N-CSR 1 tm222386d16_ncsr.htm N-CSR

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)

7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ	85258
(Address of principal executive offices)	(Zip code)

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, 2021

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Voya Investment Management

Annual Report

December 31, 2021

Classes ADV, I, R6, S and S2

Voya Partners, Inc.

◼ 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 Portfolio (formerly VY^® Invesco Oppenheimer Global Portfolio)

◼ VY^® JPMorgan Mid Cap Value Portfolio

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

◼ 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 1-866-345-5954. 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

President's Letter					1
Portfolio Managers' Reports					3
Shareholder Expense Examples					27
Report of Independent Registered Public Accounting Firm					30
Statements of Assets and Liabilities					31
Statements of Operations					37
Statements of Changes in Net Assets					40
Financial Highlights					46
Notes to Financial Statements					53
Portfolios of Investments					76
Tax Information					173
Director and Officer Information					175
Shareholder Meeting Information					180
Advisory and Sub-Advisory Contract Approval Discussion					181

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. 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

A Solid Year Ends for the Financial Markets, Gauging the Policy Shifts to Come

Dear Shareholder,

The 12-month period ended December 31, 2021, marked another strong year for stocks. Forcefully accommodative and persistent monetary and fiscal policy, along with the COVID-19 vaccine rollouts and an impressively adaptable global economy, drove big gains within risk assets. The ascent wasn't particularly smooth, as several new COVID-19 variants thwarted attempts at a full-fledged reopening. Besides the distress induced by a public health crisis, prolongation of the pandemic negatively impacted the supply of labor and costs of core goods. These two factors, combined with others such as economic stimulus and rising commodity prices, drove inflation higher. As economic activity proved resilient, however, investors shrugged off soaring prices and continued to buy stocks.

The U.S. unemployment rate declined to 3.9% in December and job openings continued to exceed job seekers, indicating the labor market is approaching full employment. This dynamic is pressuring wages upward and has contributed to inflation running above the U.S Federal Reserve Board's (the "Fed") 2% target since April. Sharply higher prices have caused the Fed to hasten its plans to withdraw stimulus. We recognize that in 2022, monetary and fiscal policy are likely to become less supportive of the global economy. Yet in our view, we also see potential offsets to tightening financial conditions, including consumer spending and corporate inventory rebuilding, which make us believe there is scope for continued global equity gains.

The pace and path to policy normalization will be a key market factor for the year ahead. A sharp rise in wages from prolonged labor market tightness is possible, but firms, particularly larger ones, have been able to pass through rising input costs to maintain margins. In our view, this is likely to continue and, combined with still above trend GDP growth, will support earnings growth in 2022.

As we've often noted, it's important to have a plan for investing consistently through headwinds and tailwinds. Keep focused on your long-term goals and don't get distracted by short-term fluctuations, however compelling or distracting they may seem. Should your long-term goals change, discuss the situation thoroughly with your investment advisor before making any changes to your investment portfolio.

Regardless of events, at Voya we remain well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to working with you in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2022

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

Index				Description
Bloomberg Global Aggregate Index				Provides a broad-based measure of the global investment-grade fixed-rate debt markets.
Bloomberg U.S. Government/Credit Index				An index made up of the Barclays Government and Credit indices, including securities issued by the U.S. government and its agencies and publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.
MSCI All Country World Index^SM				A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets.
MSCI Europe, Australasia and Far East^® ("MSCI EAFE^®") Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI EAFE^® Value Index ("MSCI EAFE^® Value")				The index captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the U.S. and Canada.
Russell 1000^® Index				A comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies.
Russell 1000^® Growth Index				Measures the performance of the 1,000 largest companies in the Russell 3000^® Index with higher price-to-book ratios and higher forecasted growth.
Russell 1000^® Value Index				An index that measures the performance of those Russell 1000^® securities with lower price-to-book ratios and lower forecasted growth values.
Russell 2000^® Growth Index				An index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation.
Russell 2000^® Value Index				An index that measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower than forecasted growth values.
Russell 2500^TM Growth Index				Measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^TM Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 2500^TM Value Index				Measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
Russell Midcap^® Growth Index				An index that measures the performance of those companies included in the Russell Midcap^® Index with relatively higher price-to-book ratios and higher forecasted growth values.
Russell Midcap^® Value Index				Measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.
S&P 500^® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
S&P MidCap 400^® Index				An index that measures the performance of the mid-size company segment of the U.S. market.
S&P SmallCap 600^® Value Index				Measures the performance of those S&P SmallCap 600^® Index companies with lower price-to-book ratios.

PORTFOLIO MANAGERS' REPORT

VOYA GLOBAL BOND PORTFOLIO

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, 2021, the Portfolio's Class S shares provided a total return of -5.03% compared to the Bloomberg Global Aggregate Index, which returned -4.71% for the same period.

Portfolio Specifics: The Portfolio slightly lagged the Bloomberg Global Aggregate Index for the period. Interest rate and currency positioning detracted, while sector allocations added to performance.

Fixed income markets lost ground, as interest rates rose over the course of 2021. Strong momentum in the U.S. recovery, expectations of a faster vaccination program and more fiscal stimulus propelled U.S. Treasury yields higher early in the reporting period, with other developed countries witnessing an increase in rates as well. After peaking in the first quarter of 2021, the remainder of the year witnessed a tug-of-war in yield levels, with elevated inflation concerns pushing rates higher, slowing growth and episodic COVID-19-related concerns sparking recoveries in bond markets. Non-government sectors, including corporate and securitized credit, outperformed global Treasuries. Corporate markets were supported by further improvements in the economy and earnings. In securitized sectors, non-agency residential mortgage-backed securities ("RMBS") were underpinned by the strong housing market and resilient consumers, while commercial mortgage-backed securities ("CMBS") markets responded positively to vaccine news and the prospect of a return to pre-COVID-19 behavior. One exception was agency mortgage-backed securities ("MBS"), a sector that struggled in the wake of higher rates and rate volatility. Meanwhile, the U.S. dollar ("USD") strengthened versus developed and emerging currencies, as it remained the preferred "flight to quality" currency during periods of COVID-19-related volatility.

Sector allocation, in aggregate, contributed to performance. Allocations to corporate credit, spanning investment-grade and high-yield added to performance. The impact from securitized sectors was mixed as allocations to agency RMBS detracted over the period, while investments in more credit sensitive segments, including CMBS, non-agency RMBS and collateralized loan obligations added to performance.

Overall, duration positioning was periodically underweight versus the Bloomberg Global Aggregate Index, and yield curve positioning, particularly in the United States, was a challenge to performance as the curve flattened. Duration allocations to local emerging markets ("EM") also detracted, as many EM central banks pivoted to raising rates to combat early signs of inflation. Emerging currencies also struggled in this environment and allocations weighed on 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 negatively impacted performance for the period.

Current Strategy and Outlook: Looking ahead, we expect pressure for the global ten-year yield to move higher throughout 2022, but the magnitude of those increases will be limited, and we believe the U.S. Treasury market will resist moving significantly above 2%. We think that global inflation, accentuated by energy and commodity prices, will peak in early 2022, but the rate of decline will vary across economies. We believe U.S. inflation will decline only gradually, and likely remain above the U.S. Federal Reserve Board's (the "Fed") target, as wage-driven services inflation and continued rising shelter costs offset a retracement in COVID-19-driven goods inflation.

In this environment, we believe corporate and consumer fundamentals should remain strong and justify valuations remaining at historically "fully-valued" levels, with episodes of volatility creating tactical opportunities and anchoring our preference for credit sensitivity over rate sensitivity in portfolios. As a result, we remain underweight in global Treasuries, while allocating risk across the corporate and securitized credit spectrum. In our opinion, the first Fed rate hike is a limited risk to global credit markets, as credit spreads have historically held steady and even narrowed in the early stages of a Fed hiking cycle. At the same time, we are mindful of the limited upside available, which we believe increases the need for downside protection beyond the traditional duration toolkit.

In our view, the US Dollar ("USD") will remain a barometer for global sentiment regarding COVID-19. We expect the USD to depreciate as COVID-19 variant fears ebb, even in a period when the Fed is raising rates. Further out, as U.S. rates reach an equilibrium and USD strength abates, EM debt securities and currencies could prove attractive. We continue to expect that divergence across EM will also reflect the success (and challenges) in containing inflation and managing COVID-19 across these countries, with dispersion across bond and currency markets.

Geographic Diversification
as of December 31, 2021
(as a percentage of net assets)

United States⁽¹⁾	89.1	%
China	6.6	%
Spain	1.5	%
Malaysia	1.2	%
Portugal	1.0	%
Italy	0.9	%
United Kingdom	0.9	%
Japan	0.8	%
France	0.7	%
Canada	0.7	%
Countries between 0.0%-0.4%^	2.3	%
Liabilities in Excess of Other Assets*	(5.7	)%
Net Assets	100.0	%

* Includes short-term investments and purchased options.

^ Includes 10 countries, which each represents 0.0%-0.4% of net assets.

⁽¹⁾Includes 24.9% 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, 2021
(as a percentage of net assets)

Voya Emerging Markets Hard Currency Debt Fund — Class P	8.5	%
Voya High Yield Bond Fund — Class P	7.0	%
Voya Emerging Markets Corporate Debt Fund — Class P	4.9	%
Voya Emerging Markets Local Currency Debt Fund — Class P	4.5	%
China Government Bond, 3.250%, 11/22/28	3.0	%
Uniform Mortgage-Backed Securities, 2.000%, 02/15/52	2.3	%
Ginnie Mae, 3.000%, 01/15/52	2.1	%
Uniform Mortgage-Backed Securities, 2.500%, 02/15/52	1.6	%
Fannie Mae REMICS 2021-4 IN, 2.500%, 02/25/51	1.4	%
China Government Bond, 2.850%, 06/04/27	1.4	%

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.

VOYA GLOBAL BOND PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		-5.21	%		3.29	%		1.95	%
Class I		-4.78	%		3.82	%		2.47	%
Class S		-5.03	%		3.54	%		2.20	%
Blooomberg Global Aggregate Index		-4.71	%		3.36	%		1.77	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Global Bond Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Portfolio's performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which

have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 262-3862 to get performance through the most recent month end.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

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 ("VIM") — the Sub-Adviser.

Performance*: For the year ended December 31, 2021, the Portfolio's Class I shares provided a total return of 12.08% compared to the MSCI EAFE^® Value Index (the "Index" or "MSCI EAFE^® Value") and the MSCI EAFE^® Index ("MSCI EAFE^®"), which returned 10.89% and 11.26%, respectively, for the same period.

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

On the regional level, stock selection within Europe and Africa/Middle East was additive. By contrast, stock selection within Japan had the largest negative impact on performance.

On the sector level, the underweight and stock selection within real estate, utilities and health care, had the largest positive impact on performance. Conversely, the largest detractors from performance came from stock selection in the consumer discretionary sector.

At the individual stock level, not owning benchmark stock SoftBank Group Corp, an overweight to Bank Leumi Le-Israel Ltd., and an underweight in Novartis AG, were among the key contributors for the period. The key detractors for the period included owning non-benchmark stocks Nintendo Co., Ltd. and TSURUHA Holdings, Inc., as well as an overweight to Secom Co., Ltd.

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. 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, 2021
(as a percentage of net assets)

Japan	22.7	%
United Kingdom	17.0	%
Germany	9.3	%
France	8.9	%
Australia	7.6	%
Switzerland	6.7	%
Italy	4.4	%
Hong Kong	3.7	%
Netherlands	3.2	%
Denmark	2.8	%
Countries between 0.2%-2.4%^	11.3	%
Assets in Excess of Other Liabilities*	2.4	%
Net Assets	100.0	%

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

^ Includes 12 countries, which each represents 0.2%-2.4% of net assets.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021
(as a percentage of net assets)

GlaxoSmithKline PLC	1.9	%
Rio Tinto Ltd.	1.7	%
Sanofi	1.5	%
British American Tobacco PLC	1.5	%
Mitsubishi UFJ Financial Group, Inc.	1.3	%
Zurich Insurance Group AG	1.3	%
Deutsche Post AG	1.2	%
National Grid PLC	1.2	%
Novartis AG	1.2	%
BP PLC	1.1	%

Portfolio holdings are subject to change daily.

* Effective December 31, 2020, the Portfolio's benchmark changed from the MSCI EAFE^® Index to the MSCI EAFE^® Value Index because the MSCI EAFE^® Value is considered by the adviser to be a more appropriate benchmark, reflecting the type of securities in which the Portfolio invests.

VOYA INTERNATIONAL HIGH DIVIDEND LOW VOLATILITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		11.50	%		5.68	%		5.40	%
Class I		12.08	%		6.22	%		5.92	%
Class S		11.79	%		5.94	%		5.65	%
Class S2		11.67	%		5.80	%		5.50	%
MSCI EAFE^® Value		10.89	%		5.34	%		5.81	%
MSCI EAFE^®		11.26	%		9.55	%		8.03	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya International High Dividend Low Volatility Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

Effective December 31, 2020 the Portfolio changed its benchmark from the MSCI EAFE^® Index to the MSCI EAFE^® Value Index because the MSCI EAFE^® Value Index is considered by the adviser to be a more appropriate benchmark, reflecting the type of securities in which the Portfolio invests.

Prior to May 1, 2019, the Portfolio was managed by a different sub-adviser. The Portfolio's performance information for these periods reflects returns achieved by different sub-advisers.

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 (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, 2021, the Portfolio's Class S shares provided a total return of 27.30% compared to the Russell 2500^TM Value Index and the S&P SmallCap 600^® Value Index, which returned 27.78% and 30.95%, respectively, for the same period.

Portfolio Specifics: Broad U.S. equity markets delivered strong returns in 2021, buoyed by expanding vaccine availability, federal aid, positive economic news and strong corporate earnings reports. Stocks experienced some volatility throughout the year, however, due to the emergence of the delta and omicron variants of the coronavirus, supply chain constraints, inflation concerns and labor shortages.

Value stocks outperformed. Mid-cap stocks as measured by the Russell family of indices outperformed small cap equities but underperformed large cap equities. Value stocks outperformed growth stocks for the period among mid-cap stocks.

The Portfolio underperformed the Russell 2500^TM Value Index after the deduction of fees and expenses but outperformed before fees and expenses during the reporting period. 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 Mid Cap Value sleeve underperformed its benchmark, the Russell Midcap^® Value Index, for the year. Stock selection in materials hindered relative performance. Higher materials costs pressured containers and packaging holdings such as Sonoco Products. A lack of exposure to the metals and mining industry also dampened relative returns. Security selection in financials weighed on relative returns against a backdrop of strong equity markets and continued re-openings. Our preference for higher-quality banks and our investments in insurance dampened performance. Not owning companies in the consumer finance industry also detracted. On a positive note, stock selection in industrials contributed to performance. Select holdings in the machinery and electrical equipment industries benefited performance. Electrical product provider nVent Electric was a top performer.

The Small Cap Value sleeve, however, outperformed its benchmark, the Russell 2000^® Value Index. Stock selection in the financials sector aided relative performance. Signature Bank, a top performer, is what we believe to be a higher-quality, New York-based commercial bank that reported improved credit trends and deposit growth. Stock selection in information technology also lifted relative performance, assisted by software investments such as Teradata. Teradata benefited from growth in its public cloud business. Stock selection in materials, and especially in the containers and packaging industry, weighed on relative performance. Pactiv Evergreen, a producer of fresh food and beverage packaging, underperformed. Pactiv faced transitory challenges caused by the pandemic.

The blended Portfolio outperformed its benchmark, the Russell 2500^® Value Index before the deduction of fees and expenses but underperformed net of fees and expenses during the reporting period. Information technology holdings drove relative outperformance, aided by an investment in Teradata. The market reacted favorably after this leader in software for database management reported strong quarterly results. In addition, investors were encouraged by better-than-expected data for Teradata's public cloud business, validating the strategic efforts initiated by new senior management to strengthen its position in public cloud. ConcoPhillips was another strong performer. This exploration and production company outperformed due in part to its continued strong execution. During the third quarter, it unveiled what we think is an attractive 10-year financial plan and announced an attractively priced acquisition of assets from a competitor. The stock also benefited from stronger commodity prices. Stock selection in materials detracted from relative performance, as higher input costs pressured several containers and packaging holdings. Among individual holdings, Zimmer Biomet Holdings was a prominent detractor. This medical device company underperformed following strong performances in the second half of 2020, when elective surgeries began to be allowed during the pandemic. With the omicron surge toward the end of 2021, many providers delayed elective surgeries.

Current Strategy and Outlook: The Portfolio seeks to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company. Our process is based on individual security selection, but broad themes have emerged.

We do not rely on impending catalysts in our process. Investors wonder if there are impending catalysts that might bring about a long-awaited and a 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, in our opinion. When a catalyst becomes recognizable to the market, in our view the corresponding securities may have already become less attractive on a relative risk/reward basis.

We believe companies in the consumer staples sector generally offer strong defensive characteristics. Furthermore, we believe many of our holdings have taken steps to improve operations and strengthen their balance sheets. We added to some of our positions as select securities became more attractively priced in our view.

We believe the financial sector offers select higher-quality companies that fit our process. We prefer trust banks and other financials that risk minimal capital as part of their business model. Our exposure to banks focuses on those we think are more likely to manage credit successfully through the ups and downs of the business cycle.

The pandemic accelerated paradigm-shifting structural trends. For example, we believe de-denisfication 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. Declining technology costs and growing environmental concerns have created opportunities, in our view, 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 opinion, 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, 2021
(as a percentage of net assets)

Financials	21.7	%
Industrials	15.9	%
Health Care	12.8	%
Consumer Discretionary	9.9	%
Information Technology	8.7	%
Consumer Staples	7.2	%
Real Estate	6.4	%
Utilities	5.6	%
Materials	5.1	%
Energy	3.8	%
Communication Services	1.2	%
Assets in Excess of Other Liabilities*	1.7	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021*
(as a percentage of net assets)

Zimmer Biomet Holdings, Inc.	2.2	%
Northern Trust Corp.	1.7	%
Cerner Corp.	1.6	%
Conagra Brands, Inc.	1.4	%
Advance Auto Parts, Inc.	1.4	%
Bank of New York Mellon Corp.	1.4	%
Edison International	1.4	%
Southwest Airlines Co.	1.3	%
Sonoco Products Co.	1.2	%
Emerson Electric Co.	1.2	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

VY^® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		26.94	%		10.12	%		12.86	%
Class I		27.57	%		10.66	%		13.42	%
Class S		27.30	%		10.39	%		13.13	%
Class S2		27.11	%		10.22	%		12.97	%
Russell 2500^TM Value Index		27.78	%		9.88	%		12.43	%
S&P SmallCap 600^® Value Index		30.95	%		10.25	%		13.52	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® American Century Small-Mid Cap Value Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the

Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® BARON GROWTH PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 20.43% compared to the Russell 2000^® Growth Index and the Russell 2500^TM Growth Index, which returned 2.83% and 5.04%, respectively, for the same period.

Portfolio Specifics: The U.S. stock market rose relatively steadily during 2021, buoyed by COVID-19 vaccines, strong corporate earnings, and robust consumer demand. While the distribution of vaccines and lifting of lockdowns kicked off an economic rebound at the start of the year, the subsequent emergence of new variants slowed the recovery. Investors largely shrugged off concerns around labor shortages, supply chain issues, rising inflation, and signs that the U.S. Federal Reserve Board would taper its Quantitative Easing program. Large cap equities significantly outpaced small- and mid-cap stocks, particularly in the second half of the year.

Absolute Performance: Shares of investment decision support tools provider MSCI, Inc. increased on solid earnings and upbeat management reports. MSCI, Inc. enhanced its private markets capabilities with the acquisition of Real Capital Analytics. We believe the company owns strong, "all weather" franchises and we believe remains positioned to benefit from numerous secular tailwinds in the investment community.

Shares of syndicated IT research provider Gartner, Inc. increased on financial results that significantly beat street forecasts. Growth in the research business reaccelerated to double-digit levels, led by the Global Business Services segment, which is benefiting from a multi-year investment cycle. We expect improved revenue growth and renewed focus on cost control to drive margin expansion and enhanced cash generation. In our view, Gartner, Inc.'s stellar balance sheet can support aggressive share repurchases and bolt-on acquisitions, in our view.

Shares of hotel franchisor Choice Hotels International, Inc. rose in 2021 on earnings that surpassed pre-pandemic levels, beating investor expectations. Work-from-anywhere policies implemented during the pandemic, which allowed people to add leisure travel to their business plans, boosted demand, augmenting revenue per available room. Unit growth in Choice Hotels International, Inc.'s higher revenue-generating brands also added to fee-based income. We retain conviction given what we believe to be the company's strong franchising business, consistent profitability, and continued new unit growth.

Shares of regional casino company Penn National Gaming, Inc. declined due to market share losses and increased marketing costs related to online sports betting company Barstool Sportsbook. Penn National Gaming, Inc.'s increased exposure in this highly competitive business with its $2 billion acquisition of sports betting app theScore also pressured shares. We think Penn National Gaming, Inc. will have a solid foothold in the U.S. and Canada with these two purchases. Penn National Gaming, Inc. has a strong balance sheet to fund its digital losses, and we expect it to be profitable by 2023.

Real estate data and marketing platform CoStar Group, Inc. detracted as record-high apartment occupancy caused a slowdown in its multifamily marketing platform. We think this condition is temporary and growth will improve through higher prices and better customer segmentation. We believe CoStar Group, Inc. push into the residential market, while requiring a meaningful short-term investment, should ultimately yield high returns and enhance growth and profitability, in our view.

Shares of corporate childcare provider Bright Horizons Family Solutions, Inc. dropped in 2021 as COVID-19 variants pushed out its re-enrollment ramp and labor shortages pressured capacity and margins. The possibility that more hybrid work-from-home arrangements could result in lower demand for services also hurt share price. We continue to like what we believe to be this high-quality name.

Relative Performance: The Portfolio outperformed the Russell 2000^® Growth Index in 2021 due to stock selection, differences in sector/sub-industry weights, and tailwinds from style biases, particularly underexposure to the weak performing residual volatility and beta factors.

Investments in health care, financials, and information technology added the most value. Within health care, lower exposure to lagging biotechnology stocks contributed over 585 basis points. Strength in the sector also came from Bio-Techne Corporation, veterinary diagnostics leader IDEXX Laboratories, Inc., and pharmaceutical packaging manufacturer West Pharmaceutical Services, Inc. Gains in financials were driven by financial exchanges & data providers MSCI, Inc. and FactSet Research Systems, Inc. Independent investment research provider Morningstar, Inc., asset manager The Carlyle Group Inc., and specialty insurer Arch Capital Group Ltd. also performed well in the sector. Performance in IT was bolstered by Gartner, Inc. Positive stock selection in information technology was somewhat offset by lack of exposure to semiconductor stocks.

Underperformance of industrials and consumer discretionary investments weighed the most on relative results. Weakness in industrials came from CoStar Group, Inc., while Penn National Gaming, Inc. and Bright Horizons Family Solutions, Inc. were responsible for the relative shortfall in the consumer discretionary sector.

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 what we believe are open-ended growth opportunities, competitive advantages, and what we believe to be excellent management, at attractive valuations. While we are certainly aware of short-term macro events, we do not manage the Portfolio in response to these developments. Rather, we position the Portfolio to seek to benefit from what we believe to be durable growth opportunities over the long term.

Sector Diversification
as of December 31, 2021
(as a percentage of net assets)

Financials	31.4	%
Consumer Discretionary	22.2	%
Health Care	14.6	%
Information Technology	14.6	%
Industrials	7.4	%
Real Estate	6.2	%
Communication Services	3.6	%
Assets in Excess of Other Liabilities	0.0	%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021
(as a percentage of net assets)

MSCI, Inc. — Class A	10.2	%
Vail Resorts, Inc.	7.3	%
Choice Hotels International, Inc.	7.0	%
Factset Research Systems, Inc.	5.8	%
Gartner, Inc.	5.6	%
ANSYS, Inc.	4.6	%
Idexx Laboratories, Inc.	4.5	%
CoStar Group, Inc.	4.2	%
Bio-Techne Corp.	3.8	%
Morningstar, Inc.	3.4	%

Portfolio holdings are subject to change daily.

VY^® BARON GROWTH PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		20.14	%		22.53	%		16.81	%
Class I		20.73	%		23.14	%		17.39	%
Class R6⁽¹⁾		20.74	%		23.15	%		17.40	%
Class S		20.43	%		22.83	%		17.10	%
Class S2		20.25	%		22.64	%		16.93	%
Russell 2000^® Growth Index		2.83	%		14.53	%		14.14	%
Russell 2500^TM Growth Index		5.04	%		17.65	%		15.75	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® Baron Growth Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

⁽¹⁾ Class R6 incepted on May 3, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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, 2021, the Portfolio's Class S shares provided a total return of 23.94% compared to the Russell 1000^® Index, which returned 26.45% for the same period.

Portfolio Specifics: The Portfolio's relative underperformance was driven by a combination of stock selection and sector allocation. From an allocation perspective, overweights to the communication services and materials sectors hurt relative performance. An underweight to the strong performing real estate sector also detracted from performance. The industrials sector was the weakest sector for the Portfolio, driven primarily by stock selection, most notably Uber, but also Southwest Airlines and Honeywell. Health care was also an area of detraction. Medical devices company, Medtronic, was the biggest relative detractor. We remain confident in Medtronic's new management team and believe that it will be among top performers in the health care sector once we are through the last COVID-19 surge from the Omicron variant. Other health care holdings that weighed on relative performance included, BioMarin and Vertex, health care equipment company, Dentsply Sirona, Inc. and Johnson & Johnson. Activision Blizzard, Inc. and T-Mobile USA, Inc., both within the communication services sector, were among the Portfolio's largest top detractors during the year. Within the consumer staples sector, Coca-Cola Company (which has been sold from the Portfolio) and Sysco Corporation disappointed. Within consumer discretionary, the Portfolio's large holding in Amazon.com (which had been a huge positive contributor in 2020) weighed on results, as did Dollar Tree (which has been sold from the Portfolio).

The Portfolio's overweight allocations to financials, energy and information technology contributed positively to performance versus the Russell 1000^® Index. Underweight allocations to the utilities and consumer staples also added to relative results. The information technology sector was the Portfolio's strongest area of contribution, with performance driven by strong stock selection. Holdings that delivered strong results included software companies Intuit, Microsoft and Palo Alto Networks. Semiconductor equipment companies NVIDIA Corp., Lam Research Corp., and Marvell Technology were also strong contributors to performance. Within energy, all three of the Portfolio's holdings, Canadian Natural Resources Limited, Chevron and EOG Resources, Inc. benefited the Portfolio's performance versus the Russell 1000^® Index. Eli Lilly and Company stood out in the sector as a significant positive contributor in health care. Within the financials sector notable contributors included Morgan Stanley, Bank of America Corp. and American Express. In the communications sector, Alphabet was one of the Portfolio's top individual contributors for the year.

Current Strategy and Outlook: In our opinion, the market's focus remains on the re-opening of economic activity, supply-chain improvement and a return to normal life, post-COVID-19. The rapid spread of the virus caused by the Omicron variant in the last month of 2021 has been mitigated thus far by the fact that cases have been much milder. Concerns for financial markets also include inflation and the pace and timing of interest rate hikes by the U.S. Federal Reserve Board. In our view, corporate earnings and capital markets remain strong, and our Contrarian Core team continues to be positive in its overall market outlook, while recognizing that recovery still depends on getting the coronavirus fully under control.

Sector Diversification
as of December 31, 2021
(as a percentage of net assets)

Information Technology	32.3	%
Health Care	13.4	%
Communication Services	11.8	%
Financials	10.0	%
Consumer Discretionary	9.2	%
Industrials	8.3	%
Consumer Staples	4.5	%
Materials	3.1	%
Energy	3.0	%
Utilities	1.7	%
Real Estate	1.2	%
Assets in Excess of Other Liabilities*	1.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021
(as a percentage of net assets)

Microsoft Corp.	7.1	%
Apple, Inc.	6.4	%
Amazon.com, Inc.	4.4	%
Alphabet, Inc. — Class C	2.8	%
Berkshire Hathaway, Inc. — Class B	2.7	%
Raytheon Technologies Corp.	2.7	%
Alphabet, Inc. — Class A	2.6	%
Johnson & Johnson	2.5	%
Meta Platforms, Inc.	2.3	%
TE Connectivity Ltd.	2.2	%

Portfolio holdings are subject to change daily.

VY^® COLUMBIA CONTRARIAN CORE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		23.62	%		16.92	%		15.18	%
Class I		24.23	%		17.50	%		15.77	%
Class S		23.94	%		17.25	%		15.49	%
Russell 1000^® Index		26.45	%		18.43	%		16.54	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® Columbia Contrarian Core Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

Prior to April 30, 2013, the Portfolio was managed by a different sub-adviser. The Portfolio's performance information for these periods reflects returns achieved by different sub-advisers.

PORTFOLIO MANAGERS' REPORT

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

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, 2021, the Portfolio's Class I shares provided a total return of 34.52% compared to the Russell 2000^® Value Index, which returned 28.27% for the same period.

Portfolio Specifics: For year ended December 31, 2021, Portfolio meaningfully outperformed the Russell 2000^® Value Index, which returned 28.27% for the period. Outperformance was driven by strong, broad-based stock selection across a variety of sectors. Selection was especially strong within consumer staples, financials, industrials, and information technology. Selection within consumer discretionary detracted from relative results (though this was largely due to the strategy not owning GameStop). Sector allocation added to relative results, due in large part to an underweight to the underperforming healthcare sector.

Despite continued challenges due to the COVID-19 pandemic as well as supply chain disruptions and rising inflation, equity markets posted remarkably strong returns in 2021. High levels of fiscal and monetary stimulus along with strong consumer spending and corporate earnings propelled markets higher. Our long-standing investment process of searching for value companies that are exhibiting signs of early improvement and upward inflection allowed us to generate significant outperformance in this market environment. 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 environments as well.

In terms of individual securities, one of the top contributors to relative performance was our position in United Natural Foods. Shares in the company, which is a leading distributor of health and specialty foods, saw tailwinds from the coronavirus pandemic as consumers looked for healthy foods at home. The company also announced they extended their distribution contract with Whole Foods through 2027.

Current Strategy and Outlook: We continue to be cautiously optimistic on equity markets and believe that the expansionary trajectory of the economy will continue. In our view, consumer spending remains strong and we believe that supply chain issues will alleviate eventually. While inflation may remain higher for longer, we do not see this as being enough to derail further growth, in our opinion. Of course, the COVID-19 pandemic has not gone away and continues to be something we must monitor closely.

As of year-end, the Portfolio is overweight industrials, information technology (specifically semiconductors), materials, and financials. Underweights remain in healthcare, real estate, and communication services.

Sector Diversification
as of December 31, 2021
(as a percentage of net assets)

Financials	29.0	%
Industrials	18.7	%
Information Technology	9.1	%
Consumer Discretionary	7.8	%
Real Estate	7.0	%
Materials	6.6	%
Energy	6.5	%
Health Care	5.6	%
Utilities	4.6	%
Consumer Staples	3.8	%
Communication Services	1.1	%
Assets in Excess of Other Liabilities*	0.2	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021
(as a percentage of net assets)

Axos Financial, Inc.	1.6	%
Ovintiv, Inc.	1.6	%
First Industrial Realty Trust, Inc.	1.6	%
SMART Global Holdings, Inc.	1.5	%
ArcBest Corp.	1.5	%
UMB Financial Corp.	1.4	%
Kforce, Inc.	1.4	%
Diodes, Inc.	1.4	%
Focus Financial Partners, Inc.	1.4	%
United Natural Foods, Inc.	1.4	%

Portfolio holdings are subject to change daily.

VY^® COLUMBIA SMALL CAP VALUE II PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		33.85	%		9.74	%		12.16	%
Class I		34.52	%		10.30	%		12.72	%
Class R6⁽¹⁾		34.57	%		10.32	%		12.73	%
Class S		34.22	%		10.02	%		12.43	%
Class S2		33.96	%		9.86	%		12.27	%
Russell 2000^® Value Index		28.27	%		9.07	%		12.03	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® Columbia Small Cap Value II Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® INVESCO COMSTOCK PORTFOLIO

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, and James Warwick, each a Portfolio Manager* of Invesco Advisers, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 32.96% compared to the Russell 1000^® Value Index and the S&P 500^® Index, which returned 25.16% and 28.71%, respectively, for the same period.

Portfolio Specifics: For the year ended December 31, 2021, the Portfolio outperformed the Russell 1000^® Value Index. On the positive side, stock selection and an overweight in energy boosted relative return. Energy stocks were buoyed by rising oil prices resulting from OPEC production cuts and a gas and oil shortage in Europe and Asia. Devon Energy, Marathon Oil and Canadian Natural Resources were leading contributors to absolute and relative returns. Strong stock selection within industrials also boosted relative return. Johnson Controls International and Textron added to both absolute and relative returns. Textron benefited from a material uptick in business jet orders. Stock selection and an overweight in financials was a large contributor to relative return. American International, Bank of America and Wells Fargo aided both absolute and relative returns. We believe that financial companies are well positioned to benefit as interest rates/yields move higher and loan growth recovers. A material underweight to communication services enhanced relative returns, as the sector was the worst performing sector for the year.

On the negative side, although the average cash allocation averaged less than 3% for the period, cash was a large detractor in a strong equity market. Having a material underweight to real estate also detracted from relative returns, as the sector was the second-best performing sector for the period. Stock selection in consumer discretionary detracted from relative return, with Las Vegas Sands and not owning Ford Motor Company were the largest detractors in the sector. Las Vegas Sands stock underperformed due to COVID-19 restrictions as well as uncertainty surrounding the Macau government's re-tendering of casino/gaming licenses and divestiture of its U.S. casinos.

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. 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 in financial and energy companies and is also overweight information technology, consumer staples and industrials stocks. Conversely, the Portfolio is underweight real estate, utilities, communication services, healthcare and consumer discretionary.

Despite recent fears of inflation and the new Omicron variant causing a decrease in consumer demand, we remain cautiously optimistic about the longer-term outlook for U.S. and global economies. Though the creation of new vaccines and recently approved COVID-19 treatments should provide a measure of stability, we believe equity markets may experience continued volatility.

Sector Diversification
as of December 31, 2021
(as a percentage of net assets)

Financials	23.3	%
Health Care	15.5	%
Industrials	12.9	%
Information Technology	12.7	%
Energy	11.4	%
Consumer Staples	8.7	%
Consumer Discretionary	4.5	%
Materials	4.5	%
Utilities	1.7	%
Communication Services	1.3	%
Real Estate	1.0	%
Assets in Excess of Other Liabilities*	2.5	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021*
(as a percentage of net assets)

Bank of America Corp.	3.4	%
Philip Morris International, Inc.	3.0	%
Citigroup, Inc.	2.9	%
Anthem, Inc.	2.5	%
Wells Fargo & Co.	2.4	%
American International Group, Inc.	2.3	%
Cisco Systems, Inc.	2.3	%
Cognizant Technology Solutions Corp.	2.2	%
CVS Health Corp.	2.0	%
General Motors Co.	2.0	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

* Effective July 8, 2021, Charles DyReyes no longer serves as a portfolio manager for the Portfolio.

VY^® INVESCO COMSTOCK PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		32.69	%		11.03	%		12.43	%
Class I		33.33	%		11.59	%		12.99	%
Class S		32.96	%		11.31	%		12.71	%
Russell 1000^® Value Index		25.16	%		11.16	%		12.97	%
S&P 500^® Index		28.71	%		18.47	%		16.55	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® Invesco Comstock Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the

Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

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, 2021, the Portfolio's Class S shares provided a total return of 18.31% compared to the Russell 1000^® Value Index, Bloomberg U.S. Government/Credit Index and the 60% Russell 1000^® Value Index/40% Bloomberg U.S. Government/Credit Index, which returned 25.16%, -1.75% and 13.91%, respectively, for the same period.

Portfolio Specifics: For the year ended December 31, 2021, the Portfolio outperformed the 60% Russell 1000^® Value Index/40% Bloomberg U.S. Government/Credit Index.

The equity sleeve underperformed the Russell 1000^® Value Index. Within the equity allocation, stock selection in health care and information technology ("IT") detracted from relative returns. In health care, Zimmer Biomet and Medtronic were key detractors from both relative and absolute performance. Device makers suffered as COVID-19 variants began to spread rapidly, causing delays or cancellations to elective procedures.

Within IT, Splunk and Intel posted double-digit declines. Intel provided weaker guidance for the full year, driven by shortages of production components for microchips. Splunk announced an abrupt CEO departure in November that was viewed skeptically by investors, causing a sharp selloff in the stock.

Within the equity portion of the Portfolio, stock selection in industrials was the largest contributor to relative returns, due primarily to Johnson Controls. The company reported better than expected earnings driven in part by strength in its HVAC segment.

Stock selection and an overweight in financials also aided relative performance. Wells Fargo, Bank of America, AIG and Goldman Sachs were significant contributors.

Stock selection and an overweight in energy also contributed to relative returns during the year.

The Portfolio's non-equity sleeve holds investment grade bonds and convertible securities as a source of income and to provide stability amid market volatility. Both asset classes underperformed the Bloomberg U.S. Government/Credit Index during the year and detracted from relative performance.

The Portfolio's cash position, while less than 3.5% on average, also detracted from relative returns amid the strong market environment.

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 positive impact on the Portfolio's relative performance for the fiscal year.

Current Strategy and Outlook: During the fiscal year, the team eliminated equity positions in materials, energy and financials, and added positions in communication services, consumer discretionary and health care. At the end of the fiscal year, the Portfolio's largest overweight exposures were in IT and consumer discretionary, while the largest underweights were in health care and utilities.

Top Ten Holdings
as of December 31, 2021*
(as a percentage of net assets)

United States Treasury Note, 1.250%, 11/30/26	3.8	%
Wells Fargo & Co.	2.4	%
General Motors Co.	2.3	%
United States Treasury Note, 1.000%, 12/15/24	2.1	%
Cognizant Technology Solutions Corp.	2.0	%
United States Treasury Note, 1.500%, 11/30/28	2.0	%
Bank of America Corp.	1.9	%
CBRE Group, Inc.	1.9	%
CSX Corp.	1.6	%
American International Group, Inc.	1.5	%

* Excludes short-term investments.

Portfolio holdings are subject to change daily.

Sector Diversification
as of December 31, 2021
(as a percentage of net assets)

Financials	21.4	%
Health Care	9.9	%
U.S. Treasury Notes	8.7	%
Industrials	8.6	%
Information Technology	8.5	%
Energy	6.0	%
Communications	5.4	%
Consumer Discretionary	5.2	%
Communication Services	4.5	%
Consumer Staples	3.3	%
Technology	3.3	%
Consumer, Non-cyclical	2.7	%
Utilities	2.2	%
Real Estate	1.9	%
Materials	1.9	%
U.S. Treasury Bonds	1.7	%
Consumer, Cyclical	1.5	%
Basic Materials	0.1	%
Federal National Mortgage Association	0.1	%
Municipal Bonds	0.0	%
Assets in Excess of Other Liabilities*	3.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

VY^® INVESCO EQUITY AND INCOME PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		18.03	%		8.98	%		10.02	%
Class I		18.60	%		9.52	%		10.57	%
Class S		18.31	%		9.25	%		10.30	%
Class S2		18.17	%		9.11	%		10.15	%
Russell 1000^® Value Index		25.16	%		11.16	%		12.97	%
Bloomberg U.S. Government/Credit Index		-1.75	%		3.99	%		3.13	%
60% Russell 1000^® Value Index/40% Bloomberg U.S. Government/Credit Index		13.91	%		8.62	%		9.21	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® Invesco Equity and Income Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the

Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® INVESCO GLOBAL PORTFOLIO

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 15.13% compared to the MSCI All Country World Index^SM (the "Index"), which returned 18.54% for the same period.

Portfolio Specifics: For the reporting period, the Portfolio underperformed the Index. Three sectors were the primary drivers of our relative performance. Those were the information technology, consumer discretionary and healthcare sectors. Our relative deficits in those sectors were sizable enough to exceed the relatively good results we had in the communication service and real estate sectors, among others.

The top individual positions which contributed to our results were Alphabet Inc, which is dominant in many areas of increasing relevance, Intuit Inc the brand owner of both TurboTax and QuickBooks, the small business cornerstones, and S&P Global Inc, a company benefiting from rising debt issuance and the increasing prevalence of passive investing.

2021, as in every year, had its share of things which did not go as planned. JD.com was one such name. The company is fine, in our opinion, China however had its share of woes in 2021 and JD was not immune to it. It fell by 20%. StoneCo Ltd Class A is another company that disappointed. It is a Brazilian digital payments processor that had some execution mistakes and was then hurt by the domestic economic downturn in that country. Farfetch Limited Class A is an e-commerce company that is focused on luxury goods. It's share price declined during the period due to concerns about the Chinese economy and expectations that ended 2020, simply too high.

Current Strategy and Outlook: Our thematic, long-term, investment style leads us towards what we believe are 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. Also, 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 believe and behave with a long-term focus.

Geographic Diversification
as of December 31, 2021
(as a percentage of net assets)

United States	58.1	%
Japan	12.0	%
France	8.5	%
India	4.5	%
Netherlands	3.7	%
China	3.6	%
Sweden	3.5	%
Germany	2.5	%
United Kingdom	1.1	%
Switzerland	1.0	%
Countries between 0.2%-0.4%^	1.0	%
Assets in Excess of Other Liabilities*	0.5	%
Net Assets	100.0	%

* Includes short-term investments.

^ Includes 4 countries, which each represents 0.2%-0.4% of net assets.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021
(as a percentage of net assets)

Alphabet, Inc. — Class A	11.3	%
Intuit, Inc.	6.5	%
S&P Global, Inc.	5.3	%
LVMH Moet Hennessy Louis Vuitton SE	5.3	%
Meta Platforms, Inc.	5.1	%
Adobe, Inc.	4.3	%
Analog Devices, Inc.	3.4	%
Nidec Corp.	3.3	%
JD.com, Inc. ADR	3.3	%
Keyence Corp.	3.0	%

Portfolio holdings are subject to change daily.

* Prior to May 1, 2021, the Portfolio was known as "VY^® Invesco Oppenheimer Global Portfolio."

VY^® INVESCO GLOBAL PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		14.80	%		17.56	%		13.73	%
Class I		15.37	%		18.15	%		14.29	%
Class S		15.13	%		17.86	%		14.00	%
Class S2		14.91	%		17.67	%		13.83	%
MSCI All Country World Index^SM		18.54	%		14.40	%		11.85	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® Invesco Global Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

Prior to June 27, 2019, the Portfolio was managed by a different sub-adviser. The Portfolio's performance information for these periods reflects returns achieved by different sub-advisers.

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, 2021, the Portfolio's Class S shares provided a total return of 29.51% compared to the Russell Midcap^® Value Index (the "Index" or "Russell Midcap^® Value"), which returned 28.34% for the same period.

Portfolio Specifics: Equity markets rallied during the reporting year, despite a bumpy ride highlighted by an increase in COVID-19 cases and macroeconomic concerns. Ultimately investors chose to focus on improving fundamentals over short-term headlines, as robust 3rd quarter earnings and favorable forward looking guidance led the market to continued all-time highs.

2021 was a banner year for markets, with the Russell Midcap^® Value returning over 28%. Despite the strong overall return, volatility persisted underneath the hood, as COVID-19 surges, mixed economic data, and supply chain issues remained in the headlines. The Portfolio was able to navigate the pockets of volatility; outperforming its benchmark. In terms of portfolio impact, industrials was our top contributor to performance, with health care as the most challenged sector.

Our stock selection within industrials has been additive, as we have been able to gain exposure to cyclicality through high quality companies that have been able to maintain strong pricing power during a difficult operating environment. One of our top contributors was CSL, a diversified manufacturer that serves a broad range of niche industrial markets with significant exposure to commercial roofing. CSL continued to deliver strong earnings as the year progressed, which demonstrates that construction projects are rebounding, in our view, amidst the economic recovery. Despite the recent outperformance, we still view CSL as attractively valued given their ability to capitalize on the cyclical uptick, which we believe will allow for continued margin and return improvement. Additionally, we appreciate management's history of delivering steady and consistent cash flows, and their focus on returning capital to shareholders.

On the other hand, health care has been a detractor from a stock selection perspective. Particularly, our position in ("ZBH") has lagged this year as hospitals have been forced to postpone elective surgeries in response to increasing COVID-19 cases. While this continues to hamper earnings, we believe that management is navigating this situation well, and will be well-positioned for a rebound once elective surgeries resume at a more normalized pace. Additionally, ZBH's size as the largest manufacturer of orthopedic devices, plus current valuations, provide significant room for multiple expansion, in our opinion. Finally, the company has recently delivered multiple successful product launches, which we believe should increase the magnitude of the future recovery and set up for long-term earnings and margin expansion.

Current Strategy and Outlook: Equity markets delivered a strong market rally in 2021, and Russell Midcap^® Value was one of the top performers (+28%) on the heels of positive COVID-19 vaccine rollouts and optimism around an economic recovery. However, the year was mired with negative headlines surrounding inflation, supply chain issues, and surging COVID-19 cases; all of which led to volatility across the marketplace. This has created what we believed to be an attractive environment to find high quality companies that can benefit from the economic recovery at compelling valuations.

Wide intra-sector valuation spreads have led to heightened portfolio activity, with over 15 initiations this year. Financials remains our highest conviction sector given what we view as an attractive economic backdrop, excellent credit fundamentals, and relatively undemanding valuations, yet we've taken profits on strength in 2021. We expect strong spending trends thanks to elevated wealth levels, healthy balance sheets & pent-up demand; short-term supply chain & Omicron variant fears have given us opportunities to add to select retailers (Tapestry) and auto parts repair (LKQ). Investors' narrow focus on high growth has given us the opportunity to invest in companies who we believe are well-run with impressive management teams at what we view as attractive multiples (FleetCor Technologies & NortonLifeLock); but remain underweight the sector due to overall high valuations. We have taken profits in the top performing energy sector. We maintain an approach of investing in companies with well-located assets, strong balance sheets, and a shareholder friendly approach to capital allocation.

Sector Diversification
as of December 31, 2021
(as a percentage of net assets)

Financials	22.3	%
Industrials	14.1	%
Real Estate	12.1	%
Consumer Discretionary	11.3	%
Utilities	8.1	%
Information Technology	7.3	%
Health Care	6.8	%
Materials	4.9	%
Communication Services	4.1	%
Consumer Staples	4.1	%
Energy	4.0	%
Assets in Excess of Other Liabilities*	0.9	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021
(as a percentage of net assets)

Ameriprise Financial, Inc.	1.9	%
Autozone, Inc.	1.6	%
Huntington Bancshares, Inc.	1.6	%
Motorola Solutions, Inc.	1.6	%
M&T Bank Corp.	1.6	%
Laboratory Corp. of America Holdings	1.5	%
Loews Corp.	1.5	%
Fortune Brands Home & Security, Inc.	1.5	%
Xcel Energy, Inc.	1.5	%
Fifth Third Bancorp	1.5	%

Portfolio holdings are subject to change daily.

VY^® JPMORGAN MID CAP VALUE PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		29.15	%		10.07	%		12.41	%
Class I		29.79	%		10.63	%		12.98	%
Class S		29.51	%		10.36	%		12.70	%
Class S2		29.29	%		10.19	%		12.53	%
Russell Midcap^® Value		28.34	%		11.22	%		13.44	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® JPMorgan Mid Cap Value Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the

Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

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

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

Performance: For the year ended December 31, 2021, the Portfolio's Class S shares provided a total return of 13.58% compared to the S&P MidCap 400^® Index and the Russell Midcap^® Growth Index, which returned 24.76% and 12.73%, respectively, for the same period.

Portfolio Specifics: The Portfolio outperformed the Russell Midcap Growth Index, for the reporting period. Broadly speaking, stock selection drove relative outperformance, although sector allocation had a negative impact.

Information technology contributed to relative results, due to stock selection. Fortinet is a network firewall security company with steady growth and what we believe to be a thoughtful capital allocation approach that is both profitable and trading at a reasonable valuation relative to peers, in our view. Shares traded higher over the period driven by product and revenue growth.

Security selection in the consumer discretionary sector aided relative performance. AutoZone is a leading distributor of automotive replacement parts and accessories, selling products to both do-it-yourself and commercial customers. Shares traded higher as the company reported strong sales and earnings results due to the company being able to attract customers through reliable product availability, in our view.

Stock choices in the consumer staples sector also had a positive impact on relative results, driven by BJ's Wholesale Club Holdings.

Conversely, industrials and business services weighed on relative results, due to stock selection and an unfavorable underweight position. Array Technologies is a leading manufacturer of solar trackers in large, utility-scale solar operations. The trackers allow the solar panels to move and track the sun throughout the day, leading to greater energy generation. Shares plunged after the company noted that it was unable to affirm its previous earnings guidance for fiscal year 2021 due to surging steel and freight prices. Considering that industry competition is tough, we decided to exit the stock in favor of what we believe to be better long-term growth opportunities.

The Portfolio's overweight to the communication services sector also hindered relative returns during the period, although the effect was partially offset by security selection.

Current Strategy and Outlook: After back-to-back years of strong performance across most equity and credit sectors, we believe that global markets face more uncertain prospects in 2022. In our view, investors will need to use greater selectivity to identify potential opportunities. We believe that higher inflation, a shift toward monetary tightening, and new coronavirus variants all pose potential challenges for economic growth and earnings — at a time when valuations, in our view, appear elevated across many asset categories. Many believe that as governments and central banks withdraw the massive stimulus applied during the pandemic, economic growth inevitably will slow sharply. But in our opinion, slower growth doesn't necessarily mean low growth. We believe that a number of tailwinds should sustain the recovery in 2022, including strong consumer and corporate balance sheets.

Sector Diversification
as of December 31, 2021
(as a percentage of net assets)

Information Technology	35.3	%
Health Care	18.1	%
Consumer Discretionary	15.7	%
Industrials	12.8	%
Communication Services	5.0	%
Financials	4.3	%
Materials	2.5	%
Consumer Staples	2.4	%
Energy	2.0	%
Real Estate	1.8	%
Assets in Excess of Other Liabilities*	0.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021*
(as a percentage of net assets)

Fortinet, Inc.	1.4	%
Cadence Design Systems, Inc.	1.3	%
McKesson Corp.	1.3	%
Chipotle Mexican Grill, Inc.	1.3	%
DexCom, Inc.	1.2	%
Palo Alto Networks, Inc.	1.2	%
Lululemon Athletica, Inc.	1.1	%
Trade Desk, Inc./The	1.1	%
Microchip Technology, Inc.	1.1	%
Amphenol Corp.	1.1	%

* 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.

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

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		13.24	%		19.38	%		16.38	%
Class I		13.80	%		19.98	%		16.94	%
Class R6⁽¹⁾		13.80	%		20.01	%		16.96	%
Class S		13.58	%		19.68	%		16.65	%
Class S2		13.28	%		19.50	%		16.48	%
S&P MidCap 400^® Index		24.76	%		13.09	%		14.20	%
Russell Midcap^® Growth Index		12.73	%		19.83	%		16.63	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS' REPORT

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

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, 2021, the Portfolio's Class I shares, provided a total return of 20.15% compared to the S&P 500^® Index and the Russell 1000^® Growth Index, which returned 28.71% and 27.60%, respectively, for the same period.

Portfolio Specifics: The Portfolio underperformed the S&P 500^® Index for the period. Stock selection largely drove the relative underperformance. Information technology was the leading relative detractor, due to security selection. Consumer discretionary also hindered relative results, owing to stock choices. The communication services sector further weighed on returns due to an overweight exposure, although favorable stock picks partially offset losses. Conversely, a lack of exposure to consumer staples and utilities aided relative performance.

The information technology sector detracted the most during the period. Shares of Zoom Video Communications traded lower due to faster-than-expected churn within small and mid-size customers as some employees begin to return to the office.

Consumer staples and utilities were the only two sectors that aided relative performance due to a lack of exposure.

Current Strategy and Outlook: After back-to-back years of strong performance across most equity and credit sectors, in our view global markets face more uncertain prospects in 2022. We believe that investors will need to use greater selectivity to identify potential opportunities. We also believe that higher inflation, a shift toward monetary tightening, and new coronavirus variants all pose potential challenges for economic growth and earnings — at a time when valuations, in our view, appear elevated across many asset categories. Many believe that as governments and central banks withdraw the massive stimulus applied during the pandemic, economic growth inevitably will slow sharply. But in our opinion, slower growth doesn't necessarily mean low growth. We believe that a number of tailwinds should sustain the recovery in 2022, including strong consumer and corporate balance sheets.

Sector Diversification
as of December 31, 2021
(as a percentage of net assets)

Information Technology	38.7	%
Consumer Discretionary	25.3	%
Communication Services	20.7	%
Health Care	7.8	%
Industrials	4.5	%
Financials	1.9	%
Assets in Excess of Other Liabilities*	1.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Top Ten Holdings
as of December 31, 2021
(as a percentage of net assets)

Microsoft Corp.	10.5	%
Amazon.com, Inc.	9.8	%
Rivian Automotive, Inc. Lockup Shares	5.9	%
Apple, Inc.	5.8	%
Meta Platforms, Inc.	4.8	%
Alphabet, Inc. — Class A	4.2	%
Alphabet, Inc. — Class C	4.2	%
Intuit, Inc.	2.3	%
NetFlix, Inc.	1.9	%
Nvidia Corp.	1.8	%

Portfolio holdings are subject to change daily.

VY^® T. ROWE PRICE GROWTH EQUITY PORTFOLIO

PORTFOLIO MANAGERS' REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		19.54	%		22.59	%		18.51	%
Class I		20.15	%		23.21	%		19.11	%
Class S		19.85	%		22.89	%		18.81	%
Class S2		19.68	%		22.71	%		18.63	%
S&P 500^® Index		28.71	%		18.47	%		16.55	%
Russell 1000^® Growth Index		27.60	%		25.32	%		19.79	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® T. Rowe Price Growth Equity Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the

Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

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, 2021 to December 31, 2021. 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.

	Actual Portfolio Return									Hypothetical (5% return before expenses)
Voya Global Bond Portfolio	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*
Class ADV	$	1,000.00	$	978.20		1.17	%	$	5.83	$	1,000.00	$	1,019.31		1.17	%	$	5.96
Class I		1,000.00		981.30		0.67			3.35		1,000.00		1,021.83		0.67			3.41
Class S		1,000.00		979.10		0.92			4.59		1,000.00		1,020.57		0.92			4.69
Voya International High Dividend Low Volatility Portfolio
Class ADV	$	1,000.00	$	1,022.80		1.23	%	$	6.27	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		1,026.20		0.73			3.73		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		1,023.90		0.98			5.00		1,000.00		1,020.27		0.98			4.99
Class S2		1,000.00		1,023.50		1.13			5.76		1,000.00		1,019.51		1.13			5.75
VY^® American Century Small-Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,054.20		1.35	%	$	6.99	$	1,000.00	$	1,018.40		1.35	%	$	6.87
Class I		1,000.00		1,056.70		0.85			4.41		1,000.00		1,020.92		0.85			4.33
Class S		1,000.00		1,055.70		1.10			5.70		1,000.00		1,019.66		1.10			5.60
Class S2		1,000.00		1,054.70		1.25			6.47		1,000.00		1,018.90		1.25			6.36

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® Baron Growth Portfolio	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*
Class ADV	$	1,000.00	$	1,108.00		1.49	%	$	7.92	$	1,000.00	$	1,017.69		1.49	%	$	7.58
Class I		1,000.00		1,110.60		0.99			5.27		1,000.00		1,020.21		0.99			5.04
Class R6		1,000.00		1,110.50		0.97			5.16		1,000.00		1,020.32		0.97			4.94
Class S		1,000.00		1,109.30		1.24			6.59		1,000.00		1,018.95		1.24			6.31
Class S2		1,000.00		1,108.30		1.39			7.39		1,000.00		1,018.20		1.39			7.07
VY^® Columbia Contrarian Core Portfolio
Class ADV	$	1,000.00	$	1,069.40		1.23	%	$	6.42	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		1,071.80		0.73			3.81		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		1,070.20		0.98			5.11		1,000.00		1,020.27		0.98			4.99
VY^® Columbia Small Cap Value II Portfolio
Class ADV	$	1,000.00	$	1,055.30		1.42	%	$	7.36	$	1,000.00	$	1,018.05		1.42	%	$	7.22
Class I		1,000.00		1,057.80		0.92			4.77		1,000.00		1,020.57		0.92			4.69
Class R6		1,000.00		1,058.00		0.86			4.46		1,000.00		1,020.87		0.86			4.38
Class S		1,000.00		1,056.60		1.17			6.06		1,000.00		1,019.31		1.17			5.96
Class S2		1,000.00		1,055.60		1.32			6.84		1,000.00		1,018.55		1.32			6.72
VY^® Invesco Comstock Portfolio
Class ADV	$	1,000.00	$	1,072.90		1.20	%	$	6.27	$	1,000.00	$	1,019.16		1.20	%	$	6.11
Class I		1,000.00		1,075.20		0.70			3.66		1,000.00		1,021.68		0.70			3.57
Class S		1,000.00		1,074.10		0.95			4.97		1,000.00		1,020.42		0.95			4.84
VY^® Invesco Equity and Income Portfolio
Class ADV	$	1,000.00	$	1,044.10		1.14	%	$	5.87	$	1,000.00	$	1,019.46		1.14	%	$	5.80
Class I		1,000.00		1,046.60		0.64			3.30		1,000.00		1,021.98		0.64			3.26
Class S		1,000.00		1,045.30		0.89			4.59		1,000.00		1,020.72		0.89			4.53
Class S2		1,000.00		1,044.60		1.02			5.26		1,000.00		1,020.06		1.02			5.19
VY^® Invesco Global Portfolio
Class ADV	$	1,000.00	$	1,031.40		1.30	%	$	6.66	$	1,000.00	$	1,018.65		1.30	%	$	6.61
Class I		1,000.00		1,033.80		0.80			4.10		1,000.00		1,021.17		0.80			4.08
Class S		1,000.00		1,032.70		1.05			5.38		1,000.00		1,019.91		1.05			5.35
Class S2		1,000.00		1,031.90		1.20			6.15		1,000.00		1,019.16		1.20			6.11
VY^® JPMorgan Mid Cap Value Portfolio
Class ADV	$	1,000.00	$	1,063.80		1.38	%	$	7.18	$	1,000.00	$	1,018.25		1.38	%	$	7.02
Class I		1,000.00		1,066.00		0.88			4.58		1,000.00		1,020.77		0.88			4.48
Class S		1,000.00		1,065.50		1.13			5.88		1,000.00		1,019.51		1.13			5.75
Class S2		1,000.00		1,064.40		1.28			6.66		1,000.00		1,018.75		1.28			6.51

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*
Class ADV	$	1,000.00	$	1,037.10		1.30	%	$	6.67	$	1,000.00	$	1,018.65		1.30	%	$	6.61
Class I		1,000.00		1,039.50		0.80			4.11		1,000.00		1,021.17		0.80			4.08
Class R6		1,000.00		1,039.60		0.76			3.91		1,000.00		1,021.37		0.76			3.87
Class S		1,000.00		1,038.40		1.05			5.39		1,000.00		1,019.91		1.05			5.35
Class S2		1,000.00		1,037.50		1.20			6.16		1,000.00		1,019.16		1.20			6.11
VY^® T. Rowe Price Growth Equity Portfolio
Class ADV	$	1,000.00	$	1,037.00		1.23	%	$	6.32	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class I		1,000.00		1,039.60		0.73			3.75		1,000.00		1,021.53		0.73			3.72
Class S		1,000.00		1,038.20		0.98			5.03		1,000.00		1,020.27		0.98			4.99
Class S2		1,000.00		1,037.50		1.13			5.80		1,000.00		1,019.51		1.13			5.75

* Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.

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, VY^® Invesco Global Portfolio (formerly, VY^® Invesco Oppenheimer 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 Portfolio (formerly, VY^® Invesco Oppenheimer 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, 2021, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two 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 the Portfolios (twelve of the portfolios constituting Voya Partners, Inc.) at December 31, 2021, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the periods in the three-year 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, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. 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 24, 2022

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021

	Voya Global Bond Portfolio			Voya International High Dividend Low Volatility Portfolio		VY^® American Century Small-Mid Cap Value Portfolio		VY^® Baron Growth Portfolio
ASSETS:
Investments in securities at fair value+*	$	128,381,077		$	405,590,975	$	392,985,811	$	652,694,234
Investments in affiliates at fair value**		39,603,081			—		—		—
Short-term investments at fair value^†		1,613,120			13,517,409		13,522,613		—
Cash		—			397,181		—		596
Cash collateral for futures contracts		450,000			—		—		—
Cash pledged for centrally cleared swaps (Note 2)		955,000			—		—		—
Cash pledged as collateral for OTC derivatives (Note 2)		640,000			—		—		—
Foreign currencies at value^‡		152,188			302,099		103,353		—
Receivables:
Investment securities sold		51,107			101,432		438,128		1,602,240
Investment securities sold on a delayed-delivery or when-issued basis		8,605,192			—		—		—
Fund shares sold		310,322			2,862,180		32,342		51,662
Dividends		—			813,136		659,800		423,820
Interest		920,500			—		—		49,583
Foreign tax reclaims		4,989			1,715,372		14,379		—
Variation margin on futures contracts		240,834			—		—		—
Unrealized appreciation on forward foreign currency contracts		1,666,480			—		30,762		—
Unrealized appreciation on OTC swap agreements		15,675			—		—		—
Prepaid expenses		15			38		31		51
Reimbursement due from Investment Adviser		16,343			—		79,946		46,190
Other assets		11,646			39,769		12,298		30,738
Total assets		183,637,569			425,339,591		407,879,463		654,899,114
LIABILITIES:
Payable for investment securities purchased		47,404			101,431		213,119		111,924
Payable for investment securities purchased on a delayed-delivery or when-issued basis		22,173,436			—		—		—
Payable for fund shares redeemed		259			187		1,259,617		427,255
Payable upon receipt of securities loaned		132,120			13,517,409		5,933,484		—
Unrealized depreciation on forward foreign currency contracts		1,883,321			371		237,171		—
Unrealized depreciation on OTC swap agreements		221,203			—		—		—
Variation margin payable on centrally cleared swaps		3,393			—		—		—
Payable for investment management fees		80,634			205,133		304,563		512,885
Payable for distribution and shareholder service fees		14,371			64,890		67,725		117,083
Payable to custodian due to bank overdraft		75,070			—		—		—
Payable for directors fees		838			2,108		1,953		3,100
Payable to directors under the deferred compensation plan (Note 6)		11,646			39,769		12,298		30,738
Payable for borrowings against line of credit		—			—		—		531,000
Other accrued expenses and liabilities		84,296			202,864		155,746		247,688
Written options, at fair value^		29,730			—		—		—
Total liabilities		24,757,721			14,134,162		8,185,676		1,981,673
NET ASSETS	$	158,879,848		$	411,205,429	$	399,693,787	$	652,917,441
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	164,891,375		$	357,029,372	$	271,372,693	$	60,448,228
Total distributable earnings (loss)		(6,011,527	)		54,176,057		128,321,094		592,469,213
NET ASSETS	$	158,879,848		$	411,205,429	$	399,693,787	$	652,917,441
+ Including securities loaned at value	$	128,450		$	12,863,088	$	5,763,078	$	—
* Cost of investments in securities	$	125,112,400		$	363,272,429	$	327,585,076	$	112,437,049
** Cost of investments in affiliates	$	41,399,129		$	—	$	—	$	—
† Cost of short-term investments	$	1,613,120		$	13,517,409	$	13,522,613	$	—
‡ Cost of foreign currencies	$	153,720		$	299,650	$	103,353	$	—
^ Premiums received on written options	$	63,500		$	—	$	—	$	—

See Accompanying Notes to Financial Statements
31

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021 (CONTINUED)

	Voya Global Bond Portfolio		Voya International High Dividend Low Volatility Portfolio		VY^® American Century Small-Mid Cap Value Portfolio		VY^® Baron Growth Portfolio
Class ADV:
Net assets	$	19,155,618	$	27,020,903	$	110,891,873	$	140,345,452
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		1,891,638		2,621,564		7,804,192		4,907,985
Net asset value and redemption price per share	$	10.13	$	10.31	$	14.21	$	28.60
Class I:
Net assets	$	110,162,128	$	125,719,011	$	186,364,510	$	177,253,897
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		10,679,381		12,045,236		12,131,594		5,007,053
Net asset value and redemption price per share	$	10.32	$	10.44	$	15.36	$	35.40
Class R6:
Net assets		n/a