we believe that these are very strong, in our opinion, businesses with subscription-based business models that should prove resilient throughout a cycle. It is also worth noting that weak stock selection is a function of what we don't own. After the Russell rebalance in June, a few internet growth stocks have made their way into this sector like Zillow & Twitter which are not names that fit value investors' criteria, yet have done extraordinarily well as growth remains in vogue. In fact, Twitter is now the second largest underweight relative to our benchmark.

Our positioning with REITs has also been a hindrance to performance. Our preference for shopping centers (Brixmor Properties, BRX and Kimco Realty, KIM) was a headwind as government mandated shutdowns and "social distancing" measures meant to curb the spread of the COVID-19 pandemic severely disrupted operations. Additionally, we don't own the logistics, data center, and ecommerce players, which have seen the resultant corresponding increase in business. Despite a turnaround in the fourth quarter as investors gained more conviction the worst was behind us, the rally was not enough to offset the hurt from the majority of the year. Recent positive data points, including tenants re-opening and actually paying their rent, an increase in leasing activity, and mostly positive rent releasing spreads support our belief that open-air- shopping centers offer an affordable value proposition.

Despite a sharp rebound in the fourth quarter, energy was still the worst performing sector for 2020. Therefore, for the full calendar year, the combination of a more conservative approach and underweight allocation served as a tailwind to relative results. In fact, both Cabot Oil & Gas as a pure-play Appalachian gas producer and Williams as a major midstream gas pipeline infrastructure company, boosted relative returns. We believe both companies continue to execute well on their operations, have strong levels of free cash flow, and run by management teams who are thoughtful with respect to their capital allocation policies.

Additionally, stock selection in financials aided performance; the merits of a diversified approach proved beneficial as the leading stock specific contributors to performance were in this sector: Discover Financial Services and Ameriprise Financial. It's noteworthy that our names actually posted a slightly positive return vs. the names in our benchmark which ended the year in negative territory. While we've trimmed some of the relative outperformers, we continue to expect multiple expansion given it seems the greatest risk to the economy is behind us and we still don't believe that superior quality attributes are being priced into current multiples.

Current Strategy and Outlook: As long term investors, our portfolio positioning remains relatively consistent and our turnover is generally low. That said, we've generally tried to position the Portfolio with an eye towards how to participate in the eventual reopening of the economy, while staying true to our approach of investing in quality companies at reasonable valuations.

We continue to see what we believe is value in both financials and REITs which is why we're comfortable with hefty allocations to these two sectors. That said, given the fourth quarter's strength, we've trimmed some of our outperformers and taken profits.

The industrials sector is the largest benchmark weight; while we've opportunistically added to select names throughout the year, there are a number of highly cyclical businesses (like trucking & railroads) that simply don't fit our quality criteria which leaves us with a meaningful underweight vs. the benchmark. The goal is to take on a bit of pro-cyclical risk in what we consider to be high quality businesses, while maintaining an underweight to the sector. In our opinion, this posture should effectively neutralize any bet on the macroeconomic environment, enabling us to participate if we see a continued reopening of the economy, while also protecting us from any potential setbacks.

We've continued to increase our exposure to communication services; adding to names with potential room for expansion and strong management teams.

Finally, it's worth pointing out shifts to our approach in the consumer; we want to limit our exposure to fashion risk, and own companies that are more staples like in nature, offering a balance of both offense and defense.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020
(as a percentage of net assets)

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio (the "Portfolio") seeks long-term capital appreciation. The Portfolio is managed by Donald J. Peters, CFA, Vice President, Portfolio Manager* of T. Rowe Price Associates, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class S shares provided a total return of 31.42% compared to the S&P MidCap 400^® Index and the Russell Midcap^® Growth Index, which returned 13.66% and 35.59%, respectively, for the same period.

Portfolio Specifics: The Portfolio underperformed its benchmark the Russell Midcap Growth^® Index for the reporting period. Broadly speaking, stock selection drove relative underperformance.

Health care detracted from relative results, due to stock selection. Shares of cancer specialist Immunomedics, which is focused on the development of antibody-drug conjugates, surged in mid-September after Gilead Sciences announced plans to acquire the company at a substantial premium. Our underweight exposure to the stock weighed on relative results.

Security selection in the financials sector hampered relative performance. Holdings such as Cboe Global Markets is the largest U.S. options exchange and an operator of equity exchanges in Europe and the U.S. Shares fell amid very soft volumes in the proprietary complex, lower institutional activity, a temporary closure of its trading pits, and reduced financial market volatility following a spike in March and April.

Stock choices, such as Wayfair, in the consumer discretionary sector also weighed on relative results.

Conversely, communication services boosted relative results, due to a favorable underweight position and security selection such as Snap. Shares of the company gained over the past 12 months due to increased user growth and engagement in response to social distancing measures, as well as higher advertiser demand and a mix shift toward higher-priced advertising solutions.

The Portfolio's underweight to the consumer staples sector benefited relative results during the period.

Current Strategy and Outlook: Rapid progress with a first wave of new vaccines based on messenger RNA technology is clearly the most positive sign for the year ahead, in our opinion. As the pandemic hopefully recedes and economies reopen, we believe a broader economic recovery is likely to benefit many of the sectors that were most damaged by the virus, such as travel and leisure. While a rapid economic recovery could also bring an accelerated earnings recovery, in our view this might not translate into strong equity returns, with much of the recovery already priced into the markets. In our opinion, investors seeking value opportunities will need to be careful about stock selection — seeking out companies that appear well positioned to emerge from the pandemic with lasting competitive advantages, while avoiding firms that face longer-term secular challenges.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

**  Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020*
(as a percentage of net assets)

*  Excludes short-term investments.

Portfolio holdings are subject to change daily.

*  Effective January 1, 2021, Donald J. Easley, CFA was removed as a portfolio manager of the Portfolio.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

VY^® T. Rowe Price Growth Equity Portfolio (the "Portfolio") seeks long-term growth through investments in stocks. The Portfolio is managed by Joseph B. Fath, Vice President and Portfolio Manager of T. Rowe Price Associates, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2020, the Portfolio's Class I shares, provided a total return of 36.68% compared to the S&P 500^® Index and the Russell 1000^® Growth Index, which returned 18.40% and 38.49%, respectively, for the same period.

Portfolio Specifics: The Portfolio outperformed its benchmark, the S&P 500^® Index for the reporting period. Both sector allocation and stock selection were positive. Communication services was the leading relative contributor, due to security selection. Consumer discretionary also bolstered relative results, owing to stock choices and a beneficial overweight. The information technology sector further aided returns due to an overweight exposure and favorable stock picks. Conversely, industrials and business services was the sole detractor from relative returns primarily due to stock selection.

The communication services sector was the strongest relative performer during the period. Shares of Snap gained over the past 12 months due to increased user growth and engagement in response to social distancing measures, as well as higher advertiser demand and a mix shift toward higher-priced advertising solutions. With a newly reorganized salesforce and investments in technology driving user engagement, we believe Snap is well positioned to ramp monetization efforts and drive earnings growth over time.

Industrials and business services were relative detractors. Shares of Boeing came under significant pressure over the past 12 months due to a series of negative news events during the 737 MAX investigation, ongoing delays in the recertification process, and pressure on air travel from coronavirus fears. These events impacted the timing of our investment thesis, causing us to terminate the position.

Current Strategy and Outlook: Rapid progress with a first wave of new vaccines based on messenger RNA technology is clearly the most positive sign for the year ahead. As the pandemic hopefully recedes and economies reopen, we believe a broader economic recovery is likely to benefit many of the sectors that were most damaged by the virus, such as travel and leisure. While a rapid economic recovery could also bring an accelerated earnings recovery, in our view this might not translate into strong equity returns, with much of the recovery already priced into the markets. In our opinion, investors seeking value opportunities will need to be careful about stock selection — seeking out companies that appear well positioned to emerge from the pandemic with lasting competitive advantages, while avoiding firms that face longer-term secular challenges.

Sector Diversification
as of December 31, 2020
(as a percentage of net assets)

*  Includes short-term investments.

**  Amount is less than 0.05%.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2020*
(as a percentage of net assets)

*  Excludes short-term investments.

Portfolio holdings are subject to change daily.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 to December 31, 2020. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

The left section of the table shown below, "Actual Portfolio Return," provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)