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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08319

Voya Partners, Inc.

(Exact name of registrant as specified in charter)

The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-262-3862

Date of fiscal year end: December 31

Date of reporting period: December 31, 2023

Item 1. Reports to Stockholders.

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, 2023, the Portfolio’s Class S shares provided a total return of 5.97% compared to the Bloomberg Global Aggregate Index (“Index”), which returned 5.72% for the same period.

Portfolio Specifics: The Portfolio outperformed the Index for the period. Asset allocation and currency positioning detracted, while duration and yield curve positioning added to performance.

Yields see-sawed over the course of 2023. Market expectations of an end to central bank rate hikes were dashed as economic data showed greater resilience and central bank hawkishness sent yields higher at the beginning of the year. The U.S. regional bank crisis that saw the downfall of Silicon Valley Bank and also contributed to acquisition of Credit Suisse by rival UBS saw a flight to quality and a retrenchment in yields as worries grew that global central banks ‘broke’ the economy. Those worries were short-lived as the economy soldiered on and inflation levels while trending lower were still too high relative to central bank targets. Going into the fall, markets finally succumbed to the U.S. Federal Reserve’s “higher for longer” and the 10-year U.S. Treasury yield traded above 5%, a level not witnessed since prior to the 2008 financial crisis. Then came November and with it, a notable turn in sentiment. Inflation data continued to decline, and economic activity was received by the markets as less threatening to the inflation picture. The more balanced backdrop laid the ground for, the Fed to confirm market expectations that a less restrictive stance was in the near future and the updated dot plot showed that every single participant believed the hiking cycle had concluded. By the end of the year, the 10-year U.S. Treasury landed exactly where it started 2023 while 10-year European yields were broadly lower as the economic outlook remains tepid and Japanese government bond yields inched higher as the central bank has eased off on yield curve control. The U.S. dollar performance was anchored by the Fed, with the dollar remaining persistently strong early in the year owing to a more hawkish Fed. The peak in U.S. yields coincided with a peak in the U.S. dollar, with both developed and emerging market currencies recovering some of the losses in the final quarter. For the year, developed currencies were weaker, whereas emerging market currencies bested the U.S. dollar for the full period.

The Portfolio used derivatives, such as 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: Looking forward, we believe the outlook has improved marginally, however we still expect growth to slow below trend. The increased cost of capital will likely curb consumption and investment, however ongoing government support measures at a global level are expected to partially offset these effects. In particular, China's growth focused investment and advanced economies efforts to enhance supply chain security are anticipated to bolster growth in the short term. Central bank policy will be in a state of flux for 2024. We expect the European Central Bank (“ECB”) to cut rates first. While the Fed is expected to cut rates in 2024, the timing of the first cut will remain a subject for debate (and volatility). Lastly, the Bank of Japan remains committed to normalizing interest rates, but time will reveal if they have missed their opportunity now the Fed and ECB are no longer raising rates. We believe rate volatility, though receding from recent peaks, will remain above pre-pandemic levels due to uncertainty about the timing of rate cuts and concerns about government debt levels. Elevated real rates will incent investors to increase allocations to fixed income, creating opportunities during bouts of volatility, in our opinion.

Voya Global Insights Portfolio* (the “Portfolio”) seeks capital appreciation. The Portfolio is managed by Joseph Kim, CFA and Mark Phanitsiri, CFA Portfolio Managers of Voya Investment Management Co. LLC* (“VIM”) — the Sub-Adviser.

Performance: For the year ended December 31, 2023, the Portfolio’s Class S shares provided a total return of 32.24% compared to the MSCI All Country World Index^SM (the “Index”) and the MSCI ACWI Growth Index, which returned 22.20% and 33.22%, respectively, for the same period.

Portfolio Specifics: (Invesco Advisers, Inc.) For the period, from January 1, 2023 – November 28, 2023, stock selection in communication services and real estate, as well as an underweight allocation to consumer staples, added most to relative performance vs. the MSCI ACWI Growth Index during the period. Stock selection in consumer discretionary and information technology, as well as an overweight allocation to industrials, detracted most from relative performance.

The three greatest individual contributors to performance were Meta Platforms, Alphabet. Inc. and DLF Limited. The three greatest individual detractors from performance were: JD.com Inc., Agilent Technologies Inc. and Illumina Inc.

Our next best performer was Bank Hawaii Corp, which was up 25% and contributed 0.3% of outperformance during December. The stock benefited from the improving market breadth, peaking interest rates and resilient economic backdrop that has driven bank stocks’ outperformance and having reached our target price, we started to trim our position.

Our worst performer was Cameco, which was down 6% and a 0.4% drag on performance during December. The stock has been a strong outperformer in 2023 YTD and caught up in short-term momentum reversal following its Investor Day. We remain constructive on the long-term attractive supply- demand fundamentals and prospects for pricing to remain elevated above prior cycle levels underpinning attractive risk-reward.

At a sector level, IT was our biggest positive contributor primarily due to selection effects followed by Health Care where our underweight positioning along with positive selection effects were tailwinds. Energy was the biggest detractor with negative allocation effects from our overweight positioning compounded by negative selection effects.

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⁽¹⁾ of Voya Investment Management Co. LLC (“VIM”) — the Sub- Adviser.

Performance: For the year ended December 31, 2023, the Portfolio’s Class I shares provided a total return of 14.87% compared to the MSCI EAFE^® Value Index (the “Index” or “MSCI EAFE^® Value”), which returned 18.95% for the same period.

Portfolio Specifics: For the reporting period, the Portfolio underperformed the Index. In terms of the Portfolio’s performance, the Portfolio’s primary reason for underperformance was individual stock specific and country allocations. The core model modestly detracted.

On the regional level, stock selection within the Japanese and European regions had the largest negative impact on performance.

On the sector level, stock selection was strongest in the energy, communication services and information technology sectors. The underweight in materials also contributed. Conversely, the largest detractor from performance stock selection in financials and industrials.

At the individual stock level, not owning benchmark stocks Anglo American plc. and Bayer AG as well as the non-benchmark position in Sage Group plc. were among the key contributors for the period. The key detractors for the period included not owning Toyota Motor Corp. and UBS Group AG and the underweight in UniCredit S.p.A.

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 benchmark. 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 Portfolio is then optimized to achieve its dividend, alpha and volatility objectives.

Current Strategy and Outlook: We believe that while central banks may enact small cuts to interest rates if inflation continues to subside, the economy will still experience lagging effects of elevated rates over the next year. Against this backdrop, we continue to focus on companies that we view as higher quality with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions.

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.

Contributors included, Gartner, Inc., a provider of syndicated research, was the top contributor to performance for 2023. Gartner’s core subscription research businesses continued to compound at attractive rates, and growth is poised to accelerate over the next several quarters. We believe Gartner will emerge as a critical decision support resource for every company evaluating the opportunities and risks of AI on its business, and we remain shareholders.

MSCI, Inc., a leading provider of investment decision support tools, was the second largest contributor to 2023 performance. The company continued to report largely solid earnings results throughout the year and has been aided by generally supportive equity market performance. Despite some near-term macro uncertainty, we retain long-term conviction as we believe MSCI owns strong, "all weather" franchises and remains well positioned to benefit from numerous secular tailwinds in the investment community.

Timeshare company Marriott Vacations Worldwide Corporation was the second largest detractor during 2023, as a result of soft sales of timeshare units due to higher interest rates and the slow ramp of a new product offering. A default rate higher than the company had anticipated forced it to take a charge to increase reserves, pressuring earnings and cash flow. We remain investors. We believe the company has a strong balance sheet with a well-covered 3% dividend. It continues to use cash flow to buy back shares, and management has personally bought stock at much higher levels than current prices.

Global ski resort operator Vail Resorts, Inc. was the third largest detractor in 2023. Shares declined due to challenging weather conditions in the 2022-2023 season. We remain investors. Season pass sales have accelerated from 2022 levels with significant increases in East Coast penetration. Vail’s higher-end customer base should also provide some resiliency in earnings and cash flow, and its strong balance sheet positions it well to weather any potential slowdown.

Relative performance: The Portfolio trailed the Russell 2000^® Growth Index as adverse stock selection more than offset the positive impact of active sector weights.

Unfavorable stock selection in Consumer Discretionary, Communication Services, and Real Estate was the main driver of the relative shortfall. Weakness in Consumer Discretionary was driven by Vail Resorts, Inc. and Marriott Vacations Worldwide Corporation. Hotel franchisor Choice Hotels International, Inc. and regional casino operator PENN Entertainment, Inc. also weighed on relative results in the sector. Weakness in Communication Services came from Iridium Communications Inc. Performance in Real Estate was hindered by casino REIT Gaming and Leisure Properties, Inc. and life sciences REIT Alexandria Real Estate Equities, Inc.

These relative losses were partly offset by investments in Financials, Information Technology (IT), and Health Care. Lack of exposure to the underperforming Energy and Utilities sectors also aided performance. Within Financials, higher exposure to this better performing sector coupled with strong performance from term life insurer Primerica, Inc. added the most value. Several other holdings also performed well in the sector, led by financial exchanges and data companies MSCI Inc. and Morningstar, Inc. Favorable stock selection in IT, owing mostly to gains from Gartner, Inc. and ANSYS, Inc., was partly offset by lower exposure to this better performing sector. Strength in Health Care was partly due to the outperformance of pharmaceutical packaging manufacturer West Pharmaceutical Services, Inc. and veterinary diagnostic leader IDEXX Laboratories, Inc. Significantly lower exposure to this lagging sector contributed another 100-plus basis points of relative gains.

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 benefit from what we believe to be strong, long-term growth opportunities.

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.

These factors combined to fuel an impressive gain for equities, but the majority of the positive return was generated by a small group of mega-cap technology-related stocks. Much of the relative strength in this area came from companies expected to benefit from the evolution of artificial intelligence (“AI”). Following two quarters of strong equity market gains, the broad U.S. equity market stumbled in the third quarter, with major indices declining. At the September Federal Open Market Committee (“FOMC”) meeting, the Fed left rates at the 5.25% - 5.50% range, opting out of an increase for only the second time since the first hike of the cycle in March 2022. U.S. stocks continued to decline in October, as fresh data muted any near-term expectations for a dovish pivot from the Fed. Strong third-quarter gross domestic product and consumer spending data reinforced expectations that the Fed would likely leave rates higher for longer. Despite resilient growth and company earnings, stock prices were overpowered by rising yields and pessimism around earnings guidance. Equities broke a three-month losing streak in November. The rally was further supported by an October jobs report and inflation data that both showed signs of softening, reinforcing hopes that the Fed could soon be done raising rates. The rally extended into December, as hopes for a soft landing were further propelled by fresh data and Fed signals. The Fed voted unanimously in December to hold rates steady and forecasted three rate cuts in 2024. The news amplified the stock market’s momentum, as strong performance continued to broaden outside the “Magnificent 7” stocks (the seven largest stocks in the S&P 500 Index), which drove equity performance for much of the year.

Current Strategy and Outlook: As we entered 2024, investors’ concerns, including lingering inflation and the Fed’s path on interest rates, had been calmed somewhat. We believe the biggest macro risk to the markets is still the lagged impact of interest rate increases and, by extension, the potential for an economic downturn. The Portfolio’s positioning is determined, for the most part by fundamental, bottom-up research and stock selection. The largest overweight is to communication services and the largest underweight is to consumer discretionary. All other sectors are within 2% or less of the benchmark weight. We believe the Portfolio is fairly balanced with regard to various economic scenarios, and our team sees opportunities in the market, focusing on companies that we believe can continue to grow earnings in a potentially tough economic environment.

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.

Current Strategy and Outlook: At the end of the year, the Portfolio was notably overweight in industrials and materials, while financials, health care, and real estate were the largest underweights. While economic headlines seem to shift each news cycle, we remain focused on our fundamental process of uncovering undervalued quality small cap companies for today, while having the work done when others become actionable in the future. We believe the rise of passive investing along with the market’s pervasive “short-termism” only improving the target rich environment in small cap investing. As fellow investors in the strategy, we look forward to sharing our results for years to come.

* Effective November 9, 2023: (1) Jarl Ginsberg, CFA, CAIA and Christian K. Stadlinger, Ph.D., CFA no longer serve as portfolio managers for the Portfolio; and (2) Jeremy Javidi, CFA and C. Bryan Lassiter, CFA were added as portfolio managers for 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.

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.

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Selection and an underweight in utilities and consumer staples also aided relative performance, as these were among the weakest sectors within the benchmark for the fiscal year.

Stock selection in consumer discretionary also contributed to the Portfolio relative return, due largely to Amazon. The company reported better than expected earnings and revenues and a reacceleration of growth in its Amazon Web Services (AWS) business.

The Portfolio held currency forward contracts for the purpose of hedging currency exposure of non-US-based companies held in the Portfolio. These derivative positions had negligible impact on the Portfolio’s relative performance for the fiscal year.

Current Strategy and Outlook: During the period, we increased exposure to communication services, industrials, materials and utilities, and reduced exposure to health care and financials. At year end, the Portfolio’s largest relative overweights were in communication services and IT, while the largest underweights were in consumer staples and utilities.

We believe normalizing interest rates should reduce the risk of a deep recession; however, higher bank lending standards and rising corporate defaults may weaken the economy in 2024. Regardless, we seek to invest in companies with what we believe are attractive valuations and strong fundamentals, qualities that we believe will ultimately be reflected in those companies’ stock prices.

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.

Within materials, Martin Marietta (“MLM”), a producer of construction aggregates, has been a meaningful contributor to performance. Momentum continued on the heels of another strong quarterly print, with management demonstrating an ability to raise prices. Aggregates are a very high moat business with elevated pricing power as individual aggregate mines face limited competition given high shipping costs, high barriers to entry and limited alternatives. Our view on MLM remains constructive given it operates in a favorable industry with a proven history of strong capital allocation.

Technology stock selection was notably strong thanks to Jabil (“JBL”), an electronic manufacturing services company. The market rewarded management’s decision to divest a Chinese manufacturing business for ~$2.2 billion, which ⁽¹⁾ removes client concentration risk with Apple ⁽²⁾ simplifies the business structure and ⁽³⁾ provides a floor to the stock price given management’s aggressive plan to reduce the share count.

Current Strategy and Outlook: Financials: Compelling valuations lead us to have the largest absolute and relative weight in the sector. We believe in the regional banking business model given the need for strong customer relationships, investing in banks with strong core deposit franchises, plenty of excess capital, and what we believe are savvy management teams (Regions, First Citizens). That said, we remain well diversified as regionals banks are only ~7% of the portfolio.

Technology: The Portfolio has benefited from notably strong stock selection as our tech names were up +31%, surpassing the best performing sector in our benchmark, industrials +29%. Given notable strength, we’ve trimmed winners: Jabil & CDW.

Real Estate: We are extremely selective as we see compelling opportunities in timber (Weyerhauser) and grocery anchored shopping malls (Kimco), while avoiding areas with challenged fundamentals (i.e. office, shopping malls).

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.

Favorable stock selection in the utilities sector also boosted relative returns during the period. Not owning the global utility AES Corporation helped relative results over the one year as the company sold off some of its global operations that suffered from a lack of competitive advantages. Instead, the company has shifted focus to its U.S. operations, with an emphasis on renewable energy growth during the next decade.

Current Strategy and Outlook: In our view, after the release of positive economic data and a more dovish Fed that signaled multiple rate cuts for 2024, the market has quickly priced in the highly sought soft landing. While we certainly see green shoots, we are not yet sure that we are in the clear, seeing cracks in high-end consumer spending as well as some weakness in the industrial economy. Valuations broadly seem high, though reasonable, but we see pockets of excess in some areas of the market that are hard to reconcile. With all that in mind, we have continued to be judicious in deploying capital. Regardless of the macroeconomic environment, our focus remains on owning what we believe are quality companies with durable growth prospects and prudent balance sheets. We pay careful attention to risk and valuation relative to growth prospects and believe that this disciplined approach will continue to serve the Portfolio over the long term.

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.

Current Strategy and Outlook: The favorable end to 2023 for equities sets up a unique dynamic for the coming year as investors must adapt to a new market regime. Even with the expectation for easing of restrictive monetary policy in the form of interest rate cuts by the U.S. Federal Reserve, macroeconomic risks exist with sticky inflation and the potential for supply side pressures to influence energy prices. It remains to be seen how real (after-inflation) interest rates above 2% will play out in the markets. We believe broader, less concentrated market leadership is likely to provide more varied sources of returns for investors who maintain a sharp focus on valuation fundamentals, creating in our view particularly attractive opportunities for active strategic investors.

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.

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, 2023 to December 31, 2023. 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)

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio, VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^® Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, Voya Global Insights Portfolio (formerly VY^® Invesco Global Portfolio), VY^® JPMorgan Mid Cap Value Portfolio, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio and VY^® T. Rowe Price Growth Equity Portfolio and the Board of Directors of Voya Partners, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Global Bond Portfolio, Voya International High Dividend Low Volatility Portfolio, VY^® American Century Small-Mid Cap Value Portfolio, VY^® Baron Growth Portfolio, VY^® Columbia Contrarian Core Portfolio, VY^® Columbia Small Cap Value II Portfolio, VY^® Invesco Comstock Portfolio, VY^® Invesco Equity and Income Portfolio, VY^® Invesco Global Insights Portfolio (formerly, VY^® Invesco Global Portfolio), VY^® JPMorgan Mid Cap Value Portfolio, VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio and VY^® T. Rowe Price Growth Equity Portfolio (collectively referred to as the “Portfolios”) (twelve of the portfolios constituting Voya Partners, Inc. (the “Company”)), including the portfolios of investments, as of December 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (twelve of the portfolios constituting Voya Partners, Inc.) at December 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 26, 2020, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

February 28, 2024

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2023