UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

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⬜Soliciting Material Pursuant to §240.14a-12

Voya Equity Trust

Voya Investors Trust

Voya Partners, Inc.

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Notice of Special Meeting of Shareholders

of

Voya Large-Cap Growth Fund

Voya Large Cap Growth Portfolio

VY® T. Rowe Price Growth Equity Portfolio

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, AZ 85258-2034

1-800-992-0180

Scheduled for October 7, 2021

To the Shareholders:

NOTICE IS HEREBY GIVEN of a combined special meeting of the shareholders (the "Special Meeting") of Voya Large-Cap Growth Fund ("LCG Fund"), a series of Voya Equity Trust ("VET"), Voya Large Cap Growth Portfolio ("LCG Portfolio"), a series of Voya Investors Trust ("VIT"), and VY® T. Rowe Price Growth Equity Portfolio ("TRP Growth"), a series of Voya Partners, Inc. ("VPI"), (each a "Fund" and collectively, the "Funds"), scheduled for 1:00 p.m. (local(Arizona time) on October 7, 2021. In light of the on-going public health concerns regarding the COVID-19 pandemic, the Special Meeting will be held in a virtual meeting format only. You can attend and participate in the Special Meeting by registering online atvisiting meetings.computershare.com/M9PUAC7 where you will be able to listen to the Special Meeting live, submit questions and vote. You will need your unique control number, which is located in the box indicated by the arrow on the front of your proxy ballot. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Special Meeting. To register you must obtain a legal proxy and a new unique control number through your bank/broker or Broadridge in order to register to attend the meeting. See the "How do I attend the virtual Special Meeting?" section of the enclosed proxy statement (the "Proxy Statement") for more details regarding the logistics of the Special Meeting, including the ability to submit questions, and technical details and support related to accessing the virtual platform for the Special Meeting. You will not be able to attend the meeting physically.

The Special Meeting is called for the following purposes:

1.Shareholders of each Fund will be asked to approve a change in the sub-classification under the Investment Company Act of 1940, as amended, of their respective Fund from "diversified" to "non- diversified", including the elimination of the related fundamental investment restriction for each Fund ("Proposal One"); and

2.Shareholders of LCG Portfolio will be asked to approve a proposal to authorize Voya Investments, LLC, in its capacity as LCG Portfolio's investment adviser, to hire and replace sub-advisers and modify sub- advisory agreements, with the approval of the Board of LCG Portfolio, but without obtaining shareholder approval ("Proposal Two"); and

3.To transact such other business, not currently contemplated, that may properly come before the Special Meeting, or any adjournments or postponements thereof, in the discretion of the proxies or their substitutes.

TABLE OF CONTENTS

unless the context indicates otherwise. Similarly, for ease of reading, references to "voting" or "vote," in the case of Variable Contracts Holders or Plan Participants, refer to the voting instructions provided by them.

Who is eligible to vote?

Shareholders of record holding an investment in shares of a Fund as of the close of business on July 12, 2021 (the "Record Date") are eligible to vote at the Special Meeting or any adjournments or postponements thereof.

How do I vote?

You may submit your Proxy Ballot in one of four ways:

•By Internet. The web address and instructions for voting can be found on the enclosed Proxy Ballot. You will be required to provide your control number located on the Proxy Ballot.

•By Telephone. The toll-free number for telephone voting can be found on the enclosed Proxy Ballot. You will be required to provide your control number located on the Proxy Ballot.

•By Mail. Mark the enclosed Proxy Ballot, sign and date it, and return it in the postage-paid envelope we provided. Joint owners must each sign the Proxy Ballot.

•At the Special Meeting Over the Internet. The Special Meeting will be held entirely online in light of the on-going public health concerns regarding the COVID-19 pandemic. Shareholders of record as of July 12, 2021, will be able to attend and participate in the Special Meeting by visiting meetings.computershare.com/M9PUAC7. Even if you plan to attend the Special Meeting online, we recommend that you also vote by proxy as described herein so that your vote will be counted if you decide not to attend the Special Meeting. Please see the "How do I attend the virtual Special Meeting?" section below for more details regarding the logistics of the virtual format of the Special Meeting.

To be certain your vote will be counted, a properly executed Proxy Ballot must be received no later than 5:00 p.m. (local(Arizona time), on October 6, 2021.

How does the Board recommend that I vote?

After carefully reviewing each Proposal, the Directors/Trustees have determined that the Proposals are in the best interests of the shareholders of each Fund. The Board recommends that shareholders vote "FOR" the Proposals.

When and where will the Special Meeting be held?

In light of the on-going public health concerns regarding the COVID-19 pandemic, the Special Meeting is scheduled to be held virtually online on October 7, 2021, at 1:00 p.m. (local(Arizona time).

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How do I attend the virtual Special Meeting?

There is no physical location for the Special Meeting. In order to attend the virtual Special Meeting, please visit meetings.computershare.com/M9PUAC7 and follow the instructions as outlined on the website.

The virtual meeting platform is fully supported across browsers (Internet Explorer, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets, and cell phones) running the most updated version of applicable software and plugins. Shareholders should ensure that they have a strong Wi-Fi connection wherever they intend to participate in the Special Meeting. Shareholders should also give themselves plenty of time to log in and ensure that they can hear audio prior to the start of the Special Meeting.

Access to the Audio Webcast of the Special Meeting. The live audio webcast of the meeting will begin promptly at 1:00 p.m. (local(Arizona time) on October 7, 2021. Online access to the audio webcast will open approximately thirty minutes prior to the start of the meeting to allow time for you to log in and test the computer audio system. We encourage shareholders to access the meeting prior to the start time.

Log in Instructions. To attend the Special Meeting, Shareholders must visit meetings.computershare.com/M9PUAC7 .M9PUAC7. Shareholders will need their control number located on the Proxy Ballot.

Beneficial Owners. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Special Meeting. To register you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare Fund Services, the Fund's tabulator.Services. You may forward an email from your intermediary

or attach an image of your legal proxy to shareholdermeetings@computershare.com. Requests for registration must be received no later than 5:00 p.m., Eastern Time, three business days prior to the meeting date. You will receive a confirmation email from Computershare of your registration and a control number that will allow you to vote at the Special Meeting.

Technical Assistance. Beginning 30 minutes prior to the start of and during the meeting, we will have our support team ready to assist shareholders with any technical difficulties they may have accessing or hearing the meeting. If you encounter any difficulties accessing the virtual Special Meeting during the check- in or meeting time, visit the support link provided on the meeting website.

How can I obtain more information about each Fund?

Should you have any questions about a Fund, please do not hesitate to contact Shareholder Services toll free at 1-800-992-0180 for LCG Fund 1-800-366- 0066 for LCG Portfolio, or 1-800-262-3862 for TRP Growth. A copy of the current annual reports and most recent semi-annual reports of each Fund are available,

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PROPOSAL ONE – APPROVAL OF A CHANGE OF SUB-CLASSIFICATION

FROM "DIVERSIFIED" TO "NON-DIVERSIFIED"

What is Proposal One?

In May 2021, following their consideration of recommendations by Voya Investments, the Board of Voya Large-Cap Growth Fund ("LCG Fund"), Voya Large Cap Growth Portfolio ("LCG Portfolio") and VY® T. Rowe Price Growth Equity Portfolio ("TRP Growth") approved a change of each Fund's sub- classification (a "Change of Sub-Classification") from "diversified" to "non- diversified," as such terms are defined in the Investment Company Act of 1940, as amended (the "1940 Act"). At the Special Meeting, the Change of Sub- Classification, including elimination of the related fundamental policy, will be submitted to each Fund's shareholders for approval.

The Funds are currently sub-classified as diversified for purposes of Section 5(b)(1) of the 1940 Act. In addition, each Fund is also subject to a related fundamental investment restriction which prohibits it from making any investment inconsistent with its classification as a diversified fund. As a diversified fund, each Fund is generally limited as to the amount it may invest in any single issuer. The 1940 Act requires that, to qualify as a "diversified" fund, a fund may not, with respect to at least 75% of the value of its total assets, invest in securities of any issuer if, immediately after the investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of that issuer or the fund would hold more than 10% of the outstanding voting securities of the issuer. Under the 1940 Act, these percentage limitations do not apply to cash or cash items (including receivables), securities issued by investment companies, or any "Government security." A Government security is any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United Sates pursuant to authority granted by the Congress of the United Sates, or any certificate of deposit for any of the forgoing. The remaining 25% of the fund's total assets are not subject to this restriction. This means that, with respect to the remaining 25% of the fund's total assets, a diversified fund may invest more than 5% of its total assets in the securities of one issuer and may hold more than 10% of an issuer's outstanding voting securities. By changing its sub-classification to "non-diversified" and eliminating the related fundamental investment restriction, each Fund would no longer be subject to these limitations. Accordingly, the change would give the Funds the ability to invest a greater percentage of their assets in the securities of a smaller number of issuers or any one issuer than a diversified fund. Under the 1940 Act, shareholder approval is necessary for a change in sub-classification from "diversified" to "non-diversified."

Each Fund's diversified sub-classification is reflected in a fundamental policy requiring it to meet the diversification requirements. Each Fund's policy is shown below:

LCG Fund will not: (1) invest in securities of any one issuer if more than 5% of the market value of its total assets would be invested in the securities of such issuer, except that up to 25% of the Fund's total assets

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may be invested without regard to this restriction and the Fund will be permitted to invest all or a portion of its assets in another diversified, open-end management investment company with substantially the same investment objective, policies, and restrictions as the Fund. This restriction also does not apply to investments by the Fund in securities of the U.S. government or any of its agencies and instrumentalities;

LCG Portfolio shall be a diversified company as that term is defined in the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction, from time to time;

TRP Growth will not, with respect to 75% of its total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result: (a) more than 5% of the Portfolio's total assets would be invested in the securities of that issuer; or (b) the Portfolio would hold more than 10% of the outstanding voting securities of that issuer. This 75% limitation shall not apply to securities issued by other investment companies.

The vote to approve the Change of Sub-Classification will include a vote to eliminate those sub-classification policies.

Why is a Change of Sub-Classification Proposed?

Each Fund's benchmark is the Russell 1000-Growth Index ("Index"). The Index has become increasingly concentrated in mega-cap technologies companies and the Sub-Advisers to the Funds believe this market concentration is likely to persist. Although each Fund is an actively managed fund, and not an index fund, it is expected that each Fund will invest in such mega-cap companies, but to underweight or overweight such holdings relative to the Index based on the sub- adviser's evaluation of those companies. As a result, if a Fund were to hold positions in those companies approximating their weights in the Index, the Fund would likely fail to meet its diversification test because of the sizes of those positions compared to the value of the Fund's assets. In other words, because of the limits on the Funds' investments in these companies due to their diversified sub-classification, the Funds are in many cases meaningfully underweight those companies compared to the Index, even where the portfolio managers have a positive view of those companies and, thus, would prefer an equal weight or overweight position in such companies relative to the Index. The Change of Sub- Classification will provide each Fund the flexibility to avoid such underweight positions. The Sub-Adviser to each Fund has confirmed that the Change of Sub- Classification will not materially change the key tenets of any Fund's investment philosophy, and will allow the investment team flexibility to express its conviction in larger names held by the Index.

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the Fund's authority to enter into and materially amend certain investment sub- advisory agreements.

In order to obtain shareholder approval of new or materially amended sub- advisory agreements in the absence of the MoM Order, a Fund must call and conduct shareholder meetings, prepare and distribute proxy materials and solicit votes from shareholders. The process can be costly and time-consuming. The Board of LCG Portfolio believes that it is in the best interests of shareholders if the Board of LCG Portfolio represents their interests in approving or rejecting recommendations made by the Adviser regarding sub-advisers. This approach will avoid the costs and delays associated with holding shareholder meetings to obtain approval for future changes. Accordingly, the Board of LCG Portfolio and the Adviser are asking shareholders to grant authority to the Adviser and the Trust to hire and replace unaffiliated and certain affiliated sub-advisers and modify sub- advisory agreements in reliance on the MoM Order, with the approval of the Board of LCG Portfolio, but without obtaining additional shareholder approval.

Shareholder approval of Proposal Two will not result in an increase or decrease in the total amount of investment advisory fees that would be paid by the LCG Portfolio.

How does the Board of LCG Portfolio recommend that I vote?

Following its consideration of Voya Investments' recommendation that it approve the Proposal, the Board of LCG Portfolio recommends that shareholders vote "FOR" the Proposal.

What factors were considered by the Board of LCG Portfolio?

In determining whether or not it was appropriate to approve the proposed Manager-of-Managersmanager-of-managers arrangement and to recommend approval of such arrangements to the shareholders of LCG Portfolio, the Board, including the independent trustees, considered certain information and representations provided by the Adviser. Further, the independent trustees were advised by independent legal counsel with respect to these matters.

After carefully considering the MoM Order and the Adviser's experience in recommending and monitoring sub-advisers, the Board believes that it is appropriate to allow the recommendation, supervision, and evaluation of sub- advisers to be conducted by the Adviser. The Board also believes that this approach would be consistent with shareholders' expectations that the Adviser will use its expertise to recommend to the Board qualified candidates to serve as sub-advisers.

The Board will continue to provide oversight of the sub-adviser selection and engagement process. The Board, including a majority of the independent trustees, will continue to evaluate and consider for approval all new or amended sub-advisory agreements. In addition, under the 1940 Act and the terms of the sub-advisory agreements, the Board, including a majority of the independent trustees, is required to review annually and consider for renewal the agreement after the initial term. Upon entering into, renewing or amending a sub-advisory

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agreement, the Adviser and the sub-advisers have a legal duty to provide to the Board information on pertinent factors.

The Board also considered that shareholder approval of Proposal Two will not result in an increase or decrease in the total amount of investment advisory fees paid by LCG Portfolio to the Adviser. When engaging sub-advisers and entering into sub-advisory agreements, the Adviser has negotiated and will continue to negotiate fees with sub-advisers. These fees are paid directly by the Adviser and not by LCG Portfolio. Therefore, any fee reduction or increase negotiated by the Adviser may be either beneficial or detrimental to the Adviser. The fees paid by the Fund to the Adviser and the fees paid by the Adviser to the sub-advisers are considered by the Board in approving and renewing the investment management and sub-advisory agreements. Any increase in the investment management fee paid to the Adviser by the Fund would continue to require shareholder approval. If shareholders approve Proposal Two, the Adviser, pursuant to its Investment Management Agreement and other agreements, will continue to provide the same level of management and administrative services to LCG Portfolio as the Adviser is currently providing. The Board further considered the Adviser's representation that although the estimated cost of the proxy solicitation regarding this proposal would be considered an expense of the LCG Portfolio, this expense would be indirectly borne by the Adviser due to its expense limitation agreement with the LCG Portfolio.

The Board concluded that it is appropriate and in the best interests of LCG Portfolio's shareholders to provide the Adviser and the Board with maximum flexibility to recommend, supervise and evaluate sub-advisers without incurring the unnecessary delay or expense of obtaining shareholder approval. This process will allow the Fund to operate more efficiently. Currently, to appoint an unaffiliated sub-adviser to the Fund or to materially amend a sub-advisory agreement with an unaffiliated sub-adviser, LCG Portfolio must call and hold a shareholder meeting, create and distribute proxy materials, and solicit proxy votes from the Fund's shareholders. In addition, if a sub-adviser to the Fund is acquired or there is a change of control of the sub-adviser that results in the "assignment" of the sub-advisory agreement with the Adviser, the Fund currently must seek approval of a new sub-advisory agreement from shareholders of the Fund, even when there will be no change in the persons managing the Fund or no change to the services provided to the Fund. This process is time-consuming and costly, and some of the costs may be borne by the Fund. Without the delay inherent in holding a shareholder meeting, the Adviser and the Fund would be able to act more quickly to appoint an unaffiliated sub-adviser with less expense when the Board and the Adviser believe that the appointment would benefit LCG Portfolio.

What is the required vote?

Approval of Proposal Two by LCG Portfolio's shareholders requires the affirmative vote of a "majority of the outstanding voting securities" of such Fund, which for this purpose means the affirmative vote of the lesser of (i) more than 50% of the outstanding voting securities of the Fund or (ii) 67% or more of the outstanding voting securities of the Fund present at the Meeting if more than 50%

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of the outstanding voting securities of the Fund are present at the Meeting in person or represented by proxy.

What happens if shareholders of LCG Portfolio do not approve Proposal Two?

If shareholders of LCG Portfolio do not approve Proposal Two, LCG Portfolio will not be able to rely on the MoM Order and the Adviser will not have the authority to hire or replace sub-advisors or modify sub-advisory agreements without first obtaining shareholder approval.

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Voya Large-Cap Growth Fund

Shares have no preemptive or subscription rights. To the knowledge of the Adviser, as of the Record Date, no current Director/Trustee owns 1% or more of the outstanding shares of any class of LCG Fund, LCG Portfolio or TRP Growth, and the officers and Directors/Trustees own, as a group, less than 1% of the shares of any class of LCG Fund, LCG Portfolio or TRP Growth.

Appendix A hereto lists the persons that, as of the Record Date owned beneficially or of record 5% or more of the outstanding shares of any class of LCG Fund, LCG Portfolio or TRP Growth.

Can shareholders submit proposals for a future shareholder meeting?

None of the Funds are required to hold annual meetings and none of the Funds currently intend to hold such meetings unless shareholder action is required by law. A shareholder proposal to be considered for inclusion in a proxy statement at any subsequent meeting of shareholders must be submitted in a reasonable time before a proxy statement for that meeting is printed and mailed. Whether a

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Why did my household only receive one copy of this Proxy Statement?

Only one copy of this Proxy Statement may be mailed to each household, even if more than one person in the household is a shareholder of record, unless LCG Fund, LCG Portfolio or TRP Growth has received contrary instructions from one or more of the household's shareholders. If you need an additional copy of this Proxy Statement, please contact Shareholder Services at 1-800-992-0180. If in the future, you do not wish to combine or wish to recombine the mailing of a proxy statement with household members, please inform LCG Fund, LCG Portfolio or TRP Growth in writing at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034 or via telephone at 1-800-992-0180.

In order that the presence of a quorum at the Special Meeting may be assured, prompt execution and return of the enclosed Proxy Ballot is requested. A self-addressed postage paid envelope is enclosed for your convenience. You also may vote via telephone or via the Internet. Please follow the voting instructions as outlined on your Proxy Ballot.

/s/ Joanne F. Osberg

Joanne F. Osberg

Secretary

August 9, 2021

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, AZ 85258-2034

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APPENDIX A: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL AND

RECORD OWNERS

The following tables provide information about the persons or entities who, to the knowledge of each Fund, owned beneficially or of record 5% or more of any class of that Fund's outstanding shares as of July 12, 2021:

Voya Large-Cap Growth Fund

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